Biz leaders ask Park to expand summit diplomacy on economy

Korean business leaders on Wednesday requested President Park Geun-hye to engage in more summit-level "economy diplomacy," saying her recent visits to Iran and Mexico were of great help to firms here striving to tap into overseas markets.They delivered the message in a meeting with Park to pool ideas on boosting economic cooperation abroad. More than 300 business leaders attended the session. President Park Geun-hye (Yonhap)They include the heads of five major business lobby groups -- the Korea

May 12, 2016

Kaesong industrial park output reached $3.23 bln in 11 years of operation: white paper

The total value of products churned out from the Kaesong Industrial Complex in North Korea reached $3.23 billion in the 11 years of its operations before it was shut down earlier this year, a report by South Korea's unification ministry said Thursday.The joint factory park that began production in 2005 as part of a deal reached between the leaders of the two countries in June 2000, had been the last remaining economic link between the two countries. On Feb. 10, Seoul announced the closure of the

May 12, 2016

Korea to overhaul R&D system to spur growth

 President Park Geun-hye pledged Thursday to overhaul South Korea’s research and development system, underlining technology as the key strategy for the country’s survival and long-term growth.As part of the implementation plans, an additional research fund of 400 billion won ($344 million) is to be injected into universities over the next two years to give an impetus to research and development. A presidential council on science and technology will also serve as a control tower for the country’s

PoliticsMay 12, 2016

Korean parents spend W130m to pay for child’s wedding

South Korean parents spend an average of 130 million won ($111,618) on their children’s marriages, using more than half of their retirement savings, a report showed Thursday.According to the survey by Samsung Life Retirement Research Center on 1,501 parents with an average of 2.2 children, they spent 125.1 million won in marriage expenses.The amount was double for those with sons who spend on average of 94 million won, while it was 42 million for daughters.Most, or 93 percent, used their savings

Social AffairsMay 12, 2016

Prosecution reveals more details on making of Oxy Ssak Ssak

Sources from the prosecution said they have found more details on how Oxy Reckitt Benckiser had used the toxic ingredient PHMG to produce the problematic humidifier disinfectant. According to the prosecution, Oxy – which was formally renamed Reckitt Benckiser Korea -- had initially used a chemical called Priventol R80 as the main ingredient for Oxy Ssak Ssak until the late ’90s. The inhalation-toxicity test for the chemical proved that it was safe. However, in 2000, the company reportedly decide

Social AffairsMay 12, 2016

Danish firm denies link to toxic humidifier disinfectant

Danish chemical company KeTox -- which allegedly supplied PGH to Korean company Butterflyeffect -- has denied any links to the firm, a civic group working with the victims of toxic humidifier disinfectants said Thursday.The Danish company denied any business deals with Butterflyeffect in a meeting with representatives of the victims in Denmark on Sunday, according to Choi Ye-yong of the Asian Citizen’s Center for Environment and Health.The now closed company’s former CEO Frede Damgaard reportedl

Social AffairsMay 12, 2016

Daesang to introduce ‘mealworm soups’

Despite most people feeling uneasy about eating insects, one particular insect is scheduled to soon debut as a part of a protein-rich meal in South Korea.　Jeong Poong, an affiliate of the Korean general foods company Daesang Group, on Thursday said that it will introduce a series of readymade soups made with protein from mealworms this year.Jeong Poong’s new soups made with mealworms (Jeong Poong)　The new soups are infused with high-concentrate protein extracted from mealworms, the larval form o

IndustryMay 12, 2016

Four Grit expands UX analysis product range to B2C market

The startup Four Grit, a UX (user experience) analysis company founded only six months ago, announced on May 9 that it would be expanding its product range from the B2B (business-to-business) to B2C (business-to-consumer) market.Four Grit (CEO: Tae Joon Park) provides an automated service that analyzes its clients’ web services, searches for a wide range of problems, and provides them with a report of its findings. It not only analyzes key indices such the inflow and purchases of actual users, b

TechnologyMay 12, 2016

Ericsson-LG demonstrates 5G network tech in Korea

Ericsson-LG demonstrated the next-generation network 5G on Thursday. It marked the first time that the network equipment manufacturer had showcased the network in Korea. The 5G network equipment used for the demonstration offered a peak download speed of 26 gigabit per second, around 350 times faster than the current Long-Term Evolution network. “I feel proud of the Ericsson-LG researchers at the Anyang R&D center who are contributing to achieving technical innovation for both Korean and global

