Firms step up partnership to curb emissions

LG Electronics, LS Cable, Homeplus, Amore Pacific launch government-led ‘Green Partnership’ Korea’s leading retailers and makers of electronics, medical devices and electric wires will team up with their subcontractors to give a fresh impulsion to the government’s drive to slash greenhouse gas emissions and tackle global warming.The Ministry of Knowledge Economy said Monday it has clinched deals with six large enterprises and their 53 suppliers and consultants for its Green Partnership program.

IndustryNov. 14, 2011

SKT warned over abuse of market position

The Fair Trade Commission said Monday that it has ordered corrective actions against SK Telecom for using its market position to secure unfair contracts with smaller manufacturers. The nation’s largest telecom carrier has maintained contracts with 15 subcontractors, through which the company transferred its patented techniques for gap-fillers and received royalties since 2005. Gap-fillers are land-based transmission facilities that improve the coverage of quality mobile services.The FTC found, h

IndustryNov. 14, 2011

Consumer Reports names Galaxy S2 top smartphone

Samsung Electronics’ flagship smartphone Galaxy S2 was recently named the top smartphone by the U.S. monthly magazine Consumers Reports.The magazine, which reviews consumer products and services, put the Galaxy S2 at No. 1 for three out of the four major mobile carriers ― AT&T, Sprint and T-mobile ― in the U.S. The top rating for Verizon Wireless was given to Motorola’s Droid Bionic.The Galaxy S2 serviced by AT&T was given 80 points, while the same phone on T-mobile and Sprint received 79 points

IndustryNov. 14, 2011

Samsung C&T wins AustCham business award

The Australian Chamber of Commerce in Korea has selected Samsung C&T for Investment of the Year for its role in the Victorian Desalination Project in Australia, which aims to produce 150 billion liters of drinking water a year by the end of 2012.In its second annual Business Awards ceremony on Thursday, AustCham announced six winners for their contribution to strengthening commercial ties. AustCham awarded the state-run Korea Electric Power Corp. the Chairman’s Award for its role as a major impo

IndustryNov. 14, 2011

LCD panel makers to ramp up output

Despite a severe slump in prices, global makers of liquid crystal display panels are expected to increase their output in the fourth quarter, a market researcher said Monday.According to DisplaySearch LLC, global LCD panel makers operated their production lines at 75 percent of their full capacity in October, up 7 percentage points from the previous month.The research firm predicted that LCD panel makers will operate manufacturing lines at around the same level for the next two months at about 7

IndustryNov. 14, 2011

‘Korea to maintain efforts to improve fiscal health’

South Korea will continue its efforts to keep its fiscal health in good shape amid growing global economic uncertainties and worries over rising demand for welfare spending, a senior Finance Ministry official said Monday.“As the economy keeps recovering, our fiscal status is improving fast and it also seems it is remaining in better shape than other advanced nations,” Vice Finance Minister Yoo Sung-kull told a fiscal policy conference jointly hosted by the World Bank and the state-run Korea Deve

Nov. 14, 2011

Korean firms striving to boost presence in Vietnam

South Korean firms are increasing their efforts to solidify their footholds in Vietnam as the populous Southeast Asian region has emerged as a key investment destination, industry sources said Monday.Vietnam is one of the most attractive places for investment, as it is pushing ahead with rapid economic growth, attracting overseas investors with favorable business conditions such as cheaper labor costs and tax benefits, they said.According to data compiled by the Korea Chamber of Commerce and Ind

IndustryNov. 14, 2011

Real bank deposit rates fall to record low

Bank deposit rates in South Korea, when adjusted for inflation and taxes, declined to a record low in the third quarter, spurring concern they may further weigh on weak household savings, data compiled by the central bank showed Monday. The average real deposit rate at local banks, which exclude the inflation rate and taxes levied on interest income, stood at negative 1.63 percent in the third quarter, the lowest since the Bank of Korea began compiling the related data in 1996, according to the

Nov. 14, 2011

S. Korea's trade terms hit near 3-year low in Q3

South Korea's terms of trade worsened to the lowest level in nearly three years in the third quarter as on-year gains in oil prices jacked up import costs, the central bank said Monday.The country's net terms-of-trade index for goods came in at 78.7 in the July-September period, down 9.9 percent fro

Nov. 14, 2011

Orbital solar power plants touted for energy needs

 

TechnologyNov. 14, 2011

Galaxy S2 picked as top smartphone by Consumer Reports

Samsung Electronics Co.'s Galaxy S2 smartphone was named as the best smartphone by a well-known U.S. magazine in its latest handset survey, industry sources said Monday.Consumer Reports recommended the Galaxy sequel as the best smartphone pick for subscribers of three major mobile carriers in the Un

IndustryNov. 14, 2011

Korean Wave impacts overseas product sales: poll

The popularity of Korean pop culture is exerting a positive influence on overseas sales of locally made products, a poll conducted by an international traders association showed Sunday.The Korea International Trade Association said a survey conducted on 1,173 people from Japan, China, Taiwan and Vietnam, revealed that 80 percent of the respondents said that the Korean wave has affected their buying of South Korean goods.The Korean wave, also known as “Hallyu,” refers to the popularity of South K

Nov. 13, 2011

Imports from EU far exceed exports after FTA

South Korean imports from the European Union grew at a far faster pace than its exports to the economic bloc over the three months since their bilateral free trade deal took effect in July, data showed Sunday.In the July-September period, South Korean imports from the EU came to $12.35 billion, registering an average monthly increase rate of 26.5 percent, according to the data by the Ministry of Knowledge Economy and the Korea International Trade Association.In contrast, South Korean shipments t

Nov. 13, 2011