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VMWare's CTSO for Networking and Strategy Guido Appenzeller.

Multiple Uses

22 May 2015 - 3:30pm

Guido Appenzeller, CTSO for Networking and Strategy at VMWare, held a press conference on May 21 at the Grand Intercontinental Hotel located in Samsung-dong, Seoul. “Approximately 80 percent of major banks around the world as well as the telecom operators, including AT&T and NTT, are reducing their network costs while enhancing security by means of network virtualization,” he remarked.

Network virtualization can be defined as a technique allowing multiple networks to be used in a single device or a single network device to be used for multiple different purposes. This technique...

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Exponential Growth

24 April 2015 - 4:15pm

Samsung Electronics announced on April 23 that the number of its employees at home and abroad totaled 319,000 as of the end of last year. The numbers were 286,000 in 2013 and 161,700 in 2008.

Samsung Electronics was founded in January 1969 with capital of US$330 million. Last year, its annual sales exceeded 205 trillion won (US$190 billion). The company had had 36 employees at its inception, but the number broke the 100,000 mark in 2004, the 200,000 mark in 2011, and 300,000 last year. In short, the company grew approximately 10,000-fold in 45 years.

Its rapid growth for the...

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The headquarters building of Woori Bank in Jung-gu, Seoul.

Korean Desk

24 April 2015 - 9:15am

Woori Bank (President Lee Kwang-goo) has signed a Business Cooperation Agreement (BCA) with Standard Bank of South Africa for the first time in the domestic industry. It will operate a “Korean Desk” in the local bank's headquarters by the first half of this year.

The Korean Desk is being set up for co-marketing with the local bank before constructing a network of offices or branches in a new country. With the agreement, Woori Bank will send its employees to the headquarters of Standard Bank in Johannesburg and cooperate with the local employees in marketing and local financial...

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The christening ceremony for the Isla Bella was held on April 18 (local time) at the NASSCO shipyard in San Diego.

Isla Bella

23 April 2015 - 6:45pm

The era has come that a liquefied natural gas (LNG) engine is being used in a ship. The world’s first LNG-powered container ship designed by Daewoo Shipbuilding & Marine Engineering (DSME) was unveiled for the first time. DSME announced on April 22 that it held a ceremony to name and launch the 3,100 TEU ship at the NASSCO shipyard in San Diego on April 18 (local time). The ship was christened the Isla Bella.

The container ship was ordered by TOTE, the leading U.S. logistics and transportation company, in 2012. It is the world’s first LNG-powered container ship with an ME-GI...

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President Park Geun-hye poses for a photo with Peruvian President Ollanta Humala in front of the KT-1P after attending the co-production ceremony held in Las Palmas Air Base in Lima, Peru, on April 21 (local time).

S. American Market

23 April 2015 - 6:30pm

Korea’s KT-1P will be produced in Peru for the first time, securing a stepping stone for the country to advance into the South American aircraft market. Korea Aerospace Industries (KAI) announced that it held the delivery ceremony of the first KT-1P on April 22 (April 21 local time) in Las Palmas Air Base in Lima, Peru.

Previously, KAI and the Peruvian Air Force signed a contract for 20 KT-1Ps for an approximate amount of US$200 million (216.66 billion won) in November 2012. This was an event to celebrate the delivery of the nation’s first aircraft among 20 KT-1Ps, which was...

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Thanks Tivoli

23 April 2015 - 6:15pm

Ssangyong Motor announced on April 22 that it sold a total of 32,915 cars – 21,107 units in the domestic market and 11,808 units in overseas markets – in the first quarter.

During this period, the company recorded 760.4 billion won (US$701.93 million) in sales, 34.2 billion won (US$31.57 million) in operating losses, and 31.2 billion won (US$28.8 million) in net losses. Thanks to the launch of its popular Tivoli compact utility vehicle, domestic sales grew 25.7 percent from a year earlier. However, its exports dropped.

Ssangyong Motor attributed the popularity of the Tivoli,...

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High-pressure concrete lifting technology pushes concrete out of a hose after traveling a vertical distance of 309 meters at the construction site of Lotte World Tower in Jamsil-dong on April 21.

High-pressure Tech

23 April 2015 - 6:00pm

Lotte Engineering & Construction announced on April 22 that it succeeded in lifting ultra-high-performance concrete that has a compressive strength of 150Mpa to a vertical height of 309 meters.

On April 21, Lotte E&C shot ultra-high strength 150Mpa concrete higher than 300 meters above the ground on the construction site of Lotte World Tower in Jamsil. A megapascal (Mpa) is equal to 1.5 tons per square centimeter, which is what this special kind of concrete can withstand.

This is the first success in the nation in vertically lifting such ultra-high strength concrete...

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The LG G4's leather back comes in a variety of colors.

Leather vs. Aluminum

22 April 2015 - 11:15am

LG Electronics’ G4 smartphone, which is scheduled to go on sale on April 29, will soon face off against Samsung Electronics’ Galaxy S6. 

LG Electronics is relying upon its high-performance cameras and removable batteries to pull ahead. The G4 is considered superior to Samsung Electronics’ Galaxy S6 in terms of convenience of its cameras and the batteries that consumers frequently use.

The G4 will feature a 16 megapixel rear camera with an f/1.8 aperture and an 8 megapixel front-facing camera, the first in the nation. It will also be the first smartphone with an f/1.8 aperture...

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The Bank of Korea building in downtown Seoul. The building was completed in 1912.

Stable Foundation

22 April 2015 - 11:15am

The Bank of Korea (BOK) said, “Even when the U.S. raises the base rate, the impact on the domestic market will be bearable.”

According to the current situation data submitted to the Strategy and Finance Committee in the provisional session of the National Assembly on April 21, the BOK said, “As Korea has maintained a current account surplus, its basic economic condition is sound. Also, the ability of foreign payments, including the expansion of foreign exchange reserves and the decrease of short-term foreign debts, is improving.”

The current account registered a surplus of US...

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Quality Technology

22 April 2015 - 11:15am

POSCO recorded 15.101 trillion won (US$13.95 billion) in sales and 731 billion won (US$675.29 million) in operating profits in the first quarter.

Due to the slump in the overseas steel and E&C market, its sales slightly decreased compared to the same period a year ago. However, its operating profits remained the same level of the first quarter last year thanks to the sales extension of high-value-added products, including automotive steel sheets, and the profits from the Myanmar gas project.

The company also saw slight growth of business profit rates with 4.8 percent and...

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