The Korea Herald

S. Korea's current account surplus hits new high in July

Aug 29, 2012

South Korea's current account surplus rose to a fresh record high in July as imports fell at a steeper pace than exports amid the protracted eurozone debt crisis, the central bank said Wednesday.The current account surplus reached US$6.1 billion in July, up from a revised $5.88 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-bo
Samsung moves to counter Apple’s injunction

TechnologyAug 28, 2012

Apple has filed a sales injunction on eight old smartphone models of Samsung Electronics to a U.S. federal court in San Jose, California, where a nine-member jury gave a verdict in favor of their local tech company.The eight are: Galaxy S 4G, Galaxy S2 (AT&T), Galaxy S2, Galaxy S2 (T-Mobile), Galaxy S2 Epic 4G, Galaxy S Showcase, Droid Charge and Galaxy Prevail.Its sales ban request did not include Samsung’s latest flagship Galaxy S3 and tablet smartphone Galaxy Note.Apple’s move has largely bee
Advertisers pursue Psy for commercials

Aug 28, 2012

Corporate advertisers are rushing to sign Korean rapper and singer Psy to do his bizarre and comical horseback-riding dance in their commercials from his latest hit music video “Gangnam Style.”Psy is in talks with six companies to appear in their ads, said an official with YG Entertainment, a music talent agency with which the singer is affiliated.The official, however, said the company cannot yet disclose the names of the brands Psy will be promoting possibly over the next six months to one yea
Korea’s overseas royalty payments hit record high

IndustryAug 28, 2012

Korean companies’ overseas royalty payments climbed to a record $4.31 billion in the first six months of this year, up 14.1 percent from a year ago, as they depended more on foreign intellectual property for their products, the Bank of Korea said Tuesday.A sharp rise in overseas payments for using intellectual property such as patented technologies and trademarks can negatively affect corporate earnings and share prices if global efforts to protect intellectual property rights strengthen, analys
LG unveils new smartphone Optimus G

IndustryAug 28, 2012

LG Electronics on Tuesday unveiled its flagship smartphone called the Optimus G with plans to launch it in Korea next month.The company said that the new wireless gadget ― developed jointly with LG affiliates such as LG Chem, LG Display and LG Innotek ― will come with a 4.7-inch True High Definition IPS Plus display and a 1.5 gigahertz quad-core processor. The Optimus G, which was also dubbed the chairman’s mobile phone, will be the world’s first to carry the next-generation Snapdragon S4 proces
Business leaders vow continued efforts to help revive economy

Aug 28, 2012

The leaders of South Korea’s five major business lobby groups pledged more efforts Tuesday to promote job creation, investment and exports in a bid to help boost the faltering economy.The pledge, made at a breakfast meeting in Seoul, comes as the South Korean economy, Asia’s fourth-largest, is struggling to overcome strong global headwinds, like the European fiscal crisis.The business leaders agreed to urge the nation’s top 10 family-run conglomerates to push ahead with their employment plans fo
Renault Samsung to target young drivers with new SM3

IndustryAug 28, 2012

Renault Samsung Motors said Tuesday that it would start sales of the New SM3, the facelift version of its flagship compact, in September. Celebrating the 10th anniversary of the SM3 model this year, the carmaker aims high in increasingly fierce competition against Hyundai Motor’s steady-seller Avante and Kia Motors’ new compact K3.“We have an ambitious plan about the sales of the New SM3. Even though it is a facelift model, we have added diverse changes in design, the engine and other features,”
Hyundai Motor breaks ground for Sichuan plant

TransportAug 28, 2012

Hyundai Motor held a ground-breaking ceremony for a manufacturing factory specialized in rolling out commercial vehicles, in Ziyang, China, on Tuesday.“The factory, named Sichuan Hyundai, will have the production capacity of 150,000 units per annum,” a Hyundai Motor Group spokesman said.He said the auto giant predicts that China will be the world’s largest commercial vehicle market in five years with yearly sales of 4.7 million units. “We have the target of grabbing 3.6 percent of the market by
Analysts say uncertainty lifted on Samsung shares

Aug 28, 2012

Brokerage houses are issuing the “buy” opinion on shares of Samsung Electronics despite Apple’s winning in a patent lawsuit against the Korean electronics giant in the U.S.Many research analysts say that uncertainties and a worse-than-expected scenario had already been reflected in Samsung stock prices.Citi Global Market Securities said that recent stock prices of Samsung Electronics was already impacted by anxiety over results from the suit in the U.S., advising that “it would be better to purc
Verdict may affect Samsung-Google deals

IndustryAug 28, 2012

Samsung to stick to multi-OS strategy, not solely betting on AndroidThe strong partnership established between Samsung Electronics and Google appears to be shaking following a jury verdict at a San Jose court that turned against the Korean electronics maker.Industry sources had claimed that the patent battle between Samsung ― the top manufacturer of smartphones powered by Google’s Android mobile platform ― and Apple stems from the Cupertino-based firm’s fight against Android.“From what we know,
Moody’s rating upgrade lowers credit risks for Korea

Aug 28, 2012

South Korea’s credit default risks eased after a global credit appraiser has raised its sovereign rating on Asia’s fourth-largest economy, reflecting the soundness of its overall economic health, industry data showed Tuesday. The credit default swap premium for the country’s five-year Treasuries stood at 103.6 basis points as of Aug. 27, down 2.9 basis points from the previous day, according to the Korea Center for International Finance. A basis point is 0.01 percentage point. The spread on CDS
Investment in intellectual infrastructure key to Korea’s future

Aug 28, 2012

Developing new growth engines is an urgent priority for economies around the world. This is prompting more attention to grooming and acquiring elite science and technology personnel. Advanced countries and emerging economies alike are mounting efforts to foster personnel who can lead the next-generation growth engines of their economy.Technology powerhouses such as Japan and Germany have emphasized home-grown talent. In Germany, the “High-Tech Strategy” adopted in 2005 seeks to nurture expertise
Club parties rise as key marketing tool

IndustryAug 28, 2012

Companies say parties help raise brand image, but don’t expect immediate effect on salesAs depressing news on the sluggish economy continues to dampen consumer sentiment, a number of companies are choosing to throw club parties to refresh the mood and draw attention to their products.Parties have been a key marketing tool for consumer goods makers targeting those in their 20s and 30s as club culture spread across the country over the years. The companies do not expect the unlimited supply of fr
Myanmar hopes to attract greater forestry investment

Aug 28, 2012

Senior official expects exports of products of high-quality teak to Korea will increaseBorn and raised in attachment to forest by culture and history, Koreans have remained in active partnership with multiple Asian countries such as Indonesia and Vietnam to acquire beautiful wooden products.Myanmar has emerged as Korea’s next overseas investment partner, Korean government officials said, and economic experts crowded the seventh conference for the Korea-Myanmar forestry partnership held in Naypyi
AFoCO the start of ‘forestry diplomacy’ for Korea Forestry Service

Aug 28, 2012

The Asia Forest Cooperation Organization, the first-ever international organization led by South Korea, will officially launch early next month after three years of preparation. The Korea Forest Service first suggested an organization regarding forestry during the Korea-ASEAN Special Summit Meeting held in June on the nation’s southern resort island of Jeju, and then held bilateral meetings and negotiations with 10 ASEAN member countries. Member countries finally agreed to establish the organiza