TechnologyMay 12, 2016

Seoul shares down 0.13% on tech, auto losses

Korean stocks closed down 0.13 percent on Thursday, dragged down by losses in tech and auto shares, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.61 points to end at 1,977.49. Trade volume totaled 445.99 million shares worth 4.04 trillion won ($3.47 billion), with gainers outpacing decliners 422 to 362. The market started lower in tandem with overnight losses on Wall Street and moved in and out of positive terrain be

May 12, 2016

Korea seeks to host global conferences on development financing

South Korea’s Deputy Prime Minister and Finance Minister Yoo Il-ho said that the government will seek to host annual conferences for the Asian Infrastructure Investment Bank in 2017 and the African Development Bank in 2018.In a meeting with economic-related ministers in Seoul on Thursday, Finance Minister Yoo said this comes as Asia’s fourth-largest economy seeks to expand its presence in international aid and development financing. Finance Minister Yoo Il-ho (Yonhap)“Korea needs to further expa

May 12, 2016

[Consumer This Week] CJ CheilJedang, Dr. Jart+, E-mart, Starbucks, Homeplus, Lotte

CJ CheilJedang launches fruit vinegar to flavor water Korea’s leading food maker CJ CheilJedang has launched a new “water enhancer,” which consists of portable containers of concentrated liquid flavor designed to be mixed with plain water.CJ’s “Petitzel Water POP” enhancer comes in three fruit vinegar flavors — green grape, lemon and mixed berries. CJ’s new product has a vinegar concentration that is eight times higher than conventional fruit vinegar. One 60-ml bottle can produce up to 20 cups (

IndustryMay 12, 2016

Measures needed to soften blows of massive layoffs

The government has been trying to settle differences with the Bank of Korea over how to recapitalize policy banks to finance corporate restructuring.While pledging to pursue a proper policy mix, government officials are keeping pressure on the central bank to directly inject money into two state-run lenders -- Korea Development Bank and Export-Import Bank of Korea. They say a bank recapitalization fund suggested by the BOK head last week will not be speedy and efficient enough to carry forward t

May 12, 2016

Korea's ICT exports dip 14.3% on April

Korea's exports of information communication technology (ICT) goods dropped 14.3 percent last month due mainly to a continued slump in sales of semiconductors and displays, government data showed Thursday.ICT exports reached $12.53 billion in April, down from $14.62 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. LG UHD Display (Yonhap)Exports of ICT goods accounted for 30.5 percent of the country's $41.05 billion worth of overall shipments abroa

May 12, 2016

KIC to team with local firms for overseas investments: chief

Korea’s sovereign wealth fund is willing to team up with local brokerages and asset management firms to invest in overseas infrastructure projects, its chief said Wednesday.The Korea Investment Corp., which manages about $90-billion assets, has rarely cooperated with local investment firms before.“As overseas construction projects are evolving to become large investment projects, customized financial support is all the more necessary now,” Eun Sung-soo, CEO of KIC, said in a meeting with heads o

May 12, 2016

Incheon Airport sees more int’l flyers but fewer transfers

INCHEON -- Incheon International Airport saw a significant increase in international passengers from January to April this year compared to the same period in 2015, but fewer transfer flyers, the airport said Thursday.In the first four months of 2016 over 18.2 million passengers flew internationally through Incheon International Airport, up from 16.5 million last year.  Incheon International Airport (Yonhap)Despite the increased number of flights and flyers, the number of transfer passengers dro

IndustryMay 12, 2016

Hyundai Cement sale expected this year

Hyundai Cement, which has been under a debt workout program, could be put up for sale by creditors as early as next month, sources said Thursday.Creditors of the Korean maker of cement and ready-mixed concrete, led by the state-run Korea Development Bank, plan to seal the deal after the lock-up period on their shares in the company expires at the end of this year.“Although Hyundai Cement is under a debt workout scheme, its business is almost back on track,” an official at one of the creditors sa

May 12, 2016

Hankook Tire picked as supplier for Tesla’s Model 3

Hankook Tire, the country’s largest tire maker, was recently chosen as a supplier for Model 3, the first mass market brand of U.S. luxury electric vehicle maker Tesla, according to local news reports.The news reports said the EV-only tire of Hankook was picked based on the results of a recent performance test conducted by Tesla.  Tesla’s Model 3 EVThe company, however, declined to comment on the deal, mentioning a confidentiality agreement with every client on a contract.Despite the company’s re

MobilityMay 12, 2016