On September 4, the South Korean government held a meeting presided over by Minister of Oceans and Fisheries Kim Young-Suk and attended by nine ministries in order to increase the number of ports of call for national flag carriers so that the maritime logistics-related problems attributable to the r
It has been found that South Korea ranked second among major countries in terms of the ratio of the income of the top 10% of the population to that of the entire population.The National Assembly Research Service of South Korea announced on September 4 that the ratio amounted to 44.9% in 2012 in the
Amid Samsung Electronics’ big decision to recall all of 2.5 million units of the Galaxy Note 7 after finding that their batteries are faulty, the smartphone industry is concentrating their attention on what impact the decision will have on the Korean tech giant in the future. Foreign news media l
With the latest summit talks between Russian President Vladimir Putin and South Korean President Park Geun-hye, Korean companies have succeeded in winning Russia’s three largest projects worth 6 trillion won (US$5.37 billion), such as construction of fertilizer plants and ships and provision of tech
SK Innovation launched the corporate PR ad “Big Picture of Innovation” via SNS. The number of its views surpassed 10 million. On September 1, this ad video surpassed 10 million views in total -- 6,130,000 views on Facebook and 3,890,000 views on YouTube – in two months since debuting on July 1. This
Daewoo Shipbuilding and Marine Engineering (DSME) is going ahead with a measure to collect US$800 million in cash of US$ 1 billion the company should receive from Sonagol, a government-run petroleum company of Angola and the remaining amount in stocks. It is a kind of a desperate measure for DSME to
Kakako will a second legal battle with the nation’s top online game developer NHN Entertainment Corp. on the 8th over a patent infringement of “friend application programming interface,” or friend API.Kakao Corp., South Korea’s biggest instant messaging service provider that seeks to expand its mobi
Samsung C&T announced on September 1 that it exercised a put option with respect to its shares in Balkhash Thermal Power Plant (BTPP) in Kazkhstan. BTPP is a company for business purposes serving the purpose of Balkhash Thermal Power Plant construction and relevant business operations.“In compliance
On September 1, the stock price of Samsung Card rose by 15.03% to close at 50,900 won per share. The price, which remained below 50,000 won per share for the past two months, began to rise in the morning of that day and reached a 52-week high of 53,200 won per share during that trading session. Shin
It has been found that the total exports from South Korea rebounded in 20 months last month. Nevertheless, negative variables still remain in the form of the probability of an interest rate hike in the United States, receivership of Hanjin Shipping, strike on the part of Hyundai Motor Company, etc.T
The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science, ICT and Future Planning (MSIP) announced on September 1 that a Korean small firm, Hans ENG Corporation, succeeded in developing an oil skimmer that can quickly collect offshore oil spills using nanotechnology. An oil ski
The traditional slow month of August, coupled with labor strike, saw domestic automakers’ domestic sales sharply drop.According to Hyundai Motor on August 1, their domestic sales slid 17.6% to 42,112 units from a year before. In particular, Hyundai Motor inked drops in sales of all kinds of passenge
South Korea’s state-owned nuclear power company Korea Hydro & Nuclear Power (KHNP) will resume the construction of Khmelnytsky nuclear reactors in Ukraine, which was halted 26 years ago.KHNP announced that it has signed a memorandum of understanding (MOU) with Ukraine's National Nuclear Energy Gener
Since its official release on Aug. 19, the Galaxy Note 7 has sold out quickly with preorders exceeding 400,000 units. But recently there have been reports both in Korea and abroad, claiming that the phone explode when charging.On Sept. 1, some of the major news outlets in Korea report that Samsung E
Eland, South Korea’s apparel retail giant, is shifting its business strategy from B2C to B2B as part of its efforts to improve its financial soundness after aggressive pursuit of an M&A strategy. It is the part of the shift that the company recently teamed up with local small medium enterprises (SME
South Korea’s biggest steelmaker POSCO Co. has established an automotive steel plate production line with an annual output of 450,000 tons in Thailand, the largest car producing country in Southeast Asia. Thailand is an automobile production hub of Southeast Asia in which the manufacturing lines of
On August 31, the South Korean government held a conference at the Incheon Business Information TechnoPark (IBITP) located in Yeonsu-gu, Incheon City. It announced a plan to overhaul bonded factory-related rules and systems at the meeting presided over by Prime Minister Hwang Kyo-ahn. Such an overha
The Ministry of Science, ICT & Future Planning announced on August 31 that a Korea Polytechnic University research team led by professor Yoon Won-soo developed a 3D bioprinting system for producing medical products by the use of biomaterials and developed a preparation for medical use for tissue reg
Samsung Electronics has maintained its number one position in the world TV market for ten years. The electronics giant will unveil its next TV model, a Quantum dot light emitting diode (QLED) TV which the company expects to lead the TV market for the next ten years. According to the TV industry on A
LG Electronics will accelerate its invasion of the European premiums market with Centum System home electronics products with 20-year warranties. The electronics giant announced on August 31 that they will launch a Centum System refrigerator and drier in the European market following a Centum System