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Saturday, November 25, 2017

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15 December 2009 - 9:00am

THE Korean economy appears to be maintaining its overall improvement trend driven by strong exports and consumption. The growth rate of the mining and manufacturing production index recorded 0.2%, after adjustment for the Chuseok holidays which fell on October this year. The growth rate marked the fourth consecutive month of increase, recording 4.2%.

The production growth rate of the service industry recorded 1.5%, a decrease from the previous month’s record of 4.5%, but still continued to rise for the seventh consecutive month. Sales of consumer goods in October recorded a growth...

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15 December 2009 - 9:00am

IN early December, Samsung Electronics Co., a leading mobile phone provider, unveiled its newest smartphone platform, Samsung bada (bada means “ocean” in Korean) in London. At this unveiling, Samsung showcased the bada SDK (Software Development Kit) for partners.

The electronic giant presented the unique benefits and unprecedented opportunities that the bada platform will bring to developers, mobile operators and even consumers. Mobile handset experts say that Samsung bada is a driving force in accomplishing Samsung’s vision of a ‘smartphone for everyone.’ To achieve this vision,...

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15 December 2009 - 9:00am

IN early December, engineering, procurement & construction contractor, GS Engineering & Construction (GS E&C) was awarded the US$3.11 billion Ruwais Refinery Project from Takreer, a subsidiary of Abu Dhabi National Oil Company (ADNOC), a government-run company of the United Arab Emirates (UAE). GS E&C will construct the Residue Fluidized Catalytic Cracking Unit (RFCC) process, the main process of the project. The amount, US$3.11 billion, is the highest-ever for a Korean builder. The project is in the Ruwais Petrochemical Industrial area 250 km away from Abu Dhabi....

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15 December 2009 - 9:00am

KOREA Electric Power Corp. (KEPCO) signed a memorandum of understanding (MOU) to secure the business rights to the Namakhvani Hydro Electric Power Generation Project with the Georgian Government in Tbillisi in November. This deal is expected to pave the road for KEPCO to enter the European market.

KEPCO and the Georgian Government signed the deal after the Georgian Government agreed to grant the Korean power company the business rights.

The Namakhvani Hydro Electric Power Generation is a project consisting of three dams that make use of water resources from the Caucasus...

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15 December 2009 - 9:00am

KOREA National Oil Corporation (KNOC) signed a contract to acquire Harvest Energy Trust for 3.95 billion dollars (4.07 billion Canadian dollars) on October 22, 2009 in Calgary, Canada. The deal is expected to be completed by the end of December, as steps such as Canadian governmental approval remain. The Korean government and KNOC have promoted M&As of overseas oil developers based on the Plan to Scale Up KNOC from 2008 to 2012, which was established in June 2008 with a budget of 4.1 trillion won. The acquisition is expected to lay the foundation for successful promotion of this plan...

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15 December 2009 - 9:00am

In late November, Hyundai Heavy Industries (HHI) won a US$250 million order for high voltage transformers from South Africa’s state-owned electricity utility Eskom Holdings Ltd. Under the contract, HHI and Daewoo International will supply high voltage transformers to 11 power plants in South Africa until 2019.

“The order has significant meaning. HHI expects to expand its market share in this region through the order. As HHI meets the high technical standards of Eskom, the company could take additional orders in Africa and the Middle East,” an HHI official said.

Furthermore,...

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15 December 2009 - 9:00am

STEVE Gill, President and Chief Executive of HP Korea, held a news conference in early December to announce the 2010 business plan of HP Korea, one of the leading foreign companies doing business in Korea. President Gill became the new President of HP Korea in July.

During the news conference, Gill explained the company’s 2010 business plans and strategies with heads of major business divisions participating. Gill also talked about new business organizations according to the new business plans and strategies. HP Korea announced that its biggest goal in 2010 is to drive growth and...

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15 December 2009 - 9:00am

KANG Duk-soo, the chairperson and CEO of STX Group, received the Gold Tower, also known as the Gold Order of Industrial Service Merit as well as the US$3 Billion Dollar Export Tower, US$500 Million Dollar Export Tower, and the US$200 Million dollar Export Tower for STX Offshore & Shipbuilding, STX Heavy Industries, and STX Enpaco, respectively on November 30 at COEX in Seoul. The selection committee of the Gold Tower, which was hosted by The Korea International Trade Association and sponsored by the Ministry of Knowledge Economy, evaluated STX Offshore & Shipbuilding’s managerial...

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15 December 2009 - 9:00am

BusinessKorea held an interview with Lee Dong-geun, Deputy Minister for International Trade & Investment Policy at the Office of International Trade & Investment under the Ministry of Knowledge Economy to go over Korea’s recent trade status and trade policies.

Korea has been enjoying a trade surplus since February of this year, and it is being forecasted that this will soon reach US$40 billion. Please tell us this year’s actual export and import figures.

The trade surplus until November of this year recorded US$37.8 billion, beating the historical high of...

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15 December 2009 - 9:00am

KOREA International Trade Association (KITA) hosted a ceremony marking Korea’s 46th annual Trade Day at Coex on November 30, with 1,200 attendees, including President Lee Myung-bak and Choi Kyung-hwan, the Minister of the Ministry of Knowledge Economy, as well as key economy persons, and owners and employees of outstanding export companies being recognized at the ceremony. This year’s Trade Day is especially remarkable as Korea was recently ranked among the top 10 global exporting countries, ahead of Russia and Canada and is expected to be ranked among the ninth by the end of the year,...

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