The Korea Times has an update on the Lone Star issue which has been quiet for about three years, but is now ready to move towards arbitration:
V.V. Veeder, a British national, has been appointed as the presiding arbitrator for a 5-trillion-won international litigation between the Korean government and Lone Star Funds, sources said Tuesday.
He was one of the three arbitrators who ruled in favor of the U.S. buyout firm in 2011 in its dispute with a Korean government owned company.
According to industry sources, Veeder will arbitrate Lone Star’s Investor-State Dispute Settlement (ISDS) case against the government, whose first hearing will be held on May 15 at the International Center for Settlement of Investment Disputes in Washington D.C.
In most cases, investment tribunals are composed of three arbitrators; one is appointed by the investor, one by the state, and the third is usually chosen in agreement between the parties. The presiding arbitrator holds the casting vote when the other two fail to agree.
The Dallas-based firm filed an ISDS suit in 2012 for 5.13 trillion won ($4.7 billion), arguing that the Korean government had caused it serious financial damage by delaying its approval for the firm to sell the Korea Exchange Bank from 2007 to 2012. [Korea Times]
You can read more at the link, but basically the crime Lone Star made was that it made too much money in Korea and then tried to take its profits outside of the country. Their sale of the Korea Exchange Bank led to large protests which caused the government to try and stop the sale any way it can.
Here is the latest in the continuing smartphone wars:
South Korean tech giant Samsung Electronics Co. is gearing up to unveiled its all new flagship smartphone at this year’s Mobile World Congress (MWC) in Barcelona, hoping to put the company back in the ring with arch-rival Apple Inc., corporate sources said Sunday.
The flagship, widely expected to be called the Galaxy 6, aims to lay the foundation for Samsung to recapture the No. 1 smartphone manufacturer title that it lost late last year following lackluster sales of its Galaxy S5 and strong sales of Apple’s first large-screen iPhone 6.
The launch is expected to take place at 2:30 a.m. on Monday (Korea time) at a dedicated “Unpacked” event.
Samsung is also hoping that the new smartphone may help it outpace Chinese upstarts, such as Xiaomi Tech and Huawei Technologies Co, which have made strides, particularly in the world’s second-largest economy.
The combination of Apple’s super popular iPhone and challenges by Xiaomi and Huawei caused Samsung to suffer an “earnings shock” last year.
Company sources said that the new Galaxy, which was called “Project Zero” in its development stage, emphasizes a completely new form factor with importance placed on the materials used to make the phone.
In the past, Samsung’s flagships have taken a beating for using “flimsy” plastic, but the company in more recent months has been churning out devices with metal frames, such as the Galaxy Note 4 and Galaxy Alpha, or with all aluminum uni-body designs in the cases of the A3, A5 and A7.
Besides the build quality, Samsung said through official teasers that the new phone will have better internals in the form of a more powerful processor, memory capacity, camera and streamlined software, which will enhance the overall performance and user experience.
The new Galaxy, which could well come in the conventional flat and dual-curbed screen “Edge” variants, will have a Samsung Pay system pre-installed. The system based on LooPay technology allows users to use the phone like a credit card. Unlike Apple’s payment system that requires special terminals, the LooPay arrangement allows it to work with existing credit card readers. [Yonhap]
You can read more at the link, but it is going to be interesting to see if consumers prefer the old credit car technology that Samsung is banking on or the built in Apple Pay technology in the iPhone?
South Korea is really a housing bubble burst away from a major recession considering all the debt that people have tied up in their homes:
Record high household debt, including credit cards, edged closer to 1,090 trillion won ($994.3 billion) in December largely due to the central bank’s cut in the benchmark interest rate.
The Bank of Korea reported on Thursday that household debt at the end of December was 1,089 trillion won, a 2.8 percent increase from the previous record of 1,059.2 trillion won in the third quarter of 2014. When compared to the end of 2013, household debt expanded 6.6 percent from 1,021.4 trillion won.
