The Korea Herald

Angry Diablo 3 users demand refund over server lag

May 24, 2012

The highly celebrated launch of online game Diablo 3 is rapidly turning into a consumer nightmare as thousands of users are demanding refund over server lags.South Korea’s Fair Trade Commission official said Wednesday it has received between 111 and 175 Diablo 3-related complaints per day in the past few days, according to news reports. The official added that the average number complaints received every day is about 150.The Fair Trade Commission vowed it will "look into the situation," but did
Hanwha wins record-high order in Iraq

IndustryMay 24, 2012

Construction firm set to sign $8 billion housing deal in IraqHanwha Group has secured new growth potential in the overseas market as its construction unit has won the order for a new town supply in Iraq.The Iraqi government recently endorsed the business deal under which Hanwha Engineering & Construction will build 100,000 houses in Bismayah, which is scheduled to be a satellite city of Baghdad.It
Japan’s April trade deficit grows to $6.5b

TechnologyMay 23, 2012

TOKYO (AFP) ― Japan logged a bigger-than-expected trade deficit of 520.3 billion yen ($6.5 billion) in April as higher energy costs pushed up imports, the finance ministry said Wednesday.The deficit was larger than a shortfall of 477.7 billion yen registered in April 2011, a month after Japan was hit by a huge earthquake and tsunami which battered the world’s third-largest economy.It was also bigger than the 470 billion yen deficit expected by economists.Exports in April rose 7.9 percent from a
KT provides ‘3W plus LTE’ network services at Yeosu Expo

TechnologyMay 23, 2012

Visitors experience KT’s ‘Olleh’ anytime, anywhere in YeosuKT is pulling out all the stops to make sure visitors to the Yeosu Expo have access to high-speed Internet anywhere they go during the three-month event.The Korean mobile carrier, chosen as the international event’s main telecommunications service provider, has implemented the “3W plus LTE” strategy for the Expo. This refers to providing the fastest-ever wireless services in 3G WCDMA, Wibro and WiFi as “3W,” as well as long-term evolutio
Seoul announces package of steps to cut consumption

May 23, 2012

The government revealed plans on Wednesday to cut the nation’s oil consumption from 40 percent of all energy use to about 33 percent by 2015.It also plans to extend tax benefits for owners of hybrid and mini cars and support the research and development field for green cars, including highly efficient engines and electronic cars. The government disclosed these and other plans on Wednesday after an economic crisis management meeting at Gwacheon Government Complex. The plans aim to lessen the burd
Local refiners shift to Africa, Europe to get stable supply

IndustryMay 23, 2012

Korean oil refiners are striving to either diversify crude oil import sources or expand the scope of trade contracts in advance of a possible ban on oil imports from Iran.Among the alternative sources of crude oil are countries in Africa and Europe, according to the Korean National Oil Corp.KNOC data showed Wednesday that the nation recently imported about 1.7 million barrels from Gabon. This was the first time in more than two years since Korea imported Gabonese oil in December 2009.Imports fro
Samsung increases its share in China’s smartphone market

TechnologyMay 23, 2012

HONG KONG (Yonhap News) ― South Korean tech giant Samsung Electronics Co. boosted its share of the Chinese smartphone market in the first quarter, retaining the top-vendor status, a report showed Wednesday.According to the report by Woori Investment and Securities Co., Samsung claimed an estimated 28 percent of the Chinese smartphone market in the January-March period, up from 24 percent three months earlier.Samsung’s sales volume in the Chinese smartphone market, the world’s biggest, grew to 9
Samsung executives to report patent talk results this week

IndustryMay 23, 2012

Samsung Electronics’ top executives who met Apple’s Tim Cook in the United States on the issue of patents are expected to return to Seoul this week as chairman Lee Kun-hee is also projected to arrive in Seoul, officials said.A Samsung executive said Wednesday that the results of the patent talks with Apple may be known when the firm’s vice chairman Choi Gee-sung and mobile chief Shin Jong-kyun return to the country Friday.Lee is also reportedly heading back to Seoul after visiting Europe to watc
More Korean and foreign firms join bid for ING Life

May 23, 2012

KB Financial Group, Korea Life Insurance and several foreign bidders, including Hong Kong’s AIA Group, have jumped into the contest to acquire ING Group’s Asian insurance business.Samsung Life, Prudential and Kyobo Life, which had previously expressed interest in ING Life, did not submit letters of intent in the preliminary bid last week.Analysts expect the price tag for the Netherlands-based financial group’s Asia-Pacific operations to rise above $7 billion, which would make it the largest-ever
High-end technologies highlight Busan Auto Show opening Friday

TransportMay 23, 2012

The Busan International Motor Show 2012 will kick off on Thursday at BEXCO in Busan, and will feature global green car technologies, organizers said. While chief executives of global carmakers are scheduled to hold a series of press conferences Thursday, the auto fair will be open to the public for 10 days starting Friday. This year’s fair is expected to be 62 percent larger compared to the previous show in 2010 and be the largest ever. The event will feature a group of futuristic, eco-friendly
External risks dent Korean economy: Bahk

May 23, 2012

The South Korean economy is faced with increasing uncertainty due to external downside risks such as Greece’s possible exit from the eurozone and international sanctions against Iran, Seoul’s top economic policymaker said Wednesday.In a weekly meeting of senior economic officials, Finance Minister Bahk Jae-wan said external uncertainties have disrupted the steady pace of the country’s recovery.“There has been an easing of jitters coming into this week, but the global financial market remains uns
Korean investment in China drops sharply

May 23, 2012

South Korean direct investment in China fell more than 5 percent annually over the past five years, a report showed Wednesday, stoking concern over weaker market presence in the world’s second-largest economy.According to the report by the Korea Center for International Finance, South Korean companies’ direct investment in China shrank at an average annual rate of 5.4 percent between 2007-2012.The decline caused the percentage of South Korea’s direct investment in China to fall from 5.4 percent
Shares fall 1.1% on pre-summit eurozone gloom

May 23, 2012

South Korean stocks fell 1.1 percent Wednesday on concerns a European Union summit meeting will not be able to resolve mounting eurozone woes and concerns Greece may default, analysts said. The local currency fell against the U.S. dollar.EU leaders were scheduled to meet for an informal summit in Brussels on Wednesday, local time.The benchmark Korea Composite Stock Price Index lost 20.07 points to 1,808.62, snapping a two-day gaining streak.Trading volume was moderate at 438 million shares worth
European funds account for 72% of capital outflow

May 23, 2012

European funds accounted for 72.4 percent of all money that left South Korea this month amid mounting market jitters over a Greek exit from the eurozone, the financial regulator said Wednesday.According to the Financial Supervisory Service, British and other European funds sold off various holdings worth 2.38 trillion won ($2.03 billion) in the first 21 days of this month.Overall, foreign investors withdrew a net 3.29 trillion won in funds during the same period, with U.S. investors withdrawing
Prosecutors raid Hana Capital office

May 23, 2012

Investigators raided Hana Capital headquarters in southern Seoul on Wednesday over allegations of a suspicious deal with the troubled Mirae Savings Bank, news reports said.The search of the financial firm, one of affiliates of Hana Financial Group, came after Mirae Savings Bank chairman Kim Chan-kyung’s testimony to the prosecution that former Hana group chairman Kim Seung-yu was involved in a paid-in capital increase of the savings bank last September, the reports said.Kim Chan-kyung was arrest