The Korea Herald

Samsung ready for new mobile platform

TechnologyMay 2, 2012

‘Samsung currently in stage of integrating Bada and Tizen OS’The biggest difference between rivals Apple Inc. and Samsung Electronics is the U.S.-based company’s integration of hardware and software.While Apple thrives on its mobile operating software iOS, introducing it exclusively for its wireless devices, Samsung and LG Electronics both make greater use of Google’s Android platform.Samsung, dubbed to be the world’s top smartphone maker in the first quarter, developed a proprietary mobile plat
Samsung Electronics to alter lines to non-memory chip manufacturing

TechnologyMay 2, 2012

Tech giant moves to expand production of higher efficiency chipsSamsung Electronics is considering transforming some of its existing memory fabrication manufacturing lines into non-memory ones at its plants in Korea and abroad.Industry sources and analysts said that the move comes as demand for non-memory chips such as Samsung’s application processors is set to increase on burgeoning smart devices, while personal computers face decline.AP non-memory chips, which operate much like central process
Korea, China start discussions on FTA

May 2, 2012

South Korea and China are starting discussions toward reaching a free-trade agreement and want to establish the accord as early as possible, Chinese Commerce Minister Chen Deming said.The first round of talks will take place this month, Chen said at a briefing in Beijing today with South Korean Trade Minister Bark Tae-ho. The two countries’ goal is to lift trade to $300 billion in 2016, Chen said.
Samsung chairman says he will not get involved in inheritance suit

IndustryMay 2, 2012

Samsung Electronics chairman Lee Kun-hee said Wednesday he will no longer get involved in the inheritance suit with his siblings, apologizing for publicly expressing his anger on the case.While meeting reporters at Gimpo International Airport before leaving for Europe, Lee said, “I will leave the suit up to the legal professionals and only focus on nurturing Samsung Group.”Lee’s comments come after he fiercely criticized his elder brother Maeng-hee and sister Sook-hee for filing inheritance suit
BlackBerry bets big on apps, touchscreens

TechnologyMay 2, 2012

Research In Motion (RIM) on Tuesday unveiled a revamped BlackBerry platform that discards the smartphone's trademark keyboard to embrace apps, touchscreens and other trendy features.The long-promised platform was shown to software developers at the Canada-based company's annual BlackBerry World conference in Florida.RIM also released kits for tailoring programs for the new BlackBerry 10platform an
Korea, China set to start FTA talks

May 1, 2012

Korea and China are set to announce the beginning of negotiations for a bilateral free trade agreement as early as Wednesday since the two countries’ top trade officials are in final discussions in Beijing.Korea’s Trade Minister Bahk Tae-ho flew to Beijing on Tuesday for talks with Chinese Commerce Minister Chen Deming and Bahk is scheduled to return home on Thursday.The two sides recently reached an agreement on the draft of a joint statement on the beginning of FTA negotiations, according to g
Central government tightens budget for 2013

May 1, 2012

The government will seek a balanced budget next year despite an expected outpouring of welfare legislation from the parliament. A government roadmap on budget compilation and fund use for next year, approved by the Cabinet on April 24, calls for refraining from indiscriminate welfare programs and giving state aid to welfare programs selectively. If it achieves this fiscal goal, it will be the second time since 1980 for the government to equal revenue to expenditure. The government budget has bee
Local governments in dire financial straits

May 1, 2012

Increased welfare, costly infrastructure projects weigh on local public financesLocal governments’ financial problems are worsening due to increased welfare programs imposed by the central government and costly infrastructure projects. Some cash-strapped cities have been unable to pay staff salaries on time. In April, Incheon was a day late in paying allowances to employees. The city’s decision to reduce overtime allowances and halt bonuses to senior officials from May points further to its fisc
ASEAN+3 to increase currency swap

May 1, 2012

Korea, China and Japan and 10 Southeast Asian countries are poised to become more aggressive in their joint action in response to possible currency volatility.The ASEAN Plus Three group plans to endorse an increase in their access to a regional fund during the meeting of finance ministers and central bank governors, slated for May 3 in Manila, according to Bank of Korea officials.Participants are expected to approve a proposal approved by their deputies who earlier agreed to double the size of t
Samsung, Kia join hands for new K9

IndustryMay 1, 2012

Samsung Electronics said Tuesday that it joined hands with Kia Motors to equip its new vehicle K9 with the firm’s flagship tablet PC Galaxy Tab 10.1.The two firms plan to provide the special edition of the Galaxy Tab 10.1 to those who pre-register to purchase the to-be-released sedan by June, according to Samsung officials. The move comes after the two jointly developed a customized solution for the owners of the newly launched car. The new K9 is scheduled to be released next Monday.With its foc
Hyundai Motor to add third shift, 877 workers at Alabama factory

TransportMay 1, 2012

Hyundai Motor Co., South Korea’s largest automaker, will add a third shift at its main assembly plant in Montgomery, Alabama to meet rising demand for its vehicles in the U.S.Capacity at the factory, currently able to build at least 300,000 vehicles a year, will increase by 20,000 units after the increase in shifts that begins in September, the company said today in an e-mailed statement. The added shift will result in 877 extra workers, raising employment there to more than 3,000, the Seoul-bas
Hyundai Heavy completes power, desalination plants in Bahrain

IndustryMay 1, 2012

Hyundai Heavy Industries has completed the construction of massive power and desalination plants in Al-Dur, Bahrain, company officials said on Tuesday.Hyundai Heavy executives and King Hamad Bin Issa Al Khalifa of Bahrain attended a ceremony on Monday to celebrate the completion of the project worth about $1.7 billion, they said. Bahrain’s new power and desalination plants are gas-fired combined-cycle units and can generate up to 1,245 mega watts of power, capable of supplying 40 percent of Bahr
Korea to offer incentives to boost private investment

May 1, 2012

Korea’s government said Tuesday it plans to use tax breaks and other incentives to fuel private investment vital for sustainable growth and job creation.In a meeting of economic policymakers, the Ministry of Strategy and Finance said it will revamp tax law so more benefits can be given to both local and overseas companies that seek business opportunities in the country.The measures come as economic policymakers oppose artificial economic stimulus measures that could trigger more problems down th
Consumer inflation slows in April

May 1, 2012

South Korea’s consumer prices grew at a slower pace in April than a month earlier as the government sought to tame inflationary pressure, a report showed Tuesday.According to the report by Statistics Korea, the country’s consumer price index rose 2.5 percent in April from a year earlier, slowing from a 2.6 percent on-year gain in March. The index was unchanged from a month earlier. April’s reading is the lowest in 21 months and marks the second month in a row inflation has been in the 2 percent
April’s trade volume shrinks for second straight month

May 1, 2012

South Korea’s trade volume for April shrank from a year earlier for the second straight month, mainly due to a drop in overseas delivery of ships and semiconductors and weak local demand for commodities, a government report showed Tuesday.Despite the contraction in trade volume, the country’s trade balance remained in the black for the third straight month to the tune of $2.15 billion, according to the report by the Ministry of Knowledge Economy.The country’s exports reached $46.26 billion in Ap