Overall household debt has set records for seven consecutive quarters.(………………)
“The household debt to disposable income ratio, which is an indicator of households’ debt burden, at the end of 2013 was 160.7 percent, which is relatively high compared to major advanced economies, including the United States,” said Kim Yong-beom, director general of the financial policy bureau at the Financial Services Commission. “But the financial debt to financial asset ratio is holding steady at 46 percent. The government has been making persistent efforts to reform the structure of mortgage loans.” [Joong Ang Ilbo]
It looks like Samsung is developing their answer to Apple Pay:
South Korea’s tech giant Samsung Electronics Co. said Thursday that it has bought U.S. mobile technology firm LoopPay Inc., a move apparently aimed at making inroads into the mobile payment technology market against its rival Apple Inc.
“Samsung has made efforts to provide safe and convenient mobile payment service,” said Shin Jong-kyun who heads the mobile division at the Seoul-based company. “The acquisition will spur up the company to lead the world mobile commerce market.”
LoopPay has patent rights related to magnetic secure transmission, a payments solution that works with the existing magnetic stripe readers. [Yonhap]
If you go to a Duty Free shop in Seoul the chances are the employee is an ethnic Korean from China:
After graduating from college five years ago, Lee Ju-yeon came to Korea from China to live with her mother, a waitress, and father, a manual laborer.
They are Chinese citizens, but ethnically Korean, part of what is known in China as the Chaoxian ethnic minority.
They struggled here as minorities, and Lee’s parents never had the chance to earn college diplomas. She knew she wanted to do better, and capitalized on her higher education and bilingual ability.
“One day, my friend working at a duty-free shop sent me a job notice over the phone and suggested I apply to work as a salesperson,” said Lee, who requested that her real name not be used. “I applied for five positions at duty-free stores, and all of them asked for interviews.”
Her job put Lee among countless Korean-Chinese workers who, once concentrated in the labor and food service sectors, have emerged in multitudes in the retail sector.
Many work in small stores – most commonly duty-free shops – where Chinese-speaking employees are in high demand due to their ability to cater to the needs the throngs of Chinese tourists, known as Youke in Korea which means a “tourist” in Chinese.
“In our duty free stores in downtown Seoul, 70 percent of the customers are Chinese,” said a representative for Lotte Duty Free. [Joong Ang Ilbo]
It is going to be interesting to see if this law gets passed:
In this Tuesday, Dec. 30, 2014 photo, Cho Hyun-ah, center, former vice president of Korean Air Lines, is escorted by court officials as she leaves for Seoul Western District Prosecutors Office at the Seoul Western District Court Office in Seoul, South Korea. A Seoul court is expected to decide Tuesday whether to issue an arrest warrant for Cho, who resigned as vice president at the airline earlier this month amid mounting public criticism over the incident that she forced a flight to return over a bag of macadamia nuts and a current executive for attempts to cover up the “nut rage” case. (AP Photo/Ahn Young-joon)
Resentment has mounted so much in South Korea against what has come to be known as “gabjil”, high-handedness by the rich and powerful, that parliamentarians are proposing legislation to punish some of the worst abuses.
A bill to be presented in the national assembly this month is formally called the “Conglomerates Ethical Management Special Law” but has been nick-named the Cho Hyun-ah law.
Cho, also known as Heather Cho, is the daughter of the chairman of Korean Air Lines and was sentenced last week to a year in prison for an outburst on a Korean Air plane while on the ground in New York. It was considered a severe sentence by some legal experts.
The bill proposes to ban members of the powerful business families known as chaebol from working at their companies for at least five years if convicted of a crime. In earlier cases, some high-profile offenders were pardoned, serving little or no jail time, although recently-convicted chaebol executives have found it harder to avoid prison. [Reuters]
You can read more at the link, but I wonder if it is even Constitutional in Korea to make special laws that focus on particular individual families?
Part of the Samsung Smarttv EULA: “Please be aware that if your spoken words include personal or other sensitive information, that information will be among the data captured and transmitted to a third party through your use of Voice Recognition.”
This is part of their speech-recognition tech, which uses third parties (whose privacy policies Samsung doesn’t make any representations about) to turn your words into text. [Boing Boing]
