The Korea Herald

Apple’s iOS 5.1.1 update fixes bugs

TechnologyMay 8, 2012

Apple Inc. said it has released iOS 5.1.1 for iPad, iPod touch, and iPhone to fix bugs. Improvements include better reliability for the HDR option when accessing the camera app from the lock screen and a number of other fixes for bugs affecting AirPlay video playback.The new release has fixed a bug that blocked third-generation iPad from switching between 2G and 3G networks. Also, the bug of “Unable to purchase” alert has been fixed.The iOS 5.1.1 also improved reliability for syncing Safari book
Top business groups take 60% of stock market cap

May 7, 2012

Listed companies belonging to South Korea’s top 10 conglomerates account for nearly 60 percent of the local stock market’s total capitalization, a report showed Monday.The Korea Exchange report showed the aggregate market capitalization of the affiliates stood at 737.17 trillion won ($648.91 billion) as of end-April, up 14.72 percent from the end of 2011. The figure translates into 59.21 percent of the stock market capitalization, up 3.21 percentage points from the end of last year. Samsung Grou
Korea’s IT exports drop 9.4% in April

May 7, 2012

South Korea’s exports of information technology products contracted 9.4 percent on-year in April due to slowdowns in the U.S. and Chinese economies and lingering eurozone woes, the government said Monday.The country shipped $12.04 billion worth of IT products last month, compared with $13.28 billion a year earlier, according to the Ministry of Knowledge Economy. However, the country posted a trade surplus of $5.72 billion as imports also fell 5.3 percent to $6.31 billion. April’s outbound shipme
1st round of FTA talks with China delayed to May 14

May 7, 2012

Korea will hold its first round of negotiations with China on the bilateral free trade agreement on May 14 in Beijing instead of May 10 as earlier announced, Seoul’s Trade Ministry said Monday.The date was changed upon China’s request. The Korean delegation, led by the country’s chief FTA negotiator Choi Seok-young, will consist of officials from the ministries of finance, agriculture and knowledge economy.The Chinese negotiating team will be headed by Assistance Minister of Commerce Yu Jianhua.
SK Group exports hit record in Q1

IndustryMay 7, 2012

SK Group said Monday its seven manufacturing units’ combined exports set a record high of $14.1 billion in the first quarter of this year, thanks to robust sales of petrochemical products. With the share of exports in sales exceeding 70 percent for the first time, the group said it has successfully turned into an export-driven conglomerate after a decade of efforts. Sales of the seven affiliates ― SK Innovation, SK Energy, SK Global Chemical, SK Lubricants, SKC, SK Chemicals and SK Hynix ― neare
Exor proposes Lee as independent board director

IndustryMay 7, 2012

Exor, an Italy-based investment holding company, has proposed Lee Jay-yong, president and chief operating officer of Samsung Electronics to be its board’s independent director. Lee is the only son of Lee Kun-hee, the owner of Korea’s largest conglomerate Samsung Group. Exor, meanwhile, is controlled by the Agnelli Family. Exor, whose portfolio includes Fiat and Chrysler, said in a press release on May 4 that it has filed candidates, including Lee, for the board of directors to its shareholders f
No further bank runs after suspensions

May 7, 2012

FSS calls for depositors of under 50 million won not to withdraw money from savings banksNo massive deposit withdrawals have been spotted at the regional affiliates of the four suspended mutual savings banks, officials at the Financial Supervisory Service said on Monday. The suspended banks include Solomon, Korea, Mirae and Hanju. A total of 34.4 billion won ($10.3 million) was withdrawn as of 3 p.m. on Monday at Busan Solomon and Gwangju Solomon, subsidiaries of the Solomon Savings Bank, the na
Banks’ bad debt ratio rises in Q1

May 7, 2012

The bad debt ratio of South Korean lenders rose in the first quarter from the three months earlier as new non-performing loans were reported in shipbuilding and real estate areas, the financial watchdog said Monday.Non-performing loans at 18 local banks totaled 20.9 trillion won ($18.3 billion), or 1.51 percent of their total lending, at the end of March, according to the Financial Supervisory Service. The figure marks a 0.15-percentage point gain from the previous quarter.Compared with a year e
Shares drop 1.64% on Europe elections

May 7, 2012

South Korean stocks fell 1.64 percent Monday as investors were spooked by election results in Europe and weaker than expected U.S. employment data last week, analysts said.The local currency declined against the U.S. dollar.The benchmark KOSPI lost 32.71 points to 1,956.44, in its the third straight session of decline. Trading volume was moderate at 527 million shares worth 4.69 trillion won ($4.12 billion), with losers outpacing gainers 622 to 211.“The market retreated as investors felt uneasy
Concerns rising over lack of Expo accommodation

IndustryMay 7, 2012

Concerns are rising that visitors may suffer from a shortage of upper class accommodations in Yeosu, South Jeolla Province, where the World Expo 2012 will kick off this Friday.According to a survey conduced by the Korea Chamber of Commerce and Industry, local travel agencies expressed worries that the number of major hotels sits at four in the southern coastal city.The respondents said a large portion of local and foreign visitors will have to lodge at hotels in Gwangju and other neighboring cit
Woori union opposes M&A by bank

May 7, 2012

Financial Industry Union demands government to give up mega bank planThe labor union of Woori Financial Group on Monday called on the government to stop its attempt to privatize the state-controlled company by selling it to another major banking group.The government’s plan to privatize Woori is likely to result in an acquisition by or a merger with a rival bank, creating a “mega bank” which would pursue high-risk business and limit consumers’ choice of financial services, the union said in a pre
AMCHAM on green growth

May 7, 2012

The U.S. Chamber of Commerce will host a presentaion by an expert in the green growth industry Tuesday.The speaker is Kim Moon-duk, president and CEO of Korea Western Power Co. with 35 years’ experience in the industry. The company manages 12 percent of the power generation for Korea. Western Power facilities include conventional coal and gas plants, as well as IGCC, tidal, solar and wind generation. Their growth plans are to triple in size and must adhere to Renewable Portfolio Standards. Organ
Toft, new CEO of Nestle Korea

May 7, 2012

Graeme Toft has taken office as the new CEO of the world’s major coffee brand Nestle Korea, the company said on Monday. Toft had gained experience through his career as the representative director of Nestle Pacific Islands, the coffeemaker said. After entering Nestle Korea through the marketing department, the new CEO took over sales and marketing operation in Japan, Singapore and Malaysia. In 2010 he was dubbed the representative director of the company’s Pacific Islands operation. The company
Park becomes new CEO of ThyssenKrupp

May 7, 2012

ThyssenKrupp Elevator Korea said on Monday that the company has named Park Yang-chun as its new CEO. The elevator company briefly convened a board of trustees last month to approve the appointment. Park then took up the post and began his work as CEO.For the past 20 years, Park has built up his career in Hyundai Heavy Industries, LG Industrial Systems and Otis Elevator Korea. Park is an expert in strategic planning and overseas operation, according to the company. Park said that he was pleased t
Janssen Korea aids mentally ill kids

May 7, 2012

Janssen Korea has said that it will offer scholarships to children suffering from mental disorders. The medical firm signed an agreement last week with an organization for children’s welfare to operate supporting funds worth about 190 million won ($166,700) to help mentally ill children. Over the past 24 years, Janssen Korea had been running a scholarship for economically needy children, aiding a total of 3,300 students with 3.3 billion won. After Korea extended its government-paid compulsory e