2010년 8월 5일 목요일
G20 aims to meet expectations as global finance savior
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South Korean President Lee Myung-bak will undoubtedly be a happy host when he welcomes world leaders to Seoul for the G20 Summit in November, which is clearly the most important business event the country has ever hosted.
Whether the G20 arrangement ever lives up to its massive early expectations as the rebuilder of global finance, as well as continuing to maintain its relevance as the main vehicle for designing and implementing international economic policies, however, remains to be seen.
iPhone-backed KT flexes mobile muscle
 KT’s release of the Apple iPhone appears to be reshaping the Korean telecommunications market irrevocably, while allowing the company to leverage its fixed-line dominance over the mobile market. / Korea Times file |
The plot had remained the same for years ― KT, the huge but boring telecommunications giant, being repeatedly pummeled by its smaller and cooler rival, SK Telecom, in a competition that mirrored that of Tom and Jerry's.
However, it now appears that KT is finally fighting back with pace and purpose, imposing a serious challenge on SK Telecom's supremacy in mobile telephony by wielding the planet's hottest electronic gadget.
Since absorbing its mobile telephony unit, KTF, coming into 2009, KT, the country's largest telephone and broadband Internet provider, had focused on leveraging its fixed-line dominance to the wireless market.
POSCO fixes eyes on quality
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Toward that end, the Pohang, North Gyeongsang Province-based outfit has put forth efforts into research and development (R&D) under the stewardship of its quality-conscious Chairman Chung Joon-yang.
Chung, who took the reins of the company early last year, has always put quality on the front burner and commissioned a company-wide ``claim zero'' campaign aimed at satisfying customers to the fullest.
Hyundai expands business horizon
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Ever since surging to the global top spot in the early 1980s, Hyundai Heavy Industries has remained ahead of the curve as the indisputable leader in the shipbuilding business.
Understandably, all eyes were on the Ulsan-based company last year when shipyards struggled to find their feet in the midst of the financial crisis.
The answer that Hyundai has come up with to deal with the downturn is to expand its business horizon to such enterprises as the generation of renewable energies or storage of them.
STX aims to raise revenue 5-fold in 10 years
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In a country where giant business conglomerates dubbed chaebol dominate the economy, it is hard for new entrepreneurs to take a firm root in a rivalry with the established players.
Observers point out that there were only two groups, which have successfully emerged as notable newcomers to the chaebol system during the first decade of the new millennium ― STX Group and Mirae Asset Group.
Since its inception midway through 2001, the former has chalked up strong growth to become one of best shipyards in the world ― STX racked up about $20 billion in revenue last year.
SK Telecom looks beyond mobile telephony
 SK Telecom chief executive Jung Man-won, right, poses with Andy Bird, chairman of Walt Disney International, after the two companies agreed to create a joint venture to launch Korean-language Disney-branded channels slated for spring 2011, at SK Telecom’s Seoul headquarters on May 11. / Korea Times file |
SK Telecom, having secured undisputed status as the country's biggest mobile-phone carrier, is perhaps Korea's answer to Verizon Wireless.
But judging by the company's new business strategies, one would assume that SK Telecom wants to be a Cisco too, as it looks beyond its traditional telecommunications boundaries in an attempt to keep growth alive for the next decade and further.
Since taking the management helm at the start of 2009, SK Telecom CEO Jung Man-won has been pushing an initiative dubbed as ``Industry Productivity Enhancement (IPE),'' which is aimed at tapping into new opportunities across the industries of retail, automotives, construction, logistics, finance, education and healthcare.
Corby phones pass 'cool' muster
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Mobile phones are for Samsung Electronics what the Walkman music players had been for Sony ― brand-building products that allowed the company to achieve a global reputation for style and innovation.
And although Samsung, the world's runner-up handset vendor behind Nokia, is facing increasing competition from companies like Apple, HTC and Sony Ericsson, snazzy devices like the colorful Corby mobile phone suggest that the company's creative edge remains intact.
Premium Brand Awards
The Korea Times is pleased to announce the winners of the Korea Times Premium Brand Awards for the first half of 2010. The readers’ choice awards for favorite brand names are based on a survey of 2,405 Times readers conducted Jan. 8-20, 2010 by The Korea Times.  |
SENS X170 adds flair to notebook market
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Some would say that Samsung Electronics built its consumer products empire on flat-screen televisions and mobile phones, but the South Korean technology giant is clearly earning its stripes in laptop computers too.
