The Korea Herald

Samsung Supplies Apple With Touch Screen for New IPad

IndustryMar 14, 2012

Samsung Electronics Co. will supply the screen for Apple Inc.’s new iPad after LG Display Co. and Sharp Corp. didn’t meet the U.S. company’s quality requirements, according to an analyst with iSuppli. Samsung, the world’s top flat-panel maker, currently is the sole vendor of the display for the 9.7-
‘Korea will emerge as hub of FTAs’

Mar 13, 2012

‘FTA negotiations with China to begin within first half of this year’This is the first of a series of interviews of top officials on FTAs as the Korea-U.S. FTA takes effect on March 15. ― Ed.The free trade agreement with the United States, which goes into effect Thursday, is anticipated to help Korea attract foreign investment in addition to boosting exports to the world’s largest market.“Being a country that depends heavily on trade, our competence means strong exports to the advanced economy,
700 foreigners apply for jobs at Samsung

IndustryMar 13, 2012

Samsung Group said Tuesday that 700 foreigners from 47 different countries submitted job applications during its regular recruitment session.This year’s figure is a sharp jump from 130 applicants from 15 countries in 2009 and 500 applicants from 42 countries last year, according to Samsung officials.Samsung’s new recruits, who will have to go through the company’s aptitude test and a series of interviews, will begin work in the latter half of this year.Samsung currently has 2,000 foreign workers
Seoul confirms outbreak of low pathogenic avian influenza

Mar 13, 2012

South Korea on Tuesday confirmed an outbreak of a low pathogenic avian influenza virus that is less damaging, both to birds and humans, than a highly pathogenic strain.The outbreak was confirmed at a poultry farm in South Chungcheong Province, where some 100 chickens were showing symptoms of AI, according to the Ministry of Food, Agriculture, Forestry and Fisheries.An initial test had produced positive results for the AI virus in six of 10 chickens tested at the farm.Follow-up tests confirmed th
Korea to improve systems for KORUS FTA implementation

Mar 13, 2012

South Korea will step up efforts to streamline regulations, distribution structure and other systems that could hamper the successful implementation of the free trade agreement with the United States, the finance minister said Tuesday.“We will improve inefficient systems such as the complex distribution structure and other regulations that could pose a hindrance to the FTA with the U.S.,” Finance Minister Bahk Jae-wan said during a meeting with other policymakers. He vowed to provide more inform
Hynix Semiconductor hints at production of NAND Flash chips in Wuxi, China

IndustryMar 13, 2012

Hynix Semiconductor said Tuesday that it would focus on NAND Flash projects this year, indicating that it may make the chips at its plant in Wuxi, China.Hynix chief executive Kwon Oh-chul said its only overseas plant in Wuxi is capable of producing NAND Flash chips, widely used in wireless devices such as smartphones and tablet PCs, in a press conference. It was the first since SK Telecom’s takeover of the chipmaker.“We’re planning to expand our business boundaries, but we will need to more spec
Hyundai Motor’s Veloster sales brisk in U.S. market

TransportMar 13, 2012

Hyundai Motor saw its U.S. sales of Veloster, a three-door sports car, jump last month on the back of the company’s Super Bowl advertisement.The company’s sales of the Veloster came to 3,240 units in the United States in February, up 91.4 percent from a year earlier.The Hyundai vehicle is vying for the top place in the sport compact segment with BMW’s Mini Cooper and the Fiat 500, which posted sales of 3,686 units and 3,227 units, respectively.The Veloster made a sensation in October last year,
Over half of Koreans use e-learning system

TechnologyMar 13, 2012

South Korea’s market for online or electronic-learning (e-learning) systems rose sharply last year with more than half of the population aged over three saying they have used such educational aids, the government said Tuesday.Combined sales by the country’s service operators rose 9.2 percent from a year earlier to about 2.45 trillion won ($2.19 billion) in 2011, according to the Ministry of Knowledge Economy.The number of service providers also increased 6.9 percent on-year to 1,656 with the num
Korea expects tax cuts on U.S.-made cars, wine

Mar 13, 2012

The government listed a range of tax benefits Korean consumers will be able to enjoy with the onset of the Korea-U.S. trade pact starting Thursday, in which the biggest price cuts will be on imported cars, wine and fruit. The Free Trade Agreement between Korea and the United States will immediately cut the import tax to 4 percent from 8 percent for all U.S.-manufactured cars, which could save Korean consumers up to 4 million won for a 50 million won vehicle, the Finance Ministry said. “The pact
Seoul shares gain 1.13% on Fed hopes

Mar 13, 2012

South Korean stocks rallied 1.13 percent Tuesday as investors raised their sense of optimism toward the U.S. Federal Reserve’s move for a fresh monetary easing, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI climbed 22.54 points to close at 2,025.04. Trading volume was moderate at 442.2 million shares worth 5.58 trillion won ($4.96 billion) with gainers outpacing losers 490 to 330. “There is a certain sense of trust that investors are holding onto, like ‘Berna
AmorePacific aims to triple sales in China

Mar 13, 2012

HONG KONG (Yonhap News) ― AmorePacific Corp., South Korea’s No. 1 cosmetics manufacturer, aims to nearly triple its sales in China by 2015 as the company continues to tap into one of the world’s fastest growing cosmetics markets, company officials said Tuesday. AmorePacific plans to boost its China sales to $626 million in 2015 from this year’s estimated $230 million, they said.In 2011, the company’s Chinese sales soared 34 percent on-year to $170 million on the popularity of its flagship brand
Kookmin Bank offers direct mobile payment

Mar 13, 2012

Kookmin Bank has introduced a direct payment service with only smartphone numbers for the first time in the local banking industry.Customers of the commercial bank are allowed to pay for goods with their smartphones immediately through the app “UbPay.”By registering their bank accounts on the UbPay app, customers can enjoy the direct payment service ― not a monthly-based payment ― only with their phone numbers.Over the past few years, Kookmin Bank has led in comprehensive personal banking servic
KRX plans to strengthen market monitoring: official

Mar 13, 2012

Bourse operator to take steps against trades aimed at tax evasionKorea’s bourse said on Tuesday it would beef up its market monitoring as part of efforts to crack down on irregularities, many of which are related to tax evasion. The Korea Exchange, which runs the country’s stock market, said it is now in talks with other government authorities to implement new monitoring rules aimed at uncovering trades made to evade taxes. “The scope of market monitoring will be expanded to include those trades
Seoul’s office market strongest in Gangnam

IndustryMar 13, 2012

Economic growth in Korea continued to wane through 2011. But although the region’s manufacturing activity and private spending and investment weakened, the Asia-Pacific office market ended 2011 with a solid upturn in leasing activity. Rent growth was sustained in most markets and strengthening demand fueled flat to declining vacancies. “Office Space Across the World,” one of Cushman & Wakefield’s longest-running annual global publications, examines total occupancy costs for prime space in 68 cou
Haiti takes lesson from Korea’s real-estate system

IndustryMar 13, 2012

Recent TV coverage of youngsters singing and dancing along with K-pop idol groups during their recent performances in France has left a deep impression on many Koreans. The Korean Wave is not limited to K-pop; it has also been brought about by Korean dramas. Yet there is another area about to create an additional wave, which is Korean cadastre, a comprehensive record of real estate based.Haitian officials ― Leslie Jean Saint Louis, vice president of the Office of National Cadastre of Haiti; Nico