The Korea Herald

New Park Hyatt GM checks in

The Park Hyatt Seoul has appointed Frederic Boulin as general manager of the hotel. “As the hotel’s new general manager, I will forge ahead with our partners and our talented, devoted team to bring out the unique luxury positioning of the Park Hyatt Seoul,” he said.Boulin has extensive experience in Asia, most notably as executive assistant manager of food and beverages at the Grand Hyatt Seoul in 2002, and with the Grand Hyatt Hong Kong and Shanghai working in the Food and Beverage Development

IndustryJan. 9, 2012

Germany benefits from Korea-EU FTA

Chamber advises SMEs to enter Korean marketsGermany is benefiting from the Korea-EU FTA that went into effect in July as its exports to Korea are increasing, a top German chamber official said.“We have already seen some positive effects but not as spectacular as some people might have thought,” said Korean-German Chamber of Commerce and Industry Secretary General Jurgen Wohler.One reason for the not-so-spectacular expectations is the European debt crisis, which is hampering Korean exports to the

Jan. 9, 2012

Koreans to hold off on spending for Seollal: poll

South Korean consumers are likely to spend less or limit buying to last year’s level during the upcoming Lunar New Year holidays, mainly due to higher prices and economic concerns, a local poll showed Monday.The poll, conducted by the Korea Chamber of Commerce and Industry on 600 housewives in Seoul and the Gyeonggi region, showed 92.5 percent saying they will cut down or control their spending in the next few weeks.Of the total, 40.6 percent said they will reduce purchases, with 51.9 percent sa

Jan. 9, 2012

2011 producer inflation hits 3-year high: BOK

South Korean producer prices grew at the fastest clip in three years in 2011 on a sharp rise in crude oil prices, the central bank said Monday. The producer price index, a barometer of future consumer inflation, rose 6.1 percent on-year in 2011, up sharply from a 3.8 percent gain in 2010, the Bank of Korea said. It marked the highest annual increase since a 8.6 percent surge in 2008.In December, producer prices climbed 4.3 percent from a year earlier, the slowest gain in 15 months, as vegetable

Jan. 9, 2012

2011 producer inflation hits 3-year high: BOK

Financial crimes on rise in Korea

The number of serious crimes in South Korea’s financial sector increased last year, data showed Monday, raising the need to bolster countermeasures to prevent investment losses.Of the 209 cases probed for unfair trade practices in 2011, 72.7 percent were referred to the state prosecutors’ office for criminal investigation, according to data by the Financial Supervisory Service. The number represents a gain from 63.3 percent in 2007.The increase was largely led by sharp gains in unfair trading in

Jan. 9, 2012

KT&G rolls out new superslim cigarettes

KT&G Corp., Korea’s largest tobacco producer, plans to release a new version of its popular Esse brand on Wednesday to cater to growing demand for premium, ultraslim cigarettes. The Esse Sense, the latest in the 17-model lineup, is designed to give a refreshing taste with its space at the tip of the filter to screen out tar and nicotine, the company said Monday.Since its 2002 launch, the Esse has rapidly penetrated markets overseas to become the world’s top seller in the segment as low-tar, supe

IndustryJan. 9, 2012

‘Korea to offer better environment for foreigners’

South Korea will beef up efforts to provide a better business environment for foreign enterprises by “actively” reflecting their opinions in its policymaking process, the nation’s finance minister said Monday.“We will actively reflect the opinions of the EU Chamber of Commerce, and make redoubled efforts to improve areas such as investor protection and property rights registration,” Bahk Jae-wan told a meeting with European business people.Bahk promised to push ahead with measures to lower land

Jan. 9, 2012

‘Korea to offer better environment for foreigners’

Retail giants to invest more despite uncertainties

Lotte and Shinsegae hinted at fiercer competition in the retail sector this year as they announced plans for more investment and job creation despite economic uncertainties globally. Lotte Group, the nation’s No. 1 retail conglomerate, will invest 6.73 trillion won ($5.78 billion) and hire 13,500 workers this year to continue last year’s sales momentum. Lotte recorded 73 trillion won in sales last year, up 19 percent compared to 2010. This year’s investment increased almost 50 percent from 2011.

IndustryJan. 9, 2012

Samsung likely to post record profit this year

Strong smartphone business expected to help Samsung overtake Intel in operating profitSamsung Electronics, Asia’s biggest technology company, is set to post a record profit on strong sales of smartphones, brokerages said Monday. Local securities houses said Samsung is expected to solidify its global market position as a leading provider of smartphones and tablet computers, both of which are enjoying stronger sales worldwide. Daewoo Securities said Samsung’s revenue and operating profit this year

Jan. 9, 2012

SKC chairman named Brazil’s honorary consul

The SKC chairman has been appointed to offer official assistance to Brazilians in Incheon and the surrounding areas. Choi Shin-won was inaugurated as honorary consul of the Federative Republic of Brazil at the ambassador’s residence in Seoul on Monday. Choi’s appointment was announced by a Korean Ministry of Foreign Affairs and Trade official at the home of the Brazilian ambassador to Korea Edmundo Fujita. As honorary consul, he will be responsible for helping Brazilians in trouble in the Inche

