South Korea’s tech giant Samsung Electronics Co. said Friday it has won an award from a European magazine for its 95-inch Large Format Display.The company said it has received the “Most InAVative Display Product” award from business-to-business magazine InAVation for its ME95C model, which began mass production in December last year.LFD refers to panels used for digital signage for advertisements and any product requiring visual effects. Samsung said its 95-inch LFD is optimal for department sto

Industry Feb. 7, 2014

The nation’s chief financial supervisor on Sunday raised the possibility of Korea becoming susceptible to aftershocks from U.S. tapering policies that has served a heavy blow to the world’s emerging economies. “Korea could be infected by a second round of woes in the wake of the (latest) financial crisis seen to be rising in some of the world’s more vulnerable emerging countries,” said Financial Services Commission Chairman Shin Je-yoon during a meeting of senior policymakers.Shin presided over

Feb. 2, 2014

Foreign investors are seen to have sold up to 2 trillion won ($1.8 billion) in the main bourse here this month, most likely affected by the default concerns in major emerging countries.Overseas investors net-sold local shares worth 314.6 billion won on the Korea Exchange on Tuesday, after net selling 524.5 billion won in Monday’s trading to post record-breaking sales for this month, according to industry data. So far this year, their combined net-selling came to 1.68 trillion won, and equity mar

Jan. 28, 2014

Some lawmakers have begun to tackle NongHyup Financial Group’s status as the preferred bidder for Woori Investment & Securities in the wake of the data leakage accident involving stolen information of NongHyup Card holders.Rep. Kang Gi-jung of the main opposition Democratic Party pointed to past irregularities of NongHyup Financial Group during a financial regulators’ report to the parliamentary National Policy Committee on Thursday.Stressing that many irregular practices, including the hacking

Jan. 24, 2014

The recent financial accident involving a data breach for up to 15 million credit card holders here is arousing further concerns over the nation’s cyber security as evidence is popping up that other financial sectors, such as brokerages and insurance companies, may have also suffered such breaches. On Wednesday, stock brokerage insiders revealed that there had been a hacking attack on Koscom, which provides more than half of Korea’s 62 securities firms with IT infrastructure and financial operat

Jan. 22, 2014

The victims of a recent information leak from three credit card companies are believed to number about 15 million, officials and sources said Sunday. The prosecution announced on Jan. 9 that it has charged three people with stealing private data of customers from three major card issuers ― KB Kookmin Card, NongHyup Card and Lotte Card ― in what is seen as the nation’s largest financial information leak. The Financial Supervisory Service said that regulatory inspectors suspect that private inform

Jan. 19, 2014

The Export-Import Bank of Korea said Tuesday that it was recognized by a global financial magazine for its developed skills in fundraising.The Asset, a leading financial monthly in Asia, has picked state-run Korea Eximbank as “Issuer of the Year,” “Quasi-Sovereign Bond” and “The Best Deal in Korea.”Eximbank spokespeople estimated that The Asset highly appraised the agency’s innovative financial skills despite mounting uncertainties from the U.S. economic policymakers’ action to taper its quantit

Jan. 14, 2014

Heads of the nation’s top four financial groups will see their annual salaries slashed by at least 30 percent this year, according to regulatory officials on Tuesday.They are Woori Financial chairman Lee Soon-woo, KB Financial chairman Lim Young-rok, Hana Financial chairman Kim Jung-tai and Shinhan Financial chairman Han Dong-woo.The four groups have notified the Financial Supervisory Service of their decision to cut their chiefs’ yearly wages by 30-40 percent from the levels of a year earlier,

Jan. 14, 2014

South Korea and India have agreed to deepen economic cooperation in diverse areas in order to further advance their bilateral economic ties going forward, the Finance Ministry here said Friday.The agreement was reached in a meeting between South Korean Finance Minister Hyun Oh-seok and his Indian counterpart Palaniappan Chidambaram in New Delhi on Wednesday.The meeting was intended to fine-tune their agendas ahead of next week’s summit talks between the two countries.Hyun and Chidambaram agreed

Jan. 10, 2014

Orders won by South Korean shipbuilders increased nearly twofold in 2013 from the previous year, beating their Chinese rivals in terms of value, data showed Friday. According to the data compiled by market researcher Clarkson Research Services, South Korean shipyards reaped orders of 16.07 million compensated gross tons last year, up 99 percent from the 8.08 million CGTs in 2012.The figure represents 33 percent of the 48.66 CGTs of overall global vessel orders placed last year. The global orders

Industry Jan. 10, 2014

The latest round of South Korea-China free trade agreement talks this week were productive but no significant breakthrough was made, officials here said Friday.The latest round marked the beginning of discussions on the list of products subject to market opening, according to the Ministry of Trade, Industry and Energy.“At the latest round of talks, the two sides began their full-fledged negotiations as they exchanged their offers and requests for the opening of their markets to all subject produ

Jan. 10, 2014