Articles by Park Hyung-ki
Park Hyung-ki
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Alcohol sales rising again after ferry disaster slump
Alcohol sales at local retailers were rising this month, coming out of a slump from nationwide mourning following a deadly ferry sinking in April, industry data showed Thursday.E-Mart, South Korea’s largest discount chain operator, said its overall alcohol sales rose 14.8 percent during the first 13 days of May from a year ago.Alcohol sales at the retailer had risen 1 percent during the 15 days after the April 16 sinking of the ferry Sewol that killed more than 280 people, most of them high scho
Industry May 15, 2014
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Korean automobile exports jump 14 percent in April
South Korea’s automobile output grew more than 12 percent from a year earlier last month on increasing sales in home and overseas markets, the government said Thursday.In April, South Korea exported 299,268 cars, up 14 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.The country’s total output surged 12.3 percent on-year to 433,799 units as domestic sales of locally produced vehicles jumped 10.2 percent to 131,053.“Outbound shipments jumped 14 percen
Industry May 15, 2014
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Asiana posts $45 million net loss in first quarter
Asiana Airlines, South Korea’s second-largest carrier, said Thursday it posted a net loss of 46.6 billion won ($45.3 million) in the first quarter, mainly due to a drop in passenger traffic from Japan.Operating profit also stood in minus territory at 2.1 billion won, with sales dipping 0.4 percent to 1.41 trillion won from 1.42 trillion won tallied a year earlier, the company said in a regulatory filing.“Frayed relations and the weak yen caused a noticeable drop in inbound passenger traffic from
Industry May 15, 2014
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Markets brace for rate rises
The U.S. federal funds rate is poised to increase as the world’s largest economy recovers and sees its unemployment rate decline and inflation rise to target levels.The global market had pondered about when the Federal Reserve would actually make its move until Fed Chair Janet Yellen shed some light on the future direction of its monetary policy. U.S. Federal Reserve Chair Janet Yellen speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., in March
May 15, 2014
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Korea’s housing transactions jump 17 percent in April
Home sales continued to grow significantly in April, reflecting recovery signs in the country’s real estate market, the government said Thursday.The Ministry of Land, Infrastructure and Transport said the number of home transactions surged 16.6 percent from the same month last year to 92,691 in April. This follows a 34.2 percent on-year spike in the previous month and marks the fourth consecutive month that the country’s home sales posted an on-year gain.The growth in April was most visible in t
May 15, 2014
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Regulator to complete KDB merger by end of 2014
Korea’s financial regulator said Thursday it will complete the re-merger of the state-run Korea Development Bank with a policy lender by the end of this year, pushing ahead with the plan that overturns a decision by the previous administration.The regulator also said it will establish a maritime financing guarantee agency within this year.Last year, the newly inaugurated Park Geun-hye government unveiled a blueprint for reuniting KDB with the Korea Finance Corp., which was spun off in 2009 as pa
May 15, 2014
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A healing gift of music
They say that time heals all wounds.For young musician hopefuls such as Lee Hyung-jin and Lee Hyun-soo, not only time but also music has helped them overcome their personal difficulties and allow their scars to heal as they discovered their gifts.Both coming from poor backgrounds with their parents constantly working long hours, the lives of Hyung-jin and Hyun-soo, who are not related, were never easy. Hyung-jin lives in Chungju, North Chungcheong Province, and Hyun-soo in Icheon, Gyeonggi Provi
Technology May 14, 2014
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People, process, technology: Perfect combination for cloud computing
Jay HahmCloud computing is no longer a buzzword. It is now a critical and strategic component for businesses across sectors. The cloud initiative means that IT decision makers have to sort through a copious amount of information to make the right choices, focusing on a holistic view of all aspects of the organization ― not only IT ― that are impacted, including people, processes and technology. Effectively defining and building a complete cloud implementation can lead to a total business transfo
Technology May 14, 2014
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Samsung Electronics shares rally amid Lee’s health woes
Samsung Electronics shares have been rallying over the past two days despite its owner and chairman remaining in the hospital after a heart treatment.Analysts said expectations of Korea’s largest conglomerate improving its corporate governance through equity restructuring efforts since last year have boosted investors’ sentiment toward Korea’s most liquid stock.Samsung Electronics rose 0.86 percent to 1.4 million won on Tuesday.Investors see that Samsung will not likely face a management vacuum
May 13, 2014
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[Newsmaker] Rest up, Mr. Lee
Perhaps the market should have seen it coming that one day people of this country would see Samsung boss Lee Kun-hee in hospital and either bid him farewell or hope that he recovers.Thankfully, Samsung said the 73-year-old chairman is doing okay and is no longer on life support after an emergency procedure on his heart and arteries in the wee hours on Sunday.His health will be back to normal in 24 hours, by Tuesday, and Samsung is operating as usual, the group said. No need to panic.But Korea wa
Technology May 12, 2014
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LG Electronics to expand tablet PC lineup
LG G Pad. (LG Electronics)LG Electronics, South Korea’s No. 2 tech giant, said Monday it plans to expand its tablet PC lineup to cover various sizes and also give better connectivity with smartphones.The company said it will add 7-inch, 8-inch and 10.1-inch sizes to its flagship G Pad, without elaborating on key features or the release date. The showcase will be held in June, it said.LG had introduced its first G Pad in October last year, an 8.3-inch model.LG said the new models will be equipped
Technology May 12, 2014
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Korea to eliminate nearly a third of trade, investment regulations
South Korea will remove nearly one-third of government regulations on trade and foreign investment, and ease other restrictions that hamper investment, the government said Monday.Of the 62 regulations that currently apply to trade or foreign investment 19, or 30.6 percent, will be completely eliminated before the incumbent Park Geun-hye administration’s five-year term ends in February 2018, according to the Ministry of Trade, Industry and Energy.The decision came at a public hearing chaired by V
May 12, 2014
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[Weekender] Everything is connected
After electricity was discovered, it took about 200 years for light bulbs and lamps, and other electrical products, to hit the market.The Web was created in the 1990s following the invention of the ARPANET system in the 1970s through a collaboration between the Pentagon, scientists and businesses that aimed to reduce inefficiency by sharing resources via network connections.A new market in which all sorts of physical objects ― ranging from home appliances and streetlights to roads and cars ― can
Technology May 9, 2014
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[Weekender] Bitfinder, SinglePet seek to develop game-changing gadgets
As was seen in the dot-com industry, venture entrepreneurship has been the key to creating not only new technologies but also new industries and values that can forever reshape conventional markets.Start-ups will be called upon again to develop an entirely new market where every physical object can connect to the Internet.With the Internet of Things gaining momentum, ventures such as Bitfinder and SinglePet are seeking to come out with their own connected innovative products and services that ho
Technology May 9, 2014
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[Weekender] IoT to bring winds of change
An Oracle yacht that uses IoT technology (Oracle)A man walks into a clothing store and sees customized advertisements based on his shopping data as soon as he gets his eyes scanned.This scene is from Hollywood blockbuster “Minority Report” but a similar situation could soon become reality thanks to the Internet of Things.Cisco Systems, the U.S. networking equipment giant, said people can already get a similar experience.“If you use, for example, Cisco’s Connected Mobile Experience, what happens
Technology May 9, 2014
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