And the company's future in the laptop market will depend on its ability to continue providing sleek and sexy products like the SENS X170. The ``notebook'' computer features a 11.6-inch light-emitting diode (LED) backlit liquid crystal display (LCD) screen that supports high-definition images with 16:9 luster, much to the excitement of videogame lovers and movie buffs, and is powered by an Intel Core 2 Duo processor.
LG shines with tech-rich 3D TV
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Its 55-inch ``LG 47LX9500 3D LCD TV'' with light-emitting diode (LED) as a backlighting source is wooing all customers in the high-definition (HD) television market ― both for its delicate and fashionable exterior in addition to its competitive features.
Although many of the televisions are still ``battling'' against what analysts and officials say is a ``depth problem,'' this LG TV has successfully managed to integrate key technologies within its thinner frame.
Samsung sells 200,000 of Galaxy S in 10 days
Sales of the Galaxy S, the latest smartphone released by Samsung Electronics Co., topped 200,000 units in South Korea within 10 days of its launch, the company said Sunday.
Samsung Electronics, the world's No. 2 mobile phone maker, rolled out the Android-powered Galaxy S model on June 24 in South Korea.
Apple Inc. has sold more than 800,000 units of its iPhone 3GS model in South Korea after launching its smartphone locally at the end of 2009.
The Galaxy S smartphone is tailored to better cater to South Korean consumers, the company said, with pre-loaded applications from South Korean bookstores and portal Web sites.
The 9.9 millimeter-thin Galaxy S is powered by a 1-gigahertz Samsung chip and sports a sharper display visible in the sunlight.
Samsung hopes the Galaxy S model will help it gain a stronger footing in the lucrative smartphone segment.
Lotte Mart opens 100th overseas outlet
Lotte Mart Co., South Korea's third-largest discount store chain, said Thursday it has opened its 100th overseas outlet in Indonesia.
In 2006, Lotte Mart opened its first overseas outlet in Vietnam. In 2007, Lotte Mart also ventured into China by acquiring eight Chinese stores from SHV.
In 2008, Lotte Mart acquired a 75 percent stake in discount retailer PT Makro Indonesia, which operates 19 stores in Indonesia, one of Southeast Asia's largest economies.
The discount store chain, a unit of South Korea's Lotte Group, currently operates 78 discount outlets in China, 19 in Indonesia and two in Vietnam. In South Korea, Lotte Mart operates 85 outlets.
Lotte Mart targets to increase its discount outlets to 200 both at home and abroad and to post a combined sales of 9 trillion won ($7.72 billion) this year.
In 2006, Lotte Mart opened its first overseas outlet in Vietnam. In 2007, Lotte Mart also ventured into China by acquiring eight Chinese stores from SHV.
In 2008, Lotte Mart acquired a 75 percent stake in discount retailer PT Makro Indonesia, which operates 19 stores in Indonesia, one of Southeast Asia's largest economies.
The discount store chain, a unit of South Korea's Lotte Group, currently operates 78 discount outlets in China, 19 in Indonesia and two in Vietnam. In South Korea, Lotte Mart operates 85 outlets.
Lotte Mart targets to increase its discount outlets to 200 both at home and abroad and to post a combined sales of 9 trillion won ($7.72 billion) this year.
SK opens mobile website
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SK Group has recognized the importance of reaching out to smartphone users and has unveiled a new mobile website in Korea, http://m.sk.co.kr.
The group hopes to meet the demands of the growing number of smartphone-using customers who can access the new website, anytime and anywhere.
``Opening the mobile website will reach three million smartphone users in this age of speedy information, access and convenience,’’ said Kwon Oh-yong, executive vice president Brand Management office of SK Holdings.
Global business leaders to gather for G20 CEO Summit
Some 100 finance and business CEOs from around the world will gather in Seoul to attend the G20 Business Summit, which will start on Nov. 10 for a two-day run at the Sheraton Grand Walkerhill Hotel, one day prior to the beginning of the two-day G20 Seoul Summit.
The large-scale gathering of global CEOs was designed by the Korean government to ensure a more sustainable economic recovery and future growth by having business leaders participate in the G20 process.
At a press conference Thursday, the G20 Business Summit Organizing Committee said that business leaders will discuss four key points — promoting trade activity and investment; stabilizing financial systems; achieving “green growth,” and encouraging corporate social responsibility (CSR). Three roundtable discussions will be followed by direct exchanges between business leaders and G20 political leaders.
