Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hankook Tire takes over control of Hanon Systems
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profile-Khang
profile-KhangKhang Sung-wook profile- Took office as chief executive of GE Korea in January 2012.- Worked at Cisco Systems as president for enterprise and commercial business in Asia Pacific from October 2002 to December 2011.- Served as general manager of enterprise systems group at Hewlett-Packard Korea, managing director of Compaq’s Korean operations and regional managing director for Tandem Computers’ East Asia operations between 1990 and 2002.- Started his career as system engineer at IBM i
IndustryApril 3, 2012
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GE Korea seeks mutual growth, greater recognition
CEO aims to reinforce ties with Korean government, businesses, schoolsThe Korean arm of General Electric, launched in 1976, sees mutual growth with local businesses through the sharing of technologies and management know-how as one of its key missions. Khang Sung-wook, who took office as the chief executive of GE Korea in January, has vowed to invigorate cooperation with hundreds of local partner firms, build new alliances and boost the company’s reputation.“GE Korea is a sizeable company with s
IndustryApril 3, 2012
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Builders’ overseas orders rise 6 percent in March
Overseas construction orders won by South Korean companies rose 6 percent in March from a year earlier, helped by large building contracts secured in the Middle East and South Asia, data showed Tuesday.The data by the Ministry of Land, Transport and Maritime Affairs showed local builders signed deals totaling $5.5 billion last month, compared with $5.2 billion a year earlier.Last month’s gain comes after orders dropped sharply in January and February of this year, which raised alarm bells in the
April 3, 2012
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Korea’s foreign reserves hit record high in March
South Korea’s foreign exchange reserves soared to a fresh high in March due mainly to increased gains from asset management, the central bank said Tuesday.The country’s foreign reserves reached a record high of $315.95 billion at the end of last month, up $150 million from February, according to the Bank of Korea.The previous record was $315.8 billion set in February this year. Asia’s fourth-largest economy saw its foreign reserves surpass the $300 billion mark for the first time in April 2011 a
April 3, 2012
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High-frequency trading has room to grow in Korea: expert
Korea is ripe for high-frequency trading, according to one expert who led a workshop on the subject in Seoul last week. The Speed Traders Workshop took place on Wednesday in Gangnam, covering strategies for high-frequency trading, regulation, the future of the practice and other concepts. High-frequency trading refers to the use of sophisticated technology, allowing for the execution of millions of securities trades per second.The workshop was led by Edgar Perez, author of “The Speed Traders: An
April 3, 2012
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Banks to tighten lending to SMEs, households in Q2
Korean banks are expected to further tighten their grip on loans to small and medium enterprises and households in the second quarter due to their increased credit risks stemming from the eurozone debt crisis and other uncertainties, the central bank said Tuesday.Based on the results of a survey on 16 banks, the Bank of Korea said the index measuring their lending attitude came in at three for the April-June period, compared with seven registered in the previous quarter.The reading marked the lo
April 3, 2012
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Smithsonian showcases replica of monster snake
A prehistoric monster snake the length of a school bus, which probably fed on supersized turtles and crocodiles, has made its way to the Smithsonian Institution for an exhibit opening Friday. A boy stands next to a life-size replica of Titanoboa at Smithsonian museum. (Bloomberg)The National Museum of Natural History is featuring a life-size replica of Titanoboa along with a cast of its large vert
TechnologyApril 3, 2012
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Spy robot can jump 30 feet straight up
The U.S. Army has tested a reconnaissance robot that can jump 30 feet into the air, high enough to vault into a second story window, its maker says.(YouTube)Developed by Massachusetts firm Boston Dynamics, with U.S. Army funding, the tiny robot -- looking something like a radio-controlled model car minus its body -- can stop, stand up and launch itself with a CO2-powered piston, The Christian Scie
TechnologyApril 3, 2012
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Flying car gets closer to reality with test flight
Flying cars aren’t just science fiction anymore.Woburn, Massachusetts-based Terrafugia Inc. said Monday that its prototype flying car has completed its first flight, bringing the company closer to its goal of selling the flying car within the next year. The vehicle -- dubbed the Transition -- has two seats, four wheels and wings that fold up so it can be driven like a car. Last month, it flew at 4
TechnologyApril 3, 2012
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Samsung Electronics to build semiconductor plant in central China
Samsung Electronics Co., the world's largest memory chipmaker, announced Monday it will build a semiconductor plant in central China as part of its move to diversify production.The company said it will initially inject US$2.3 billion to build the plant in Xian, China. It added that up to $7.0 billion could be poured into the project in the coming years, making the plant Samsung's single largest ov
April 2, 2012
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Samsung to build chip plant in Xian
