Korea, Qatar agree to seek joint overseas construction projects

Korea and Qatar have agreed to seek joint construction projects in third countries, by combining Korea’s building sector prowess with Qatar’s large national fund, the Land Ministry said Monday.The agreement was reached at a meeting in Doha between Yousef Kamal, Qatar’s minister of economy and finance, and South Korea’s Minister of Land, Transport and Maritime Affairs Kwon Do-youp.Under the agreement, Qatar will use its sovereign wealth fund to help finance overseas construction projects secured

March 12, 2012

Manufacturers hit by high oil prices: poll

High international oil prices have undermined Korean manufacturers by raising their production costs sharply and eating into profits, a poll showed Monday.The survey of 300 companies nationwide conducted by the Korea Chamber of Commerce and Industry showed 81.6 percent of the respondents saying they were feeling the pinch of steeper oil prices.Prices of the benchmark Dubai crude that make up roughly 80 percent of the country’s oil imports surged to $123 per barrel last Thursday from an average o

March 12, 2012

Angry Birds Space unveiled with Samsung

Samsung Electronics said Monday that it had unveiled the latest version of the global hit game Angry Birds at the South by Southwest festival in Austin, Texas, on Friday, with its official launch due on March 22.In the new installment, Angry Birds Space, developed by Finnish game studio Rovio, the birds and their arch enemies, the egg-stealing pigs, are launched into outer space. Samsung and Rovio have also teamed up to offer some exclusive levels of the version called the “Samsung Galaxy Note L

IndustryMarch 12, 2012

Korea reports first suspected case of avian influenza

A suspected case of avian influenza was reported for the first time in South Korea in nearly 10 months with test results of a more detailed examination due later in the day, the government said Monday.A suspected case was filed Sunday by a poultry farm in South Chungcheong Province where about 100 out of some 450 chickens are showing symptoms of AI, according to the Ministry for Food, Agriculture, Forestry and Fisheries.About 40 chickens at the farm have already died with an initial test on 10 c

March 12, 2012

Samsung tops China’s smartphone market

HONG KONG (Yonhap news) ― Samsung Electronics Co. took the No. 1 spot in China’s smartphone market, beating Apple Inc., the maker of the hit seller iPhone, a market researcher said Monday.According to technology research firm Gartner Inc., Samsung Electronics Co. has risen as the top smartphone vendor in the world’s largest mobile phone market, grabbing a 24.3 percent market share in the fourth quarter of last year.Apple slipped to fifth place in terms of smartphones sold in China, with a 7.5 pe

March 12, 2012

Auto exports to EU rise despite shrinking market

Korea-EU FTA helps  boost car exports to  Europe: ministryKorea’s auto exports to the European Union last year surged 42.8 percent from the previous year thanks to the bilateral free trade agreement, the Ministry of Knowledge Economy said Monday.Korean carmakers’ exports to the EU had declined between 2005 and 2010 as they increased overseas production and diversified export destinations. The EU passenger car market also shrank for four years in a row amid growing fiscal uncertainties in the eur

IndustryMarch 12, 2012

Woori Financial in dilemma over whether to adopt ‘matrix’

Woori Financial Group seems to be in a dilemma over whether to introduce the “matrix” system, which connects units such as banks and brokerages.The nation’s largest financial group, which launched a study on the fresh business concept in the second half of 2011, has already completed working-level reviews.But the group has not fixed the details or timing due to strong opposition from its flagship unit Woori Bank.“There is stern criticism from the union of the bank unit toward the introduction of

March 12, 2012

Shares sink on lingering Greece woes

Korean stocks slipped 0.78 percent Monday, as foreign investors opted to offload local shares on concerns that Greece still has a long way before coming to a resolution credible enough to stabilize the country’s debt turmoil, analysts said. The local currency lost ground against the U.S. dollar. Moving in a tight range, the benchmark Korea Composite Stock Price Index retreated 15.80 points to finish at 2,002.50.Trading volume was moderate at 362.5 million shares worth 4.54 trillion won ($ 4.05 b