“So far, governments and central banks have played a key role in fixing the global financial system and supporting the economic recovery. But without support from the private sector, it is impossible to achieve sustainable and balanced growth,” the committee said.
“Eighty CEOs from G20 member countries and 20 from non-G20 nations will participate in the Seoul Business Summit and exchange views with G20 leaders,” it added. “The Business Summit is a continuous process and hence we are seeking to play a key role in institutionalizing it.”
Among key participants from the financial sector are Deutsche Bank CEO Josef Ackermann; HSBC British Holdings Group Chairman Stephen Green; U.K. Standard Chartered CEO Peter Sands; Citigroup CEO Vikram Pandit; U.S. Blackstone Group Chairman Stephen Schwarzman; VISA Chairman Joseph Saunders; Japan’s Nomura Holdings CEO Kenichi Watanabe; and China Merchants Bank CEO Ma Weihua.
The large-scale gathering of global CEOs was designed by the Korean government to ensure a more sustainable economic recovery and future growth by having business leaders participate in the G20 process.
At a press conference Thursday, the G20 Business Summit Organizing Committee said that business leaders will discuss four key points — promoting trade activity and investment; stabilizing financial systems; achieving “green growth,” and encouraging corporate social responsibility (CSR). Three roundtable discussions will be followed by direct exchanges between business leaders and G20 political leaders.
“So far, governments and central banks have played a key role in fixing the global financial system and supporting the economic recovery. But without support from the private sector, it is impossible to achieve sustainable and balanced growth,” the committee said.
“Eighty CEOs from G20 member countries and 20 from non-G20 nations will participate in the Seoul Business Summit and exchange views with G20 leaders,” it added. “The Business Summit is a continuous process and hence we are seeking to play a key role in institutionalizing it.”
Among key participants from the financial sector are Deutsche Bank CEO Josef Ackermann; HSBC British Holdings Group Chairman Stephen Green; U.K. Standard Chartered CEO Peter Sands; Citigroup CEO Vikram Pandit; U.S. Blackstone Group Chairman Stephen Schwarzman; VISA Chairman Joseph Saunders; Japan’s Nomura Holdings CEO Kenichi Watanabe; and China Merchants Bank CEO Ma Weihua.
US Keeps NK Off Terrorism Blacklist
The United States has decided to keep North Korea off its list of states that sponsor terrorism despite concerns that Pyongyang may have been involved in the illegal proliferation of weapons.
The U.S. State Department’s Country Reports on Terrorism 2009 terror blacklist that was unveiled Friday once again included Iran, Syria, Sudan and Cuba as nations that sponsor terrorism.
However, North Korea was not included on the list following the department’s determination that Pyongyang had not sponsored any terrorist acts.
The U.S. removed the North from the terrorism blacklist in 2008 after the communist state pledged to scrap its nuclear program and agreed to inspections by the International Atomic Energy Agency
The U.S. State Department’s Country Reports on Terrorism 2009 terror blacklist that was unveiled Friday once again included Iran, Syria, Sudan and Cuba as nations that sponsor terrorism.
However, North Korea was not included on the list following the department’s determination that Pyongyang had not sponsored any terrorist acts.
The U.S. removed the North from the terrorism blacklist in 2008 after the communist state pledged to scrap its nuclear program and agreed to inspections by the International Atomic Energy Agency
KOSPI Down, Won Gains for 5th Session
The benchmark Korea Composite Stock Price Index (KOSPI) on Thursday lost five points to close at 1783.
Individuals and institutions were net buyers, while foreign investors heavily sold tech shares.
The tech-heavy KOSDAQ also dropped three points to finish at 476.
On the Seoul foreign exchange market, the local currency gained one-point-eight won against the U.S. dollar to close at 1166-point-five won to the greenback. The won gained for the fifth straight session.
S.Korea Mulls Sanctions on Iran
A senior official in Seoul said Thursday that the government has begun studying ways of implementing its own sanctions in order to join the international trend toward punishing Iran.
The official added that related agencies are reviewing different types of sanctions, with the Ministry of Strategy and Finance playing a leading role.
The official also said that the government is trying to define the upper and lower limits of the sanctions and that it will only consider sanctions that do not affect overall operations at South Korean companies.
