The Korea Herald

EU probes Samsung over wireless patents

(Yonhap News)BRUSSELS (AP) -- Samsung took a hit in its battle against arch-rival Apple on Tuesday, when the European Union announced it will investigate whether it is illegally trying to hinder competitors and Germany blocked sales of some of its tablets.Samsung Electronics and Apple Inc. are engag

TechnologyJan. 31, 2012

Samsung fails to overturn Apple's German Galaxy Tab ban

Samsung Electronics Co. lost a bid to overturn a German sales ban on its Galaxy 10.1 tablet computers obtained by Apple Inc. in an intellectual property dispute.The Higher Regional Court in Dusseldorf backed the ban in a ruling today. While Apple can't rely on a European Union design it used to win

TechnologyJan. 31, 2012

Samsung fails to overturn Apple's German Galaxy Tab ban

Number of venture firms tumbles during late 2011

The number of venture firms in South Korea plummeted in the May-December period of last year as economic uncertainties sapped entrepreneurship, industry data showed Tuesday.A total of 850 venture firms closed down in the eight-month period in 2011, compared with a gain of 2,351 startups during the earlier four months, according to the data by the Korea Exchange and the Korea Venture Business Association. The number of venture firms grew a mere 6.1 percent on-year in 2011, compared with a 30.4 pe

Jan. 31, 2012

Avante Hyundai Motor’s best-seller in 2011

The Avante compact manufactured by Korea’s top automaker Hyundai Motor Co. was the company’s top-selling car in the global market last year, industry data showed Tuesday.A total of 787,067 units of the Avante, known as the Elantra in the United States, were sold in 2011 in the domestic and overseas markets, accounting for 19 percent of Hyundai Motor’s overall shipments of 4.14 million vehicles, according to the data.Its domestic sale reached 130,628 units last year, while 239,439 units were expo

MobilityJan. 31, 2012

Korea’s industrial output slows to 2.8% in Dec.

Korea’s industrial output grew at a much slower pace in December in the face of persistent global economic uncertainties, a government report showed Tuesday.According to the report by Statistics Korea, production in the mining and manufacturing industries moved up 2.8 percent last month from a year earlier, slowing from a 5.8 percent gain in November.Industrial production, however, fell 0.9 percent on-month in December, marking the third month in a row that numbers declined.In November, it shran

Jan. 31, 2012

Hyundai Motor donates training school in Ghana

Hyundai Motor Co. said Tuesday it will build a vocational school to train mechanics in Ghana, widening its corporate social responsibility program in underdeveloped countries.Named Hyundai-KOICA Dream Center, the school will be the first of a number of learning centers the company plans to build in African countries, Southeast Asia and developing nations in other regions. The school, to open this September, will adopt a three-year curriculum for some 300 students. “Hyundai workers from all over

IndustryJan. 31, 2012

Hyundai Motor donates training school in Ghana

Banks’ earnings surge on record service fees

Lenders see combined profit reach 12 trillion won, up 29.2% from a year beforeKorean banks posted a robust combined profit last year on the back of their record-high earnings from service charges.According to the Financial Supervisory Service, banks’ 2011 earnings came to about 12 trillion won ($10.5 billion), up 29.2 percent from 9.3 trillion won a year earlier.Noticeably, their earnings from service fees, including those on transactions via automated teller machines, marked an all-time high of

Jan. 31, 2012

Chung honored for role in Yeosu Expo

Hyundai Motor Group chairman Chung Mong-koo will receive the National Order of Merit Mugunghwa from the government for his contribution to the 2012 Expo in Yeosu, Hyundai Motor said Tuesday.Mugunghwa is the first class of order of Civil Merit. Chung has worked as the honorary chief of the organizing committee to host the world class exhibition event since 2007. His contributions were noted after he visited 11 member states of the Bureau of International Expositions in 2007 to promote Yeosu to of

IndustryJan. 31, 2012

Medical tourism income hits record high in 2011

Korea’s medical tourism income reached a record $116 million in 2011 on the strength of the surging popularity of the country’s health care and medical services among inbound travelers, the Bank of Data showed Tuesday. The income from the thriving medical tourism doubled in five years as more foreign travelers came here to get medical services and plastic surgery.“Foreign tourists are flocking to the country because of its advanced medical technologies, and Chinese and Japanese customers, in par

Jan. 31, 2012

POSCO builds children’s center in Zimbabwe

POSCO said Tuesday it built a development center for children near the Zimbabwean capital of Harare as part of efforts to expand its social contribution in Africa.About 80 children suffering from poverty or AIDS will take part in programs to improve their health at the POSCO Children Development Center, the steelmaker said in a press release. Parents and local leaders will undergo educational programs on childraising at the center.Next to the new center, POSCO broke ground for an Agricultural Tr

