The Korea Herald

Doosan's new chairman focuses on "caring" meritocracy

When Park Yong-maan took office as the new chairman of Doosan Group early this month, he vowed to establish a strong corporate culture this year and stressed the need for a "caring meritocracy."“Doosan has a history of 116 years, but most of our staff have used their Doosan business cards for less than 10 years. And about half of our 39,000 employees around the world are foreigners,” Park said in a press conference in early April.“We need a strong corporate culture and philosophy to unite the pe

IndustryApril 24, 2012

Key factors required for successful development of shopping malls

Recently, Korea’s retail giants have been announcing plans to develop shopping malls. Retail professionals view this as a result of changes in shopping trends, the adoption of international shopping culture and increased leisure time. But how have local shopping malls been developed so fast in terms of the needs of developers and tenants?Low commission rates and brand identityShopping malls embrace not only global specialist private-label apparel, or SPA, stores but also brands that failed to se

IndustryApril 24, 2012

Key factors required for successful development of shopping malls

Korean multinationals lure global talent

Samsung, LG, POSCO, Lotte seek bilingual, ambitious employees who understand Local cultureA surging number of Korean corporations are dipping into the global labor pool in efforts to expedite their overseas operations and better reflect localized needs. With their business fast expanding in emerging markets, LG, POSCO, Samsung and other gone-global firms are courting young and experienced talent overseas who are bilingual, ambitious and competent, and have an understanding of the industry and K

IndustryApril 24, 2012

Korean multinationals lure global talent

Kang takes office as chief of management institute

Kang Shin-jang, former executive at Samsung Economic Research Institute, took office as co-chairman of the Institute of Global Management, an institute dedicated to management research and executive-level education.Kang is a renowned expert in the fields of knowledge management and creative management who created SERI CEO, a knowledge and information providing service for chief executive officers.He also introduced liberal arts, culture and fine arts courses for CEOs that combine business manage

IndustryApril 24, 2012

Kang takes office as chief of management institute

Budget to focus on welfare, job creation in 2013

South Korea’s budget for 2013 will focus heavily on welfare, job creation and education-related spending to meet growing demands for social security and achieve sustainable growth, the government said Tuesday.The budget plan, outlined by the finance ministry and approved by the Cabinet, emphasizes sustainable growth and restoring a balanced budget next year to ensure the country has the available resources to cope with its rapidly aging population, reunification and other unforeseen economic cri

April 24, 2012

Chung Mong-koo Foundation supports poor, sick children

Charity to assist children suffering from rare diseasesThe Chung Mong-koo Foundation, funded by Hyundai Motor Group chairman, plans to boost its support of children from low-income families or with rare diseases as part of its social contribution efforts, a press release said on Tuesday. Chairman Chung created the charity organization last year to help poor students.The foundation said some 500 children are expected to benefit from the program under which each will receive financial support of u

April 24, 2012

Chung Mong-koo Foundation supports poor, sick children

Over 300,000 could lose Internet access by July: FBI

The FBI warned Monday that more than 300,000 Internet users worldwide could lose their Web access starting in July following a multi-million-dollar scam.But users can breathe a sigh of relief as a solution is just a few clicks away at dcwg.org, a website the FBI created so people could check whether they have been infected with malware and remove any malicious software.Six Estonians were arrested

TechnologyApril 24, 2012

Mysterious space microbes ‘munching’ ISS

Russian scientists said that 76 types of micro-organisms have been causing “severe damage” to the International Space Station, according to Interfax news agency and other local news reports.(MCT)“We had these problems on the old MIR space station, now we have them on the ISS. The microflora is attacking the station. These organisms corrode metals and polymers and can cause equipment to fail,” Anat

TechnologyApril 24, 2012

Mysterious space microbes ‘munching’ ISS

KT installs nationwide LTE network, boasts quality

BUSAN ― KT Corp., the nation’s No. 2 telecom carrier, said Monday that it has completed nationwide coverage of the faster Long Term Evolution network service in 84 cities. Despite the later announcement than those of its rivals SK Telecom and LG Uplus, the company showed no doubt about its quality based on its own “Warp” technology. “There should be a first-mover advantage in the market. But when it comes to technology, a latecomer will have the upper hand,” said Pyo Hyun-myung, president of the

TechnologyApril 23, 2012

KT installs nationwide LTE network, boasts quality

World Steel Association meets in Seoul

Four Korean member companies of the World Steel Association ― POSCO, Hyundai Steel, Dongkuk Steel Mill and Dongbu Steel ― are jointly hosting the association’s key meetings in Seoul to discuss the pending issues of the global steel industry.Some 100 top executives from about 40 steelmakers in 20 countries including Xiaogang Zhang, president of China’s Anshan Iron & Steel Group Corporation, attended the meeting of Worldsteel’s executive committee on Monday. They also plan to open a meeting of boa