After the U.N. adopted a sanctions resolution on June tenth against Iran, U.S. allies --- such as the European Union, Australia, Canada and Japan --- adopted their own independent sanctions.
2011 Jaguar XF 5.0 hits Korean market
The 2011 Jaguar XF 5.0 Premium was launched on the local market on July 26. The new vehicle comes with a 5-liter, V8 AJ-V8 Gen III engine that puts out 385 brake horsepower and the ZF 6HP28 six-speed transmission.
The vehicle can reach 100 kilometers per hour in 5.7 seconds. The vehicle manages 7.6 kilometers per liter of fuel.
The vehicle can reach 100 kilometers per hour in 5.7 seconds. The vehicle manages 7.6 kilometers per liter of fuel.
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| Jaguar XF 5.0 |
G20 CEO summit to discuss post-crisis global growth
Top business leaders from around the world will gather in Seoul in November to discuss post-crisis global growth, green development and corporate social responsibility in conjunction with the summit of Group of 20 leaders.
The meeting of about 100 CEOs will focus on the role of private businesses in keeping growth momentum going as major governments are withdrawing stimulus measures introduced to tackle the global economic crisis, the organizing committee of G20 Seoul Business Summit said.
The meeting of about 100 CEOs will focus on the role of private businesses in keeping growth momentum going as major governments are withdrawing stimulus measures introduced to tackle the global economic crisis, the organizing committee of G20 Seoul Business Summit said.
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Tokyo expected to face up to comfort women issue
Among its many war crimes, having forced tens of thousands of women from Korea and other countries into sexual slavery for the Japanese army during the World War II has been the hardest for Tokyo to acknowledge.
The victims, or the former “comfort women” who suffered a lifetime of shame, sickness, poverty and neglect, began to have their voices heard through weekly demonstrations every Wednesday from 1992.
The victims, or the former “comfort women” who suffered a lifetime of shame, sickness, poverty and neglect, began to have their voices heard through weekly demonstrations every Wednesday from 1992.
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Seoul Phil to demonstrate might through Mahler series
Chung Myung-whun once said he became a conductor because the piano could not express the colorful timbres of Gustav Mahler’s symphonies.
Chung first fulfilled this desire during the 2004 and 2005 season with the Orchestre Philharmonique de Radio France, performing all of the Austrian composer’s 10 symphonies. The series triggered a sensation in classical music circles and made headlines in the French daily Le Figaro.”
Chung first fulfilled this desire during the 2004 and 2005 season with the Orchestre Philharmonique de Radio France, performing all of the Austrian composer’s 10 symphonies. The series triggered a sensation in classical music circles and made headlines in the French daily Le Figaro.”
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Debt-ridden LH Corp. in deep trouble
The Ministry of Land, Transport and Maritime Affairs said on Thursday that it is considering delaying the due date for an 18 trillion won ($15.4 billion) repayment bill by LH Corp. for 10 years.
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Police chief offers to resign
Kang Hee-rak, commissioner general of the National Police Agency, abruptly offered his resignation on Thursday with just seven months remaining in his term.
“I have decided that it is now the best time for me to step down to help the president as he seeks to reshuffle his organization for the remainder of his term in office,“ the commissioner said in a statement. ”I also believe this would be the best time (to provide opportunities) to promising junior officials.“
Kang also weighed in some of the major issues dealt over the past 17 months since he took office last March.
“I took leadership over the National Police Agency when the police top management level was left blank upon the resignation of my predecessor,” he said. “I feel proud to have achieved my duties amid such pressing issues and to have restored a secure society for the people.”
Kang took over the police agency in 2009 amid a public uproar triggered by a deadly police raid on citizens rallying against an urban redevelopment project in Yongsan area.
Cheong Wa Dae was expected to accept his resignation today.
The presidential office is poised to undergo another reorganization as President Lee Myung-bak faces his final two years in term.
The police chief’s sudden resignation raised heavy speculation about suspected political pressure.
Kang was said to have come under mounting pressure over a recent police torture scandal. Officers at Yangcheon police station were found to have tortured some suspects during interrogation.
The latest series of child rape and molestation cases also may have been linked to Kang’s decision to depart from office, those close to the matter said.
Despite the lingering questions, Kang vowed to complete his duties as incumbent chief until a successor steps in.
Jo Hyun-oh, commissioner of the Seoul Metropolitan Police Agency, was cited as one of the major candidates for taking over the central police headquarters.
