South Korea's capital Seoul is one of the world's most technologically advanced, known for its rapid Internet speeds and advanced infrastructure.
It was one of the first to introduce city-wide free Wi-Fi, and 5G will be introduced commercially in 2019. It is the home of global tech titans Samsung and LG. But in one way Seoul lagged behind other cities.
Apple announced the opening of their first retail stores in May 15, 2001. Four days later, on a Saturday, the first ever Apple stores opened in Maclean, Virginia, and Glendale, California. "The Apple stores offer an amazing new way to buy a computer," said the late Steve Jobs, Apple's CEO at the time.
Over the years more stores opened, going on to stock the iPod, the Macbook Air, and the iPhone. Tokyo got its first Apple store in 2003. London a year later. Beijing in 2008. And the Middle East in 2015 with Dubai's Apple store.
But South Korea, the 11th largest economy in the world and one of the most technologically advanced, saw its first Apple store open on January 26, 2018.
On a sunny Sunday afternoon in late June, The National visited Seoul's sole Apple store to see how the iPhone maker is faring in the homeland of Samsung, its biggest rival. The outlet is located in Garosu-gil, a fashionable street in trendy Gangnam-gu, popular with tourists and chic locals. Inside the pristine and meticulous store, lined with four potted trees at its entrance, were a busy amount of people.
Ju-Won Shin, 38, an accountant, was sitting down at a table looking to buy an iPhone SE, while already owning an iPhone 6S and iPad Pro. What does he think of Apple? "Their products are easy to use, refined, and have a good vibe," he said. Shin preferred Apple to Samsung because "they're constantly trying hard to make good quality products."
Another store wanderer was So-ri Lee, 22, a waitress at a cafe, who was browsing phone cases. So-ri had an iPhone 8 and had been using it for two years. Before that she owned a Samsung Galaxy Mega. She said she preferred iPhone because she loved the design-- "it's pretty and easy to use, and now I'm used to iOS," she said.
__________
Read more:
Samsung profit falls short of estimates on weak phone demand
Apple and Samsung reach settlement in long-running patent fight
__________
Apple had been gaining ground even before their official retail establishment, selling their phones through Korean network providers. Euromonitor estimates Apple had 16 per cent of South Korea's market last year, putting it in third place behind LG which held 19 per cent and market leader Samsung with 64 per cent market share.
Outside Korea's only Huawei store, a tiny shop that sells only budget Huawei handsets, The National conducted another small, unscientific survey. Huawei is China's preeminent smartphone manufacturer taking third place behind Samsung and Apple in global market share, and doing particularly well in Europe.
But it seems that Koreans didn't get the memo about the growing Chinese brand. Many of the young people passing by the Huawei store, which is located in Hongdae, a popular student area, did not recognise the brand. Hwang-Bo Seo-young, 22, a student, owned an iPhone 6S+, and had never heard of Huawei or any other Chinese brands, and preferred Apple to Samsung because of their design and photography capabilities.
However, Yu Young Lee, 34, a TV producer preferred her Samsung S8+ despite having owned an iPhone 6 for three years previously. "It's easy to use Android in Korea, not iOS, because there's many applications, and Android phones are compatible with lots of other devices in Korea, and customer service is better," she said.
Although some may argue South Korea is a relatively small market, it is still somewhat surprising for an Apple store to open so late in the country. Hong Kong, for example, which is both smaller in geographical area and market size, has six official stores. South Korea, with fifty-two million inhabitants, has also a very high percentage of smartphone users: a whopping 88 per cent compared to a global median of 43 per cent according to a 2016 Pew Research Center report.
So why did it take so long? Apple Korea decline to comment and although there is no definitive answer analysts believe the company was content to sell its phones through local distributors such as e-mart, authorized resellers, and through South Korean carriers.
"Eventually it just became strange that there was no company-owned retail presence in Korea," says Jay Milliken, an Asia regional lead at Prophet, a brand consultancy, "but by the time they opened the store Apple was already doing better from a market perspective."
However, although Samsung, LG, and Apple are competitors, the relationship between the three companies are closer than one might imagine of rivals. Samsung has been a microprocessor, screen, and memory chip supplier to Apple for iPods, iPads, and iPhones. Samsung supplied 100 million OLED displays for the iPhone X's production. As sole supplier Samsung can charge higher premiums, but Bloomberg recently reported Apple might soon be using LG as an alternative supplier.