IndustryApril 23, 2012

Samsung inheritance spat worsens

The inheritance suit surrounding Samsung chairman Lee Kun-hee and his siblings is intensifying with elder brother Lee Maeng-hee claiming on Monday that his younger brother’s greed triggered the fight.Lee Maeng-hee, the eldest of Samsung founder Lee Byung-chull’s children, said that Samsung chief Lee Kun-hee was the one at the center of family discord and that his inheritance was not about Samsung.“It is my goal to correct the wrongdoings by getting the facts right and I believe the truth will be

IndustryApril 23, 2012

U.N. aviation agency meeting to open in Korea

Some 20 government officials and 150 aviation experts from the Asia-Pacific region will gather on Tuesday on Jeju Island to discuss next-generation air transportation systems, the Transportation Ministry said Monday.The four-day meeting of the International Civil Aviation Organization, the United Nations’ agency that specializes in aviation, will focus on automatic dependent surveillance-broadcast, or ADS-B. The new surveillance technology has emerged as a primary replacement for radar in tracki

IndustryApril 23, 2012

Hyundai Heavy expands fund to support suppliers

Hyundai Heavy Industries Co. and its two affiliated shipbuilders agreed to expand their fund to support small partner companies to 300 billion won ($263 million) as part of efforts to seek shared growth.Hyundai Heavy, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. inked a deal with the Industrial Bank of Korea on Monday to offer loans at lower-than-market interests to their suppliers.First and second-tier suppliers of Hyundai Heavy Industries Group will be able to take out loan

IndustryApril 23, 2012

Hyundai Heavy expands fund to support suppliers

Wealth polarization fueling social instability, populism: report

South Korea’s inability to reduce income inequality is fueling social instability and populism in Asia’s fourth-largest economy, a report by a state-run think tank showed Monday.The report by the Korea Development Institute said Asia’s fourth-largest economy had succeeded in reducing the earnings gap up until the early 1990s, but this trend was disrupted by the 1997-98 Asian financial crisis. It claimed that the country has only made limited gains in reducing polarization.“Greater earnings dispa

April 23, 2012

Latest versions of Blade and Soul, Diablo 3 coming in weeks

Two blockbuster online games ― “Blade and Soul” and “Diablo 3” ― are coming to Seoul in the first half of this year, with both of them scheduled to go through closed beta testing Wednesday.Blizzard Entertainment Korea announced Monday that it would begin its closed beta testing of its latest version of the popular action role-playing online game “Diablo 3” on April 25. Game director Jay Wilson will also hold a press conference at a hotel in southern Seoul Tuesday.The company plans to unveil the

IndustryApril 23, 2012

Carmakers strive to increase sales in China

Renault to produce some models in world’s largest automobile marketBEIJING ― Global carmakers including Korean players are competing to increase their market share in China, the world’s largest automobile market.In the past several years, China has overtaken the Untied States in vehicle sales per annum.While General Motors and Volkswagen had dominated the Chinese market, Hyundai Motor has continued to increase its share since it established the Beijing Hyundai corporation and factories a decade

MobilityApril 23, 2012

Carmakers strive to increase sales in China

Shares end flat before U.S. rate decision

South Korean stocks closed effectively flat on Monday as investors waited for this week’s U.S. interest rate decision and corporate earnings, analysts said. The local currency dipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index gave up 2.02 points, or 0.10 percent, to close at 1,972.63. Trading volume was moderate at 578 million shares worth 3.52 trillion won ($3.08 billion), with losers outpacing gainers 510 to 314.“There was no real upward or downside momentum,” said

April 23, 2012

Kim MS shares rally on presidential run

Regulators, analysts caution investors against politically-driven stocksManufacturing, materials and rail shares linked to Kim Moon-soo rallied across the board on Monday, following the incumbent Gyeonggi governor’s official announcement that he will run for the presidency at the end of the year.The jump has led the Financial Supervisory Service to strengthen its oversight over political-themed stocks, including ones related to other presidential hopefuls such as Seoul National University profes

April 23, 2012

Korea says insulated from sudden shortage of rare earth elements

South Korea has secured supply channels and emergency reserves to cope with immediate shortfalls in rare earth elements that are vital for its industries, the government said Monday.The Ministry of Knowledge Economy said despite uncertainties caused by the United States, Europe and Japan reporting China to the World Trade Organization for unfairly controlling the export of rare earth elements, South Korea will not face any challenges to meet its demand.Rare earth elements are 17 materials in the

April 23, 2012

Insurers’ loan delinquency rate stable in March

The loan delinquency ratio of South Korean insurers remained unchanged in March from the previous month reflecting stable financial market conditions, the financial watchdog said Monday.The average default ratio of loans extended by local life and non-life insurers came in at 0.81 percent as of the end of March, according to the Financial Supervisory Service. This marks the third month in a row that the default rate has remained fixed.The latest report showed that compared to the year before, th

April 23, 2012