Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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Samsung, BMW to partner on batteries, software
Samsung president Lee Jae-yong in Germany to meet executives at BMW, SiemensSamsung Electronics Co. will partner with BMW to combine more of its technology with the German vehicles’ battery and in-car software, Samsung said on Wednesday. A team of Samsung executives led by CEO Lee Jae-yong left for Munchen earlier in the day for a series of meeting with counterparts at BMW and Siemens, including Norbert Reithofer, CEO of BMW, according to Samsung.“COO Lee had a meeting with Dr. Reithofer and bot
IndustryFeb. 29, 2012
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Standard Chartered avoids labor strike
Bank and union agree on pay raise, creation of task force on other issuesStandard Chartered Bank Korea has reached a compromise with its union on a wage hike, though there are still unsettled aspects to their talks.The two sides agreed to pay raises of 2 percent and 4.1 percent for 2010 and 2011 salaries, respectively, late Tuesday.Their talks on the salary hike have continued over the past two years amid the possibility of a general strike of unionized workers.They also tentatively compromised
Feb. 29, 2012
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Fukushima contamination 'chronic and lasting': French agency
Radioactive contamination levels from Japan's crippled Fukushima nuclear plant have fallen sharply since the accident but will be "chronic and lasting" for many years, a French watchdog said Tuesday."The initial contamination linked to the accident has greatly declined," Didier Champion, crisis mana
TechnologyFeb. 29, 2012
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US Navy getting close on making super-powerful gun
A super-powerful gun that shoots rounds more than 100 miles (160 kilometers) away _ at several times the speed of sound _ is being developed for Navy warships.The weapon is known as an electromagnetic railgun. It consists of parallel rails and uses a magnetic field and electric current, instead of c
TechnologyFeb. 29, 2012
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Is the pen mightier than the finger?
Samsung, LG unveil stylus devices at Barcelona mobile fairBARCELONA, Spain ― At the Mobile World Congress in this Barcelona, tech geeks from around the world were often spotted checking out new gadgets at the exhibition booths of Samsung and LG. They were tackling something believed to have died off in the tech scene ― writing with a stylus. Both Korean tech giants had unveiled stylus devices as new strategic products on Monday with the opening of the telecom industry’s largest trade show. Inste
IndustryFeb. 29, 2012
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KCCI advises companies to cut prices in U.S. market
The Korea Chamber of Commerce and Industry advised Korean businesses to preemptively lower prices in the U.S. market to make good use of the free trade agreement with the world’s largest economy, which goes into effect on March 15.“The United States is our second largest export market after China, but it is actually the most important strategic point for exports,” the KCCI said in report released Tuesday.“Korean businesses should take the FTA as an opportunity to raise their U.S. market share ―
Feb. 28, 2012
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Trade balance swings to deficit
Korea’s trade balance swung to a deficit in January for the first time in nearly two years on falling demand from Europe, underscoring concerns about how sharply the trade-dependent economy is hurt by external risks.The country’s current account posted a deficit of $772 million in January, logging the first monthly loss since February 2010, from a revised surplus of $2.8 billion in December, the Bank of Korea said on Tuesday. The drop in exports has been exacerbated by economic turmoil in Europe
Feb. 28, 2012
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KT gearing towards globalization of NFC service
Firm jointly features NFC roaming coupon service with DoCoMo in BarcelonaBy Cho Ji-hyunKT Corp. announced Tuesday that it will launch the near field communication roaming coupon service for the first time together with Japan’s NTT DoCoMo beginning in April.Demonstrating the NFC coupon service at the Mobile World Congress in Barcelona, the firm said owners of its NFC mobile phones will be able to download discount coupons by placing their handsets on smart posters or reading the QR codes displaye
IndustryFeb. 28, 2012
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Kia reveals K9 design
Kia Motors unveiled the exterior design of the K9, a luxury premium sedan, on Tuesday.“Its design features futuristic and high-end technology,” the company said in a statement. The car will officially be launched sometime before July.The sedan, which is expected to compete with Hyundai Motor’s Equus and Genesis sedans in sales, is an upper series of Kia Motors’ K7 and K5 sedans. K9 is the latest product of Kia’s evolving design approach, carrying its signature radiator grille, bold “high-tech lu
MobilityFeb. 28, 2012
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Samsung’s biosimilar joint venture officially takes off
Samsung Group said Tuesday that a joint venture has been established between its affiliate Samsung Biologics and U.S.-based Biogen Idec to develop, manufacture and market biosimilars.Named Samsung Bioepis Co., the new company will be headed by Samsung’s Ko Han-sung, who served as the senior vice president of Samsung strategic business development unit.With Samsung Biologics investing 85 percent for the joint venture and the remaining amount injected by its U.S. partner firm, the research and dev
IndustryFeb. 28, 2012
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Investments in overseas securities down 16%
