BUSINESS
Wednesday, December 1, 2010
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Samsung launches 3rd phase of netbooks and notebooks By Ben Garcia KUWAIT: Amidst escalating tensions on the Korean Peninsula, Samsung Electronics Company Ltd, a global leader in digital media and digital convergence technologies, launched its third phase of innovative notebooks and netbooks in Kuwait yesterday. The event was held at the Marina Hotel in Salmiya and attended by Samsung’s Head of Notebooks and IT Sales Raj Varma, Country Head Representative Sachin Somkumar and Gautam M Chakrabarthy, Marketing Manager. Samsung Electronics is a well-known international brand originating from South Korea. Tensions between the two Koreas escalated when North Korea shelled a South Korean fishing community and military base with highly flammable ammunition that killed four people, including two civilian construction workers, on November 23. “The tensions have always been there between the two Koreas and we are not affected by it,” Varma said to the Kuwait Times before the launch. “Although our headquarters is in South Korea, we have factories and international presence all over the world. While we could be affected economically I don’t think it will halt our production or innovations,” he said. “I should not comment further since it’s a political issue and Samsung has nothing to do with it since we are a private company.” Varma added however that Samsung will continue to deliver products “rain or shine” if they are needed by businesses or individuals anywhere in the world. Regarding Samsung’s netbook and notebook launching, Varma emphasized Samsung’s commitment to delivering the finest technology with optimum design to meet the demands of every lifestyle. He admitted that Samsung’s previous products may have had limited choices but pointed out that is certainly not the case with their new lineup. Samsung is putting its achievements in mobile computing on full display, showcasing for the first time this year the premium series and stylishly-designed SF and RF series. “With this new lineup we improved a lot,” Varma said. “Now we have stylishly designed products. We’ve made our products more portable so that
Top officials attend Kuwait ceremony
Raj Varma, Samsung Business Head and IT Sales Group Manager during the netbooks, notebooks launch
KUWAIT: (From left) Raj Varma, Sachin Somkumar and Gautam M. Chakrabarthy attending a press conference yesterday. — Photos by Joseph Shagra they are lighter, smaller and thinner without compromising specifications or strong performance,” he said. The high-performance notebooks are crafted to perform at high standards and are available in 15.6” (NPRF510) screen size. Multimedia lovers and gamers will benefit from the RF series’ super-fast processors and dazzling graphics while the range’s minimalist design and clean lines will appeal to even the most style conscious consumers. Samsung’s RF series notebooks come equipped with nVIDIA’s latest graphics solution - a GT330M video card with 1GB of memory or a GT420M card with 2GB of memory that will make 3D games and HD video shine. The RV series notebooks are designed for style, safety and satisfaction. The powerful and reliable RV410 and RV510 models are designed to enhance a sense of style with optional patterns to choose as well as comfortably fit an on-thego lifestyle with ergonomic engineering and durable casing. The SF series ultra-portable note-
books (Samsung NPSF310 and NPSF410) couple stylish, streamlined design with contoured line and rounded edges for increased mobile convenience. Inspired and elegantly crafted, Samsung has taken a new approach to design and focused on
streamlining the body for fashionable and trendsetting lifestyles. It is available in 13” and 14” screen sizes and shows refined craftsmanship that is both ultra-light and scratch resistant. Samsung NF series netbook is a powerhouse of practical technology to
help you stay connected without compromising its design. The NF series netbooks (Samsung NF110 and NF210) share the unique design of the SF series and boosts mobility with enhanced battery life. Equipped with enhanced mobility and innovative design, the Samsung NF110 and NF210 netbooks are just what you need to express yourself. A crystal clear HD LED display and unique surround sound system, together with the new Intel Atom N550 (Dual Core) processor, DDR3 memory and Windows 7, takes netbook computing to a whole new dimension of multimedia performance. The Samsung SF series and NF series will be available in Kuwait from December 2010. Varma added that Samsung continuously offers something new and excellent for its valued customers. “Transition happens almost every four months. This is now our third time visiting Kuwait for the netbook and notebook products launches this year,” he disclosed. “The products truly demonstrate Samsung’s commitment to RF and RV series note-
books - portable, premium, and powering multimedia.” RF series notebooks are the highest performing products in Samsung’s award-winning portfolio. Samsung’s performance in the Gulf Cooperative Council (GCC) is excellent according to Varma. Based on their recent records they registered a double digit market share. “In the second quarter of 2010 we were number one in both Qatar and Bahrain but in Kuwait we were num-
grew eight percent in Kuwait. “I think we need to communicate more with our customers in Kuwait and monitor the market. Kuwait is a complicated market and difficult to understand. Your market here is dominated by just two main players; Al-Ghanim and Eureka,” he commented. In response to their product awareness campaign, Samsung is prepared to spend more money in Kuwait come 2011. “We are preparing for our first office outside of the
ber four. I think we still have many things to do in Kuwait in terms of promoting product awareness,” he admitted. According to Varma, Samsung
UAE. We will be opening our new headquarters here in Kuwait because we are committed and we consider this market a very important one in the region,” he said.
