The Korea Herald

SK to spin off life science unit

SK Holdings Co., the holding firm for Korea’s third-largest conglomerate, SK Group, said Friday it plans to spin off its life science business unit in April in a bid to nurture new growth engines.The new entity, tentatively named SK Biopharm, will be launched on April 1 with a paid-in capital of 20 billion won ($18 million), SK said in a regulatory filing.Since launching a drug development busines

Industry Feb. 20, 2011

Most Koreans not ready for retirement: poll

Only 9 percent of Koreans believe they are financially prepared to retire, a survey showed.The figure is significantly lower than the world average of 30 percent ― 34 percent for Europeans and 32.5 percent for North Americans ― research firm Nielsen Company said.The poll also showed that nearly 40 percent of Koreans are expected to retire before turning 60 years old. The company surveyed 26,000 pe

Industry Feb. 17, 2011

KRX to lose derivatives trading leadership

The planned merger of Deutsche Boerse AG and NYSE Euronext is to likely to deprive the Korea Exchange of the status as the world’s most actively traded derivative market. The KRX, the world’s No. 1 derivative market, took up 15.9 percent of the trade volume worldwide with about 1.78 billion transactions in the first half of 2010, the Futures Industry Association said. The German-U.S. bourse allian

Feb. 16, 2011

Lotte Group founder’s son promoted to chairman

Lotte Group, a retail-focused Korean conglomerate, promoted Vice Chairman Shin Dong-bin to chairman in a reshuffling carried out Thursday.The group, which operates chains of Lotte Department Store, Lotte Mart and Lotte Super and retail giant GS Group, promoted a total of 172 executives including seven new presidents for its subsidiaries, it said in a statement. Shin Dong-binLotte’s founder and for

Industry Feb. 10, 2011

Lotte Group founder’s son promoted to chairman

KNOC to spend $4 billion on overseas oil assets

Korea National Oil Corp., a state-run energy resources developer, plans to invest as much as $4 billion in overseas oilfields this year as it aims to increase crude production by 33 percent.“We’re interested in assets in Africa, Europe, Asia, the U.S. and Canada,” Kim Seong Hoon, senior executive vice president, said in an interview. “We plan to raise daily output by 60,000 barrels to 240,000 barr

Industry Feb. 10, 2011

FSC to be tougher on credit card firms

The Financial Services Commission unveiled a comprehensive package to curb excessive competition among credit card companies on Wednesday, a precautionary measure to prevent another liquidity crunch amid growing risks of reckless card and loan issuance. The financial regulator said it plans to induce issuers to offer reasonable supplementary services that would not harm their profitability and con

Feb. 9, 2011

Netherlands supplies FMD vaccines to Korea

The Netherlands are providing 1 million doses of foot-and-mouth vaccine to help Korea fight its worst outbreak, its embassy said Friday.At the request of the Korean government, the European country has sent 500,000 vaccines. The remainder is due to arrive on Feb. 3. “The Netherlands expects it will contribute positively to the welfare of the animals and to disease control,” it said in an e-mailed

Feb. 1, 2011

Samsung, LG in war over smart living room

Korean electronics companies compete in rolling out higher-performance, slicker smart TVsKorean electronics giants of Samsung and LG are engaging in a heated competition to seize the next stage of home entertainment with new smart TVs and application marketplaces.The world’s two largest TV manufacturers have recently released bigger, thinner and slicker products that allow users to access the Inte

Technology Jan. 31, 2011

Samsung, LG in war over smart living room

LGE to showcase air conditioners at U.S. show

LG Electronics, Korea’s second-largest electronics maker, is to showcase its key air conditioning products at a trade fair in Las Vegas this week.Its highly efficient and environment-friendly commercial air conditioners will be displayed at a 200 square-meter booth at the AHR Expo, the world’s largest international tradeshow for heating, ventilation, air-conditioning and refrigeration industries,

Industry Jan. 30, 2011

LGE to showcase air conditioners at U.S. show

POSCO secures Africa resources deals

POSCO has forged agreements with African partners to spur its move to develop natural resources in the region, the world’s No. 4 steel producer said Sunday.During a week-long visit that ended Saturday, chief executive Chung Joon-yang agreed to jointly develop an iron ore mine in Cameroon, a company statement said. The Mbalam mine is expected to annually produce about 35 million tons of high-qualit

Industry Jan. 30, 2011

Robots to teach, fight fire in pilot projects

Robots will be deployed for education, fire-fighting, sewage repairs and manufacturing this year in a series of pilot projects aimed at nurturing robotics as the country’s key growth industry.Next year will see robots patrol danger zones, remove mines in the DMZ and do farm work, according to government-led plans unveiled Thursday.Seven ministries involving industry, education and the environment

Industry Jan. 27, 2011

Retailers target luxury sales, expand overseas for growth

After a year of record revenues, Korean retailers are aggressively expanding at home and abroad, pinning hopes on booming luxury goods sales and the rise of deep-pocketed Asian consumers.Top department store chains, Lotte, Shinsegae and Hyundai, are sizing up their existing downtown branches and opening new stores in suburban centers, setting their sights on consumers of high-end products.Large di

Industry Jan. 26, 2011

Retailers target luxury sales, expand overseas for growth

SKT introduces multi-gadget content platform

SK Telecom, the nation’s No. 1 telecom operator, launched on Monday a “numerous screen” (n-Screen) platform that allows users to access the same content from multiple devices based on cloud computing technology. The “hoppin” service allows subscribers to use media content in its server on smartphones, computers, tablet PCs and televisions through a Wi-Fi network with a one-time payment. For instan

Industry Jan. 24, 2011

SKT introduces multi-gadget content platform

Robotic helpers coming to homes, offices

Service robotics emerges as the next technology frontier with advancing skills, surging demandThese days, visitors to the presidential office in Seoul are getting a taste of the future. At Sarangchae, a museum affiliated with Cheong Wa Dae, a kiosk-shaped robot greets guests with a heartwarming smile. Named Tiro, the machine introduces Korea’s culture and gives directions and answers in four diffe

Industry Jan. 18, 2011

Robotic helpers coming to homes, offices

Ssangyong to build mall in Singapore

Ssangyong Engineering & Construction has won a 35 billion won ($31 million) deal to build a premium shopping center in Singapore, the latest boost to its growing presence in one of Asia’s hottest construction markets.The builder signed the contract with City Development Ltd., the largest property developer of Singapore, on Thursday. Ssangyong will design and construct a two-story luxury mall with

Industry Jan. 18, 2011

Articles by 신현희