The Korea Herald

SKT, KT set milestone record in LTE users

TechnologyJun 7, 2012

SK Telecom said on Thursday that the number of its long term evolution network subscribers has exceeded 3 million as of early this month since launching the 4G telecommunication service in July last year.Within 11 months, Korea’s biggest mobile carrier has surpassed Japan’s NTT DoCoMo to become the world’s second leading LTE provider after U.S.-based Verizon, it said based on data by Wireless Intelligence.There were 72 companies that provided LTE services in 37 countries as of May, the company n
Choi to lead Samsung Group’s control tower

IndustryJun 7, 2012

Kwon takes over CEO post at Samsung ElectronicsSamsung Group announced on Thursday that it has made its flagship electronics arm’s vice chairman and chief executive Choi Gee-sung the head of the group’s corporate strategy office, a de facto control tower of the nation’s top conglomerate. The group also named Samsung Electronics’ other vice chairman Kwon Oh-hyun as the new CEO of the world’s top television and smartphone maker, ending the so-called “two-top” system with Choi.“Since Samsung Electr
Korea’s IT exports shrink 3% in May

TechnologyJun 7, 2012

South Korea’s exports of information technology products contracted 3 percent on-year in May due to sluggish global economic growth and fewer products shipped to the United States and Japan, the government said Thursday.The country shipped $12.94 billion worth of IT products last month, compared with $13.35 billion a year earlier, according to the Ministry of Knowledge Economy. However, the country posted a trade surplus of $6.57 billion as imports also fell 8.4 percent to $6.37 billion. May’s o
Korea computer game giant takes on U.S. mobile market

TechnologyJun 7, 2012

LOS ANGELES (AFP) ―South Korea-based WeMade Entertainment went shoulder-to-shoulder Wednesday with titans at the E3 videogame extravaganza in Los Angeles with games designed to bring computer-quality play to smartphones or tablets.The 12-year-old company behind massively-multiplayer-online-role-player-game “Legend of Mir” planned to ride into the US market on the back of the mobile gadget lifestyle.The game has been a hit in Asia, particularly in China, and boasts more than 100 million players.“
Samsung to newly invest in system semiconductor line

IndustryJun 7, 2012

Samsung Electronics announced Thursday that it will newly invest 2.25 trillion won ($1.92 billion) to build a new production line for system semiconductors at its plant in Hwaseong, Gyeonggi Province.In a regulatory filing, the company decided to go ahead with the new production line due to rising demands for system semiconductors. It plans to manufacture mobile application processors that have applied the 20-nanometer and 14-nanometer advanced technologies through the 300-millimeter wafer fabri
Shares jump 2.56% on global stimulus hopes

Jun 7, 2012

South Korean stocks jumped 2.56 percent Thursday on predictions that Europe and the United States may make a concerted effort to tackle fiscal woes and implement measures to boost growth, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared 46.10 points to 1,847.95, marking the second straight session of gains. Trading volume was light at 377 million shares worth 5.81 trillion won ($4.96 billion), with gainers clearly outpacing los
Cyber patent office to connect offices worldwide

IndustryJun 7, 2012

Pact streamlines patent applications for Korea, JapanPatent applicants will soon be able to log into a cyber patent office that allows access to information on patent deliberations under way at patent offices worldwide. The Five IP Offices, known as IP5, including the Korea Intellectual Property Office, European Patent Office, Japan Patent Office, State Intellectual Property Office of the People’s Republic of China and United States Patent and Trademark Office, agreed this week on establishing a
KCCI members vow action for economic recovery

Jun 7, 2012

Regional representatives of the Korea Chamber of Commerce and Industry gathered in Yeosu, South Jeolla Province, on Thursday, to discuss ways to revive the domestic economy and contribute to the success of the world exposition being held in the city.The meeting, held at the MVL Hotel Yeosu, was attended by 14,000 representatives from KCCI’s 71 regional chambers, as well as KCCI chairman Sohn Kyung-shik. “Sluggish exports and a stagnant economy are contributing to difficulties in the domestic ma
Imported beer outstrips traditional drinks’ sales

IndustryJun 7, 2012

Imported beer topped traditional beverages in sales for the first time in 12 years at a local discount chain.Sales of imported beer in April and May were 10.3 percent greater than that of traditional alcoholic beverages such as makgeolli (rice wine) and fruit wine, Lotte Mart said Thursday.Until 2005, sales of foreign beer amounted to only about a quarter of traditional beverage sales. Imports accounted for merely 3.4 percent of beer sales back in April and May 2000. The share rose to 16.2 perce
FSC chief confident of Seoul win over Lone Star

Jun 7, 2012

Kim Seok-dong, chairman of the Financial Services Commission, said Thursday he was “100 percent” confident the Seoul government would win a case against Lone Star Funds over its claim for damages regarding the sale of Korea Exchange Bank.Lone Star Funds said last month it will initiate arbitration for its claim against the Korean government for delaying the sale of the Dallas-based private equity firm’s controlling stake in KEB. “The Korean government will win under any circumstance, even if it
Tourist attractions in Gochang

IndustryJun 7, 2012

SeonunsaSeonunsa, or Seonun Temple, is a 1,000-year-old historic temple located in Mount Seonun Provincial Park. The name Seonun means zen mediation in the clouds. The temple, called one of the most beautiful temples in Korea, is surrounded by scenic beauty with camellia, maple trees and many interesting rocks and unique stones.The historic temple was founded in 577 during the Baekje Kingdom era. Mater Kumdan used to teach locals on traditional salt and paper making as well as Buddhism in order
Gochang invites tourists to enjoy health, beauty benefits of bokbunja fruit

IndustryJun 7, 2012

Bokbunja festival kicks off June 22 offering diverse activitiesGOCHANG, North Jeolla Province ― At this time every year, Gochang in North Jeolla Province is filled with the sweet scent of bokbunja, a type of black raspberry unique to the region. Compared to those grown in other regions globally, Gochang’s bokbunja is known to have a sweeter taste and darker color, according to the Jebba Food & Beverage Corp., a guild of bokbunja growers there. More than three decades have passed since people sta
McKinsey appoints 1st female director in Korea

IndustryJun 7, 2012

McKinsey & Company appointed a female director for its Seoul branch for the first time. The leading management and consulting firm announced on Thursday that Kim Yong-ah has been appointed as the director of the Seoul branch. Director is the highest post a consultant can reach in the company, according to the firm. Kim graduated from Yonsei University’s School of Business and joined McKinsey in 1996. She came back to the company in 2001 after obtaining an MBA degree from Harvard Business School
South Korean banks’ household loans rise in May

Jun 7, 2012

South Korean banks' household loans rose in May from the previous month due to lowering of interest rates by some lenders and more purchases made with credit cards, the central bank said Thursday. Local banks' household loans, including home-backed loans and credit loans, reached 455.8 trillion won (US$389.1 billion) as of the end of May, up 2.2 trillion won from a month earlier, according to the
Apple seeks to block sales of Samsung's new Galaxy phone

TechnologyJun 7, 2012

Apple Inc. asked a federal judge in San Jose, California, to include Samsung Electronics Co.'s Galaxy S III smartphone in its request to block sales of Samsung products in the U.S.Samsung released the Galaxy S III in the U.K. on May 29 and U.S. carriers have announced they will start selling the smartphone in the U.S. on June 21, Apple said in a court filing.Apple has obtained the Galaxy S III in