The Korea Herald

Samsung, LG face off in smart appliances

Korea’s two largest electronics makers are vying to get an upper hand in the fast growing market for smart home appliances.Samsung Electronics and LG Electronics recently rolled out refrigerators, washers and air conditioners featuring improved technology in artificial intelligence, wireless access and efficient electricity control.Samsung Electronics’ home appliances division head Hong Chang-wan

TechnologyFeb. 6, 2011

Samsung, LG face off in smart appliances

Chinese make up lion’s share of foreign wives

Chinese women took up the largest portion of foreign wives married to Korean men in 2009, government data said Sunday.According to Statistics Korea, a total of 11,364 Chinese women married Korean men in 2009, while 7,249 Vietnamese and 1,643 Filipina women walked down the aisle with Korean men in the same year.They were followed by Japanese, Cambodian, Thai, American and Mongolian wives, numbering

Feb. 6, 2011

Wal-Mart plots local retail rebound in U.S.

Humbled and attacked on all sides, Wal-Mart seeks comeback from missteps that hurt salesSADDLE BROOK, New Jersey (AP) ― The battle for shoppers is playing out in this New York suburb: Wal-Mart versus everyone else.Dollar stores beckon, their small size ideal for quick shopping. Target offers 5 percent off if you pay with its store-branded card. Costco tempts with high-end, brand-name food and desi

IndustryFeb. 6, 2011

Wal-Mart plots local retail rebound in U.S.

Foreign firms’ entertainment costs almost triple Korean firms’ bill

Foreign firms operating in Korea spent an average of three times more on client entertainment than local firms in 2009, while their donations to good causes were just 30 percent of the latter, a report by the national tax watchdog showed on Sunday.According to the National Tax Service report, 1,406 foreign companies in Korea spent a total of over 62 billion won ($51 million) on entertainment expen

IndustryFeb. 6, 2011

Samsung launches Bada phone in Korea

Samsung Electronics announced it released the Wave 2 smartphone, operating on its proprietary mobile operating system Bada, for the first time here on Sunday, while making moves to gain a bigger share in the mid-tier smartphone market.Serviced by SK Telecom, Wave 2 is equipped with a 3.7-inch super clear liquid-crystal display screen and a 5 million pixel camera and presents digital multimedia bro

TechnologyFeb. 6, 2011

Seoul to host whisky festival

An event to help turn South Korea into a nation of whisky-lovers is to be held this month. The Whisky Live international road show will come to Korea for the first time on Feb. 27. More than 2,000 people are expected to attend the event boasting more than 100 products from over 40 whisky brands. Attractions will include samplings, whisky master classes, VIP sessions, bartender awards, as well as m

IndustryFeb. 6, 2011

Whatever It Takes; a hip way to do good

Donna Karan, George Clooney and Greenday ― although they’re all big American stars, the three belong to distinctively different genres. But it turns out the trio have something else in common ― they are among the 660 world-famous celebrities who have donated smartphone and tablet PC cover designs to raise money for people living in underprivileged countries. Part of the proceeds from the covers ―

IndustryFeb. 6, 2011

February discounts on Ssangyong

Ssangyong Motor Co. is offering a range of discounts on its vehicles until the end of the month.During the period, the company is providing a 2 million won ($1,790) discount for the luxury sedans Chairman W and Chairman H. For the Chairman H, the company is also offering a choice between a 2 million won DVD navigation system, 1.2 million won AM navigation system or an additional 700,000 won off. C

MobilityFeb. 6, 2011

Hyundai’s Russian car bags top honor

Hyundai Motor Co.’s Solaris subcompact received the top award for its segment in the Golden Klaxon Awards given by the Russian auto publication Klaxon, the carmaker announced Monday. Based on the Accent, the Solaris is Hyundai’s strategic model for the Russian market that includes Russia-specific features such as windshield and wiper anti-freeze and brake warning systems. SolarisIn addition to th

MobilityFeb. 6, 2011

Citroen to hit local market in 2011

Hanbul Motors Corp., the official importer of Peugeot vehicles, announced Monday that it signed an exclusive deal to import Citroen vehicles to Korea. With the launch scheduled for later in the year, the Citroen marque will return to the Korean market after a nine-year hiatus. Citroen vehicles were available in Korea during the 1990s and early 2000s, but imports were stopped in 2002.According to t

