Samsung targets 1m sales of Galaxy Tab

Samsung Electronics on Thursday said it targets global sales of up to 1 million units of its new portable PCs the Galaxy Tab.

“We believe it will be possible to sell 1 million units of the Galaxy Tab by the end of this year,” said Shin Jong-kyun, president of the firm’s mobile business unit during a press event where Samsung unveiled its tablet PC. 

Experts noted that the 1 million unit goals seemed a highly feasible goal. 

Seoul Business Summit Site

http://www.seoulg20businesssummit.org/en/

Pandit, Ackermann, Mittal Among CEOs to Attend Seoul Summit

Pandit, Ackermann, Mittal Among CEOs to Attend Seoul Summit

Aug. 5 (Bloomberg) -- Corporate leaders including Citigroup Inc. Chief Executive Officer Vikram Pandit, Deutsche Bank AG’s Josef Ackermann and Lakshmi Mittal of ArcelorMittal will meet in Seoul Nov. 10 and 11 for a business summit ahead of the Group of 20 meeting, South Korean event organizers said.

About 100 global chief executive officers will attend to discuss topics including sustainable global economic growth, Sakong Il, chairman of the nation’s presidential committee for the summit, told reporters today.

He said likely participants at the summit include:

Josef Ackermann, Deutsche Bank CEO
Stephen Green, HSBC Holdings Plc chairman
Peter Sands, Standard Chartered Plc CEO
Vikram Pandit, Citigroup Inc. CEO
Stephen Schwarzman, Blackstone Group LP chairman
Joseph Saunders, Visa Inc. CEO
Kenichi Watanabe, Nomura Holdings Inc. CEO
Ma Weihua, China Merchants Bank Co. president
Lakshmi Mittal, ArcelorMittal CEO
Peter Brabeck-Letmathe, Nestle SA chairman
Paul Jacobs, Qualcomm Inc., CEO
Christophe de Margerie, Total SA CEO
Franz Fehrenbach, Robert Bosche GmbH CEO
Anne Lauvergeon, Areva SA CEO
Patrick Kron, Alstom SA CEO
Antonio Brufau, Repsol YPF SA CEO
Antoine Frerot, Veolia Environment SA CEO
S. Gopalakrishnan, Infosys Technologies Ltd. CEO
Ditlev Engel, Vestas Wind Systems A/S CEO
Roger Agnelli, Vale SA CEO
Roberto Poli, Eni SpA chairman
Victor Fung, Li & Fung Ltd. chairman
Marcus Wallenberg, Saab AB, Electrolux AB chairman
Yasuchika Hasegawa, Takeda Pharmaceutical Co. CEO
Chey Tae-won, SK Holdings Co. chairman
Zhao Jianguo, China Southern Power Grid Co. president

Cameron: G20 should be main forum for global cooperation

LONDON (Yonhap News) British Prime Minister David Cameron said Tuesday that South Korea’s hosting of the G20 summit shows the world’s leading economies are seeing the grouping as the “premier forum” for cooperation beyond its original mission of tackling the global economic crisis.

Cameron made the remark in an interview with Yonhap News Agency, stressing that the G20 should be made an “effective post-economic crisis institution” as the world economy picks up.

This week’s meetings in Seoul, set for Thursday and Friday, will be the first step toward that goal, he said.

“It’s clear that a G20 meeting in Seoul is unique,” Cameron said, referring to the fact that South Korea is the first Asian nation as well as the first non-member of the G8 forum of industrialized nations to host a G20 summit.

“This should send a message that all of the G20 whether advanced or emerging economies are committed to using the G20 as the ‘premier forum’ for our global economic cooperation,” he said in the written interview.

Cameron praised the G20 for its role in tackling the global economic crisis, and said it’s time to move forward.

“We G20 leaders together need to take the next step. The G20 is in transition as the global economy shifts from crisis to recovery,” he said. “So it needs to establish itself as an effective post-economic crisis institution in the years to come.

The Seoul summit will be the first step toward this.”

It will be the fifth meeting of the G20 leaders since they first met in late 2008 to discuss joint responses to the crisis that was rocking the world economy at the time. The G20, which includes industrialized and emerging economies, accounts for about 85 percent of the global economy.

How to address trade and current account imbalances between advanced and developing nations will be among the top agenda items at the summit amid a currency dispute between the United States and China. Washington has accused Beijing of keeping the value of its currency, the yuan, too low to make its products cheaper abroad and worsening trade imbalances as a result.

London, Singapore and now Seoul: Korean Eye

After a successful show in London’s Saatchi Gallery and Singapore’s Art House, the contemporary art exhibition “Korean Eye: Fantastic Ordinary” has come to Seoul for an impressive finale, just in time for the G20 summit. 