IndustryJan. 31, 2012

POSCO builds children’s center in Zimbabwe

Conglomerates swayed by politics in election year

Politicians bent on winning votes indulge in bashing big business ahead of general elections and presidential pollKorea’s family-owned conglomerates are coming under growing pressure as political parties from all sides are trying to exploit popular anger toward corporate greed and inequality for better chances in this year’s key elections. Globally Samsung, LG, Hyundai Motor and other chaebol are basking in praise for their record earnings, increasing market share and technological innovation. T

IndustryJan. 31, 2012

Conglomerates swayed by politics in election year

Magnetic strip card to be banned in September

Financial consumers will be banned from using credit cards that rely solely on magnetic strips starting from September.The Financial Supervisory Service said Tuesday that consumers are required to replace their magnetic cards with integrated circuit cards by September.In its unveiling of the 2012 regulatory policies, the FSS said its move is aimed at preventing fraudulent financial transactions amid a series of crimes with stolen credit cards.“Some transactions via the magnetic strip cards will

Jan. 31, 2012

Magnetic strip card to be banned in September

Korea likely to have stand-alone rating soon

A rate cut expected for weak conglomerate units and public corporationsKorea’s financial regulators plan to hold a public forum to explore the introduction of a stand-alone corporate rating system on Feb. 9, heralding the imminent implementation of a program that alarms Korean conglomerates. The envisioned stand-alone rating system is widely expected to weed out nonviable chaebol affiliates which have inflated their corporate ratings through links with parent firms with better ratings. The gover

Jan. 31, 2012

Ultrasound zaps could be used as male contraceptives: study

WASHINGTON (AFP) - Zapping testicles with ultrasound can reduce sperm counts and might be used in the future as an inexpensive, reliable and reversible male contraceptive, according to US researchers.Scientists from the University of North Carolina School of Medicine, who conducted experiments on ma

TechnologyJan. 31, 2012

Ultrasound zaps could be used as male contraceptives: study

Earth's missing energy not lost after all; study

(NASA)A new NASA study underscores the fact that greenhouse gases generated by human activity -- not changes in solar activity -- are the primary force driving global warming.The study offers an updated calculation of Earth's energy imbalance, the difference between the amount of solar energy absorb

TechnologyJan. 31, 2012

Earth's missing energy not lost after all; study

Doctors 'should check blood pressure on both arms'

Measuring blood pressure on both arms rather than only one can reveal an elevated risk of heart disease or even death, according to a study released Monday. A file picture shows a medic taking a patient's blood pressure in Connecticut, United States. (AFP)In a review of medical literature, rese

TechnologyJan. 31, 2012

Doctors 'should check blood pressure on both arms'

Eland Group survives in Dodgers bidding

Eland Group, South Korea’s leading fashion retailer, has survived the first round in bidding for the Los Angeles Dodgers, industry sources said Monday.“Eland, which created a consortium late last year, submitted its bid and has advanced to the second round of bidding recently,” an anonymous source was quoted as saying by the Yonhap news agency. Ten potential ownership groups were announced Friday night to have survived the preliminary bidding to purchase the baseball club. In addition to Eland,

IndustryJan. 30, 2012

IMF lowers growth outlook for Korea to 3.5%

The International Monetary Fund has revised down its 2012 growth outlook for South Korea sharply based on the latest economic conditions at home and abroad, the Finance Ministry said Monday.Korea’s economy, Asia’s fourth-largest, is forecast to expand 3.5 percent this year, down from a 4.4 percent growth projected last September, according to the ministry. The new forecast is lower than the 3.7 percent expansion predicted by the Seoul government in December.The latest growth outlook is part of a

Jan. 30, 2012

Chamber celebrates Australia Day

The Australia Chamber of Commerce celebrated Australia National Day at the Grand Ambassador hotel in Gangnam, southern Seoul, on Friday.Participants were greeted with a Down Under theme as cabanas decorated one side of the room and Aussie favorites like fish and chips and meat pies were served. No day marking the country’s birthday would be complete without a good old fashion Aussie barbeque.Austcham Executive Director Rod Rothwell said that he wanted to give the feeling of home to the 145 guest

Jan. 30, 2012

EUCCK to hold shaman ritual for New Year

The European Union Chamber of Commerce plans to hold an event where its members can have their fortune read, on Feb. 6 at Min’s Club in Seoul.According to Korean tradition, at the start of the New Year, some families visit shamans to seek divine intervention for their well-being. Shaman master Kim Hye-suk will perform one of the many rituals to repel evil spirits and make an offering to the gods in order to bring business prosperity and good health.The event starts at 7 p.m. and is free for EUCC

Jan. 30, 2012