The Korea Herald

Google, HTC back Samsung in legal battle with Apple

IndustryMay 8, 2013

Google, HTC, Red Hat and Rackspace reportedly filed friends of the court briefs in support of Samsung Electronics on Monday urging the U.S. Federal court of Appeals to rule against Apple’s request for a sales ban on Samsung’s Galaxy Nexus smartphone and Galaxy Tab. The support from the Google-led group comes amid an ongoing mobile device patent infringement battle between Samsung and Apple. The briefs stated that companies shouldn’t be restricted because of what they see as a trivial feature tha
Seoul shares edge up 0.11 pct amid global stimulus moves

May 8, 2013

South Korean stocks closed 0.11 percent higher Wednesday on rising hope over the global economic recovery following a series of advanced countries' stimulus moves, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 2.1 points to finish at 1,956.45. Trading volume was moderate at 332.7 million shares worth 4 trillion won (US$3.7 billion) with gainers outnumbering decliners 493 to 315."Seoul shares gathered ground on the m
Namyang Dairy in crisis

IndustryMay 8, 2013

Rapid economic democratization urged following dairy maker’s mistreatment of distributor
Seoul OKs Mount Kumgang-related biz projects

IndustryMay 8, 2013

South Korea has approved 14 business projects related to a scenic mountain resort in North Korea, according to a government Web site Wednesday, raising speculation Seoul may be moving to lift restrictions on the resort that has been put on ice for nearly five years. The Ministry of Unification's Web site showed approval was given on Feb. 15 to businesses that applied to engage in various business operations at the scenic mountain resort on the communist country's east coast.This marks the first
Seoul shares open higher on U.S. gains

May 8, 2013

South Korean stocks opened higher on Wednesday, tracking gains on Wall Street in the previous trading session, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.85 points, or 0.2 percent, to 1,958.20 in the first 15 minutes of trading.Shares gathered ground across the board, with leading chipmaker SK hynix rising 0.87 percent and top steelmaker POSCO climbing 0.31 percent. No. 1 auto parts manufacturer Hyundai Mobis moved up 0.58 percent.U.S. stocks ended higher on
Siemens to transfer energy business to Korea by 2017

IndustryMay 7, 2013

Siemens will be building its Asian headquarters for its energy solution business in Korea, the company said on Tuesday, a move that will transfer valuable engineering know-how to the nation. It will be the second such regional head office for the German engineering company in the sector of power generation engineering after one in the U.S., Siemens executives said, stressing that the plans would help create a strong platform for Korea to advance in its electric engineering technology.“This is no
Samsung takes larger slice of smartphone industry’s profits

IndustryMay 7, 2013

Samsung Electronics Co., the world’s top smartphone maker, saw its profitability in the smartphone business arena rise in the first quarter on the back of increased sales, data showed on Tuesday.According to the data compiled by global investment banking house Canaccord Genuity, Samsung took 43 percent of the global smartphone industry’s profits in the January-March period, compared with the 26 percent a year earlier.Apple Inc., the iPhone maker, maintained its status as the dominant player in t
April sales at major local department stores drop 1.6%

IndustryMay 7, 2013

Sales at South Korea’s major department stores dropped in April from a year earlier, preliminary government data showed Tuesday.According to a report by the Finance Ministry, sales at department stores were estimated to have shrunk 1.6 percent on-year in April. The decline followed a 7.5 percent gain in March.Sales at discount chains also dropped 10.3 percent over the cited period, the report showed. In March, sales fell 4.4 percent.“Retail sales figures for April are expected to be more sluggis
Seoul publishes English booklet on Dokdo geography

IndustryMay 7, 2013

South Korea has published an English version of its information booklet on Dokdo, the government said Tuesday, in an effort to strengthen the country’s control of the islets also claimed by Japan.The book offers basic information about Dokdo, along with geography of the islets in the East Sea, according to the Ministry of Land, Infrastructure and Transport.The book, “The Geography of Dokdo,” will soon be distributed to libraries and South Korean diplomatic missions around the world, it said.The
IBK Capital penalized for information leaks

May 7, 2013

The Financial Supervisory Service has punished credit finance lender IBK Capital for leaking private information of its customers, FSS officials said Tuesday. The state financial regulator said it issued a 6 million won ($5,500) fine and individual cautions to two executives and three employees of the capital firm. The five are held responsible for exposing names and contact numbers of some 5,700 customers without consent in 2012, the FSS said. About 700 of these customers had their credit ratin
Korea, U.S. to strengthen energy cooperation under FTA

IndustryMay 7, 2013

Seoul attracts W420b in investment from seven U.S. companies
Import car sales hit new record

IndustryMay 7, 2013

The boom in the nation’s imported car market shows no sign of abating, with monthly sales hitting another record in April.The Korea Automobile Importers and Distributors Association said Tuesday that import car sales surged 24.9 percent to 13,320 units last month. In the first quarter, a combined 48,284 vehicles were sold, up 20.9 percent from 39,953 a year ago, the business lobby said in its monthly report. In April, BMW topped the list with sales of 2,719 vehicles, followed by Mercedes-Benz wi
Ssangyong to revive night shift on upbeat sales

IndustryMay 7, 2013

Carmaker hopes to continue recent sales momentum of flagship SUVs
KHNP seeks shared growth with SMEs with new buying system

BusinessMay 7, 2013

Korea Hydro & Nuclear Power Co., the state-run nuclear power plant operator, recently announced a plan to accelerate sustainable growth. The move is in line with the government’s ongoing efforts to promote shared growth with small-and medium-sized enterprises.KHNP said it had started with reorganizing and expanding related departments and was working to enhance technical competence and reform its purchasing methods.The company has come up with several measures to improve small firms’ cashflow. L
Chaebol search for new business areas

BusinessMay 7, 2013

As key-business performance continues decline, major conglomerates diversify business portfolios