South Korea’s exports were less than analysts forecast in March, sliding 1.4 percent from a year earlier on weakness in global demand.Imports fell 1.2 percent, leaving a trade surplus of $2.3 billion, the Ministry of Knowledge Economy said in an e-mailed statement today. The median estimate in a Bloomberg News survey of 13 economists was for a 1.3 percent gain in exports.Signs that Europe’s debt c

April 1, 2012

Google is teaming with Asia-based hardware makers on a low-priced, 7-inch tablet computer to challenge offerings by Amazon.com and Apple, reports said Thursday. The Sony’sTablet P, which runs on Google Inc.`s Android operating system. (Bloomberg-Yonhap News)Android software backed by the California Internet giant will power hardware built by partners including Samsung and Asustek to compete with i

IndustryApril 1, 2012

LG Display’s mass produced plastic e-paper could boost the global e-book market.On Thursday, LG Display said it began mass production of a plastic e-paper that is half the weight and one-third the thickness of existing glass-based displays.This makes it possible for more portable e-books, as it can be bent up to 40 degrees. The displays also do not break easily, and can be safely dropped from 1.5 meters, according to LG Display officials.Maintaining a thickness of 0.7 millimeters and a weight of

IndustryMarch 30, 2012

Doosan Corp. chairman Park Yong-maan was elected as chairman of Doosan Group at a shareholders’ meeting Friday.The 57-year-old businessman is the fourth son of first group chairman Park Too-pyung. He will replace Park Yong-hyun, the current group chief and the founder’s third son. “Chairman Park Yong-maan will preside over the overall group strategy as the new chief, taking over the responsibilities of Park Yong-hyun,” the group said in a statement. The decision came as chairman Park Yong-hyun r

IndustryMarch 30, 2012

Hyundai Motor Co.’s Solaris sub-compact was named the 2012 Annual National Prize Car of the Year by Russian consumers, South Korea’s largest carmaker said Friday.The vehicle, which is the local name for Hyundai’s popular Accent, was picked as both car of the year and best model in the small vehicle segment by 1.5 million consumers who took part in a nationwide vote.The award ceremony hosted by the country’s automotive media including Automir was held on Thursday in Moscow.Hyundai said its Solari

MobilityMarch 30, 2012

Woori Financial Group chairman Lee Pal-seung said the group would seek mergers and acquisitions in the non-banking sector and the state-controlled group’s privatization concurrently.“Though it (the non-banking unit M&A) may be desirable after we complete the privatization, the best timing for M&As is now,” Lee told reporters Friday.Lee reiterated his resolution to take over at least one financial company in the non-banking sector such as insurance and credit card, as he said that the “financial

March 30, 2012

POSCO, the world’s third-largest steelmaker, said Friday that it will achieve 200 trillion won in sales and expand into the global top 100 companies by 2020.POSCO CEO Chung Joon-yang unveiled a new corporate vision on the day, marking the 44th anniversary of the company’s foundation at its headquarters in Pohang, North Gyeongsang Province. Last year, South Korea’s largest steelmaker ranked 161st with 60 trillion won in 2010 sales in the U.S. business magazine Fortune’s “Global 500 List.” “I appr

IndustryMarch 30, 2012

SK Hynix, the world’s No. 2 memory chipmaker, said Friday that it would take part in the bid for Japan’s bankrupt dynamic random access memory maker Elpida Memory.The Korean firm submitted a preliminary bid for Elpida, which filed for bankruptcy protection in Japan, to Nomura Securities, sources said.SK Hynix also confirmed the bid submission in a regulatory filing later in the day, stating that it would finalize its decision after conducting due diligence in the future.“We reached a decision to

IndustryMarch 30, 2012

Top 10 conglomerates agree to implement the non-binding guidelines from AprilThe nation’s antitrust watchdog announced Thursday a set of new guidelines for top-tier companies to share more business opportunities with smaller firms through competitive bidding and fair contracts. According to the Fair Trade Commission and company officials, the nation’s top 10 groups have already agreed to refrain from in-house transactions starting in April even though the new regulations are not legally binding.

IndustryMarch 29, 2012

Samsung Electronics chairman Lee Kun-hee held a meeting with Hungarian President Pal Schmitt, who is also an International Olympic Committee member, in Seoul Wednesday evening.The dinner meeting came about eight months after Lee met with Schmitt at the IOC conference held in South Africa. Schmitt accepted the invitation while making a visit to Korea to join the Seoul Nuclear Security Summit, which successfully wrapped up its two-day schedule on Tuesday.Lee Jae-yong, president of Samsung Electron

IndustryMarch 29, 2012