Samsung Electronics said Monday that it picked China’s Xian, Shaanxi province to build its second overseas NAND Flash production plant.With initial funding of 2.3 billion won ($2 million) for construction, the firm plans to begin producing 10-nano NAND Flash at the plant starting in the latter half of next year, according to company officials.The 10-nano NAND Flash memory chips are planned to be manufactured at the firm’s Korean plant in June.Samsung also plans to spend up to 7 billion won to co
IndustryApril 2, 2012
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POSCO steel mill project in India hits snag as approval suspended
POSCO’s envisioned $12 billion steel mill project in India hit another snag as the country’s environmental panel suspended the approval given to the construction plan that has dragged on for seven years.The ruling by India’s National Green Tribunal, after considering a public petition, said the Environment Ministry should reassess the conditions on which environmental clearance was granted to the project last year, Environment Minister Jayanthi Natarajan said Friday in New Delhi. Natarajan said
IndustryApril 2, 2012
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Carmakers post sagging sales at home
Four out of the five major automakers suffered a year-on-year drop in sales in the local market in the first quarter of 2012 amid sluggish private consumption.Hyundai Motor saw its sales at home post 154,855 units in the first quarter, down 7.1 percent from 166,749 units over the same period in 2011.For March sales, the nation’s largest automaker reported a 9.5 percent drop with 56,022 units at home, compared with 61,932 units a year earlier.By contrast, its exports, including production at over
MobilityApril 2, 2012
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SK Group’s Chey tells forum about importance of social enterprises
SK Group chairman Chey Tae-won on Monday proposed sharing knowhow on social enterprises with Chinese partners on the sidelines of an international economic forum held in China’s province of Hainan.Chey spoke about SK’s experiences in supporting social enterprises during a breakfast meeting of about 40 Chinese politicians, government officials, businessmen and academics hosted by the conglomerate before the official opening of the Boao Forum for Asia. Chey underscored the importance of social ent
IndustryApril 2, 2012
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Samsung CEO urges workers to halt unfair trade practices
Samsung Electronics’ chief executive Choi Gee-sung stressed Monday that the firm must rule out practices that go against fair trade and competition.In a quarterly in-house broadcast, the company’s vice chairman said a law-abiding business operation was the core value of the nation’s top conglomerate and also the way to maintain order in the market.“We also must take a step further with our partner firms by not only giving them financial support funds but encouraging them to take part in new tech
IndustryApril 2, 2012
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Samsung Display launch signals change in global display business
Samsung Display announced its new beginning and signaled a change in the global display industry as it held a launching ceremony in its plant in Tangjeong, South Chungcheong Province on Monday.Headed by new chief executive Park Dong-gun, the spin-off of the electronics arm’s liquid-crystal unit will start its business, which recorded accumulated yearly sales of 22.7 trillion won last year, with about 20,000 employees.Park, who formerly served as the executive vice president of LCD businesses, em
IndustryApril 2, 2012
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Hyundai Heavy, Magna E-Car to create electric car battery JV
Hyundai Heavy Industries is venturing into the lithium-ion battery market for electric cars, hoping to bask in the soaring demand for long-range, environmentally friendly next-generation vehicles.The world’s largest shipyard said it clinched an agreement Monday with Canadian auto parts maker Magna E-Car Systems to launch a $200 million joint venture. The Korean company would take a 40 percent stake and the Ontario-based firm the remainder. Magna E-Car is another partnership between Magna Interna
IndustryApril 2, 2012
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Shares rise on upbeat data
South Korean stocks finished 0.76 percent higher on Monday largely due to upbeat economic data from China and an upgrade in South Korea’s rating outlook, analysts said. The local currency rose against the U.S. dollar. The benchmark KOSPI advanced 15.25 point to close at 2,029.29. Trading volume was moderate at 405 million shares worth 4.28 trillion won ($3.95 billion) with gainers outpacing 472 to 330.“China’s economic data eased concerns over a global economic down,” said Kim Byung-yun, an anal
April 2, 2012
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Korea’s CDS premium drops on eased eurozone crisis
The cost of insuring South Korea’s sovereign debt against default has dropped on the back of eased eurozone debt woes and increased hopes of the U.S. economy recovering, data showed Monday.The credit default swap premium on South Korea’s foreign currency bonds with five-year maturities reached 125 basis points on March 30 on the New York market, down 11 basis points from a month ago, according to the data by the Korea Center for International Finance. A basis point is 0.01 percentage point.On Ma
April 2, 2012
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Households’ debt burden jumps
The debt service burden of South Korean households rose sharply last year, as their debt payments increased amid high inflation, the country’s central bank said Monday.The so-called household debt service ratio, an estimate of the ratio of debt payments to disposable personal income, stood at 12.9 percent last year, compared with 11.4 percent a year earlier, according to the Bank of Korea.“The DSR for all households, excluding the ones in the highest income bracket, rose by two or three points l
April 2, 2012