According to Bloomberg,
A Samsung Electronics Co. Galaxy advertisement (Bloomberg)
Samsung Electronics Co. (005930) plans to release a Galaxy smartphone next year with a display that wraps around the edges so users can read messages or monitor stocks while looking from an angle, according to two people familiar with the plans.
The phone will use an upgraded version of Samsung’s technology called Youm, currently featured in the curved Galaxy Round handset, the people said, asking not to be identified because the plans haven’t been released. The three-sided display may be used in the S or Note series of premium handsets or may be the first in a new line, the people said. Samsung plans to have each side of the display operate independently.
The world’s largest maker of handsets is fighting with Apple Inc. (AAPL) to introduce innovative devices as they brace for a slowdown in the high-end smartphone segment, where Samsung sells about one of every three devices. Apple is developing new iPhone designs including bigger screens with curved glass and enhanced sensors that can detect different levels of pressure, a person familiar with the plans said Nov. 10.
“Samsung is the dominant player,” Lee Do Hoon, an analyst at CIMB Group Holdings Bhd in Seoul, said by phone today. “That gives it a competitive advantage over Apple in the race to make phones with bendable displays.”
Samsung doesn’t have a specific release date for the new device, the people said, with one person saying the handset is more likely to come out during the second half of next year. The Youm technology was shown at the Consumer Electronics Show in Las Vegas in January. Chenny Kim, a spokeswoman for Suwon, South Korea-based Samsung, declined to comment.
The company is diversifying its product portfolio by expanding its use of flexible displays, unveiling the Galaxy Gear smartwatch and registering a design patent for eyeglasses that can answer phone calls while the user exercises.
Posted in Commodities, Economy, Equity Markets, Events, Finance
Tagged Apple, Bloomberg L.P., iPhone, samsung, seoul, smartphone, South Korea, Suwon
South Korea’s third largest insurer, Kyobo Life Insurance, has made a bid for the country’s fifth largest insurer, ING Life South Korea. (Picture from Associated Press)
Joyce Lee from Reuters reports that Kyobo Life Insurance, South Korea’s third-largest insurer, said on Friday it had made a bid for a controlling stake in ING’s South Korean insurance unit, breathing new life into a delayed deal previously valued at roughly $2 billion.
Kyobo, whose investors include Ontario Teachers’ Pension Plan, Singapore sovereign fund GIC GIC.UL and private equity firm Affinity Equity Partners, is set to compete against the country’s second-largest insurer Hanwha Life Insurance Co Ltd, which is expected to submit its own bid, according to a source with direct knowledge of the matter.
Posted in Economy, Private Equity
Tagged Affinity Equity Partners, GIC GIC.UL, Goldman Sachs, Hanwha Life Insurance Co, ING, ING Groep NV, insurance, JP Morgan, KB Financial Group Inc, Korean won, Kyobo, Life Insurance, M&A, MBK Partners, Private Equity, seoul, Singapore, South Korea, sovereign fund, Teachers' Pension Plan, Tong Yang Life Co Ltd, Vogo Fund
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As reported by Wall Street Journal, in 1998, the Asian Financial Crisis brought the region’s economy grinding to a halt. A closed capital account protected China from the speculative attacks that crippled Thailand, Indonesia, and South Korea. But with major trade partners sliding into recession, China was not immune to the effects. Falling growth in energy consumption, airline passenger numbers, and imports all pointed to a sharp slowdown in growth. But if the economy was indeed sliding into recession, it was not evident to the National Bureau of Statistics. Official data for the year shows GDP growth of 7.8%, down only slightly from 8.8% in 1997 and within spitting distance of the magic 8% that is believed to be the minimum required to maintain social stability in China.
The 1998 GDP data has generated a storm of controversy. Academic economists have expended much energy in either defending the NBS calculation or, more common, attacking it and offering their own alternative estimates. Professor Harry Wu of Hitotsubashi University in Tokyo and the late Professor Angus Maddison were among the most stern, concluding on the basis of their own index of industrial production that China‘s GDP grew just 0.3% in 1998 (minus-0.1% in Professor Wu’s recent updated results). Professor Carsten Holz of the Hong Kong University of Science and Technology has weighed in forcefully on the other side, concluding that although there are inherent difficulties with calculating the GDP of a large and rapidly developing economy, it is difficult to identify systematic biases in the NBS data or to arrive at compelling alternative estimates.
