SK Hynix partners with AMD for 3-D stacked memory

SK Hynix said Thursday that it would team up with AMD, a U.S. semiconductor company, in developing high-bandwidth 3-D stacked memory technologies and related products. “The collaboration will be helpful for both firms as SK Hynix aims to commercialize HBM (high-bandwidth memory) in earnest, and AMD needs a high-speed and efficient product like this,” an SK Hynix official said. The HBM can be utilized for graphic processing units and networking applications.The agreement came after the two firms

Dec. 19, 2013

Hyundai Rotem wins W124.8b order from Brazil

Hyundai Rotem Co., a South Korean tank and train maker, said Thursday that it has secured a 124.8 billion won ($117.7 million) order to provide subway trains to a Brazilian subway train operator. The order was placed by Bahia Metro, an operator of Salvador Metro, which is a metro system under construction in the city of Salvador in Bahia state, Brazil, Hyundai Rotem said. The latest deal pushed Hyundai Rotem’s combined orders to over 1 trillion won since its first deal in 2003 with Brazil for 24

Dec. 19, 2013

U.S. Fed taper likely to have 'limited' impact on Korean economy: gov't

South Korea said Thursday that the U.S. Federal Reserve's monetary stimulus tapering is likely to have a "limited" impact on South Korea as it can be seen as a signal of confidence in the world's largest economy.The finance ministry, the central bank and other financial authorities said it could rather serve as a positive factor as the Fed's decision would lift uncertainty that has been hovering over the financial market for months. After a two-day policy meeting, the Fed announced on Wednesday

Dec. 19, 2013

Department stores defy call to lower commission fees

The nation’s department stores and home shopping operators collected high commissions from their shop vendors or subcontractors this year despite government calls for reductions, data indicated Wednesday.Seven major department stores including Lotte, Hyundai and Shinsegae were found to have received an average 28.5 percent commission on their contract retailers’ sales, the Fair Trade Commission said. The average figure is a decrease of 0.1 percentage point from a year earlier. The government has

Dec. 18, 2013

SMEs' exports grow faster than large companies: customs data

South Korea's small- and mid-sized enterprises (SMEs) saw their exports grow at a faster pace than large companies over the past five years, customs data showed Wednesday.According to the data by the Korea Customs Service, SMEs’exports grew 8.9 percent from 2007 to 2012, which is faster than a 7.6 percent gain tallied for large businesses during the same period.During the period, exports by SMEs accounted for about 38 percent of the country's total outbound shipments, the data showed.In 2007, SM

Dec. 18, 2013

BOK head downplays deflation concerns

South Korea's top central banker on Wednesday downplayed concerns that the country may face deflation, given the underlying price pressure and inflation expectations.Some experts said South Korea's low consumer prices are raising concerns that Asia's fourth-largest economy may undergo deflation similar to that of Japan.Korea's inflationary pressure remains subdued as consumer prices ran below the 2.5-3.5 percent inflation target band of the Bank of Korea (BOK) for the 18th straight month in Nove

Dec. 18, 2013

FKI opens new headquarters, vows to vitalize economy

The Federation of Korean Industries (FKI), the nation's biggest business lobby, vowed to vitalize the local economy as it opened its new headquarters building in western Seoul on Tuesday.The federation that represents the interests of South Korea's large family-owned conglomerates used the dedication ceremony attended by President Park Geun-hye, Finance Minister Hyun Oh-seok and top executives of member companies to highlight economic gains it helped make in the last 50 years.In the more than fi

Dec. 17, 2013

Korea’s producer prices fall for 14th straight month in Nov.

South Korea’s producer prices declined for the 14th straight month in November as oil prices fell and the local currency appreciated against the U.S. dollar, the central bank said Tuesday.The producer price index, a barometer of future consumer inflation, slid 0.9 percent in November from a year earlier, compared with a 1.4 percent on-year decline in October, according to the Bank of Korea (BOK).On on-year growth basis, the producer prices have fallen every month since October 2012, when they fe

Dec. 17, 2013

Korea to overhaul state firms’ overseas energy business

Overseas energy development functions held by state-run energy companies will likely be scaled down or merged in the first half of next year, government sources said Monday.State-run energy firms including Korea National Oil Corp., Korea Gas Corp. and Korea Resources Corp. are expected to go through massive restructuring in their overseas businesses as the government has vowed to reduce the huge debt incurred by public companies, sources said.The Ministry of Finance and Strategy, which is respon

