The Korea Herald

[Power Korea] From Samsung Electric Industries to Samsung Electronics

The early products of Samsung Electric Industries were mostly simple electronic appliances, such as televisions, refrigerators, air conditioners and washing machines. The first real expansion into high technology was marked by the 1974 acquisition of Korea Semiconductor, which was one of the first chipmakers in Korea. In 1980, Samsung acquired Korea Telecommunications.Technology took yet more turns for the better at breakneck pace following the decision made by the late Samsung founder in 1983 t

IndustryJan. 7, 2013

[Power Korea] From Samsung Electric Industries to Samsung Electronics

IBs expect Korea to grow 3 percent this year: report

Global investment banks estimate the South Korean economy will expand 3 percent this year, mainly fueled by a rebound in Chinese demand, a report showed Monday. The growth projection compiled by 10 foreign IBs for Asia’s fourth-largest economy came in at an average of 3 percent, according to the Korea Center for International Finance. Nomura and Deutsche Bank gave the lowest 2.5 percent growth estimate for Korea in 2013, while Morgan Stanley bet a 3.7 percent expansion, the highest among the tal

Jan. 7, 2013

Finance minister to start Asia tour

SEJONG (Yonhap News) ― South Korea’s finance minister will leave for Myanmar and Vietnam this week to hold bilateral meetings to discuss economic and financial cooperation, his office said Monday.Bahk Jae-wan is to embark upon his Asia tour Wednesday as part of efforts to strengthen bilateral economic and financial cooperation with members of the Association of Southeast Asian Nations, according to the Finance Ministry.His first leg of the trip is to Myanmar where he is scheduled to have ministe

Jan. 7, 2013

Shares end flat on Q4 earnings woes

South Korean stocks finished nearly flat Monday as investors sat on the sidelines on worries over weak fourth-quarter corporate earnings due starting this week, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 0.03 percent, or 0.69 points, to 2,011.25. Trading volume was moderate at 532 million shares worth 3.94 trillion won ($3.71 billion) with losers outnumbering gainers 395 to 392.“The KOSPI closed lower as investors to

Jan. 7, 2013

BAT cuts Dunhill Finecut Superslim by 200 won

British American Tobacco Korea said Monday that it would reposition the price of its Dunhill Finecut Superslim product to 2,500 won ($2.30) from the current 2,700 won. The company said the reduction would take effect on Jan. 17. “The decision to reposition the price reflects current market trends. Superslim segment accounts for about 30 percent of the total tobacco market,” it said.BAT Korea CEO Guy Meldrum said, “We believe the price change will provide wider choice for consumers who are seekin

Jan. 7, 2013

Imported car sales jump 24.6% in 2012

Sales of imported cars in South Korea jumped 24.6 percent on-year to a record high last year as foreign brand vehicles have successfully made their presence felt in the country, a trade association said Monday.A total of 130,858 foreign-made cars were sold in 2012, compared with 105,037 units tallied a year ago, topping the 130,000 mark for the first time, according to the Korea Automobile Importers and Distributors Association. Its earlier sales target for last year was 120,000 units.The sales

MobilityJan. 7, 2013

Korea targets closer financial tie-ups with Middle East

South Korea’s financial authorities will dispatch a delegation to the Middle East this week, aiming at vitalizing mutual investment in banking businesses, stocks and bonds.“The project reflects the idea of diversifying foreign direct investment sources, while the nation has mainly resorted to funds from Europe and the United States,” the delegation said in a statement.The planned cooperation with Muslim countries was initiated by the National Policy Committee of the National Assembly and the Fin

Jan. 7, 2013

Transition team to study new tax on foreign exchange transactions

The transition committee of South Korean President-elect Park Geun-hye is expected to study introducing a new tax on foreign currency exchanges in an effort to keep speculative foreign funds from disturbing the local foreign exchange market, an official said Monday.Park’s campaign team had considered an introduction of what is known as the “Tobin Tax” as an election pledge, though the proposal was not adopted ultimately over concern it could be discriminatory.Named after Nobel Laureate economist

Jan. 7, 2013

AllianceBernstein faces FSS probe for late filing

The Financial Supervisory Service is fine-tuning details to launch an investigation into the Korean operation of U.S.-based asset management firm AllianceBernstein Ltd., which made public its stock trading four years after the required timing, regulatory officials said Monday. While the financial regulator said it has yet to launch an official investigation, officials said the case has been under close watch. Its probe generally involves a paper-based review as a preliminary step. “At the presen

Jan. 7, 2013

Samsung-LG rivalry heats up on EV batteries

The traditional rivalry between the two Korean conglomerates, Samsung and LG, has been rekindled on one of their crucial next growth engines ― batteries for electric cars. Electric component maker Samsung SDI, headed by Park Sang-jin, said Monday it has set up a new business division exclusively in charge of the development and sales of electric car batteries. The company’s No. 2 man ― executive vice president Park Je-seung ― was named the division chief. The new establishment comes as part of t

