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Industrial Restructuring

31 December 2015 - 11:30am
Jung Suk-yee

The government’s specific restructuring plan by industry has been revealed on Dec. 30. When shipping companies lower the debt rates below 400 percent, they will be able to use “shipping funds” worth 1.4 trillion won (US$1.2 billion). It also encourages the petrochemical and steel industries to reduce their production facilities by 30 percent and 40 percent, respectively. If companies keep passing the buck and refusing to reduce, the government will step in. This is actually the ultimatum.

The most notable part is the creation of shipping funds worth 1.4 trillion won (US$1.2 billion...

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Samsung Electronics purchases or cancels its own shares worth a total of 1.8 trillion won (US$1.56 billion) or so for three months from July 29.

Huge Licensing Profits

31 December 2015 - 10:30am
Cho Jin-young

Advanced Micro Devices (AMD) has decided to produce its graphics processing unit (GPU), which is to be released from next year, in the GlobalFoundries’ (GF) semiconductor foundry using 14nm FinFET process, and Samsung Electronics is expected to make huge licensing profits from it. This is because Samsung actually owns GF’s 14nm FinFET technology.

According to industry sources on Dec. 30, AMD is planning to manufacture its next-generation GPU “Greenland” at GF from the second quarter next year. As AMD’s first GPU to be built on the 14nm FinFET process, Greenland is the current best...

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Cross-shareholding Interception

31 December 2015 - 10:30am
Jung Suk-yee

The Fair Trade Commission (FTC) has ordered Hyundai Motor Group to resolve its cross-shareholding ties derived from an intra-group merger and acquisition (M&A) between its two steelmaking units, after Samsung.

According to the FTC on Dec. 30, it has ordered Hyundai Motor Group to cut cross-shareholding chains, which had strengthened in the merger of Hyundai Steel Co. and Hyundai Hysco, on Dec. 24. The FTC told the group to sell 8.81 million shares that it holds in the unified Hyundai Steel.

On the same day, the FTC also called on Samsung to resolve cross-shareholding ties...

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Four photos are stitched together to show Lotte World Tower practicing its light show for the New Year's celebration.

Luminal Art Show

31 December 2015 - 10:15am

Lotte World Tower, the tallest building in both Koreas, will hold an event for the New Year’s Eve countdown.

Greeting the Year of the Monkey, Lotte Corporation is hosting the “2016 Lotte World Tower New Year Twist Show,” creating a scene with LED lighting installed from the 13th floor to 100th floor of the building.

As the second part of “Lotte LumiArt Show,” which took place from Dec. 19 to 25, it is the first New Year’s Eve countdown video show to be held in Lotte World Tower. Starting with the New Year’s Eve countdown light show created by Marc...

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Main page of the “K-Books” application.

Mobile Tour App

31 December 2015 - 10:15am
Jung Min-hee

The Korea Tourism Organization has updated its mobile-based Korea tourism promotion application in foreign languages. The app is called “K-Books.”

K-Books is a free app that provides Korea tourism promotional materials in foreign languages in the form of e-books on tablet PCs and smartphones, using the latest Information & Communication Technology (ICT).

In addition to a guidebook, tourist map and other tourism materials in foreign languages with themes of food, shopping, accommodations, culture and MICE produced by Korea Tourism Organization, the app includes other...

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The Kaguya lunar probe.

Space Development

31 December 2015 - 10:00am
Cho Jin-young

The government held the 22nd Space Development Promotion Working Committee, under the chairmanship of the First Vice-minister of Science, ICT and Future Planning Lee Seok-jun, at the Government Complex Gwacheon on Dec. 30. There they deliberated and voted for the “Stage 1 Lunar Exploration Development Plan.” In a bid to reduce the trial and error associated with the nation’s first lunar exploration and strengthen its space exploration technology competence, it will also promote technological cooperation with the United States National Aeronautics and Space Administration, or...

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Korean Air supplied snow tracks, which are essential for the test events of PyeongChang 2018 Winter Olympic Games, at no cost.

Contributions to Winter Olympics

31 December 2015 - 10:00am

Korean Air is providing more active support for the successful hosting of the PyeongChang 2018 Winter Olympic Games. The company transported snow tracks, which are the essential equipment for test events of the PyeongChang 2018 Winter Olympic Games, at no cost, through a KE286 freighter that left Toronto Pearson International Airport on Dec. 24 and arrived at Incheon International Airport on Dec. 25.

Korean Air transported a total of 42 snow tracks, enough for nine tractors. The total weight came to about 16 tons and the transportation cost reached nearly 70 million won (US$59,676...

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Internet Leader

30 December 2015 - 11:00am
Cho Jin-young

Korea has ranked first in the world for seven quarters in a row in terms of average Internet speed and broadband Internet (at least 10 Mbps) penetration rate alike.

According to network service provider Akamai Korea’s report released on Dec. 9, Korea recorded an average Internet speed of 20.5 Mbps in the third quarter of this year, retaining the top spot for the seventh consecutive quarter, although the speed decreased by 11 percent from a quarter earlier and 19 percent from a year ago.

Korea was followed by Sweden (17.4 Mbps) and Norway (16.4 Mbps). The world average...

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Middle Eastern Success

30 December 2015 - 11:00am
Cho Jin-young

LG CNS established LG CNS Uzbekistan in April this year. Since then, the local corporation has signed contracts worth approximately 25 billion won in the three fields of database business for individual and corporate customers, integrated platform business and IT infrastructure improvement at educational facilities.

At present, LG CNS Uzbekistan is working on contracts worth a total of 127 billion won (US$108 million), including those related to digital libraries, tax management services, kiosks for civil petitions, national geographic information and portals for the central and...

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The Okpo Shipyard in South Korea.

Crucible Times

30 December 2015 - 10:45am
Jung Min-hee

According to Clarksons Research, the Okpo Shipyard of Daewoo Shipbuilding & Marine Engineering (DSME) and the Geoje Shipyard of Samsung Heavy Industries recorded order backlogs of 8.244 million CGT (126 ships) and 5.032 million CGT (90 ships) as of the end of last month, respectively, ranking first and second in the world.

The Ulsan Shipyard of Hyundai Heavy Industries fell one notch to third by recording 5.002 million CGT (104 ships), although Hyundai Heavy Industries had exceeded Samsung Heavy Industries by a margin of no less than 210,000 CGT at the end of October.

...

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