MobilityFeb. 6, 2011

Porsche Asia Pacific sales hit new record

Sales of the luxury sports car brand Porsche rose to a new high in 2010, Porsche Asia Pacific announced Tuesday.According to the company, Porsche sales in the region jumped 89 percent from the previous year to come in at 2,265 units.In the Korean market, Porsche saw sales increase by 75.4 percent over the period to come in at 705 units.Along with Korea, Taiwan and Singapore also contributed signif

MobilityFeb. 6, 2011

BMW 6 Series convertible to debut in Geneva

MUNICH (DPA) ― BMW is opening another chapter with open-top premium vehicles in launching the BMW 6 Series in Geneva with advanced chassis technology, more comfort, and numerous infotainment and safety features.The classic soft-top roof comes in customary “fin” design. According to BMW, the multi-layer roof has been optimized in terms of its acoustic properties and thermal insulation. The upright,

MobilityFeb. 6, 2011

Out on a limb or on to a winner?

GM Daewoo nears completion of overhaul, taking Chevrolet brandThe extensive overhaul of branding and sales network at GM Daewoo Auto and Technology Co. is nearing its final stages, with all related procedures due to be completed by the end of the first quarter.The Korean unit of General Motors announced last month that it will remove the badge of “Daewoo” from its company name and new domestic rel

MobilityFeb. 6, 2011

Nippon Steel, Sumitomo merger to create global No. 2 steelmaker

Nippon Steel Corp. and Sumitomo Metal Industries Ltd.’s plan to create the world’s second-largest steelmaker is aimed at gaining leverage over raw-material purchases and metal pricing as costs soar. Shares in both companies surged the most in more than two years Friday. Based on Sumitomo’s market value and net debt, the deal would be worth more than 2 trillion yen ($24.5 billion), according to dat

IndustryFeb. 6, 2011

Nippon Steel, Sumitomo merger to create global No. 2 steelmaker

Egypt riots add pressure on OPEC with $100 oil

OPEC is under pressure from consumers to boost supply as most of the world’s benchmark crudes surpass $100 a barrel amid political unrest in North Africa and the Middle East.Oil prices are high enough to “derail” the global economic recovery, Fatih Birol of the International Energy Agency said this week. Saudi Arabian Oil Minister Ali al-Naimi said last week prices nearer $75 would be “appropriate

Feb. 4, 2011

3 bidders launch due diligence on ailing savings bank

Korea's three financial services companies, including industry leader Woori Finance Holdings Co., have launched a due diligence on an ailing savings bank, industry sources said Friday. Mid-sized Samhwa Mutual Savings Bank has been suspended by thefinancial regulator as it failed to meet regulatory capital requirements. The government is seeking to sell the embattled savings bank unless it normaliz

Feb. 4, 2011

S. Korea ranks No. 2 in OECD for food inflation

South Korea's food prices climbed the second most on-year among the organization for Economic Cooperation and Development (OECD) members in December, data showed Thursday.Food prices in South Korea jumped 10.6 percent in December from a year earlier, higher than the OECD average of 2.6 percent, according to the data by the OECD.Among the 33 tallied countries, Estonia topped the list at 12.2 percen

Feb. 3, 2011

LG Electronics to launch its first tablet PC in March

LG Electronics Inc., the world's third-largest mobile phone maker, said Wednesday that it will release its first tablet PC in March in the U.S. market, as it tries to take its share in the booming market.The upcoming product, dubbed "G-slate," is among the first tablet models to run on the "Honeycomb" operating system, which is Google Inc.'s latest generation of Android platforms designed for mobi

IndustryFeb. 2, 2011

Industrial production index grows for 3rd straight month: report

South Korea's industrial production growth index for the manufacturing and mining sector grew for the third straight month in December despite concerns of general economic slowdown, a government report showed Wednesday.The report by Statistics Korea said index numbers reached 63.6 in the cited month, which is also the second month in a row that figures topped the "break-even" 50 mark.A index readi

IndustryFeb. 2, 2011

S. Korean company wins Uzbek highway rest area contract

South Korea's state-run expressway corporation said Wednesday that a local company won a contract to build and operate a highway rest area in Uzbekistan.Korea Expressway Corp. said the rest area will be built on the 300-kilometer-long highway connecting Tashkent and Samarkand. The unidentified Korean company will build the 99,000-square-meter rest area and retain operational rights over the facili

IndustryFeb. 2, 2011