Samsung recorded a huge profit of $50 billion (Dh184bn) for 2017, a considerable increase from 2016's $27bn. The latter half of 2016 was a tough time for Samsung as the Galaxy Note 7 fiasco cut into the company's profits and reputation. But 2017 was a big rebound as sales of memory chips in servers and mobile devices propelled their profits.
For 2018 memory chips remain the main earner for Samsung, accounting for 75 per cent of operating income, according to analysts. However, for the second quarter of 2018 Samsung has released an earnings guidance report that suggest an end to their seven straight quarters of record operating profit. Analysts believe this is due to sluggish sales of its Galaxy S9 flagship. "The S9 is expected to hit the lowest sales of any flagship model since the S3 with just 30 million units this year,", said Lee Seung-woo of Eugene Investment and Securities, in Seoul's newspaper The Choson Ilbo.
LG Electronics, meanwhile, and their smartphone division, is locked in a battle for second position in Korean market share with Apple. In 2017, Strategy Analytics reckoned Apple had 17.7 per cent to LG's 17.4 per cent, with strong growth for LG in the last quarter of last year. However, they predicted that LG will have an "uphill battle", unless the company could come up with something innovative this year.
Globally LG has been losing money from their mobile business with intense competition in the high-end segment from Samsung and Apple and in the budget segment from Chinese rivals. Overall LG Electronics' other divisions such as home entertainment, TV, and home appliances are faring well, leading to some speculation whether LG may ultimately shed its loss-making smartphone business.
LG and Samsung are members of South Korea's chaebol, large family-controlled conglomerates. These chaebol (whose characters combine "rich" and "clan"), which also include Hyundai, Lotte, SK Group, Hanjin, and Kumho, play a powerful role in Korean politics and society. Together the chaebol had a huge role in the "Miracle on the Han River", a period of rapid development following the end of the Korean war.
Samsung Group, which includes large shipbuilding, construction, life insurance, and advertising companies, is the biggest of these, and over the past decade its largest subsidiary Samsung Electronics accounted for over 14 per cent of South Korea's GDP. The Lee family, who are behind the Samsung Empire, are Asia's second richest family with a fortune of $40.8bn, according to Forbes.
But South Koreans are getting tired of the close relationship between the wealth-controlling chaebol and their politicians. In 2017 Samsung heir Jay Y. Lee was jailed as part of the scandal that ousted South Korean president Park Geun-hye. Park was sentenced to 24 years in prison for abuse of power and corruption in April of this year.
However, Jay Y. Lee, the de facto head of Samsung Group, who was convicted of bribery, was eventually set free after he had his five-year sentence reduced and suspended, leading to public anger. It was not the first time a business leader convicted of corrupt behaviour was treated leniently.
After promises to crack down on corruption and loosening the ties between government and chaebol, the current President of South Korea Moon Jae-in came into power on May 2017. However Moon's attempts to enact reforms have been stymied by his party's lack of a majority in parliament, where many members are still influenced by chaebol.
Across Seoul, from the popular underground mall of COEX, to Yongsan train station, a central transport hub, Samsung has retail stations that promote their flagship handset the Galaxy S9. But among the populace of this gleaming capital more and more are using iPhones, especially among the young, who also seem to be fans of Apple's AirPods. In South Korea change is occurring, but some changes take a little longer than others.
The%20specs
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
COMPANY%20PROFILE
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UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Fixture
Friday, March 29, Abu Dhabi Harlequins v Jebel Ali Dragons, The Sevens, Dubai
Brief scoreline:
Liverpool 5
Keita 1', Mane 23', 66', Salah 45' 1, 83'
Huddersfield 0
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
COMPANY%20PROFILE
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
WIDE%20VIEW
%3Cp%3EThe%20benefits%20of%20HoloLens%202%2C%20according%20to%20Microsoft%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EManufacturing%3A%3C%2Fstrong%3E%20Reduces%20downtime%20and%20speeds%20up%20onboarding%20and%20upskilling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEngineering%20and%20construction%3A%3C%2Fstrong%3E%20Accelerates%20the%20pace%20of%20construction%20and%20mitigates%20risks%20earlier%20in%20the%20construction%20cycle%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20care%3A%3C%2Fstrong%3E%20Enhances%20the%20delivery%20of%20patient%20treatment%20at%20the%20point%20of%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducation%3A%3C%2Fstrong%3E%20Improves%20student%20outcomes%20and%20teaches%20from%20anywhere%20with%20experiential%20learning%3C%2Fp%3E%0A
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
UAE%20Warriors%20fight%20card
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