South Korea’s Deputy Prime Minister and Finance Minister Choi Kyung-hwan urged private companies to support the government’s economic reforms by increasing employment and investment.In a meeting with business executives affiliated with the Korea Chamber of Commerce and Industry in Seoul on Monday, the country’s top fiscal policymaker said the government would do its part by listening closely to the private sector and easing corporate regulations to spur investment.“We hope that the companies wil

Jan. 26, 2015

Bank of Korea Gov. Lee Ju-yeol stressed Thursday that the central bank’s main priority was maintaining stability by paying close attention to rising household debt and the possibility of quantitative easing by the European Central Bank.In a meeting with foreign press in Seoul, South Korea’s top monetary policymaker said that it was necessary to manage risk and come up with countermeasures for high household debt and market volatility expected from eurozone stimulus. The ECB is expected to begin

Jan. 22, 2015

The Finance Ministry and the ruling Saenuri Party agreed Wednesday to revise tax laws in April to expand tax rebates for multiple-child and single-person households, and introduce new tax credits to encourage childbirth.The government will also raise tax credit rates for pension investments. The changes will apply retroactively, officials said. “There are problems in the tax refund process under the current law,” Finance Minister Choi Kyung-hwan said during a meeting with party officials.He adde

Jan. 21, 2015

South Korea’s Ministry of Strategy and Finance reiterated Tuesday that it would revise its income tax codes to better reflect individuals’ annual spending, savings and earnings amid public outcry against increased taxes on salaried workers.In a hastily-arranged news conference in Seoul on Tuesday, Deputy Prime Minister and Finance Minister Choi Kyung-hwan said the government would consider readjusting the levels of tax credits and the categories subjected to deductions.The revision, which will b

Jan. 20, 2015

The Bank of Korea on Thursday revised down its growth forecast to 3.4 percent from 3.9 percent for this year amid weakening consumption and private investment.The central bank also cut its inflation forecast to 1.9 percent from 2.4 percent, and kept its key base rate at 2 percent for the third consecutive month due to the continued global economic slowdown.The U.S. seemed to be the only major economy showing signs of a moderate recovery this year, the BOK noted. The BOK cut its growth forecast t

Jan. 15, 2015

KT Corp. CEO Hwang Chang-gyu (center) and union officials pledge to promote peaceful labor-management relations this year on Friday. (KT Corp.)KT Corp. CEO Hwang Chang-gyu urged his employees to work effortlessly to gain the trust of consumers and lead the market.In his New Year speech at the company on Friday, Hwang said KT had faced a series of problems last year, and that the group and its units should work together to overcome the economic uncertainties ahead. The company faced further unpre

Technology Jan. 2, 2015

Samsung Electronics said Thursday that it would unveil a lineup of smart televisions running on the Tizen operating system at the International Consumer Electronics Show in Las Vegas next week.The company said Tizen would offer a simple user-friendly interface, allowing consumers to rapidly find popular content via Samsung’s Smart Hub function, which will also recommend shows to viewers based on their viewing histories.South Korea’s biggest household appliance-maker has partnered with game devel

Technology Jan. 1, 2015

Take a moment and imagine a world where every information and object is customized to your needs through the power of big data solutions, sensor and cloud computing technology.Even before you step out of the office and head home on a cold winter night, your automobile will not only know your final destination, but it will warm up your seat in advance, your thermostat will raise the temperature to heat up your house and your refrigerator will recommend what food to eat for dinner.Although this ma

Technology Dec. 31, 2014

South Korean tech giants Samsung Electronics and LG Electronics are gearing up to display their prowess at the International Consumer Electronics Show in Las Vegas, Nevada, in the U.S. on Jan. 6-9.Samsung Electronics, Korea’s biggest electronics appliance maker, said Monday that it would showcase new concepts and innovative products targeting the North American market at the global exhibition.Its CES product lineup includes the ACTIVWash washing machine with space above the drum, enabling consum

Technology Dec. 29, 2014

SK Telecom said Sunday that it had commercialized a tri-band Long Term Evolution-Advanced service for the first time ever, as part of efforts to develop fifth-generation telecommunications networks.The tri-band LTE-A service will enable users to download a 1-gigabyte movie in 28 seconds at a speed of 300 megabits per second, which is four times faster than existing fourth-generation LTE, and 21 times faster than the third-generation service, South Korea’s largest mobile carrier noted.This follow

Technology Dec. 28, 2014

LG Electronics said Thursday that it would partner with Mercedes-Benz to develop a key auto component for the global premium automaker’s next-generation autonomous cars.South Korea’s second-largest consumer electronics company will partner with Mercedes-Benz to develop a stereo camera system, which works like a “human eye” with the capability to detect objects on the road ahead, LG noted. The system will use computational stereoscopic vision and sensors to enable driverless cars to gather traffi

Technology Dec. 25, 2014

K Venture CEO John Park. (Daum Kakao)Daum Kakao said Tuesday that it would invest 100 billion won ($90 million) to set up an investment company, tentatively called K Venture Group, next month.The operator of the widely used mobile messenger KakaoTalk will aim to create sustainable venture ecosystems like those in the U.S. tech hub of Silicon Valley by actively investing in and acquiring promising start-ups with innovative technology and ideas.“K Venture seeks to discover new growth for Daum Kaka

Technology Dec. 23, 2014