The Korea Herald

Preorders for iPhone 4S start amid price dispute

TechnologyNov 4, 2011

Korea’s two leading mobile carriers SK Telecom Co. and KT Corp. on Friday began receiving preorders for Apple Inc.’s iPhone 4S, which is slated to hit the local market on Nov. 11, amid a brewing dispute over its higher price here than in other countries. The battle for iPhone 4S is expected to be tougher than ever as KT, the company which began to provide iPhone in the Korean market as the sole provider in late 2009, is desperately trying to retain its existing iPhone user base against the marke
SK Telecom, KT start to accept preorders for iPhone 4S

TechnologyNov 4, 2011

South Korea's two leading mobile carriers SK Telecom Co. and KT Corp. on Friday began receiving preorders for Apple Inc.'s latest iPhone 4S, which is slated to hit the local market next week.South Korean customers could preorder the iconic smartphone on the companies' Web sites from Friday. Preorder
Korea to export tomatoes, grapes to N. America

Nov 3, 2011

South Korea will export tomatoes and grapes to the North American market starting in 2012 after meeting quality control and quarantine safety requirements, the government said Thursday.The Agriculture Ministry’s Animal, Plant and Fisheries Quarantine and Inspection Agency said negotiations with the United States to ship tomatoes were successfully concluded last month.“Farms that can meet quality control requirements will be checked by inspectors and be registered as exporters,” it said. “Actual
Korea should focus on economic stability: report

Nov 3, 2011

South Korea needs to frame its macroeconomic policy in order to stabilize overall economic situations as the country still faces high global uncertainties that could impede its recovery and growth, the Finance Ministry said Thursday.A slowing private-sector recovery, deepening fiscal debt problems in advanced nations and belt-tightening by emerging countries will also likely combine to further slow global economic growth, the ministry said.“The global economy is expected to stay on a low-growth
N.K. economy shrinks for 2nd year: BOK

Nov 3, 2011

The North Korean economy contracted for the second straight year in 2010 due to tougher international sanctions and sluggish agricultural production, the South Korean central bank estimated Thursday.The Bank of Korea estimated that the communist country’s economy shrank 0.5 percent on-year last year, compared with a 0.9 percent contraction in 2009. The data stood in sharp contrast to the 6.2 percent expansion of the South Korean economy in 2010.The North Korean economy grew 3.1 percent in 2008 o
SC First Bank mulls 24-hour service branches

Nov 3, 2011

CEO Hill promotes reform to compete with local commercial banksStandard Chartered First Bank is pushing for operational reforms to enhance its competitiveness in the banking sector after suffering from months of striking by its unionized staff. Bank CEO Richard Hill disclosed its intention to open several branches which offer offline and online services 24 hours a day and seven days a week. These would be the first of their kind in the local financial sector.Meeting reporters in New York on Wedn
[Meet the CEO] Sungho CEO sees R&D as a core competence

CompaniesNov 3, 2011

Kosdaq-listed frontrunner in capacitor eyes future-oriented items for growthPark Hwan-woo, president and CEO of KOSDAQ-listed Sungho Electronics Co. (www.sungho.net) was quick to use a metaphor in explaining what the company’s core business is. And his metaphor of choice is a human heart. Not that Sungho is making an artificial heart. The company’s specialty is producing capacitors, a component used extensively for a variety of electronic devices. So instead of blood, Park said the capacitors pu
Park sees R&D a core competence for Sungho Electronics

CompaniesNov 3, 2011

Kosdaq-listed frontrunner in capacitor eyes future-oriented items for growthPark Hwan-woo, president and CEO of KOSDAQ-listed Sungho Electronics Co. (www.sungho.net) was quick to use metaphor in explaining what the company’s core business is. And his metaphor of choice is a human heart. Not that Sungho is making an artificial heart. The company’s specialty is producing capacitors, a component used extensively for a variety of electronic devices. So instead of blood, Park said the capacitors pump
POSCO inks supply deal with European home appliance maker

IndustryNov 3, 2011

POSCO, South Korea’s leading steelmaker, said Thursday that it has signed a steel supply contract with a European home appliance maker, a deal that will help the steelmaker expand its presence there.Under the deal with Gorenje, the largest Slovenian manufacturer of home appliances, POSCO will supply steels, including cold-rolled steel plates used for the production of refrigerators and washing machines, over the next three years.POSCO did not give specifics on how many steel plates it will suppl
Korea rushes for resources, infrastructure in Africa

IndustryNov 3, 2011

Miners, builders, electronic giants seek business in world’s fastest-growing marketAfter a decade of ceaseless pushing for growth, the BRICs appear to have begun slowing down. Now Asia, which steered a global shift in economic gravity, faces spillover threats from teetering rich countries. Regardless, the success story continues ― in Africa, the last frontier.Powered by surging foreign investment and exports of natural resources, six of the world’s 10 fastest-expanding economies over the last de
B20 Summit business leaders call for multi-currency system to replace dollar

IndustryNov 3, 2011

Business leaders attending the B20 Summit called for political leaders to push for the establishment of a multi-currency key currency system.At the meeting of business leaders in Cannes, France held ahead of the G20 Summit, attendees said that the dollar-based currency system amplified economic risks and that a multi-currency system would reduce costs for corporations and uncertainties in the global economic environment.In the statement, the attendants also said that the yuan and other emerging
Hyundai, Kia vehicles win Canadian awards

IndustryNov 3, 2011

Five vehicles made by Hyundai Motor Co. and its affiliate Kia Motors Corp. have won 2012 Canadian Car of the Year awards, industry sources said Thursday.The cars that ranked first in their sections were Hyundai’s Accent subcompact, Elantra compact and Veloster compact sports car and Kia’s Optima and Optima hybrid mid-size sedans.Sources said the five awards mark the highest number of honors given to a carmaker in the North American country and reflects sharp improvements in both design and perfo
SC First Bank mulls offering 24-hour service

Nov 3, 2011

CEO Hill promotes reform to compete with local commercial banksStandard Chartered First Bank Korea is considering opening several branches which offer offline and online services 24 hours a day and seven days a week, the first of their kind in the local financial sector.For the plan, the bank is reportedly benchmarking the case of a Singapore unit of the U.K.-based Standard Chartered Group.“In a shopping mall in Singapore, there is an SC bank branch providing customers with services till late at
LGE targets built-in home appliance market

IndustryNov 3, 2011

Electronics giant to join hands with Viking Range to dominate market within 3 yearsLG Electronics announced Thursday it will join hands with Viking Range Corp. to break into the ultra premium built-in home appliance market in Korea, possibly garnering over half of the market within three years.Lee Young-ha, president of LG’s home appliance business, said the companies will be featuring two different sets of built-in home appliances ― the signature and professional series ― for the high-end premi
Korea eyes ‘alternative’ gas stations in fight to reduce inflation

IndustryNov 3, 2011

The government on Thursday outlined plans to transform about 10 percent of the country’s gas stations into “alternative” vendors to supply petroleum products as part of its fight against runaway fuel prices.Seeking to lessen the dominance of the country’s four refiners and stimulate competition, the government has devised measures that includ multiplying non-franchise and self-service stations.Through the plan, ministry officials expect to cut gas prices by around 100 won (9 cents) per liter by