The Korea Herald

Zoo apes get stimulation from iPad apps

TechnologyJun 22, 2012

Officials at the Houston Zoo said the "Apps for Apes" program, which provides apes with iPad apps designed for children, helps mentally stimulate the primates.Zookeepers said the facility is the first in Texas to participate in the "Apps for Apes" program, which was developed by New York primate advocacy group Orangutan Outreach and pioneered at zoos in Wisconsin and Toronto. The program helps to
Seoul stocks drop 2.21 pct on weak U.S., Chinese economic data

Jun 22, 2012

South Korean stocks dived 2.21 percent Friday on weak U.S. and Chinese economic data and lingering eurozone uncertainties, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) plunged 41.76 points to close at 1,847.39. Trading volume was very light at 286 million shares worth 4.27 trillion won (US$3.69 billion), with losers clearly
Korea’s population passes 50m

Jun 22, 2012

South Korea’s population will exceed 50 million on Saturday, making it the 26th country to reach the mark, according to a report from Statistics Korea.Government officials said the nation is expected to hit the figure at around 6:36 p.m. on Saturday.Koreans take up 0.71 percent of the world’s population of around 7.05 billion, according to the officials. The nation’s population surpassed 40 million in 1983. The report forecasted that the population will stay above 50 million for 33 years, peakin
Seoul shares opens lower on weak U.S. economic data

Jun 22, 2012

South Korean stocks opened lower Friday on weak U.S. manufacturing and employment data that caused an overnight tumble on Wall Street, analysts said.The Korea Composite Stock Price Index (KOSPI) dropped 1.43 percent, or 26.93 points, to 1,862.22 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 2.28 percent, with top automaker Hyundai Motor also giving up 1.00 percent.T
Korean credit card firms seek partnerships abroad

Jun 21, 2012

Korean credit card firms are working to build their own international networks hoping to reduce dependence on Visa and MasterCard. Local credit cardholders and issuers pay tens of billions of won every year as royalties and commission to the multinational credit card giants. Visa and MasterCard have a combined market share of about 92 percent in Korea.Visa or MasterCard-branded credit cardholders pay 1 percent of the amount they spend abroad as commission to the duopoly. Koreans spent some $8.62
FTAs increase competition among foreign brands: FTC

IndustryJun 21, 2012

Free trade agreements with the European Union and the U.S. have contributed to lowering the product prices of their consumer brands, the nation’s antitrust watchdog said in a report Thursday. The Fair Trade Commission conducted a price survey on 22 bestselling import items following the FTAs with the EU and the U.S., that took effect here from July last year and March this year, respectively. Of the surveyed products, 15 items were found to have seen a moderate price cut, the FTC said. Dutch ele
Kia’s Soul named best compact car in U.S.

IndustryJun 21, 2012

Kia Motors said Thursday that its Soul urban crossover topped the compact multi-purpose vehicle segment of the J.D. Power and Associates 2012 Initial Quality Study, which was published on Wednesday in the U.S.According to Hyundai Motor Group, the Kia Soul earned the highest points in some 230 categories of studies this year, closely outpacing Toyota’s Prius v and Scion xB. The annual study by global marketing information services firm J.P. Power and Associates captures feedback from car owners
Lotte Duty Free Jamsil expands cosmetic section

IndustryJun 21, 2012

Lotte Duty Free will open on Friday a renovated cosmetics boutique at its Jamsil branch in southern Seoul. The duty free shop has expanded by 1,567 square meters and takes up both the ninth and tenth floors at the Lotte Department Store in Jamsil. The renovation is to meet the growing number of foreign tourists who are showing great interest in South Korean beauty products following “hallyu,” or the Korean Wave, said officials through statement. Officials said the sales of cosmetic goods have be
Korean Air opens direct flight to Nairobi

IndustryJun 21, 2012

Korea’s leading flag carrier Korean Air said Thursday it opened the direct route connecting Incheon and Nairobi, starting with its first flight at 10:15 p.m. the same day. It is the first time that Korea has opened a direct flight to an African country, which is also the first among neighboring Northeast Asian countries including Japan and China. Korean Air said it will operate a 226-seat A330-200 passenger jet to offer three weekly flights to the Kenyan capital. The flight time from Incheon is
Galaxy S3 hits U.S., Mexico markets

Jun 21, 2012

Samsung Electronics, Korea’s tech manufacturing giant, said that its new flagship Galaxy S3 has hit the U.S. and Mexican markets this week.It held launching ceremonies and officially released the smartphone in the U.S. on June 20, and in Mexico on June 21, both on regional time, the company said in a press release.The company invited a number of guests in Mexico to its event held at the country’s stock exchange, while its U.S. guests included basketball players, Hollywood actresses and 500 consu
Korea to see vehicle sales drop by 2.1% in 2012: report

IndustryJun 21, 2012

Local and import brands’ vehicle sales in Korea are projected to fall by 2.1 percent in 2012, compared to the previous year, an automotive research center said Thursday.In its second-half outlook on the world’s vehicle market, the Korea Automobile Research Institute predicted that global companies will see the pace of sales growth “slow down markedly.”Affected by the weaker consumer sentiment globally, the local market will see “the number of vehicle sales stay about 1.55 million units this year
Samsung claims first victory in Apple patent war

IndustryJun 21, 2012

Dutch court rules in favor of Korean firm; German court to give ruling FridaySamsung Electronics claimed its first victory in the global patent dispute with its rival Apple Inc. as a Dutch court ruled in favor of the Korean company, ordering the U.S. firm to pay damages over a patent violation in the Netherlands.A court in The Hague ruled Apple violated Samsung’s patent involving third-generation wireless telecommunications technology, which is used in some of Apple’s smartphones and tablet PCs
Group busted for trading 50,000 counterfeit products worth W50b

IndustryJun 21, 2012

A group of three people was caught smuggling, manufacturing and trading some 50,000 counterfeit products including designer handbags, the Korea Customs Service said Thursday.The total market value of the original items is estimated at over 50 billion won ($43.4 million).The three are suspected of distributing replicas which they smuggled from China or produced in Korea through retail dealers in Itaewon, Namdaemun, Busan and Jeju since January 2010. Some were sold to insurance companies to be giv
Foreign banks’ overseas borrowing rises this year

Jun 21, 2012

Foreign bank branches in South Korea saw their overseas borrowing rise this year, reflecting stable economic conditions in the country, the nation’s financial regulator said Thursday.The combined foreign exchange borrowing by bank branches rose 9.8 percent, or $6.6 billion, from the end of 2011, according to the Financial Supervisory Service.Of the total, money borrowed by bank branches on the market rose $4.3 billion, while those brought in from the lender’s main office moved up $2.3 billion, i
Korea’s labor productivity falls

Jun 21, 2012

South Korea’s labor productivity fell in the first quarter of 2012 from a year earlier due to sluggish exports and weak domestic consumption, a government report showed Thursday.According to the report by the Ministry of Knowledge Economy, the labor productivity index for all industries in the January-March period fell 2.3 percent on-year to 104.6, compared to 107 tallied a year earlier.The figure also decelerated from 107.2 reached in the fourth quarter of last year, it said.Labor productivity,