Dec. 16, 2013

Prolonged rail strike takes toll on logistics

With the state-run rail operator’s labor union and management showing no signs of compromise, the prolonged railway strike has started to crimp the country’s logistics stream.On Monday, KORAIL adjusted the frequency of intracity trains down to 92 percent of its conventional level, except during rush hour, according to officials.The frequency of the inter-city bullet train KTX would also be adjusted from 24 times per day to 16 per day, starting from Tuesday.“The accumulated fatigue of the substit

Dec. 16, 2013

Biz tycoons, their families bask in sharp gains in stocks

South Korea’s major stock-rich billionaires and their family members have reaped huge valuation gains over the past five years, with the value of their stock holdings growing faster than the overall rise in the local stock market, data showed Monday.The combined value of stocks owned by the chiefs of the country’s top 30 conglomerates and their families reached 49.17 trillion won ($46.65 billion) as of Thursday, more than doubling the 20.18 trillion won tallied five years ago, according to the d

Dec. 16, 2013

Hyundai Heavy wins $970m order to build power plant

Hyundai Heavy Industries Co., the world’s largest shipbuilder, said Sunday that it has clinched a $970 million order to construct a power plant in Kuwait. Under the deal with the Kuwait government, Hyundai Heavy will build a power plant with a generation capacity of 1,500 MW. The plant will be built on a site located along the Persian Gulf, about 100 kilometers south of Kuwait City.The deal is part of a plan initiated by the Kuwait government to construct power and desalination plants. Hyundai H

Dec. 16, 2013

Daewoo Shipbuilding wins $500m order

Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Monday it has won a $500 million order for five tankers from an American shipping company.Under the deal with Scorpio Tankers, Daewoo Shipbuilding will deliver the tankers by the first half of 2016. Earlier this year, Scorpio Tankers placed orders for four tankers and three gas carriers, the South Korean shipbuilder said. Daewoo Shipbuilding has won orders worth of $12.5 billion so far this year, achieving 96 percent

Dec. 16, 2013

Hyundai, Kia expect to post record market share in BRIC nations

Hyundai Motor Co. and its sister Kia Motors Corp. expect to post a record market share in major newly industrialized countries this year, sources at the South Korean carmakers said Monday.Insiders at the two flagship companies of Hyundai Motor Group said combined sales in the BRICs ― Brazil, Russia, India and China ― reached 2.34 million units over 11 months this year for a market share of 10.9 percent. This represents a 0.7 percentage point gain from the year before and the highest-ever market

Dec. 16, 2013

Korea weighs in on timing of joining TPP

South Korea may still be able to join ongoing negotiations for a regional trade pact known as the Trans-Pacific Partnership (TPP), although it may have come to the table just a little too late, perhaps a bit intentionally, according to officials Monday. It wasn’t until Nov. 29, nearly three years after the 12-nation TPP negotiations were launched in 2010, that South Korea has sought to join the negotiations.Last week, Acting Deputy U.S. Trade Representative Wendy Cutler said it would be "very di

Dec. 16, 2013

Stocks to rebound on abated uncertainties

The South Korean stock market is expected to edge up next week once financial uncertainties are eased after the U.S. monetary policy-setting meeting slated for Dec. 17-18, analysts said Saturday.The benchmark Korea Composite Stock Price Index fell 1.2 percent from the previous week to close at 1,962.91 Friday.Earlier this week, Seoul shares lost ground as investors took a wait-and-see approach amid the weak growth momentum in the market, sparked by the rising concerns over a potential tapering o

Dec. 15, 2013

More Korean retailers seek to expand overseas presence

South Korean retailers are competitively foraying overseas, seeking new sources for business growth to replace the much-saturated domestic market, but the latest industry data indicate they will have to wait before any meaningful profit.According to the survey by the Korea Chamber of Commerce and Industry (KCCI), annual sales by 61 retailers operating abroad have been on the increase since 2010 when they rose 17.2 percent on-year. Their combined sales for 2013 are predicted to increase 39.6 perc

Dec. 15, 2013