The Korea Herald

GS Caltex shares with community

Oil refiner plans to spend W10b through 2015 on social contributionThe social contribution activities of GS Caltex come in two forms: “green sharing” for an eco-friendly, sustainable future, and “regional participation” to help local communities.The oil refiner set up a department exclusively in charge of social contribution in 2005 and launched the GS Caltex Foundation in 2006.The company plans to infuse 10 billion won ($8.6 million) each year for 10 years through 2015 to carry out projects for

IndustryDec. 22, 2011

Supermarket chains in low-price TV-set war

Korea’s TV set market, long-dominated by local electronics giants Samsung and LG, has been heating up recently with the entry of new players ― supermarket chains. Amid their fierce pricing competition, the nation’s top three retailers, E-Mart, Homeplus and Lotte Mart have marketed their own brand of TV sets at almost half the existing prices.Lotte Mart, the No. 3 retailer, on Wednesday launched a 32-inch LED TV at 499,000 won ($430), up to 42 percent cheaper than existing products with similar s

IndustryDec. 22, 2011

Supermarket chains in low-price TV-set war

Korea seeks to benefit from FTAs to beat global woes

With economic doldrums gripping many parts of the world, Korea plans to cultivate fresh strategic export items and stimulate small and medium businesses to cash in on free trade pacts next year and keep Asia’s fourth-largest economy afloat.The Ministry of Knowledge Economy on Thursday announced measures to boost transactions with its 45 trade partners and shore up exports, the bellwether for the national economy, at an emergency meeting of top economic officials presided over by President Lee My

Dec. 22, 2011

SK chief visits Hynix, pledges support

Chey vows to develop chipmaker as SK’s new axis of growthSK Group chairman Chey Tae-won on Thursday vowed to develop Hynix Semiconductor into “SK’s new axis of growth” during his first visit to the world’s second-largest computer chipmaker since deciding to buy it last month.“I had meant to visit earlier after SK Group decided to buy Hynix last month, but the situation was not allowed for several reasons,” Chey said.“I came here thinking it can no longer be delayed as the acquisition process is

IndustryDec. 22, 2011

Rich economies greater risk than N.K.

Experts note risk factors related to North Korea are short-livedMonetary policy in the U.S. and the debt woes in the eurozone have caused greater volatility in Korea’s financial market than the death of North Korean leader Kim Jong-il, data showed Thursday.Research by the Korea Center for International Finance found that investors this year were more concerned about how the economy fared in advanced countries for the trade-dependent market here than the North Korea problem. The cost of insuring

Dec. 22, 2011

AmorePacific eyes over 30% growth in China

HONG KONG (Yonhap News) ― AmorePacific Corp., South Korea’s No. 1 cosmetics manufacturer, will target sales growth of more than 30 percent in China next year as it continues to expand its business there, company officials said Thursday.AmorePacific officials expected the company’s sales could jump as high as 34 percent on-year to reach 1.4 billion yuan ($221 million) in 2012 from this year’s expected 1.04 billion yuan, largely due to its steady growth in door-to-door sales.Since 2006, direct sel

IndustryDec. 22, 2011

Uncertainties shroud N.K. economy under Kim Jong-un

China’s role deemed critical in Pyongyang’s next move on economyWhen it comes to North Korea’s future following the death of its leader Kim Jong-il, peaceful denuclearization is often cited as key. Equally important, however, is the outlook for the isolated state’s battered economy, especially as any change would have a great impact on neighboring countries. The problem is that analysts and experts in Korea and elsewhere seem baffled by the sheer lack of information about the chosen successor, K

Dec. 22, 2011

Ferrari mulls building theme park in Korea

Ferrari S.p.A. is looking to build an ultra-large theme park near Seoul as part of its tourism-inspired promotion drive, officials here said Thursday.Senior officials of the city of Paju, about 50 kilometers northwest of Seoul, said they have begun talks with the Italian company over the development of the amusement park dedicated to racing cars, similar to Ferrari World in Abu Dhabi.The carmaker launched the world’s largest indoor theme park in the capital of the United Arab Emirates last year.

IndustryDec. 22, 2011

Woori Financial sale likely to resume soon

Plan to privatize group may not be hampered by political considerationsWoori Financial Group chairman Lee Pal-seung said that the financial company will resume the stalled plan to sell state-owned shares in the first half of 2012.Lee told reporters Thursday that “policymakers are actively preparing for the resumption. The method will be welcomed among market participants.”He also stressed that the sale project should be a financial issue, not be handled by political powers. Parliamentary electio

Dec. 22, 2011

Woori Financial sale likely to resume soon

KT introduces Microsoft’s Mango phone in Korea

The presale reservations for Nokia Lumia 710, the first smartphone in Korea running on Microsoft’s new mobile operating system Mango, started Thursday ahead of its release scheduled for Dec. 26. Windows Phone represents Microsoft’s attempt to establish itself as a viable competitor in the smartphone arena, while its rivals Apple’s iPhone and Google’s Android have taken the lead in sales.The Mango phone, taking the simplified user interface of Windows PC software, features the full functions of W

