The Korea Herald

Facebook sued over use of ‘like’ button

TechnologyFeb 12, 2013

The widow of a Dutch programmer is suing Facebook over its use of a “like” button and other patented technology she says was developed by her husband.Patent-holding company Rembrandt Social Media, acting on behalf of the widow of Joannes Jozef Everardus van Der Meer, has filed a suit in U.S. District Court in Virginia.The suit charges Facebook is using two of Van Der Meer‘s patents without permission.Rembrandt now owns those patents for technologies Van Der Meer utilized in creating a fledgling
Seoul shares slip 0.26 pct on program selloff

Feb 12, 2013

South Korean stocks closed 0.26 percent lower Tuesday, driven by foreign-led program selling, with North Korea's nuclear test having little effect on the market, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 5.11 points to finish at 1,945.79. Trading volume was light at303.5 million shares worth 2.81 trillion won (US$2.56 billion) with losers outstripping gainers 465 to 311. “Foreigners went on a net selloff in
Seoul shares edge down in late-morning trade

Feb 12, 2013

South Korean stocks traded marginally lower late Tuesday morning, led by losses in utilities and insurance companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 0.11 points, or 0.01 percent to 1,950.79 as of 11:20 a.m.State-run electricity provider Korea Electric Power Corp. slid nearly 2 percent, with No. 1 life insurer Samsung Life Insurance falling 1.2 percent. In contrast, tech and construction firms gathered ground, with flat panel giant LG Display ga
Korea logs surplus in cultural trade in 2012

Feb 12, 2013

South Korea posted the first-ever surplus in trade of cultural products and services last year on the back of the popularity of its pop culture in overseas countries, data showed Tuesday.The account tracking exports and imports of cultural products and contents logged a surplus of US$85.5 million last year, a turnaround from a shortfall of $94 million in 2011, according to data by the Bank of Korea (BOK).This marks the first time that this account posted a surplus since the central bank began to
Local households' consumption falls on debt

Feb 12, 2013

South Korean households' consumption fell in the third quarter of 2012 from a year earlier, data showed Tuesday, apparently as the country's rising household debts gave limited leeway in their spending.Local households with more than two members saw their consumption-to-income ratio reach 59.6 percent in the third quarter, down 3.13 percentage points from a year earlier, according to the data by Statistics Korea.The number marks the lowest rate since the agency started to compile such data in 20
Seoul shares open tad higher on large-cap gains

Feb 12, 2013

South Korean stocks opened a tad higher on Tuesday, driven by gains in large-cap firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.36 points, or 0.12 percent, to 1,953.26 in the first 15 minutes of trading. Top-cap Samsung Electronics climbed nearly 1 percent, with second-largest listed company Hyundai Motor advancing 0.8 percent and chipmaker SK hynix rising 1.2 percent. The local currency was trading at 1,096.20 won against the U.S. dollar as of 9:15 a.m.,
Chinese women largest group of marriage immigrants

Feb 11, 2013

Korea saw the highest number of international marriages between Korean men and Chinese women over the last 10 years, while more Korean women married Japanese men.According to Statistics Korea, the number of marriages between Korean men and Chinese women reached 130,230 between 2002 and 2011. Observers speculate that the high rate is related to the increase in the number of ethnic Koreans in China who visit or stay in Korea.This figure is followed by Korean marriages with Vietnamese women at 59,6
Korea-EU trade balance in the red despite FTA

Feb 11, 2013

Despite the anticipated effects of the Korea-EU Free Trade Agreement, the nations trade balance for the European Union last year posted a deficit for the first time in 15 years, according to the Korea Customs Service.Korea-EU exports, since they turned positive in 1998, had always remained in the black until the second half of last year.The key reason for the loss was the effects of the European financial crisis and a fall in the export of key strategic items such as ships, mobile phones and sem
[Power Korea] Lotte snacks, drinks tickle taste buds worldwide

IndustryFeb 11, 2013

With all-time favorites like the Choco Pie and Milkis, Lotte Confectionery and Lotte Chilsung Beverage have dominated Koreans’ tastes for the nibbles.The two are not just the largest Korean companies in their respective industries, but their stocks are also the two most expensive on the local bourse, traded at over 1.5 million won per share.And they are now pleasing the palates of people worldwide.Lotte Confectionery’s overseas sales are estimated to have grown from 450 billion won ($410 million
[Power Korea] Leap from chewing gum maker to nation’s No. 1 retail empire

IndustryFeb 11, 2013

Korea’s fifth-largest conglomerate expands abroad, aiming to join Asia’s top-10 biz giants
Korea braces for fast yen depreciation

Feb 11, 2013

Exchange rate expected to reach 100 yen to the dollar in second half of 2013, analysts say
Korean Air to build tallest building in western U.S.

TransportFeb 11, 2013

A $1 billion office-and-hotel tower being developed by Korean Air Lines Co. in downtown Los Angeles will be the tallest building in the western U.S. upon its completion in four years, according to the projects architect.The foundation of the 1,100-foot (335-meter) tower will be poured at the end of this year, with a grand opening planned for March 2017, said Chris Martin, chief executive officer of Los Angeles-based architecture firm AC Martin Partners. The building will rise higher than downtow
Korea’s auto production up 23.3 percent in Jan.

TransportFeb 11, 2013

Output by South Korean carmakers jumped 23.3 percent in January from a year earlier on the back of strong overseas shipments, a local industry group said Monday.Industry leader Hyundai Motor Co. and four other local automakers produced a combined 410,602 vehicles last month, according to the data compiled by the Korea Automobile Manufacturers Association.The export volume also advanced 17.1 percent on-year to 288,344 vehicles in January, with the total value reaching $4.27 billion.Market watcher
Korean shares may rise if yen rebounds

Feb 11, 2013

South Korean stocks may rebound this week if the Japanese yen’s weakening abates, analysts said.The benchmark Korea Composite Stock Price Index closed at 1,950.9 on Friday, down 0.35 percent from a week earlier.Despite positive economic data from the United States, the KOSPI got off to a weak start last week as the local currency continued to rise against the U.S. dollar amid a weakening yen.Eurozone concerns as well as North Korea’s nuclear threats also dented investor sentiment, further weighi
Diesel car sales double in 2012

IndustryFeb 11, 2013

Korean carmakers saw their combined diesel sales, excluding those for sport utility vehicles, more than double last year to 29,626 units, according to industry data released on Monday.Diesel car sales still make up a small fraction of total car sales in Korea, where a total of 1.54 million vehicles were sold last year. With their popularity growing among import car purchasers here, the acceptance for diesel-powered cars is spreading to Korean-brand cars. For Hyundai’s i30 hatchback, for instance