IndustryJan. 7, 2013

Samsung-LG rivalry heats up on EV batteries

Hotels take top spot in customer satisfaction survey

Yeungjin College scored the highest points once again in the annual consumer satisfaction survey by the Korea Productivity Center on 288 companies and institutions last year.By industry, hotels made notable advances this time, pushing apartment builders to second place.The two-year technical college in Daegu received 89 points in the National Customer Satisfaction Index survey jointly conducted by the KPC and the University of Michigan, and sponsored by the Ministry of Knowledge Economy each yea

IndustryJan. 7, 2013

Hotels take top spot in customer satisfaction survey

Overseas orders for Korean industrial plants drop in 2012

Overseas orders for industrial plants won by South Korean companies inched down from a year earlier in 2012, largely due to a drop in demand from Middle Eastern countries, the government said Monday.Orders grabbed by South Korean builders amounted to $64.8 billion last year, down 0.3 percent from $65 billion in 2011, according to the Ministry of Knowledge Economy.The annual figure marks a significant recovery from a 9.7 percent on-year drop posted in the first nine months of last year.“Orders fo

Jan. 7, 2013

Over 500,000 foreigners pay tax here

The National Tax Service estimated Monday that the number of non-Korean taxpayers would surpass 500,000 in 2012, up from 465,000 in 2011 and 403,000 in 2010.The NTS released the figure as it is preparing for the year-end tax settlement. Responding to the growing population of foreign workers here, the NTS unveiled a set of guidelines for foreigners who are to file for the year-end tax settlement.Foreign residents are to submit their tax forms on the same schedule as Korean nationals, but their t

Jan. 7, 2013

Auto, mobile tech star at CES 2013

LAS VEGAS ― The 2013 International Consumer Electronics Show kicked off for a four-day run Tuesday, with global tech firms eager to show off their most updated technologies and devices to U.S. consumers.Ranging from “smart” televisions and home appliances, which have been the mainstream items of the annual show for numerous years, this year’s show will also be covering automobiles and mobile technology. With Microsoft officially out of the show in 2013, Qualcomm has come to fill the space as wel

IndustryJan. 7, 2013

Two die of H1N1 flu in Beijing

Two people died of H1N1 flu in Beijing recently, but Chinese health officials said the situation is not as threatening as it was in 2009.The deaths occurred since late December after the patients contracted the virus, previously called swine flu, China Daily reported.The report quoted the Beijing Centers for Disease Control and Prevention that despite its potential to cause harm, the virus is not as threatening and can be contained.The report said both the victims of influenza A, or H1N1, virus

TechnologyJan. 7, 2013

Melting glaciers could rise sea levels by 3 feet by 2100

Global sea levels may rise more than 3 feet by 2100 due to melting glaciers in Antarctica and Greenland, according to glaciologists. Such a rise in sea levels could displace millions of people in low-lying countries such as Bangladesh, swamp atolls in the Pacific Ocean, cause dikes in Holland to fail and cost coastal mega cities from New York to Tokyo billions of dollars for construction of sea walls and other infrastructure. Glaciologist Jonathan Bamber and his colleague Willy Aspinall used a s

TechnologyJan. 7, 2013

Melting glaciers could rise sea levels by 3 feet by 2100

Bedbugs no reason to skip library books

Despite recent reports speculating on bed bugs in library books, a U.S. entomologist and bed bug experts says there is no need to skip library books.Jody Gangloff-Kaufmann, a Cornell University entomologist and New York state Integrated Pest Management Program field expert, said since bed bugs are transported by humans, on belongings and clothes, it made sense borrowed books could be a method or vehicle of bed bug movement.“Bed bugs will not stay on books on the shelf for very long -- they need

TechnologyJan. 7, 2013

Giant squid filmed in Pacific depths: Japan scientists

Scientists and broadcasters said Monday they have captured footage of an elusive giant squid up to eight meters long that roams the depths of the Pacific Ocean.Japan‘s National Science Museum succeeded in filming the deep-sea creature in its natural habitat for the first time, working with Japanese public broadcaster NHK and the U.S. Discovery Channel.They spotted the squid at a depth of 630 meters using a submersible in July, some 15 kilometers east of Chichi island in the north Pacific Ocean.T

TechnologyJan. 7, 2013

Giant squid filmed in Pacific depths: Japan scientists

Protein early in the day keeps fat away

Eating a high-protein breakfast with nuts may lead to being leaner and less hungry during the rest of the day, a fitness expert says.　Charles Poliquin said his single best dietary tip for optimal leanness, energy and sustained mental focus, is the meat-and-nuts breakfast, which allows for a gradual rise in blood sugar and results in decreased cravings throughout the entire day, AskMen.com reported.　Examples of Poliquin’s high-protein breakfast are one to two lean turkey burgers and a handful of

TechnologyJan. 7, 2013

Seoul shares open lower on tech, builder losses

South Korean stocks started lower Monday, led by losses in tech and construction shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.31 points, or 0.36 percent, to 2,004.63 in the first 15 minutes of trading.Tech blue chips led the market decline, with top-cap Samsung Electronics falling 1.11 percent and LG Display, the biggest panel supplier for Apple's iPad tablet computer, dipping 2.27 percent.Top chipmaker SK hynix shed 1.14 percent.Construction firms also tr

Jan. 7, 2013