Korean Eye is a nonprofit foundation set up by David Ciclitira, Chairman of Parallel Media group plc, an international sports and events company, dedicated to presenting Korean contemporary art throughout the world. 

Sponsored by Standard Chartered Bank, the exhibition features works by 12 Korean contemporary artists. The show is currently underway at the Seoul Museum of Art Gyeonghuigung and Standard Chartered’s Jeil Building in Gongpyeong-dong, both in central Seoul. 

The Saatchi Gallery show held in July received great public response and was extended for another week. More than 85,000 visited the exhibition, according to the organizers. 

“A lady I met in Ubon Ratchathani, Summer 2006” by Hong Inyoung  (Korean Eye)

“Korean Eye Contemporary Korean Art,” the first-ever English book on Korean contemporary art which was published by SKIRA, was popular among visitors as well. 

Following last year’s exhibition, “Korean Eye: Moon Generation,” this year’s marks the second. The exhibition is planned to continue for two more years and expand its venues to more international cities including ones in the United Arab Emirates, China and Japan. 

“The Mess of Emotion No.11” by Lee Rim (Korean Eye)

Compared to last year’s exhibition, the participating artists this year, including Bae Joon-sung, Kim Hyun-soo, Shin Mee-kyoung and Bae Chan-hyo, are younger, and their works are more experimental. 

A bigger and more international board of curators including Johnson Chang, director of Hanart Gallery in China, Amelie von Wedel, director of Wedel Fine Art, Serenella Ciclitira, Korean Eye Co-Founder and Honorary Fellow of Royal College of Arts, Rodman Primack, Philips de Pury Chairman, Jiyoon Lee, director of Suum Art Project in Korea, and Lee Dae-hyung, director of H-Zone in Korea, promised a high-quality exhibition. 

“Existing in Costume Beauty and the Beast” by Bae Chan-hyo  (Korean Eye)

“We are showcasing more works by a smaller number of artists this time, so this exhibition will be an opportunity to take an in-depth look at Korean contemporary art,” said Lee Dae-hyung. 

Standard Chartered Bank increased its funding from $60,000 to $600,000 this year for the traveling exhibition. It also announced its plans to support the big scale Korean contemporary art exhibition which is planned during the London Olympics in 2012, using the entire Saatchi Gallery exhibition space.

The exhibition will run through Nov. 13 at Seoul Museum of Art Gyeonghuigung, through Nov. 30 at Standard Chartered’s Jeil Building in Gongpyeong-dong, and from Nov. 18 to 30 at the Korea Foundation Center in Sunhwa-dong, all in central Seoul. For more information, go to www.KoreanEye.org.

About Seoul G20 Business Summit

About Seoul G20 Business Summit

The Seoul G20 Business Summit is a global forum for G20 Heads of State and approximately 120 top business leaders from G20 and some non-G20 countries to collaboratively address “the Role of Business for Sustainable and Balanced Growth.” The Business Summit consists of roundtable sessions with focus on the agenda topics of: 1) Trade and Foreign Direct Investment, 2) Finance, 3) Green Growth and 4) Corporate Social Responsibility. Around 30 chief executives will partake in each of the three parallel one-hour roundtable sessions to engage in active dialogue with G20 delegates. The Business Summit’s main agenda topics are:

Why the Seoul G20 Business Summit?

The Business Summit is an unprecedented cooperative effort between the public and private sectors, where approximately 120 top CEOs will share their concerns with G20 leaders on recent economic developments following the global financial crisis. As an official G20 event, the Business Summit also provides a unique opportunity for business and state leaders to engage in open and direct dialogue. 

The Seoul G20 Business Summit is not a one-time event, but rather a long-term process, which requires months of preparation on the part of the attendees, to produce and achieve a consensus on working group reports, reflecting a wide array of global issues.

Connection with the G20

During the months leading up to the Business Summit, working group reports on global economic issues will be produced and delivered to Finance Ministers, the G20 sherpa and finally, G20 leaders on the day of the event. The Business Summit itself will be held on Nov. 11, a day before the Seoul G20 Leaders’ Summit, and G20 delegates who are participating in the Business Summit will directly hear the voice of the business community, and attend the Leaders’ Summit on the next day.

Through these two channels, the Business Summit aims to underscore and improve the G20’s role as the premier forum for global economic cooperation. It further bolsters the credibility of the G20 Summit by establishing an infrastructure, where the private sector is incorporated into the G20 framework. Korea’s Presidential Committee for the G20 Summit will continue to make an effort in institutionalizing the Business Summit as a vital component of the G20 process. 

