Most Popular
-
1
K-pop group's manager dismissed for setting up spycam in theater dressing room
-
2
Contentious grain bill put directly to plenary meeting for vote
-
3
Why is Apple Pay struggling to get purchase in Korea?
-
4
Will tug-of-war between doctors, government end soon?
-
5
Climate impacts set to cut 2050 global GDP by nearly a fifth
-
6
Trilateral talks acknowledge ‘serious’ slumps of won, yen
-
7
Yoon's approval rating plunges to all-time low
-
8
[Today’s K-pop] BTS pop-up event to come to Seoul
-
9
[Graphic News] More Koreans say they plan long-distance trips this year
-
10
[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
-
Overseas construction orders top $50 bln for 3rd year
Overseas orders won by South Korean builders surpassed $50 billion for the third straight year in 2012, due to increased demand from the Middle East, Latin America and Africa, data showed Monday.Local builders signed deals worth $51.6 billion during the January-November period, up 13 percent from the same period last year, according to the data released by the International Contractors Association of Korea.Still, industry officials said it remained unclear whether the companies could achieve the
IndustryNov. 19, 2012
-
Economy, election force companies to slim down
Korea’s corporate landscape is expected to witness some major pruning as companies, most noticeably the conglomerates, are avidly slimming down amid a deepening economic slump worldwide.Politics, however, also may be playing a part in their downsizing, as major presidential candidates are proposing pledges devised to ensure fair competition ― essentially meaning that conglomerates will face more restrictions to give their smaller counterparts a bigger advantage. The country’s top 10 industrial g
IndustryNov. 18, 2012
-
Black box-installed cars to get insurance discount
South Korea’s insurance companies are to offer a maximum 5 percent discount on insurance for cars equipped with black boxes, according to industry sources on Saturday. Local insurers including Dongbu Insurance, Meritz Insurance, Hanwha General Insurance, LIG Insurance, AXA Direct and Hyundai Hicar Direct decided to give a discount of 5 percent; Samsung Fire & Marine Insurance 4 percent; and Green Non-life Insurance and Ergo Daum Direct 3 percent. The discount for black-box equipped cars was only
IndustryNov. 18, 2012
-
Candidates converge on science policy
The three major presidential candidates may differ on key policies but all believe that Korea’s future depends on science and technology for growth.Their policies in the field converge in many aspects, including plans to revive the ministry for science and technology, as well as increasing support for research and innovation.The Saenuri Party’s Park Geun-hye has the most extensive agenda. An engineering graduate, she prioritizes developing the software industry, supporting start-ups and establis
TechnologyNov. 18, 2012
-
Korean e-procurement system booming worldwide
KONEPS, or Korea Online E-procurement System, is drawing more attention from abroad than ever, the Public Procurement Service said. The Korean e-procurement system provides a convenient one-stop service, enabling users to process all necessary operations for procurement ― registration, bidding, contract, and payment ― together, PPS said. Korea has signed multiple memorandums of understanding with 19 countries worldwide on e-procurement. PPS Administrator Kang Ho-in said, “Exporting KONEPS is an
Nov. 18, 2012
-
Procurement agency leads transparency and digitalization
The Public Procurement Service is paving the way for advanced public procurement policies with innovative ideas based on expertise from more than half a century in service. The centerpiece of its achievements is without argument the digitalization of the public procurement process, according to Kang Ho-in, the agency administrator.But the agency also played a major role in introducing local companies to foreign procurement agencies, in addition to unwavering support for small and medium-sized fi
IndustryNov. 18, 2012
-
Samsung: Apple must reveal HTC settlement over patents
Samsung Electronics Co. asked a court to force Apple Inc. to turn over a copy of its settlement with HTC Corp., saying it’s “highly relevant” to Apple’s request for an order blocking sales of Samsung smartphones.It’s “almost certain” that Apple’s settlement with HTC covers some of the patents at issue in its dispute with Samsung, according to a filing Firday by the Suwon, South Korea-based company in federal court in San Jose, California. The agreement may undermine Apple’s claim that Samsung’s
Nov. 18, 2012
-
Higher won dents small exporters’ biz sentiment
Almost nine out of 10 of the country’s small and medium-sized enterprises believe the rising local currency against the U.S. dollar will result in a weaker bottom line, data showed Saturday.According to a survey of 112 local SMEs by the Korea Federation of Small and Medium Business, 88.2 percent replied the higher won will have an adverse impact on their earnings.The local currency closed at 1,092.20 won against the greenback on Friday, remaining below the 1,100 won mark since Oct. 25, when the
Nov. 18, 2012
-
LGE spends 6% of sales in research
South Korean handset maker LG Electronics Inc. said Saturday it spent more than 6 percent of its earnings on research and development through September of this year in a bid to develop high-end products.The company said it had allocated 2.26 trillion won ($2.08 billion), or 6.06 percent of its sales of 37.4 trillion won earned during in the January-September period, up 1.1 percentage points from a year earlier.Market watchers said South Korea’s No. 2 tech giant increased its research fund to dev
Nov. 18, 2012
-
Shares likely to stay flat this week