March 12, 2012

Bank dividends to foreigners top W1.4tr in 2011

Korean bank holding firms’ dividend payments to foreign shareholders surpassed 1.4 trillion won ($1.25 billion) in 2011 due largely to their strong performances, data showed Monday.Four bank holding companies and two banks listed on the main bourse paid out a combined 1.44 trillion won in dividends to foreigners last year, up 7.6 percent from a year ago, according to the data by Chaebol.com, a local tracker of large conglomerates known as chaebol here.Local lenders’ record earnings last year lar

March 12, 2012

Income spent on food, rent at six-year high for poor

The portion of monthly expenditure that low-income households spend on food and housing hit a six-year high last year, Statistics Korea said. The Engels coefficient, which measure the portion of spending taken up by food and beverages, reached 20.7 percent last year, the highest level since 2005. The state-run agency also said that those in the lowest-income bracket devoted another 18.8 percent of their income to rent and mortgage payments last year.“Poor people are increasingly burdened by basi

March 12, 2012

Austcham’s Sundowners looks to future

This month’s Sundowners get-together from the Australian Chamber of Commerce will double as a town hall meeting.The social gathering on Friday will offer members a chance to understand what the chamber does and how it delivers its services.Questions to be examined will be identifying the issues facing business, how the chamber can improve its services and what kind of events, forums, speakers and services should the chamber organize.The event will be held at Dominic in Itaewon from 6:30 p.m. and

March 12, 2012

SMEs role in economy examined by KGCCI

The German chamber of commerce will discuss the role of small and medium-size businesses in the Korean economy in a dinner meeting. The speaker for the event on Thursday, Kim Ki-mun, chairman of Korea Federation of Small and Medium Business, will offer his insight on “Growth of the Korean Economy and the Role of Small and Medium Business.”To be held at the Millennium Seoul Hilton, Kim’s speech will be followed by a question and answer session. To register or for more information, contact Hana Ch

March 12, 2012

Shindig to warm up Hong Kong 7s

The British Chamber of Commerce and HSBC Bank will hold a warm-up party ahead of the Hong Kong Sevens rugby tournament running later this month.The Hong Kong Sevens is considered the premier tournament in the International Rugby Union Sevens World Series.The local shindig will be held on Thursday at JJ Music room at the Grand Hyatt hotel. Tickets are 58,000 won for members and 68,000 won for non-members. A special discount of 10,000 won will be given to guests wearing a rugby shirt.Hong Kong Sev

March 12, 2012

Digital marketing tools for local market

The Expert Training Club will present an overview of the nation’s digital marketing tools and usage.The aim of the event will be to explain how companies can effectively reach a target audience and build successful digital campaigns.In small groups, professional experts aim to offer insightful and practical solutions on critical topics. The event takes place on Thursday from 8:30 a.m. at the Grand Ambassador Hotel’s Board Room.The event is only open to French chamber of commerce members and cost

March 12, 2012

EUCCK events in Seoul, Busan

The European Union chamber of Commerce offices in Seoul and Busan will hold two events this week.The Seoul office will have their monthly luncheon with Korea Customs Service Commissioner Joo Yung-sup on Thursday at the Grand Hyatt hotel’s Regency Room. Joo will discuss the customs administration’s support for Korea-European Union cooperation.Registration for the luncheon begins at 11:30 a.m. To register or for more information, email eupr@eucck.org or call (02) 725-9880. Busan’s office will hold

March 12, 2012

AmCham meets up this week

Members of the American Chamber of Commerce will start a series of committee meetings Tuesday.The pharmaceutical committee will meet at 11:30 a.m. at the Grand Hyatt hotel to listen to John Lechleiter, chairman president and CEO of Eli Lilly Company, as he gives a speech about medical innovation and how it can lead to not only good health, but economic growth in Korea and the region.The committee said that good health is a fundamental precondition for economic development. The legal affairs comm

March 12, 2012