A new platform for cooperation of public and private sectors

The Seoul G20 Business Summit, an unprecedented gathering of high-profile CEOs, will create a new platform for coordinating public and private sector cooperation in the promotion of global economic health, its chief organizer said. 

“After the crisis, we learned that in addition to inter-governmental cooperation, the private sector contribution is imperative in promoting investment and employment, which form the pillars of sustainable growth,” Sohn Kyung-shik, Chairman and CEO of the Korea Chamber of Commerce and Industry told The Korea Herald. 

‘Effective mechanism for greater public-private cooperation’

The following is a congratulatory statement by SaKong Il, chairman of the Presidential Committee for the G20 Seoul Summit. -- Ed.

SaKong Il, Chairman of the Presidential Committee for the G20 Seoul Summit

As a forum for enhanced public-private cooperation, the Seoul G20 Business Summit has an important role to play in the overall G20 process. Until now, the G20 agenda has been discussed and implemented through two channels: the G20 Finance Ministers and Central Bank Governors have addressed financial regulations and the global economy, while the discussions of the G20 Sherpas have included the issues of development, energy and trade. 

‘Business Summit will facilitate public-private partnerships’

The following is a message from Lee Myung-bak, the President of the Republic of Korea, on the occasion of Korea’s opening of the G20 Business Summit in Seoul. -- Ed




When the global economic and financial crisis struck, many feared that the crisis was going to be similar or even worse than the Great Depression of the 1930s. Amid such panic and uncertainty, the G20 played a crucial role in averting the worst. The G20 brought about an unprecedented level of policy coordination and adopted various measures that yielded substantial results. As a result, the G20 is now considered the premier forum for global economic affairs.

G20 leaders urged to curb nationalism

Asia Society’s task force, headed by a former Citi vice chairman, Tuesday released a report calling for policies to balance Asia’s economic globalization with the rest of the world.

“This report, which combines the thinking of experts from across the Asia-Pacific region, provides a common sense strategy for achieving this goal,” said task force chair Bill Rhodes during its meeting in Seoul ahead of the G20 summit.

“We are releasing this report immediately prior to the G20 summit to make specific recommendations for how the G20 and its member states can play a greater role in fostering economic growth and countering the rising tide of economic nationalism,” said task force coordinator Jamie Metzl.

Gold hits record high at $1,400

Investors looking for safer places to stow their assets pushed gold to a record price above $1,400 an ounce Monday as they become more worried about the global economy.

A combination of issues have created fresh worry among investors: Ireland’s debt difficulties and two key global summits where leaders of major industrial and developing nations are discussing currencies, free trade and ways to help the world economy.

Also in the back of investors’ minds is the prospect of inflation stemming the Federal Reserve’s multi-billion bond-buying program.

“People are really concerned again and so I think we’re seeing safe-haven buying,” IG Markets Inc. CEO Dan Cook said.

“Whether you’re holding dollars or euros or whatever you’re holding, gold is that one kind of go-to product, a commodity as well as a currency type of trade,” he said. “Nobody seems to be that willing to sell out of it.”

Gold for December delivery added $5.50 to settle at a record high of $1,403.20 an ounce. Some analysts believe gold could climb as high as $1,500 an ounce by year end.

G20 summit to spotlight tech-savvy Korea

Political and business leaders from the Group of 20 will get a glimpse into tech-savvy Korea as the government and industry showcase new technologies and mobilize gadgets to serve the guests. 

Devices ranging from digital pens, mobile IPTVs (Internet protocol TV), tablet PCs, digital touch pads and 3-D TVs to electric cars will be offered by different companies at the meetings of the G20 national leaders and top CEOs hosted in the nation’s capital.

Koreans understand global challenges

The following was contributed by U.S. Amb. to Korea Kathleen Stephens. Ed.

All of us who live in Korea have seen increasing signs in Seoul and throughout the country that the long-anticipated G20 Seoul Summit is about to happen. Riding the KTX train, I’ve seen G20 signs carved in the fields. 

Here in Seoul, I was visited last week by a “Talk to the G20 Leaders” promotional bus tour. As a means to promote the G20 Seoul Summit to the Korean public, the Presidential Committee for the G20 Summit launched a campaign for Korean citizens to send questions and messages to the G20 leaders. Korean citizens made submissions in three ways: through fixed campaign booths at COEX, a promotional bus that toured around the nation, and a dedicated G20 Web site. More than 18,000 messages were received through these outlets! After President Lee, Koreans posed the most questions to President Obama, with a total of over 4,000 questions and messages sent to the American President. 

On Nov. 2, the G20 bus stopped by the U.S. Embassy in Gwanghwamun to deliver the questions and messages to President Obama. It was a nice opportunity to step outside on a beautiful day and receive the questions from a family with two bright girls. The bus looked great, it was a wonderful idea and I look forward to delivering the messages and questions to President Obama.