The South Korean stock market is likely to be stagnant this week as uncertainties over the U.S. fiscal cliff continue to dent investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index closed at 1,860.83 this week, down 2.29 percent from the previous week, as shares lost ground across the board.Foreign investors went on a selling spree, unloading a net 520 billion won ($476 million) on the main bourse, with retail investors scooping up a net 80 billion won. Institutions pu
Nov. 18, 2012
-
Korea’s exports to Middle East rise 14.1% by October
South Korea’s exports to the Middle East rose 14.1 percent in the first 10 months of the year from a year earlier thanks to strengthened consumption power in the oil-rich region, customs data showed Sunday.According to the data by the Korea Customs Service, shipments of South Korean products to Middle East countries rose 14.1 percent to $30.3 billion in the January-October period, compared with last year’s annual volume of $32.8 billion.However, shipments to the European Union and Japan shrank 1
Nov. 18, 2012
-
Homeplus faces backlash for duplicity
Homeplus, one of the nation’s biggest retailers, faced public criticism as it was found to have registered to open a new store on the day it promised small and medium-sized merchants to refrain from opening new stores. The retailer registered to open a large store in Osan, Gyeonggi Province, on Oct. 22, the same day it announced plans to create a win-win consultation body with small-and medium-sized merchants and other large retailers including E-Mart and Lotte Mart. The Osan city government app
IndustryNov. 18, 2012
-
Samsung Electronics takes largest global TV market share
Samsung Electronics held the biggest share of the global television market in the third quarter this year, U.S. marketing research firm NPD DisplaySearch said Sunday. The affiliate firm of American market research company NPD Group Inc. said that Samsung Electronics rated No. 1 in the July-September quarter by taking a 25.2 percent share in the global flat-screen TV market. According to the same analysis, four types of Samsung TVs ― liquid crystal display, light-emitting diode, plasma display pa
TechnologyNov. 18, 2012
-
Starbucks sees Korea as first priority in Asia
China may be the all-important market for future growth of Starbucks, which is intensifying expansion there. But for now Korea is most important in Asia, said Darrel Kim, director of Channel Business Development Asia Pacific at the world’s biggest coffee chain. “Starbucks senior leadership, starting with CEO Howard Schultz, look at Korea with a very high priority. We have so much growth aspiration here,” the Asian chief of Starbucks Global Consumer Products Group said in a recent interview with
IndustryNov. 18, 2012
-
LG head outlines strategies to battle crisis
LG Group chairman Koo Bon-moo said a time of crisis was the best litmus test for measuring a company’s core competence, calling on LG executives to get through its current rough patch and map out plans for progress in the next year.Maintaining the quality of goods and services, timely investment, developing future technologies and securing the right human resources were the goals that Koo set out for the LG chief executives, who started their annual reports to Koo on this year’s achievement reco
IndustryNov. 18, 2012
-
Fiat faces Brazil challenge as Hyundai threatens profit
Fiat SpA and Volkswagen AG have dominated Brazilian auto sales for years, holding the top two spots. Now, General Motors Co. and Asian rivals are gaining share in a market the European carmakers had been counting on to offset weak demand in their home region.Brazilian auto production capacity will jump 50 percent by 2014 as South Korea’s Hyundai Motor Co. and other carmakers ramp up new factories, according to Brazilian supplier organization Sindipecas. The added potential output, which comes as
MobilityNov. 18, 2012
-
Hyundai-Kia’s market share hits new high this year
Hyundai and Kia brands’ global market share posted a record high in the first three quarters this year, a market research firm said Sunday. According to the U.S.-based JD Power, the nation’s top two carmakers, both owned by Hyundai Motor Group, saw their combined market share reach 8.6 percent this year, up 0.1 percent from the same period last year. Hyundai Motor sold about 3.21 million cars to claim 5.3 percent of global car market, while Kia Motors made up 3.3 percent, selling 2.03 million ca
MobilityNov. 18, 2012
-
Hyundai Motor seeks hybrid cars’ EU market debut
Hyundai Motor Group is mapping out strategies to export hybrid cars to Europe or roll out the fuel-efficient models at its manufacturing factories in the Czech Republic and Slovakia.Its project to advance to the European market reflects group chairman Chung Mong-koo’s instruction to drastically improve the annual production capacity for hybrid vehicles and diversify export destinations.Hyundai Motor and Kia Motors’ hybrid models, which use two or more distinct power sources, are currently being
MobilityNov. 18, 2012
-
KT chairman wins Asia business leaders award
KT Corp. chairman Lee Suk-chae won the 11th CNBC Asia Business Leaders Award in Bangkok, Thailand, on Friday, the mobile operator said on Sunday.The award acknowledges Asian business visionaries with strength, innovation, ingenuity, knowledge and foresight that are especially required for the leaders of today’s global economy. One of the six awardees this year, Lee won the accolade in recognition of his personal involvement in supporting and fostering the next generation of leaders. Lee has beco
TechnologyNov. 18, 2012
-
Kwon ranks fifth in list of top Fortune businesspersons
Samsung Electronics CEO Kwon Oh-hyun was ranked fifth out of 50 CEOs in “2012 Businessperson of the Year” selected by global business magazine Fortune, followed by Google CEO Larry Page who ranked sixth. Fortune evaluated Kwon as a CEO who has successfully run the $149 billion Samsung Electronics empire since June 2012 as the head of component business. “Under Kwon, the Korean company became the second-largest chipmaker in the world. Now the new CEO has to contend with its top customer and compe
TechnologyNov. 18, 2012