European debt worries pile pressure on Spain, others Investors sell off govt bonds MADRID: Investors sold off government bonds from Spain, Portugal and Italy yesterday amid worries that Europe’s debt crisis has not been contained by Ireland’s bailout but is putting pressure on other fiscally weak countries. The yields on Spain’s 10-year bonds jumped as high as 5.7 percent by midmorning, making for a euro-era record difference of 305 basis points against the benchmark Germany 10-year bond, which had a yield of 2.7 percent.
KUALA LUMPUR: Malaysian Prime Minister Najib Razak (left) walks with ASEAN Secretary-General Surin Pitsuwan (right) before the launch of the 7th ASEAN Finance Minister’s Investor Seminar in Kuala Lumpur yesterday. Najib Razak, while speaking at the seminar, defended a controversial plan to build a 100-storey mega-tower, after it sparked fierce opposition, including from ex-premier Mahathir Mohamad. — AFP
Malaysia plans tax breaks for oil, new investments KUALA LUMPUR: Malaysia’s leader yesterday unveiled plans for tax incentives to bolster its oil and gas industry as well as new multibillion-dollar projects to build energy plants, a massive energy hub and hotels with the aim of becoming a developed nation by 2020. Prime Minister Najib Razak said the government will waive up to 100 percent of taxes on investment in capital intensive petroleum projects to lure investors, especially in deepwater and infrastructure activities. Tax rates will be cut from 38 to 25 percent for development of marginal oil fields, while export duties on oil produced from these fields will be waived. The country has earlier warned it could become a net oil importer in the next few years if production is not enhanced. “By lowering risks and increasing the rewards for investment, this initiative will potentially lead to additional petroleum-generated revenue of more than 50 billion ringgit ($16 billion) for Malaysia over the next 20 years,” said Najib, who is also finance minis-
ter. Officials from national oil firm Petronas, which pushed for the tax breaks, said the incentives are part of a new Petroleum Income Tax Act that has been endorsed by Cabinet, but it is unclear when it will be submitted for Parliament approval. Najib said state-owned energy firm Tenaga Nasional will invest 4 billion ringgit ($1.3 billion) in 2011 to build two new hydropower plants and a large coal plant in peninsula Malaysia to cater to rising domestic demand. Private firm Tanjong Agas Supply Base and Marine Services will pour in 3 billion ringgit ($968 million) over the next two years to develop a regional oil and gas hub in central Pahang state, that will create 30,000 new jobs and contribute 30 billion ringgit ($9.7 billion) to gross national income over a decade, he said. Three new hotels costing nearly 1 billion ringgit ($322 million) will be built by private investors, he said. The projects are part of Najib’s ambitious economic blueprint to secure $444 billion of invest-
ments over the next decade. It aims to raise gross national income from $188 billion in 2009 to close to $523 billion by 2020, and per capita income from $6,700 to at least $15,000 — meeting the World Bank’s benchmark for a high-income nation. Some analysts warned the plan may be unrealistic as foreign direct investment has slumped in recent years, plunging 81 percent to $1.4 billion in 2009 as it lost out to more competitive rivals. Najib dismissed the concerns. “These constitute major developments in attracting investment and transforming our economy by 2020,” he said. “The bright future for the country that we have promised is far from a pipe dream ... we are showing that this government is firing on all cylinders and that a bright future lies ahead for Malaysia.” Analysts said it indicated continued progress and a sign that Najib may, as widely speculated, call a snap general election next year to take advantage of an economy on the upswing as well as an opposition in disarray. — APT
