Samsung advertisement strikes back at Apple
Samsung Electronics has struck back at Apple, not in their multiple courtroom fights over patents, but through newspaper advertisements. The Korean company has released an ad campaign in newspapers both here and in the United States, directly comparing its Galaxy S3 with Apple’s iPhone 5, under the tagline “It doesn’t take a genius.” The move […]
BOK freezes key rates at 3%
Despite the recent gloomy economic news, the Bank of Korea’s (BOK) seven-member monetary policy committee kept key rates at 3 percent Thursday. However, market watchers feel that a further lowering of borrowing costs is coming sooner than later as the blizzard of bad data makes it difficult for policymakers to maintain a wait-and-see approach. The […]
Hyundai, Toyota to compete in Brazil
A showdown between Hyundai Motor and Toyota is expected in Brazil, as the two prepare to sell small vehicles in the world’s fifth largest automotive market upon the completion of new factories there. According to Hyundai Motor officials, its first plant in Brazil has been operating on a test run before it begins making cars […]
‘Next leader should focus on growth’
Politicians are finding it fashionable to villainize big businesses with the clock ticking on the presidential elections in December, but one senior economist claims this exposes their ineptitude in reading voters’ minds. The phrase “economic democracy” has become a buzzword for parties from left and right as they compete with new ideas to lessen the […]
Sharp pullback in growth
GDP expands at slowest pace since 3rd quarter of 2009 Korea’s growth has slowed to its lowest rate since the depths of the global financial crisis, raising investor concerns that the economy has yet to bottom out and more policy action will be needed to halt the skid. The Korean economy grew at an annualized […]
Airport may be built on Ulleung Island
Korea has taken a wide range of measures over the years to bolster its sovereignty over the Dokdo islets in the East Sea against Japan’s repeated claims over them. In a bid to further solidify its ownership of the disputed territory, the government has decided to revive a plan to build an airport on nearby […]
Shilla, Lotte clash at Incheon Int’l Airport
The country’s two largest duty free shop operators ― Shilla Duty Free and Lotte Duty Free ― have been engaged in a fierce war over the years to get an upper hand in the booming industry fueled by the surging number of inbound and outbound travelers. They have competed to win rights to operate shops […]
Ssangyong Construction on brink of bankruptcy
Ssangyong Construction & Engineering (E&C), one of Korea’s major builders specializing in the construction of high-rises, could go bankrupt if its creditors fail to extend emergency loans by Thursday. The construction firm is obliged to serve commercial papers worth 50 billion won, which expire Thursday. If the builder fails to meet the obligation, it will […]
Seoul City’s shift to co-generation runs counter to green energy policy
On last July 19th, Seoul City put up an announcement of recruitment for the co-generation project in regard of City’s major policy, “Reduction of One Nuclear Power Plant”. The main idea of the project is to use all surplus gases being flared now in gas-engine generator for co-generation project. Therefore, a production of vehicle fuel […]
Hanwha gains strong foothold in Iraq
Bismaya project win-win option for both parties Hanwha Group has rekindled Korea’s building boom in the Middle East with its construction arm successfully gaining a strong foothold in Iraq by winning an order for a mega development project there. In May, Hanwha Engineering and Construction (Hanwha E&C) won an $8 billion order for a new […]
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