The Korea Herald

Global companies sport localization strategies to win Korean hearts

IndustryJan 20, 2013

It is a serene atmosphere with a Korean traditional teahouse-like interior where people sit down on top of flat cushions on a wooden floor. But the drinks served are Starbucks coffee.Korea’s first drive-through Starbucks opened in Gyeongju, capital of the ancient kingdom of Silla, in September, with Silla designs everywhere.The stair railing to the traditional tearoom on the upper floor is designed after the banisters around the historic Anapji pond where the royals and the upper class partied d
LG Optimus G sells over 1 million units

IndustryJan 18, 2013

LG Electronics Inc. said Friday it has sold more than 1 million Optimus G smartphones worldwide since the flagship device’s launch last year.The milestone comes roughly four months after the South Korean handset manufacturer unveiled the 4.7-inch display phone that runs on Qualcomm Inc.’s Snapdragon S4 Pro processor.In September, LG introduced two premium smartphones ― the Optimus G and the Optimus Vu 2 ― as part of efforts to regain its presence in the mobile market.The company has released the
Seoul should brace for end of global credit easing: BOK

IndustryJan 18, 2013

South Korea’s top central banker said Friday that the country should brace for the possibility that major central banks may end their march toward credit easing.“It does not seem that the financial crisis will further worsen. There is a chance that major central banks may unwind their drives for quantitative easing,” Bank of Korea (BOK) Gov. Kim Choong-soo said in a monthly meeting with local bank heads.Major central banks including the U.S. and Japan have launched a massive bond-buying program
Nongshim shows interest in Woongjin Foods: sources

IndustryJan 18, 2013

Nongshim Co., South Korea’s top instant noodle maker, has expressed keen interest in buying Woongjin Foods Co., a beverage unit of cash-strapped Woongjin Group, industry sources said Friday.The move comes as Woongjin Holdings Co. and its creditors have reached an agreement on sales of the food unit to ramp upWoongjin’s debt rescheduling program. The mid-sized group has been placed under court receivership last year due to financial difficulties.Nongshim has vowed to strengthen beverage business
IBM outlines strategies for mutual growth

IndustryJan 18, 2013

IBM Korea on Friday announced strategies to more efficiently work with its business partners in a ceremony attended by more than 500 company executives, including the new IBM president Shirley Yu-Tsui. IBM is currently working together with more than 1,000 business partners and vendors, while on a global level, its partners now number more than 130,000. IBM’s main priorities for working with partners involve jointly developing new markets and offering key solutions based on advanced technology,
SK affiliates undergo major reshuffling

IndustryJan 18, 2013

SK Innovation chief executive promoted to vice chairman
Korean IT sector clicks onto Africa

IndustryJan 18, 2013

Samsung, LG, KT eye the ‘last emerging market
GSK chief tapped to head pharmaceutical association

IndustryJan 18, 2013

Kim Jin-ho, the chief executive of GlaxoSmithKline Korea, was elected this week as chairman of the Korea Research-based Pharmaceutical Industry Association, one of the largest organizations for pharmaceutical companies here with over 30 members. Kim was the second Korean following Lee Dong-soo, CEO of Pfizer Korea, to take up the post, according to industry sources. Kim will start his duties as the new chairman beginning Feb. 1, the association said. “The status of Korean companies in the global
Sony selling Madison Avenue HQ building for $1.1 bn

IndustryJan 18, 2013

Sony shares rocketed 12.20 percent Friday after the embattled Japanese consumer electronics giant said it was selling its US headquarters in Manhattan for $1.1 billion as part of a huge restructuring.The Tokyo-listed shares finished at 1,149 yen, boosted by a weak yen and after the announcement that New York-based commercial property firm Chetrit Group was leading a consortium that agreed to buy the Madison Avenue skyscraper.The sale, expected to close in March, comes as the firm undergoes a cor
Seoul shares gain 0.69 pct on China's growth data

Jan 18, 2013

South Korean stocks closed 0.69 percent higher Friday as the fourth-quarter growth in China raised anticipations that the slowdown in Asia's largest economy has bottomed out, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 13.59 points to finish at 1,987.86. Trading volume was heavy at 575.9 million shares worth 3.83 trillion won (US$3.63 billion) with gainers outpacing decliners 544 to 242. "It can be interpreted a
Seniors become main users of e-readers in U.K.

TechnologyJan 18, 2013

One-third of middle-aged British people own a tablet computer or e-book reader, a higher rate than for younger people, according to research.According to research conducted by Mintel, a U.K.-based marketing research company, 29 percent of those over 55 in the U.K. own digital book readers or tablet PCs including Apple’s iPad and Amazon’s Kindle series, while only 22 percent of youngsters said that they used the devices.Among those aged 55 and above, women emerged as the biggest fans of e-book re
Facebook rolls out free call feature for US iPhone users

TechnologyJan 18, 2013

Social media company Facebook added a new calling feature for iPhone users in the United States, BBC reported Friday. iPhone users in the U.S. are now able to call free-of-charge via Facebook Messenger app with Wi-Fi or a cellular-data connection. In the Facebook Messenger app, users can tap the ‘i’ icon in the upper right hand corner to make free calls. Users, however, can only make free calls to friends that have installed Messenger on their iPhones. Calls to landline numbers or friends who lo
Seoul shares up 0.37 pct in late-morning trade

Jan 18, 2013

South Korean stocks traded 0.37 percent higher late Friday morning, led by gains in share of financial firms and insurance companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 7.28 points to 1,981.55 as of 11:20 a.m.No. 1 life insurer Samsung Life Insurance surged nearly 5 percent, with major financial firm Woori Finance Holdings jumping more than 4 percent. In contrast, tech and auto blue-chips lost ground. Top-cap Samsung Electronics edged down 0.3 percent an
Apple market share dips as iPhone 5 glow fades

TechnologyJan 18, 2013

Apple Inc. saw its global handset market share fall last month on weakening demand for the iPhone 5, its first long-term evolution phone, a report showed Friday.The Silicon Valley firm's market share reached 16 percent in December, down 3 percentage points from the previous month, according to the report by Hong Kong-based researcher Counterpoint Technology Market Research.The decline, which comes three months after the iPhone 5 launch, was partly attributed to North American and European mobile
Seoul shares open higher on improved U.S. data

Jan 18, 2013

South Korean stocks got off a strong start Friday, tracking the gains seen in U.S. peers overnight on better economic data, analyst said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.21 points or 0.47 percent to trade at 1,983.48 in the first 15 minutes of trading. Most shares trended in positive terrain, with utilities and brokerage houses leading the gain. State-run electricity provider Korea Electric Power Corp. jumped about 2.5 percent with No. 2 player Woori Investment