Korean investments in overseas securities dropped around 16 percent in 2011 from a year earlier as overseas stock investments by asset managers declined amid increased market instability, the central bank said Tuesday.Institutional investors’ stakes in foreign stocks, bonds, and so-called Korean Paper reached an outstanding $58.2 billion as of the end of last year, down $11.4 billion from a year earlier, according to the Bank of Korea.Korean Paper refers to foreign-currency-denominated securitie
IndustryFeb. 28, 2012
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DSME wins offshore platform order
Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Tuesday that it has won a $560 million deal to build a part of an offshore oil production platform.Under the contract with Dong E&P A/S of Denmark, Daewoo Shipbuilding will deliver the topside of the platform by April 2014, the company said in a statement.Daewoo Shipbuilding said France’s Technip will also participate in the project.So far, Daewoo Shipbuilding has won deals valued at around $760 million to build nine
IndustryFeb. 28, 2012
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Samsung Engineering bags Thail facility order
Samsung Engineering Co., a leading South Korean industrial plant builder, said Tuesday that it has won a $60 million order to build an industrial facility in Thailand.The contract reached with the state-run Public Company Ltd. calls for Samsung Engineering to build an electricity and steam supply unit for a gas ethane separation plant at Rayong’s Map Ta Phut industrial complex in the eastern part of the country. Under the deal, the South Korean company will set up a 25 megawatt gas turbine gener
IndustryFeb. 28, 2012
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Hyundai’s Sonata sees steady sales in China
HONG KONG (Yonhap News) ― Korea’s leading automaker Hyundai Motor Co. said Tuesday sales of its YF Sonata sedan are growing steadily in China, boosted by rising demand for mid-size cars in the world’s No. 2 economy.Hyundai Motor said 8,006 units of the YF Sonata were sold in China last month, becoming China’s sixth-most-sold intermediate sedan. A total of 72,065 units of the YF Sonata were sold in China last year, topping the 70,000-mark in eight months of its April release. It was comparable to
IndustryFeb. 28, 2012
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LG showcases world’s first LTE video-voice call
BARCELONA, Spain ― LG Electronics showcased the world’s first video and voice call using a fourth-generation Long Term Evolution network at the Mobile World Congress in Barcelona on Monday. Despite the fast filtration of LTE smartphones in Korea and globally, callers have had to make phone calls using the third-generation network while using LTE for data. Telecom carriers and handset makers are working on the voice-over-LTE, which allows voice calling and a short message service based on the imp
IndustryFeb. 28, 2012
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Sales of imported premium beer swell
Local brewers expand imports of Japanese beers to raise profitabilitySales of imported premium beer are on the rise with a growing number of young consumers preferring foreign beers to domestic brands, prompting Korean brewers to pump up imports of Japanese brands.About 45 million liters of imported beer was sold in Korea last year, up 11 percent from a year ago. Japanese beer was the most popular with 18,252 tons worth $12.35 million sold, followed by Dutch (9,509 tons worth $10.92 million) and
IndustryFeb. 28, 2012
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KESI checks elevator safety at Indian plant
The Korea Elevator Safety Institute said it had conducted an elevator safety check-up at the 1.5 trillion won ($1.2 billion) thermal power plant under construction by Doosan Heavy Industries & Construction in India.The inspection in India’s western port town was completed Tuesday.The institute is also running elevator safety projects with Russia, Germany, China, Vietnam and Mongolia.“India is the world’s second largest elevator market,” said KESI president Kong Chang-seug.“Starting the Indian pr
IndustryFeb. 28, 2012
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Banking sector dominated by a few players: data
Korea’s banking industry is dominated by the country’s top five banking groups as they fiercely vie to inflate their assets through a series of mergers and acquisitions, industry data showed Tuesday.According to the data compiled by the Financial Supervisory Service, the country’s top five players ― Woori Finance Holdings Co., KB Financial Group Inc., Hana Financial Group, Shinhan Financial Group, and National Agricultural Cooperative Federation (Nonghyup) ― accounted for 71.4 percent of the ban
Feb. 28, 2012
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KEPCO completes coal plant in Jordan
Korea Electric Power Corp. has completed its coal-fired power plant in Jordan with a capacity of 373 megawatt, the state-run utility said Tuesday.A consortium led by Korea’s sole power grid operator in July 2008 grabbed the deal worth $460,000, the company’s first in the Middle East. Under the contract, KEPCO will keep a 25 percent stake in the facility for the next 25 years and its affiliate Korea Southern Power will maintain and operate it. The Jordanian government will provide a payment guara
IndustryFeb. 28, 2012
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Asan Nanum launches venture capital fund
The Asan Nanum Foundation, a charity set up by Hyundai Heavy Industries and its affiliates, said it launched on Tuesday a venture capital fund to help young entrepreneurs.Hyundai Heavy and its affiliates together will channel an additional 100 billion won ($88.8 million) into the fund, the shipbuilder said. Three companies ― KCC, Korea Flange and Hyundai Department ― have joined the initiative. The fund will be operated in consultation with industry experts and angel investors, the company added
IndustryFeb. 28, 2012