Regulator unveils support measures for new mobile service operators

The Korea Communications Commission unveiled support measures Monday for mobile virtual network operators so that they can release telecom services that are 20 percent cheaper than what is now available.The state telecom regulator said SK Telecom, the country’s top mobile carrier, will provide the MVNOs with mobile phones until June 2012.It also said SKT will also help the MVNOs, which plan to lau

IndustryMay 16, 2011

SMEs create more jobs than big firms

The number of people working at small- and medium-sized enterprises increased by 3.47 million between 1999 and 2009, industry data showed Sunday.Under local regulations, SMEs are defined as companies with less than 1,000 employees and total assets less than 500 billion won ($458 million), and companies that meet the requirements but are affiliated to large companies are excluded from the category.

IndustryMay 16, 2011

Samsung phones stay on top of U.S. market

Global mobile phone market gets significant boost by burgeoning demand for smartphonesSamsung Electronics, the world’s second-largest phone maker, has held the biggest U.S. market share for 11 straight quarters anchoring its position as a top seller in the region, according to market research data.Strategy Analytics on Monday said Samsung’s market share stood at 27.4 percent after selling 12.6 mil

IndustryMay 16, 2011

Six out of 10 happy to work longer for less: KCCI survey

Six out of 10 salaried workers are willing to apply for the salary peak system to stay employed longer, the Korea Chamber of Commerce and Industry said on Monday. The salary peak system provides older workers with an opportunity to work past their retirement age, but for a smaller salary once their “peak” has passed. A survey taken by the chamber showed that out of 353 salaried workers, almost 60

IndustryMay 16, 2011

More poor pushed to rely on private lenders

The number of people who have turned to private lenders or loan sharks in the secondary financial sector has jumped 18 percent over the past six months, reflecting worsening borrowing conditions for the poor amid industry-wide credit crunch. More than 2.27 million people took loans out from private lenders as of April, up about 300,000 from October, the Financial Services Commission said. Given th

May 16, 2011

Sleep loss promotes weight gain

A new study confirmed that sleep loss can contribute to weight gain by not only by boosting hunger but also slowing down the burning of calories.The research led by Christian Benedict of the Uppsala University in Sweden was published in the American Journal of Clinical Nutrition. The finding indicated that sleep deprivation appears to put a drag on metabolism, causing the body to use less energy.

TechnologyMay 16, 2011

Strauss-Kahn innocent till proven guilty: French government

The French government considers that IMF chief Dominique Strauss-Kahn is innocent until proven guilty following his arrest in New York on sexual assault charges, its spokesman Francois Baroin said Sunday."The French government respects two simple principles: that the judicial proceedings are under way under the authority of American justice, according to American law, and the respect for the presu

May 15, 2011

IMF chief's arrest rocks French presidential race

PARIS (AP) -- The stunning arrest of IMF chief Dominique Strauss-Kahn in connection with a sexual assault in New York is throwing the French presidential race into disarray.Some rivals and political observers said it could bury any presidential bid by Strauss-Kahn, considered the strongest potential challenger to unseat the unpopular President Nicolas Sarkozy in next year's election.Others urged c

May 15, 2011

Hyundai Engineering to expand Iraqi power plant near Baghdad

South Korea's Hyundai Engineering & Construction Co. started work Sunday on a $219 million project to expand a gas-fired power station near Baghdad, an Iraqi Electricity Ministry spokesman said.The Al-Quds station located in a suburb northeast of the capital will increase production to 1,400 megawatts from 900 megawatts after 18 months, said Qais al-Waeli, spokesman for the ministry's gas projects

IndustryMay 15, 2011

FSC chairman dodges issue on Lone Star Funds

Kim should have ordered U.S. fund to sell shares, watchdog official saysKim Seok-dong, the nation’s chief financial regulator, has once again come under public scrutiny for his allegedly irresponsible policy on U.S. Lone Star Funds, the biggest shareholder of Korea Exchange Bank.Following the vague stance he assumed on corruption scandals of regulatory staffers, for which he has yet to offer a det

May 15, 2011

Hyundai joins Denmark’s green car campaign

Hyundai Motor Co., South Korea’s largest automaker, said Friday it has agreed to join Denmark’s efforts to promote clean energy cars in a move to tap the fast growing market for green vehicles in Europe.A memorandum of understanding (MOU) to that end was signed Wednesday in Denmark between the South Korean automaker and the city of Copenhagen, the capital of Denmark, Hyundai Motor officials said.C

MobilityMay 15, 2011

Samsung narrows gap with Intel

Samsung Electronics Co., the world’s largest maker of computer memory chips and the second-biggest semiconductor company, reduced its gap with industry leader Intel Corp. in 2010, according to an industry report Sunday, fueled by its memory business.Samsung accounted for 9.2 percent of the global chip revenue in 2010, up from a 7.6 percent share in 2009, according to the latest report from IHS iSu

IndustryMay 15, 2011

Hynix wins appeal against Rambus

Hynix Semiconductor, the world’s No.2 memory-chip maker, won a patent infringement appeal against Rambus Inc., a U.S.-based technology licensing firm, the South Korean company said Saturday. If the ruling stands, Hynix will not have to pay the hefty compensation it was slapped with in 2009.“We welcome this ruling as it has helped us establish the basis for pursuing future negotiations with Rambus,

IndustryMay 15, 2011

Groupon Korea’s marketing tactics called into question

The Korean branch of U.S.-based global social commerce powerhouse Groupon is facing growing criticism after it posted wrong information about displayed items and even sold products that it had not secured. Groupon Korea on May 2 canceled a “secret megadeal” two hours before the event launch, during which the company was expected to hand out 500,000 giftcons ― mobile gift coupons ― which would give

IndustryMay 15, 2011

FSS top brass to face annual screening

High-ranking officials of the Financial Supervisory Service will likely be subject to a tougher code of conduct and may face dismissal if they fail to meet annual internal assessments, officials said Sunday. Currently, 12 FSS executives, three deputy governors and nine assistant deputy governors, are allowed to maintain their three-year term as long as they do not engage in criminality.“In the wak

May 15, 2011

Shinsegae finalizes deal to buy Kim‘s Club Mart

Shinsegae Co., South Korea’s second-largest retailer by sales, said Friday that it has finalized a deal to acquire Kim’s Club Mart Co., the supermarket chain operator of leading local fashion retailer E-Land Group.Kim’s Club Mart will be purchased by Shinsegae’s discount unit E-Mart Co., Shinsegae said. The purchase price is reported to be less than 200 billion won (US$184.5 million). 　On May 2, S

IndustryMay 15, 2011

Trade surplus continues for 15th month in April

South Korea logged a trade surplus in April for the 15th straight month, fueled by exports of petroleum products, ships and vehicles, the nation’s customs office said Sunday.The trade surplus reached $5.14 billion last month, according to data released by the Korea Customs Service. The figure marks the 15th consecutive month of surplus since February 2010.Exports stood at $49.15 billion in April,

IndustryMay 15, 2011