Stroller importers charge twice as much in Korea

Koreans’ fever for luxury goods has been spreading rapidly to children’s products. Now a growing number of young parents want to show off their parenting ― and lifestyle ― with pricey baby strollers, especially those from Europe and the U.S.A survey Wednesday, however, found that local importers of foreign brand strollers have taken advantage of the luxury trend in parenting, almost doubling selling prices in Korea compared to the prices in their original countries. According to Consumers Korea,

IndustryMarch 28, 2012

KCS plans 10 new rural duty-free shops to be run by small companies

The Korea Customs Service said on Thursday that it has put out a public notice on the policy changes aimed at favoring small enterprises over conglomerates in running duty-free shops for foreign tourists.Under the revised rules, the KCS will allow only small and medium enterprises and provincial public companies to compete for future licenses to open duty-free shops in cities that serve only foreign nationals.The move comes as the government takes steps to protect smaller firms and balance the m

March 28, 2012

Major hospitals to use more Korean-made equipment

Korea’s hospitals and medical equipment producers joined forces on Wednesday to help the local health care industry, which faces increased competition from overseas following free trade pacts.The Ministry of Knowledge Economy brought together chiefs of the country’s eight major hospitals and executives from eight medical device manufacturers including Samsung Medison and LG Electronics.The gathering was aimed at scaling up the use of Korean-made products in hospitals here, inciting private inves

IndustryMarch 28, 2012

Samsung C&T joins $5 billion carbon-capture project in Britain

Samsung C&T Corp., a South Korean trading firm, said Wednesday it has inked a deal to join a $5 billion project to build a coal-powered plant and a carbon capture and storage facility in Britain.Under the joint development agreement with London-based 2Co Energy Ltd., Samsung C&T will build a 900 megawatt coal gasification plant and a carbon capture and storage facility at Stainforth in South Yorkshire.The agreement allows Samsung C&T to own 15 percent of the so-called Don Valley Power project, a

IndustryMarch 28, 2012

Shares edge down after Tuesday surge

South Korean stocks finished 0.39 percent lower on Wednesday after a sharp gain in the previous session and Wall Street’s retreat, analysts said. The local currency fell against the U.S. dollar. The benchmark KOSPI lost 8.02 points to close at 2,031.74. Trading volume was moderate at 426 million shares worth 4.99 trillion won ($4.39 billion) with losers outpacing gainers 467 to 340. The local currency finished at 1,135.40 won to the greenback, down 1.2 won from Tuesday’s close, on a bearish stoc

March 28, 2012

Korea committed to helping SMEs: finance minister

The government is committed to helping small and medium enterprises and reviving traditional markets that form the backbone of the local economy, the finance minister said Wednesday.Bahk Jae-wan told a weekly economic policymakers meeting that Seoul aims to implement programs that will directly benefit SMEs and small-time merchants that employ the bulk of the country’s workforce. “Efforts are also underway to revive traditional markets that have been losing ground to large discount outlets and b

March 28, 2012

Manufacturing sentiment edges up

South Korean manufacturers’ business confidence inched up for April from March on gradual economic improvements, but pessimists still outnumbered optimists, the central bank said Wednesday.The index of manufacturers’ outlook on business conditions reached 85 for April, up from 84 in March, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.April marks the third month in a row that the figure has moved up and the highest figure

March 28, 2012

Software piracy losses drop 29% in 2011: report

Revenue losses from illegal software reproduction sharply fell last year on the back of the government’s sweeping drive against online piracy, a report said Wednesday.Losses from software piracy totaled 214 billion won ($188 million) last year, down more than 29 percent from a year ago, according to the Korea Software Property-Right Council.“The results reflect anti-piracy laws and the government and authorities’ ongoing drive to clean up software counterfeiting,” said Kim Eun-hyun, chairman of

IndustryMarch 28, 2012

Exports to pick up in second quarter: KITA

Korean companies’ exports, which have been sluggish for the past two quarters, are likely to pick up in the three months from April, a think tank affiliated with the Korea International Trade Association said Wednesday.The KITA Institute for International Trade projected that exports would not deteriorate as recent indicators of U.S. consumer sentiment were better than expected and the eurozone agreed on a second bailout package for Greece. “The economic conditions perceived by Korean companies

March 28, 2012

Samsung chairman sued by his nephew’s family

Samsung Electronics Co. chairman Lee Kun-hee is being sued by yet more relatives belatedly demanding a share of his inheritance from his father, Samsung founder Lee Byung-chull.In February, Lee, the third son of the group founder, was sued by an elder brother and elder sister, over their father's le

IndustryMarch 28, 2012

Twins seek sex change in China first: report

Two young Chinese women undergoing sex-change surgery at a Shanghai hospital are hoping to be the first twins in the country to change their gender, a state-backed newspaper said Wednesday.The 25-year-old sisters from the southwestern province of Yunnan have already undergone preliminary surgery at

TechnologyMarch 28, 2012