The Korea Herald

Shares likely to further rise this week

Sept 9, 2012

Korean stocks are expected to move higher this week on growing expectations that the U.S. Federal Reserve will roll out additional credit easing measures, analysts said Saturday.The country’s key stock index, the KOSPI, gained 0.7 percent this week to close at 1,929.58 on Friday. On Friday alone, the index rallied 2.57 percent as investors cheered the bond-buying program of the European Central Bank amid a recent lack of upward momentum.“This week is packed with a series of events, including the
Korea’s automobile exports drop to 3-year low in August

TechnologySept 9, 2012

Korea’s exports of cars dropped sharply from a year earlier in August due to a large cut in production caused by labor strikes that also led to shrinking domestic sales, the government said Sunday.Outbound shipments by the country’s five automakers came to 164,805 vehicles in August, down 23.6 percent from the same month last year, according to the Ministry of Knowledge Economy.The August figure marks the lowest tally in 36 months since August 2009, and also the first year-on-year drop in 2012.T
Creditors to complete funding for Ssangyong E&C this month

IndustrySept 9, 2012

Creditors of Ssangyong Engineering and Construction have decided to complete liquidity support for the financially troubled builder within this month, industry sources said Sunday. The nation’s 13th-largest construction firm is currently struggling to pay back huge debts worth about 100 billion won ($88 million) due this year. On Friday, creditors, led by Woori Bank, started an inspection into the company’s financial health to finalize the amount of financial support the company would get. Korea
STX seeks business ties in Russia

IndustrySept 9, 2012

STX Group, a Korean shipbuilding and trading conglomerate, said Sunday that it has agreed with Russia’s leading mining company Mechel on a strategic business partnership in shipping and harbor development projects. STX Group chairman Kang Duk-soo and Mechel CEO Igor Zyuzin signed a memorandum of understanding in a meeting on Saturday on the sidelines of the APEC CEO Summit held in Vladivostok, Russia. Under the agreement, the two companies agreed to cooperate on the supply of solid fuel for powe
Samsung says Apple patent invalid as court hears claim on Galaxy

TechnologySept 9, 2012

Samsung Electronics Co. said Apple Inc.’s patent claim on so-called multi-touch flags is not valid, as its main competitor in smartphones pursues an infringement case in the Netherlands to ban Samsung Galaxy handsets.Apple claims Galaxy smartphones and tablets infringe the patent that interprets finger activity on touchscreens. Cupertino, California-based Apple lost an earlier claim against HTC Corp. in the U.K. for infringing the patent, as a U.K. judge said it was invalid because it was too ob
KT launches app platform for Japan’s NTT Docomo

TechnologySept 9, 2012

KT said Sunday that it has introduced an app platform for NTT Docomo, Japan’s biggest mobile carrier, marking the first time a Korean telecom company has developed an app market overseas.The development of the platform, named “Olleh Market W,” is part of KT’s efforts to become a global media distribution group.Also, this project was in line with “One Asia Super Inter-Store,” or OASIS, which seeks to promote app exchanges among China, Japan and Korea. KT, NTT and China Mobile formed a strategic a
Consumer spending enters deeper slump

Sept 9, 2012

Government to announce new plan to invest additional W2tr to revitalize domestic consumptionThe nation’s domestic consumption is showing signs of further contraction as major retailers including department stores and giant marts recorded declining sales last month. Sales at local department stores dropped for three consecutive months since June, decreasing by 6.1 percent in August from the previous month, the Ministry of Strategy and Finance said on Sunday. It is the first time the figure droppe
Galaxy S3 to push Samsung profit past W7tr

IndustrySept 9, 2012

Tech giant likely to report record operating profit in Q3, analysts forecastSamsung Electronics is expected to post record earnings again in the third quarter this year, and enter an era of 7 trillion won in operating profit, despite remaining legal challenges with Apple and the global economic slowdown.The world’s largest tech company by revenue is estimated to achieve some 7.6 trillion won ($6.7 billion) in operating profit from July to September, up 78 percent from a year ago.Its sales will i
Hyundai Veloster passes Mini Cooper in U.S.

TransportSept 9, 2012

Hyundai Motor Co.’s sports compact Veloster outperformed BMW Mini Cooper in the U.S. market for the first time this year in August, the South Korean automaker said Sunday.According to Hyundai Motor, South Korea’s largest automaker, the company sold 3,708 units of the Veloster last month, making it the second most popular vehicle of its segment in the U.S. following the Fiat 500, which sold 4,150 units in August.The Mini Cooper of BMW AG came in third place with 3,688 units sold in August.This is
Lexus August sales rise 34%, push past Mercedes, BMW

TransportSept 9, 2012

Toyota Motor Corp.’s Lexus, which lost its crown as the top-selling luxury auto brand in the U.S. last year, boosted sales 34 percent last month to move past Daimler AG’s Mercedes-Benz and Bayerische Motoren Werke AG.It’s the first time the Japanese luxury brand beat both of its German competitors to be No. 1 in monthly sales since December 2010 before inventory was hurt by last year’s natural disasters in Asia. Lexus sold 24,237 vehicles in August, the Toyota City, Japan-based company said in a
VW overtakes Mercedes to become 2nd in import market

TransportSept 9, 2012

VW ranked No. 2 in August with rapid on-year growth in salesVolkswagen, which has the dominant position in Beijing in market share, was not a noteworthy automaker in Korea about 10 years ago.Though Volkswagen saw its sales ranking gradually rise over the past few years, it has fallen behind the other two German players ― BMW and Mercedes-Benz ― among import brands in Korea.Last month, Volkswagen ranked second in sales among 24 import automobile brands in the local market, overtaking Mercedes-Be
Sharing markets growing among young consumers

BusinessSept 9, 2012

Startups based on the idea of a “sharing economy,” including Zipcar and Airbnb, have flourished around the world since the recession as cash-strapped consumers adopted cost-saving lifestyles. Korea’s local entrepreneurs are also tapping into the industry, and some have succeeded in reaching the young, tech-savvy consumers.“Zipbob,” which means “homemade meal” in Korean, first took off in May, attracting the interest of people wishing to eat home-cooked food together. Thanks to enthusiastic respo
S. Korea's national debt falls to one of lowest among OECD countries

Sept 9, 2012

South Korea's national debt to gross domestic product (GDP) ratio fell to one of the lowest numbers among major economies in 2011, the Organization for Economic Cooperation and Development (OECD) said Sunday.As of the end of 2011, the country's debt to GDP ratio came to 33.6 percent, down 1 percentage point from a year earlier.The figure is the fourth lowest among the 34 member countries of the OE
Apple on the move to launch Internet radio service: report

TechnologySept 8, 2012

Apple is rising to be the newsmaker in the global tech arena as foreign media reported on Saturday that the company is planning to launch an Internet radio service, competing with Pandora Media.The Cupertino-based firm is also reportedly making moves to offer the fourth-generation communication technology LTE-based iPhones around the world, including Korea.Involving the Apple’s entry in the field
Seoul shares likely to further rise next week

Sept 8, 2012

South Korean stocks are expected to move higher next week on growing expectations that the U.S. Federal Reserve will roll out additional credit easing measures, analysts said Saturday.The country's key stock index, the KOSPI, gained 0.7 percent this week to close at 1,929.58 on Friday. On Friday alone, the index rallied 2.57 percent as investors cheered the bond-buying program of the European Cent