The spread on Italy’s 10-year bond reached 210 points, also the highest since the launch of the euro, before easing back somewhat. Portugal, whose yields soared last week, saw its spread edge higher as well. Spain and Portugal have continually denied they will need a bailout like Ireland and Greece but investors have become increasingly skeptical that the series of bailouts will stop with Ireland. While rescuing Portugal would be about as costly as Greece or Ireland, who each represent less than 2 percent of the euro-zone economy, a Spanish bailout would test the limits of Europe’s finances. It accounts for over a tenth of the euro-zone economy, and Italy is even larger. “It is clear that the market is aware of the tight-rope that ‘peripheral’ governments are walking,” said Neil Mellor, currency strategist at Bank of New York Mellon. Portugal’s central bank warned in a report yesterday that the financial system is facing “serious challenges,” as foreign concerns about public, private and corporate debt have made it harder for Portuguese banks to raise money on international markets. Continuing to request financing from the European Central Bank is “unsustainable,” the report warned, saying banks should adopt a commercial policy of encouraging saving to ensure their liquidity. Traders worry that instability in Portugal could easily cross the border into Spain. Spanish Prime Minister Jose Luis Rodriguez Zapatero has vigorously defended the nation’s economy and finances. — AP
MUMBAI: Pedestrians walk past a share prices board outside the Bombay Stock Exchange (BSE) in Mumbai. Data showed India’s economy grew a forecast-beating 8.9 percent year-on-year in the JulySeptember quarter, underscoring the country’s brisk recovery from the global financial crisis. — AFP
India economy expands 8.9% NEW DELHI: India’s economy expanded 8.9 percent in the latest quarter, exceeding expectations and indicating the country’s recovery is on track despite turbulence globally, particularly in Europe and the US. The rapid growth for the July-September quarter also suggests the central bank will continue raising interest rates to tame inflation. The growth rate matched the expansion in the April-June quarter, which was revised up, and exceeded the government’s forecast of 8.5 percent. India has
rebounded from the global downturn faster than expected thanks to strong domestic consumption, investment and good monsoon rains this year. While enjoying robust growth, Asia’s third-largest economy is trying to contain soaring prices. In early November, India’s central bank raised key interest rates for the sixth time this year to contain persistently high inflation. At 11.6 percent, India’s consumer price inflation is higher than any other major economy. Food inflation for September was
15.7 percent, down from 21.4 percent in May. High food prices are partly due to people eating more protein as they get richer, making it unlikely that good rains alone will wash away food inflation. The manufacturing sector grew 9.8 percent in the latest quarter, slower than 13 percent in the April-June quarter. Factory output growth declined the most in 16 months — to 4.4 percent in September, reflecting a general slowdown in demand across sectors. Meanwhile, the farm sector —
agriculture, forestry and fishing — grew by about 4.4 percent for the quarter. Finance Minister Pranab Mukherjee said he was confident that economic growth for the fiscal year ending March 2011 would exceed 8.75 percent, the Press Trust of India news agency reported. Growth for the last fiscal year was 7.4 percent. “We may be confident that at the end of this year the GDP growth will not be less than 8.7 to 8.75 percent,” Mukherjee said. “It may be more.” — AP