IndustryDec. 22, 2011

KT introduces Microsoft’s Mango phone in Korea

Shares slip as eurozone hope fades

South Korean stocks inched down 0.05 percent on Thursday as lingering jitters over the eurozone debt crisis outweighed recent positive U.S. economic data and prompted investors to take a breather following the previous session’s rally, analysts said. The local currency fell against the U.S. dollar.After surging around 3 percent on Wednesday, the benchmark KOSPI dipped 0.92 points to 1,847.49. Trading volume was moderate at 400.2 million shares worth 3.08 trillion won ($2.67 billion), with declin

Dec. 22, 2011

Chung named influential figure in auto industry

Hyundai Motor Group chairman Chung Mong-koo was selected as the second-most influential figure in the world’s automotive industry by U.S.-based publication Motor Trend.Last year, Chung ranked fifth on the “power list” named by the auto magazine.Over the past few years, Hyundai Motor and its affiliat

MobilityDec. 22, 2011

Samsung expected to record all-time high operating profit: analysts

Median consensus of analysts forecast 2012 operating profit to near 20 trillion wonSamsung Electronics, the world’s top smartphone maker, is expected to record an all-time high operating profit figure next year, amounting to nearly 20 trillion won ($17.27 billion), analysts said Thursday.The firm’s

IndustryDec. 22, 2011

GS Caltex, Hyundai Oilbank picked for discount stations

GS Caltex and Hyundai Oilbank have been selected as the suppliers of petroleum to discount gas stations fostered by the government, the Ministry of Knowledge Economy said Wednesday.Nonghyup and the Korea National Oil Corp. chose the two refiners as suppliers for a year without disclosing their bidding prices, and plan to open the discount gas stations within this year. GS Caltex, which runs refineries in Yeosu, South Jeolla Province, will supply petroleum to discount gas stations in the southeas

IndustryDec. 21, 2011

KT chairman to serve second term

KT chairman Lee Suk-chae will serve his second term after a special review committee on Wednesday recommended him as the only candidate for the top position at the nation’s largest fixed-line carrier.Even though the final decision is made during a shareholder’s meeting early next year, his reappointment has actually been confirmed, industry sources said. Lee’s official term of three years expires in March and he will serve another three years until 2015, KT said in a statement released late Wedn

IndustryDec. 21, 2011

President’s nephew-in-law suspected of illegal stock trading

Financial regulators decided on Wednesday to bring a nephew-in-law of President Lee Myung-bak to the prosecution for his alleged involvement in illegal stock trading.Jeon Jong-hwa and several other figures have been suspected of conducting unauthorized stock trading after taking over formerly KOSDAQ

Dec. 21, 2011

President’s nephew-in-law suspected of illegal stock trading

KT launches new digital music service

KT Corp., the nation’s second-largest telecom carrier, launched Wednesday the new digital music market “Genie” that targets the nation’s growing number of smartphone and tablet PC users. KT will start the service on Thursday through the Android app store and its own Olleh Market. The mobile app also will be equipped within Android smartphones that KT plans to launch. For the new music service, KT has joined hands with seven major record and entertainment companies including SM, YG and JYP Entert

IndustryDec. 21, 2011

Samsung Electronics, LED merger likely next week

Samsung Electronics is expected to merge with Samsung LED by next Monday, according to industry sources on Wednesday.Samsung Electronics and Samsung Electro-Mechanics will hold a board meeting on Dec. 26 to decide on whether the flagship electronics arm will acquire the 50 percent stake of Samsung LED, currently owned by Samsung Electro-Mechanics, sources said.The merger is projected to be completed by the first half of next year with the board’s approval.Samsung LED is a joint venture made betw

IndustryDec. 21, 2011

KOSPI makes strong rebound on U.S. data

Officials believe fundamentals are strong enough to weather short-term volatilitiesSeoul shares surged 3.09 percent Wednesday on positive U.S. housing data, ending earlier losses from Kim Jong-il’s death as a brief technical decline. The benchmark KOSPI advanced 55.35 points to close at 1,848.41, extending gains for the second day after posting its sharpest loss in six weeks Monday on the death of the North Korean leader. The local currency advanced 14.5 won against the U.S. dollar to close at 1

Dec. 21, 2011

Eximbank to expand spending for underprivileged

Export-Import Bank of Korea has been expanding its social activities such as employment of the needy and supporting low-income households.For the project, the state-run bank said Wednesday that its budget for social activities sector will increase by about 50 percent to 3 billion won ($2.63 million) in 2012 from 2 billion won in 2011.“Some part of our interest income from extending loans to conglomerates will be allocated for contributing the underprivileged,” an Eximbank spokesman said.In its r

Dec. 21, 2011