The associated issues will be discussed more in detail at Golden Networking‘s China Leaders Forum 2011, October 7.
Posted in China, Economy, emerging market
Tagged Asian Financial Crisis, BEIJING, bond market, China, closed capital account, 第二大经济体, 经济普查, Economic Census, energy consumption, 能源消耗, 韩国, 衰退, 香港科技大学教授卡斯滕霍尔茨, GDP, gross domestic product, Indonesia, National Bureau of Statistics, Orlik, Professor Carsten Holz of the Hong Kong University of Science and Technology, Professor Harry Wu of Hitotsubashi University in Tokyo, recession, second largest economy, South Korea, Thailand, Tom Orlik, Understanding China's Economic Indicators, Wall Street Journal, yield curves, 债券市场, 北京, 华尔街日报, 印尼, 吴弘达在东京一桥大学教授, 国内生产总值, 国内生产总值（GDP）, 国家统计局, 封闭的资本账户, 收益曲线, 汤姆, 泰国, 中国, 了解中国的经济指标, 亚洲金融危机
As reported by Reuters, global policymakers held an emergency conference call on Sunday to discuss the twin debt crises in Europe and the United States that are causing market turmoil and stoking fears of the rich world sliding back into recession.
Jean-Claude Trichet, President of the European Central Bank (source: Reuters)
After a week that saw $2.5 trillion wiped off global stock markets, political leaders are under mounting pressure to reassure investors that Western governments have both the will and ability to reduce their huge and growing public debt loads.
South Korea said finance deputies from the Group of 20 major economies discussed the European debt crisis and U.S. sovereign rating downgrade on Sunday morning in Asian time zones.
A Japanese government source said finance leaders from the Group of Seven big developed economies would also discuss the crisis and may issue a statement afterwards, although the timing of such a call was unclear.
The European Central Bank was scheduled to hold a rare Sunday afternoon conference call. Investors are anxiously looking for the central bank to start buying Italian and Spanish debt on Monday to stabilize prices, a move that has split the ECB governing council.
Posted in China, Economy, Financial Crisis, U.S. Debt
Tagged conference call, debt crisis, ECB, European Central Bank, European Debt, Group of 20, Group of 7, Japan, South Korea, stock markets, U.S debt
China's Finance Minister Xie Xuren (source: Bloomberg)
As reported by Bloomberg’s Christopher Anstey and Shamim Adam, Asian states are likely to retain their U.S. Treasury holdings for now and European governments expressed confidence in the world’s largest economy after Standard & Poor’s cut the U.S.’s sovereign credit rating to AA+.
Russia said the one-step cut “can be ignored” and France joined the U.S. in questioning S&P’s reasoning. South Korea affirmed its “faith” in Treasuries after an emergency meeting of officials today in Gwacheon, south of Seoul. China’s official Xinhua news service said in a commentary that the U.S. must cure its “addiction” to borrowing.
For all the angst, policy makers across Asia are lured to Treasuries as a result of efforts to stem gains in their currencies against the dollar, which would impair export competitiveness.
“They won’t be happy about it, but Asian central banks will just have to hold on and stick it out,” said Sean Callow, a senior currency strategist at Westpac Banking Corp. (WBC) in Sydney. “There is pressure on them to hold on to liquid assets and there is nothing more liquid than the Treasury market. At least Treasuries have been doing well and they aren’t holding on to distressed assets.”
Posted in China, Economy, Financial Crisis, U.S. Debt
Tagged China, Gwacheon, S&P, Sean Callow, seoul, South Korea, Standard & Poor's 500-stock index, Treasury Market, WBC, Westpac Banking Corp, Xinhua
(Reuters’ Ron Popeski) – Asian stocks rose on Tuesday, led by shares of resource companies, as strong U.S. factory data and surging commodities prices offset fears that unrest in Egypt could spread to other parts of the Middle East.
Brent crude oil futures steadied after topping $100 a barrel overnight for the first time since 2008, adding to concerns of a global fuel price spike even as policymakers in many emerging economies struggle to contain soaring food prices.
Data released in China showed manufacturers input prices were rising quickly, keeping pressure on the government to tackle inflation, while figures from South Korea showed consumer inflation in January spiked more than expected at the upper end of the central bank’s target.
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