Many of the questions reflected a nuanced understanding that if the world is going to be able to grow at a strong, sustainable pace, we need to achieve more balance in the pattern of global growth. That is why what the G20 achieved at the Gyeongju Ministerial was so important. A consensus is emerging that, in the current economic environment, all countries must play their part in contributing to stronger and more sustainable growth. 

Many messages expressed deep passion for the environment. These were reassuring. The United States and Korea are coordinating closely in international climate change discussions and are together exploring ways to reduce greenhouse gas emissions. In addition, our two countries are carrying out several collaborative projects in researching, developing and deploying new clean energy innovations, including wind, solar and SmartGrid technologies.

CEOs call for more youth training

Governments and the corporate sector will be pushed to better empower youths in order to tackle the widespread problem of youth unemployment, according to the head of Infosys Technologies. 

Most newly created jobs focus on areas that are vastly different from the past, making it difficult for youths to find their niche, said Kris Gopalakrishnan, Managing Director and CEO of Infosys Technologies. 

Citing a working group discussion with CEOs who gathered under the scheme of reducing youth unemployment at the G20 Business Summit, Gopalakrishnan noted that jobs of the 21st century are very different from before. 

“They have significant knowledge content,” he said, urging governments and enterprises to better train youths to match the demands being made in the newly created jobs. 

“Bigger anticipation of the type of work, as well as matching the needs and skills can help workers reap the benefits from both crises and restructuring new opportunities,” the CEO said. 

A growing number of youths have been out of jobs from the outset of the 2008 global financial crisis. 

Gopalakrishnan estimated that over 80 million youths were out of work, citing figures from the International Labor Organization. 

The South Korean labor market has been no exception, with an increasing number of younger people struggling to find work. 

A public and private sector partnership, therefore, for training youths to make them more desirable in the job market was crucial, Gopalakrishnan said. 

Companies should be given more incentives such as tax breaks in order to more actively tackle this task, he added. 

Another recommendation from the CEOs was to foster entrepreneurship.

“Entrepreneurships at small and medium-sized companies are the drivers for any economy in terms of job creation,” Gopalakrishnan said.

Some 120 CEOs gathered in Seoul for the Group of 20 Business Summit that kicks off Wednesday for a two-day run.

A final report on their findings and recommendations will be issued on Thursday. The results also will be shared with the Group of 20 national leaders who are here for the G20 Seoul Summit.

Infosys is a global leader in business process outsourcing and is often called the “Microsoft of India” because of its rise from a small venture to a top-tier firm. 

Korea, U.S. struggling over auto issues

Korea and the U.S. were struggling to narrow their differences Tuesday over a bilateral free trade agreement as trade officials raced to strike a deal before the G20 Seoul Summit begins on Thursday.

Korean Trade Minister Kim Jong-hoon and the U.S. Trade Representative Ron Kirk held last-minute negotiations in Seoul for a second day. 

The talks, originally scheduled to be concluded Tuesday, were extended for another day after they failed to resolve pending issues including U.S. demands to ease Korean regulations on automobiles, officials said.

“The two sides are negotiating earnestly but overall the situation is that differences are not being narrowed,” Deputy Trade Minister Choi Seok-young said after the meeting. 

He added that the two sides are discussing various ways to afford U.S. carmakers separate measures regarding Korea’s automobile fuel economy and emissions standards. He added that other countries including the U.S. and Japan have separate regulations for small scale manufacturers.

“Separate measures are not complete exemptions from our standards. We are discussing ways to ease regulations in part.”

Since the talks began, Korea has conceded to U.S. demands on a number of automobile-related regulations.

Automobile-related issues on the table are thought to include putting a cap on customs refunds on automobile parts that are imported and used in exported vehicles at 5 percent, and exempt carmakers with an annual sales figure of up to 10,000 vehicles from the new fuel economy standards that will go into effect in 2015. 

From 2015, vehicles able to seat 10 or fewer people will be required to have fuel efficiency of at least 17 kilometers per liter or emissions standards of no more than 140 grams of carbon dioxide per kilometer.

In addition, the two sides are likely to agree to phase out the 25 percent tariff on Korean-made pickup trucks over 15 years instead of the previously agreed 10 year phase-out period or to include a snap-back clause on such vehicles. A snap-back clause allows tariffs to be reinstated if regulations are broken or if the pact leads to significant damage to the auto industry. 

For its part, the U.S. is reported to have retracted demands concerning Korea’s beef import barriers.

The U.S. has been calling for Korea to remove its 30-month cap on the age of cattle from which beef products imported to Korea are produced, but Seoul has been maintaining the position that the issue is unrelated to the bilateral trade pact.