IndustryJan. 9, 2012

SKC chairman named Brazil’s honorary consul

BOK mulls hike in bank reserve requirement

The Bank of Korea is considering a set of measures that include a hike in bank reserve requirements in order to rein in consumer prices. “Given that price stability is deemed the most important issue, the Bank of Korea is reviewing short-term policy measures to stabilize consumer prices in addition to the mid-term and long-term tool of adjusting the benchmark interest rate,” a high-ranking BOK official told the local press Monday. To that end, the central bank is likely to raise the bank reserve

Jan. 9, 2012

BOK mulls hike in bank reserve requirement

Korea big player in global M&A market

Local firms’ cross-border takeover deals surge in value 51-fold in 5 yearsKorea has become the 10th-largest acquirer in the cross-border mergers and acquisitions markets, overtaking Germany and France.According to data of the Korea Capital Market Institute, Korean companies’ takeover of foreign players in the M&A markets was equivalent to $11.2 billion (12.7 trillion won) in combined asset value for the first 10 months of 2011.In 2010, Korean firms spent a net $9.9 billion on the overseas M&A de

Jan. 9, 2012

Seoul shares down on unabating eurozone woes

South Korean stocks closed 0.9 percent lower on Monday as investors kept a wary eye on the debt-saddled eurozone while reacting cooly to improved U.S. data, analysts said. The local currency fell against the U.S. dollar.Moving in a tight range, the benchmark KOSPI fell 16.65 points to 1,826.49. Trading volume was moderate at 388.1 million shares worth 4.14 trillion won ($3.5 billion), with decliners outnumbering gainers 514 to 316.“Investors have nothing to anticipate from the U.S. data as they’

Jan. 9, 2012

Samsung recruits diplomat

A diplomat who played a key role in negotiations for Korea-U.S. Free Trade Agreement will likely take the post of an executive director at Samsung Electronics.Kim Won-kyoung, a councilor of the Korean Embassy in the United States, tendered his resignation last weekend, according to diplomatic sources.The 45-year-old figure has reportedly been scouted by Samsung Electronics to hold the post of an executive director at the chipmaker’s U.S. sales corporation.Kim worked as the general director of th

Jan. 9, 2012

Red wine may reduce breast cancer risk

Red wine may reduce one risk factor for breast cancer, challenging the widely-held belief that alcohol increases breast cancer, U.S. researchers say.Bottles of wine are displayed on a shelf at the Capercaillie Wine Co. cellar in Lovedale, in the Hunter Valley region of Australia, on Tuesday, O

TechnologyJan. 9, 2012

Samsung Electronics sweeps Russian mobile handset market

SEOUL, Jan. 9 (Yonhap) -- Samsung Electronics Co., the world's second-largest handset maker, swept the Russian mobile phone market, ranking first in four categories in November last year, a research firm said Monday.Samsung Electronics took first place in the Russian mobile phone market in terms of

TechnologyJan. 9, 2012

Luxury brands raise prices again

Some European luxury brands have again raised their product prices this year just a few months after they announced moderate price cuts following the free trade agreement between Korea and EU in July. French fashion house Hermes said Thursday that it has increased prices by 5 percent on average from Jan. 1, citing volatile foreign exchange rates and increases in material and labor costs. “The prices have been adjusted due to some changes in costs for production and distribution. When it comes to

IndustryJan. 8, 2012

Kia Motors gears up to maintain its share in Korean market

Kia Motors Corp. said it will maintain its 33 percent share in the domestic car market this year in order to consolidate its position as the No. 2 player here.The company set its 2012 target on the back of releases of new vehicles and steady sales of popular models.Last year, Kia Motors sold 493,003 vehicles in the South Korean market for a 33.6 percent share, fueled by the popularity of new models such as the Morning and Pride, and growing demand for mid-size cars like the K5.“Despite fierce co

MobilityJan. 8, 2012

Cadillac takes on BMW amid GM rebound

General Motors Co., with renewed verve as the world’s biggest automaker, will be in the spotlight at the Detroit auto show next week taking on BMW and its popular 3-Series line with a new compact Cadillac. The new model represents Chief Executive Officer Dan Akerson’s strategy for gaining ground in the compact-luxury segment. GM is trying to barge into the market for small, upscale cars, an important entryway for new customers that is dominated by German vehicles such as the 3-Series and the Mer

MobilityJan. 8, 2012

Audi seeks to pass other German brands in U.S.

Audi will add models to feed U.S. passion for sedans and sport-utility vehicles and gain ground on market leaders Daimler AG and BMW.Audi will use the Detroit motor show next week to unveil a concept “Vail” version of the compact Q3 SUV for the U.S. market and plans to build a sedan version of the A3 hatchback after the newest model comes to market this year, CEO Rupert Stadler said in an interview. U.S. growth is critical to efforts by Audi, the top seller in western Europe and China, to replac

MobilityJan. 8, 2012

Audi seeks to pass other German brands in U.S.