“I have decided that it is now the best time for me to step down to help the president as he seeks to reshuffle his organization for the remainder of his term in office,“ the commissioner said in a statement. ”I also believe this would be the best time (to provide opportunities) to promising junior officials.“
Kang also weighed in some of the major issues dealt over the past 17 months since he took office last March.
“I took leadership over the National Police Agency when the police top management level was left blank upon the resignation of my predecessor,” he said. “I feel proud to have achieved my duties amid such pressing issues and to have restored a secure society for the people.”
Kang took over the police agency in 2009 amid a public uproar triggered by a deadly police raid on citizens rallying against an urban redevelopment project in Yongsan area.
Cheong Wa Dae was expected to accept his resignation today.
The presidential office is poised to undergo another reorganization as President Lee Myung-bak faces his final two years in term.
The police chief’s sudden resignation raised heavy speculation about suspected political pressure.
Kang was said to have come under mounting pressure over a recent police torture scandal. Officers at Yangcheon police station were found to have tortured some suspects during interrogation.
The latest series of child rape and molestation cases also may have been linked to Kang’s decision to depart from office, those close to the matter said.
Despite the lingering questions, Kang vowed to complete his duties as incumbent chief until a successor steps in.
Jo Hyun-oh, commissioner of the Seoul Metropolitan Police Agency, was cited as one of the major candidates for taking over the central police headquarters.
Park Ji-sung's play shines
Manchester United finished their pre-season campaign with a comfortable win in Ireland against the League of Ireland XI, thanks to goals from Park Ji-Sung, Michael Owen and others, news reports said Thursday.
Man Utd manager Sir Alex Ferguson promised a strong side, and he duly delivered, Goal.com said.
Man Utd manager Sir Alex Ferguson promised a strong side, and he duly delivered, Goal.com said.
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Wayne Rooney was partnered by Michael Owen up front while Nemanja Vidic also returned from his post-World Cup holiday, the report said.
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Park scores his second goal of the game during the pre season Friendly Airtricity League X1 Brian Shelley in a Challange soccer match at the Aviva Stadium, Dublin, Ireland, Wednesday, Aug. 4, 2010. (AP-Yonhap) |
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Park, left, and Airtricity's Paul Keegan battle for the ball during their Pre Season Friendly soccer match at the Aviva Stadium, in Dublin, Ireland, Wednesday Aug. 4, 2010. (AP-Yonhap) |
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Park, right, celebrates his goal with Wayne Rooney during the pre season Friendly Airtricity League X1 Brian Shelley in a Challange soccer match at the Aviva Stadium, Dublin, Ireland, Wednesday, Aug. 4, 2010. (AP-Yonhap) |
Board delays film screening for violence
For the first time, a hotly anticipated feature film produced by a major studio has been slapped by the Korea Media Ratings Board with the limited engagement rule, preventing the film from a nationwide debut.
“I Saw the Devil,” set for an Aug. 11 release was recently given the harsh ruling for several violent sequences, some of which involve cannibalism, mutilation and specifically, a scene involving a serial killer tossing a human torso into a waste basket.
“I Saw the Devil,” set for an Aug. 11 release was recently given the harsh ruling for several violent sequences, some of which involve cannibalism, mutilation and specifically, a scene involving a serial killer tossing a human torso into a waste basket.
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Military stages antisub drill in West Sea
The South Korean military conducted an antisubmarine drill in the West Sea on Thursday to mark the first day of the five-day joint military exercise designed to enhance its defense capabilities against North Korean provocations.
Mobilizing top-of-the-line naval and air assets, the military practiced searching for and chasing enemy submarines, dropping antisubmarine bombs and firing mock torpedoes in the sea near the scene of the March 26 naval disaster that took the lives of 46 sailors.
Using the “towed array sonar system,” the 4,500-ton destroyer Choi Young practiced detecting suspicious underwater objects. Lynx antisubmarine helicopters and the P-3C maritime aircraft were also mobilized to find the location of enemy submarines.
Mobilizing top-of-the-line naval and air assets, the military practiced searching for and chasing enemy submarines, dropping antisubmarine bombs and firing mock torpedoes in the sea near the scene of the March 26 naval disaster that took the lives of 46 sailors.
Using the “towed array sonar system,” the 4,500-ton destroyer Choi Young practiced detecting suspicious underwater objects. Lynx antisubmarine helicopters and the P-3C maritime aircraft were also mobilized to find the location of enemy submarines.
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