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[Herald interview] U.S. law firm hopes for opportunities with Korean investors

Apr 5, 2011

While the U.S. is a major market for financial investors across the world, its complex financial laws represent a major hurdle for those looking to invest in the country. For the New York-based law firm Kirby McInerney LLP, which specializes in complex commercial litigations, that blind spot offers handsome opportunities for business with largely Asian investors who need help to navigate through...
Hanwha sets up solar energy firm

Apr 5, 2011

Hanwha Group said Tuesday it has launched new company to spearhead its expanding solar power business at home and abroad. The new venture, named Hanwha Solar Energy, will be at the center of the group’s vertically integrated solar energy business, from equipment to facilities to power generation. It will also push for cooperation with partners in North America and Europe, the company said. The ...
S-Oil cuts prices of gasoline, diesel

Apr 5, 2011

S-Oil Corp., Korea’s third-largest oil refiner, said Tuesday that it will cut the supply prices of its gasoline and diesel by 100 won ($0.9) per liter starting Thursday, following market leader SK Innovation’s suit. The firm’s directly managed stations nationwide will thus reduce its retail fuel prices by the amount, it said. The price reduction will last for three months. “We made the decision...
Ho-Am prize recognizes social contributions

Apr 5, 2011

Ho-Am Foundation on Tuesday awarded the Ho-Am Prize to four individuals and one institution to recognize their contribution to improving human lives and promoting public welfare. This year’s prizes went to Professor Ha Taek-jip of the University of Illinois for science, Professor Thomas Lee of Standford University for engineering, Professor Augustine Choi of Harvard Medical School for medicine, ...
Korea to forge mobile commerce network

Apr 5, 2011

South Korea will forge a mobile radio-frequency identification network in metropolitan regions by the end of the year to promote mobile commerce, the Ministry of Knowledge Economy said Tuesday. The technology allows users to pay for items by flashing RFID-imbedded mobile phones in front of wireless readers. The RFID system has already been used in the country for transportation cards and wirele...
Australia leaves key rate steady

Apr 5, 2011

Australia’s central bank left its benchmark interest rate at the highest level in the developed world as floods disrupt coal mining in the nation’s northeast and a rising currency tempers inflation. Reserve Bank of Australia Governor Glenn Stevens held the overnight cash rate target at 4.75 percent for a fourth straight meeting, as forecast by all 25 economists surveyed by Bloomberg News. He cal...
Nonlisted chaebol units engaged in internal trade

Apr 4, 2011

Unlisted subsidiaries of Korea’s leading family-controlled conglomerates depend heavily on international trading for their sales, data showed Monday, raising concerns over conglomerates’ attempts to transfer wealth and dodge taxes. Twenty unlisted firms, whose biggest shareholders are the heirs of the group owners, saw their combined sales from internal transactions reach 3.42 trillion won ($3.1...
Korea to spend W1tr on energy research

Apr 4, 2011

Korea plans to spend 1.03 trillion won ($947 million) this year to promote renewable energy development research and nuclear safety projects, the government said Monday. The amount represents a 3.1 percent gain from 1.01 trillion won spent on energy R&D in 2010. The sum is equal to 6.9 percent of the government’s overall R&D plan of 14.9 trillion won set aside for this year. The Ministry of Kno...
Outlook for Korean exports remains strong for Q2

Apr 4, 2011

A majority of foreign importers of Korean goods expect the country’s exports to remain solid in the second quarter on increased competitiveness, a poll showed Monday. The index measuring the outlook of the country’s exports in the April-June period came to 57.5, compared with 52.7 tallied for the previous quarter, according to the survey by the Korea Trade-Investment Promotion Agency (KOTRA). T...
Refiners consider following SK price cuts

Apr 4, 2011

GS Caltex, S-Oil and Hyundai Oilbank may follow largest refinery’s decision to lower gasoline and diesel costs Leading oil refiner SK Innovation’s decision to lower retail fuel prices has prompted its smaller rivals to consider following suit. SK Innovation announced Sunday that it will reduce the prices of gasoline and diesel sold at its stations nationwide stations by 100 won ($0.09) per lite...
Minister apologizes for FTA gaffe

Apr 4, 2011

Trade Ministry completes fixing mistakes in translation of Korea-EU agreement Trade Minister Kim Jong-hoon apologized to the public on Monday for mistakes in the Korean-language version of the Korea-E.U. free trade agreement. In a news conference, he pledged to punish officials responsible for the blunder that delayed parliamentary ratification and hurt the reputation of the trade authorities. ...
Hyundai Heavy starts work at R&D center in Shanghai

Apr 4, 2011

The world’s largest shipyard Hyundai Heavy Industries announced Monday that its Shanghai-based Global Research and Development Center began operations this month. According to the company, the R&D center will first focus on developing new products and technologies in areas concerning Hyundai Heavy’s current operations in China including construction equipment and engines. In the long term, the c...
Builders bail out of Brazil bullet train bid

Apr 4, 2011

Four Korean companies have pulled out from the nation’s consortium planning to bid for a contract to build and operate a bullet train network in Brazil, company officials said. The four companies, including Hyundai Amco Co. and Kolon Engineering & Construction Co., notified the consortium of some 20 firms last week that they pulled out, citing an uncertainty in financial prospects for the Brazil...
Domestic construction orders to edge down

Apr 4, 2011

Korean builders’ domestic orders are expected to inch down this year due to a property market slump and economic uncertainties both at home and abroad, a report said Monday. According to the report by the Construction and Economy Search Institute of Korea, builders are likely to win domestic orders worth a combined 102.7 trillion won ($94.5 billion) this year, down 0.5 percent from a year ago. ...
Hynix Semiconductor unveils advanced chip

Apr 4, 2011

Hynix Semiconductor Inc., the world’s No. 2 maker of computer memory chips, said Monday that it has developed an advanced DDR4 dynamic random access memory (DRAM) chip and will start mass production in the second half of 2012. Hynix developed the 2-gigabit DDR4 DRAM device based on 30-nanometer class process technology, it said in a statement. The energy-efficient DDR4 DRAM transfers data twice...

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