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The map published by the Legatum 2014 Global Prosperity Index. Green is the highest quarter.

Best Countries to Live In

5 November 2014 - 3:43pm

South Korea has been ranked as the 25th best country to live in.

According to the Drudge Report on Nov. 3, South Korea ranked 25th globally in the “2014 Global Prosperity Index” reported by British Legatum Institute, in which 142 countries were assessed, moving up one notch from last year.

The Legatum Institute reported the best countries to live in from 2008 by ranking countries based on the eight categories of economy, entrepreneurship, governance, education, personal freedom, health, security, and social capital.

South Korea placed fifth among Asian countries...

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A researcher at ETRI demonstrates customized IoT smart home services.

Things of the Internet

5 November 2014 - 3:33pm

The Electronics and Telecommunications Research Institute (ETRI) is going to showcase 11 Internet of Things (IoT) technologies at the IoT Korea Exhibition 2014 to be held at the COEX Convention Center in Seoul from Nov. 5 to 7.

Eleven technologies include an ultra-slim RFID metal tagging technology, a ultra-low-power wireless communications technology for factory automation and smart grids, a sensor terminal software platform technology that supports sensor mash-ups through the connection and control of smart devices and objects, a smart vital sign checking technology that can...

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Screenshots from the SK Telink Mobile Fax app.

Mobile Fax App

5 November 2014 - 3:22pm

Telecommunications service provider SK Telink announced on Nov. 4 that it introduced a mobile fax app called Mobile Fax, based on Multimedia Messaging Service (MMS).

People can send and receive a fax for free using their MMS offered by their cell phone plans. Two MMSs will be used for each fax. After downloading the new fax app, people can send documents or images stored on their smartphones via the app. It is also possible to receive a fax using a fax number given to each app user, which starts with the phone prefix 0504.

SK Telink stresses that it is not necessary to pay...

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Threat to Samsung, LG

5 November 2014 - 3:13pm

China, which has become a powerful nation in the smartphone area due to the huge popularity of Xiaomi Technology, is actively seeking to dominate the U.S. market with TVs, putting Korean firms on edge.

According to the LG Economic Research Institute on Nov. 4, large U.S. retailers like Best Buy and Costco are gearing up for Black Friday, one of the busiest shopping days in the U.S., with the launch of Hisense TVs.

Black Friday is the day after Thanksgiving Day in the U.S., and falls on the fourth Friday in November. On that day online and offline retailers and famous brands...

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President Park Geun-hye meets Corning CEO Wendell Weeks at her office on Nov. 4.

Aggressive Investment in Korea

5 November 2014 - 2:56pm

Corning will set up an R&D center in Korea late this year before making 10 billion won (US$9.3 million) annual investments for years to come.

“We have continued our investment in Korea and have cooperated with its excellent human resources all the way since 1973,” Corning CEO Wendell Weeks said during his meeting with President Park Geun-hye, adding, “We bought 100 percent of the Samsung Corning shares last year at an investment of US$1.9 billion, and are planning to build an R&D center in Korea to work on flexible displays and next-generation touch screen technology.”

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The Daesan Chemical Complex in South Chungcheong Province, South Korea, is home to a Samsung petrochemical plant.

Launching Water Race

5 November 2014 - 2:52pm

Korean petrochemical companies are rushing into the water treatment market in neck-and-neck competition.

Last month, Huvis, which is a joint venture of Samyang and SK Chemical, acquired 86 percent of Hankook Jungsoo Industries shares at 118 billion won (US$109 million) to kick off the water treatment system business. The chemical fiber company is planning to buy the remaining shares as well. Hankook Jungsoo Industries, as the largest water treatment system provider in Korea, has led the development of power plant wastewater treatment technology. Huvis is aiming to combine the new...

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Somes screenshots of the interface of the upcoming Bank Wallet Kakao SNS payment service.

Changing Banking Map

5 November 2014 - 2:23pm

The Bank Wallet Kakao service makes its debut on Nov. 11. In addition, a number of new-concept banking services combining finance with information and communications technology (ICT) are expected to follow the mobile messenger-based remittance service one after another.

“I am convinced that we need to ponder upon the establishment of Internet banks now,” said Financial Services Commission chair Shin Je-yoon on Nov. 4, adding, “The foundation of such IT banks needs to be examined in earnest once the social consensus is formed regarding the limitation on industrial capitals’...

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Lee Jae-yong, Lee Seo-hyeon, and Lee Bu-jin, the joint inheritors of Samsung Group.

Management Succession

4 November 2014 - 3:35pm

It is expected that the shareholding structures of Samsung Group subsidiaries will be simplified, while the third-generation owners’ influence will continue to increase, as the listing of Samsung SDS and Cheil Industries draws near. In particular, the Samsung Group is forecast to adopt a holding company structure with the listing of Cheil Industries, which is at the top of the circular shareholding structure, advancing ahead of schedule. Still, many experts predict that the process will take at least some time, because such reform requires tens of trillions of won.
According to...

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Automobiles in October

4 November 2014 - 3:26pm

Sales of five local carmakers have dropped because of labor strikes and slow exports. The sales of Hyundai Motors, which settled their strike early, increased, while that of Kia Motors, which solved their strikes late, dropped a lot due to a supply shortage.

According to industry sources on Nov. 3, October’s sales volume in the domestic and overseas market of five companies, which are Hyundai Motors, Kia Motors, GM Korea, Renault Samsung, and Ssangyong Motor, dropped 2.3 percent from the same month last year, which reached 748,025 units. It increased by 7.3 percent compared to last...

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Escaping Crisis

4 November 2014 - 3:20pm

Samsung Electronics is emerging as a big player in the global M&A market, as shown by its purchase of four foreign companies over the past six months. Over the period, the Korean firm has bought many kinds of companies in different manners. Suffering from declining smartphone sales, Samsung is gambling on aggressive M&A strategies.

According to the electronics industry on Nov. 3, Samsung has acquired caching company Proximal Data to try to enhance its SSD-based software for server systems.

The US-based firm has core technologies in caching software, which greatly...

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