The Korea Herald

Hyundai Motor’s new global ad campaign

IndustryMar 28, 2012

Hyundai Motor Co. is fronting a new advertising campaign dubbed “Live Brilliant” to create close brand relationships across the globe, the carmaker said Wednesday. A coordinated series of TV commercials and print advertisements will be published across North America, Europe, Africa, and Asia starting April, portraying Hyundai as a common brand for modern family life. “We at Hyundai aim to be recognized as a brand that creates new values for the drivers, not just a vehicle manufacturer,” Hyundai
Kim in 3rd year, but reviews mixed

Mar 28, 2012

BOK governor brings changes during a turbulent period for Korean economyBank of Korea Gov. Kim Choong-soo enters the third year of his term on April 1 amid a mixed assessment of the changes he has brought to the Korean economy and the central bank in particular. Kim, who formerly served as a presidential economic advisor, spearheaded a series of reforms at the top bank such as strengthening its research function and placing younger professionals at key posts. During the early period of his term,
Shares edge down after Tuesday surge

Mar 28, 2012

South Korean stocks finished 0.39 percent lower on Wednesday after a sharp gain in the previous session and Wall Street’s retreat, analysts said. The local currency fell against the U.S. dollar. The benchmark KOSPI lost 8.02 points to close at 2,031.74. Trading volume was moderate at 426 million shares worth 4.99 trillion won ($4.39 billion) with losers outpacing gainers 467 to 340. The local currency finished at 1,135.40 won to the greenback, down 1.2 won from Tuesday’s close, on a bearish stoc
KT seeks follow-up projects in Gabon

IndustryMar 28, 2012

KT chairman Lee Suk-chae on Wednesday met Gabonese President Ali Bongo Ondimba to discuss future partnerships following the ongoing project “Digital Gabon,” KT officials said.The president was visiting Korea to participate in the Seoul Nuclear Security Summit that ended its two-day run on Tuesday. Together with Samsung C&T, KT Networks, a network system unit of KT, has been carrying out a project that aims to build the administrative network infrastructure for the Gabonese government since 2011.
Korea committed to helping SMEs: finance minister

Mar 28, 2012

The government is committed to helping small and medium enterprises and reviving traditional markets that form the backbone of the local economy, the finance minister said Wednesday.Bahk Jae-wan told a weekly economic policymakers meeting that Seoul aims to implement programs that will directly benefit SMEs and small-time merchants that employ the bulk of the country’s workforce. “Efforts are also underway to revive traditional markets that have been losing ground to large discount outlets and b
S&T Motiv exports pistols to U.S.

IndustryMar 28, 2012

S&T Motiv, Korea’s only manufacturer of small-caliber firearms, said it will export pistols to the United States for the first time starting in May.S&T Motiv said it will export upgraded versions of the DP51 handgun worth a total of about 6 billion won through an American firearms importer named Lion Heart Industry for 18 months. The revolvers will be rebranded LH9, LH9 MKII and LH9C in the U.S. market.The deal comes after S&T Motiv’s products passed the shooting tests and quality tests required
Manufacturing sentiment edges up

Mar 28, 2012

South Korean manufacturers’ business confidence inched up for April from March on gradual economic improvements, but pessimists still outnumbered optimists, the central bank said Wednesday.The index of manufacturers’ outlook on business conditions reached 85 for April, up from 84 in March, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.April marks the third month in a row that the figure has moved up and the highest figure
Software piracy losses drop 29% in 2011: report

IndustryMar 28, 2012

Revenue losses from illegal software reproduction sharply fell last year on the back of the government’s sweeping drive against online piracy, a report said Wednesday.Losses from software piracy totaled 214 billion won ($188 million) last year, down more than 29 percent from a year ago, according to the Korea Software Property-Right Council.“The results reflect anti-piracy laws and the government and authorities’ ongoing drive to clean up software counterfeiting,” said Kim Eun-hyun, chairman of
Exports to pick up in second quarter: KITA

Mar 28, 2012

Korean companies’ exports, which have been sluggish for the past two quarters, are likely to pick up in the three months from April, a think tank affiliated with the Korea International Trade Association said Wednesday.The KITA Institute for International Trade projected that exports would not deteriorate as recent indicators of U.S. consumer sentiment were better than expected and the eurozone agreed on a second bailout package for Greece. “The economic conditions perceived by Korean companies
Hana chief vows to expand insurance unit

Mar 28, 2012

Kim stresses significance of overseas opportunities in face of saturated local marketHana Financial Group chairman Kim Jung-tai unveiled his business policy to bolster the insurance sector during his first news conference as the group’s new chief.While the group has been operating a joint life insurance venture in coordination with HSBC, Kim expressed his willingness to expand the insurance business via mergers and acquisitions.“The insurance sector is the weakest among our business units,” he s
Clearwire-fueled freebie services threaten AT&T, Verizon

TechnologyMar 28, 2012

AT&T Inc. and Verizon Wireless, working to wring more profit from their next-generation data networks, face a new obstacle: Smaller competitors are offering similar services for free.FreedomPop, a company funded by Skype founder Niklas Zennstrom, will sell an iPhone case that gives consumers free access to 1 gigabyte of data from Clearwire Corp.’s 4G wireless network. Another Clearwire partner, United Online Inc.’s NetZero, is offering 200 megabytes a month for free for as long as 12 months ― so
Samsung reaches out to secure global mobile lead

IndustryMar 28, 2012

Over 5 million units of Galaxy Note sold worldwide ahead of Galaxy S3 launchDespite its ongoing patent suits in different courts around the world, Samsung Electronics is positioning itself as the global top smartphone manufacturer with the successful landing of its Galaxy Note.The world’s second largest handset maker said on Wednesday that it sold more than 5 million units of the 5.3-inch Galaxy Note globally since rolling out the gadget in October of last year.Since taking up 67 percent of the
Samsung chairman sued by his nephew’s family

IndustryMar 28, 2012

Samsung Electronics Co. chairman Lee Kun-hee is being sued by yet more relatives belatedly demanding a share of his inheritance from his father, Samsung founder Lee Byung-chull.In February, Lee, the third son of the group founder, was sued by an elder brother and elder sister, over their father's le
100-year-old light bulb still works

TechnologyMar 28, 2012

GE Lighting said a 100-year-old light bulb from a time capsule uncovered at its Nela Park facility in Ohio still shines.The company said the time capsule containing five incandescent light bulbs was unearthed Monday as part of the run-up to the East Cleveland facility's 100th anniversary celebration
European risk and oil major risks for Korean economy: IMF No. 2

Mar 27, 2012

David Lipton, first deputy managing director of the International Monetary Fund, on Tuesday warned that the Korean economy still faces “serious” risks from the ongoing European fiscal crisis, wild capital flows and inflationary pressure.“There remain serious risks (for Korea), including risks of recurrence problems from Europe, inflationary pressure and volatile capital flows, as well as the possibility of oil price increases,” Lipton told reporters in Seoul. On a trip to discuss the possible ex