The Korea Herald

[EU antitrust regulator probes Samsung for abuse of mobile phone patents]

TechnologyFeb 1, 2012

Samsung Electronics Co. is being probed by European Union antitrust regulators over licensing of patents to other mobile-phone manufacturers. The European Commission said it will investigate whether Samsung broke a 1998 commitment to license any standard essential patents for phones on “fair, reasonable and non- discriminatory terms.” It acted after Samsung claimed last year in European courts that rivals infringed its patents, the EU said in a statement. Regulators have increased scrutiny of in
[Savings banks’ household loans top W10tr]

Feb 1, 2012

Sharp rise in credit loans in non-banking sector raises alarm bellsThe amount of loans extended by Korea’s savings banks to households topped 10 trillion won ($8.9 billion) in 2011. Preliminary data from the Financial Supervisory Service indicates that savings banks, hurt by a string of scandals last year, are moving back toward risky lending. It is the first time that the outstanding loans by savings banks to local households surpassed 10 trillion won ― a sharp increase from 7 trillion won in O
[Yeosu Expo to highlight marine development]

IndustryFeb 1, 2012

The 2012 World Expo in Yeosu aims to illuminate oceans and their magnitude as a key to diverse climate and environmental challenges mankind is faced with in the 21st century. Under the theme “Living Ocean and Coast,” 106 countries and nine international organizations will showcase their diverse marine development and advancement of oceanic technology on the southern shore of the Korean Peninsula from May 12 to Aug. 12.The 93-day event, the first here since the 1993 Daejeon Expo, is expected to l
[Expo to help Yeosu rise as center of marine tourism: Kim]

Feb 1, 2012

YEOSU, South Jeolla Province ― The upcoming World Expo will no doubt be a watershed event in the history of Yeosu, a butterfly-shaped peninsula on the southern coast and 365 surrounding islands. To highlight the city’s aspirations for a successful fair, Mayor of Yeosu Kim Chung-seog has worn a blue jumper or blazer sporting an expo logo to work everyday since he was elected in June 2010. “Our aim after the expo is to build an international center of marine tourism and leisure sports, and to beco
[Volunteers in training to serve at Yeosu Expo]

Feb 1, 2012

A total of 15,870 volunteers including an 84-year-old senior citizen, college freshmen, soon-to-be discharged soldiers and people from various countries are in training to work at the Expo 2012 Yeosu.Some 45,000 people signed up to volunteer during the application period between April and June last year. They went through the initial screening in August and interviews from September to November in a number of cities including Yeosu, Suncheon, Gwangyang, Seoul, Busan and Jeju. To give a chance to
[GS Caltex chief honored for role in Yeosu Expo]

IndustryFeb 1, 2012

GS Caltex CEO Hur Dong-soo will receive the highest National Order of Merit in the culture category for his contributions to the nation’s successful bid for the 2012 exposition in Yeosu, the oil company said Wednesday.Hur will receive Geumgwan, the First Order of Culture Merit from the government for helping the organizing committee to win Yeosu the right to host the international exhibition highlighting the ocean as the future source of energy.Hyundai Motor Group chairman Chung Mong-koo is also
[Good times back for Korean chip firms?]

TechnologyFeb 1, 2012

Analysts give promising outlooks for Samsung Electronics, Hynix SemiconductorThe global business environment for Korea’s top two chip makers is showing signs of improving, causing analysts to paint a rosy prospect for their business. The year of 2012 is projected to become a more exciting one than the last for the semiconductor industry, especially for Samsung Electronics and Hynix Semiconductor, since the prices of dynamic random access memory chips for PCs and mobiles are set to be stabilized
[KEB union seeks injunction over Hana deal]

Feb 1, 2012

The labor union of Korea Exchange Bank sought an injunction to block financial regulators’ endorsement of Hana Financial Group’s takeover of KEB.“We (and a group of KEB’s small investors) filed for the injunction with the Constitutional Court late Jan. 31,” a KEB union leader said on Wednesday.The unionized workers’ move comes four days after the Financial Services Commission approved Hana Financial’s application to acquire the bank from U.S.-based Lone Star Funds last Friday.The FSC has been ne
[Korea suffers first trade deficit in two years]

Feb 1, 2012

Korea’s trade balance swung into the red for the first time in two years in January as the Lunar New Year holiday reduced the shipment volume and the eurozone fiscal crisis dented exports. The country logged a trade deficit of $1.96 billion last month, compared with a surplus of $2.9 billion a year earlier, the Ministry of Knowledge Economy data showed Wednesday. Exports unexpectedly fell 6.6 percent on-year to $41.54 billion in January, marking the first contraction in 27 months on a year-on-ye
[Top officials warn against chaebol bashing]

IndustryFeb 1, 2012

FTC chief Kim opposes move to revive equity investment cap for large conglomeratesHeads of government offices, starting with President Lee Myung-bak, have started voicing opposition to the recent political move of limiting the business expansion of conglomerates. “Putting excessive pressure on companies can lead to decreases in new investment and job creation,” Lee said during a Cabinet meeting on Tuesday.“All the political discussions are creating an environment that pushes companies too hard.
[New Mercedes-Benz Korea chief named]

IndustryFeb 1, 2012

Mercedes-Benz appointed Thomas Urbach as the new president and CEO of its Korea office, replacing outgoing chief Harald Behrend, the carmaker said Wednesday.“Mr. Urbach will have his first day as chief of the Korea office from Feb. 1,” the company said in an emailed statement.The German leader, 49, brings more than 23 years of experience in the industry. He has served as vice president of sales and marketing vans since 2006 from the company’s headquarters in Berlin. He joined the industry in 198
[Cheaper Sonata hybrid introduced]

Feb 1, 2012

Hyundai Motor has launched a cheaper model of the Sonata hybrid sedan, with a price tag set below 30 million won ($26,300).The new hybrid model is aimed at attracting more middle-income consumers as the eco-friendly vehicle has been quite expensive compared to gasoline-powered models.“The new model is cheaper by about 1.1 million won than the original Sonata hybrid,” the company said in a statement Wednesday.To lower the consumer prices, a spokesman said, several options including leather steeri
[GSK’s pneumonia vaccine OK’d for wider age group]

IndustryFeb 1, 2012

GlaxoSmithKline Korea Ltd. said Wednesday that Korea’s drug agency has extended approval for its hot-selling pneumonia vaccine to be used in babies born premature at 27 to 28 weeks and children up to 5 years old.The expanded approval makes Synflorix the first pneumococcal conjugate vaccine here for premature babies, the local unit of the U.K.-based corporation said. The vaccine was first approved by the Korea Food & Drug Administration in 2010 for the prevention of invasive pneumococcal disease
[LG climbs back into the black in 4Q]

IndustryFeb 1, 2012

LG Electronics said Wednesday it climbed back into the black in the final quarter of last year, posting 13.81 trillion won in sales and 23.1 billion won in operating profit.The sales figure for the fourth quarter is a 7 percent increase from the third quarter backed by the positive sales of smartphones which run on the fourth generation Long Term Evolution network.In a regulatory filing, the company also said that its total sales recorded 54.25 trillion won in 2011, a drop of 3 percent from 2010
Petition urges ‘ethical’ iPhone from Apple

TechnologyFeb 1, 2012

An online petition is urging Apple to monitor working conditions and practices of its overseas manufacturers to make its next iPhone “the first ethical iPhone.” The advocacy group SumOfUs posted the petition asking Apple to “make the iPhone 5 ethically,” referring to the company’s use of firms su