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15 January 2010 - 8:06pm

Korean banks and financial groups unveiled their business strategies and plans for the upcoming Year of the Tiger. They predicted that many uncertainties still surround the Korean economy and that competition among financial institutions will become fiercer due to changes in systems and policies. Accordingly, they vowed to wage a sales war in order to become the No.1 bank in Korea while also pursuing quality-oriented growth.

Competition in the Korean financial industry is expected to get fiercer this year following the introduction of new regulations and laws, predicted Kang...

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15 January 2010 - 8:03pm

Controversy over the revision of the Sejong City Project is unlikely to stop for the time being. In January, Prime Minister Chung Un-chan announced a revised master plan for the development of Sejong City following two months of discussions by the Joint Committee. The Lee Myung-bak Administration launched the joint committee to revise the plan after judging that the original Sejong City Plan needed changing. The original plan was made during the Roh Moo-hyun Presidency. Participants in the Joint Committee included specialists and officials from both public and private sectors.

“...

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15 January 2010 - 8:00pm

President Lee Myung-bak joined the UN Climate Change Conference in Copenhagen held for 13 days from December 7 to December 19. He joined the conference on the 16th and delivered his keynote speech, entitled “Taking Action Together” on the 17th. He also made public Korea's offer to host the 2012 climate talks in an attempt to promote the nation's green growth strategy to the international community.

Heads of 193 countries, including the U.S. President Barack Obama, gathered at the Danish capital to produce an agreement on climate change. However, the conference ended with no legally-...

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15 January 2010 - 8:00pm

President Lee Myung-bak joined the UN Climate Change Conference in Copenhagen held for 13 days from December 7 to December 19. He joined the conference on the 16th and delivered his keynote speech, entitled “Taking Action Together” on the 17th. He also made public Korea’s offer to host the 2012 climate talks in an attempt to promote the nation’s green growth strategy to the international community.

Heads of 193 countries, including the U.S.’ President Barack Obama, gathered at the Danish capital to produce an agreement on climate change. However, the conference ended with no legally...

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News

15 January 2010 - 7:43pm

According to a survey conducted by a Korean daily newspaper, nine of ten experts on Korean affairs in the U.S. felt it is unlikely that the Korea-U.S. free trade agreement would be ratified by the U.S. Congress this year, with some even predicting that it had little chance next year either.

Since the Korea-U.S. FTA was signed by the two governments on June 30, 2007, the Korean government including the embassy in Washington has made various efforts to have it ratified by U.S. Congress.

In addition, at a meeting during Obama’s visit to Korea in December of last year,...

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15 January 2010 - 7:40pm

The uproar over Sejong City reached its peak after the government recently overturned the original plan and announced a blueprint for replacing it, focusing on business, science and education rather than public administration.

The project to transform Sejong City into a second administrative capital was first proposed by the former president Noh Moo-hyun’s government and had been agreed upon by both ruling and opposition parties and passed as a special law in 2005. The argument for Sejong City was that it would balance development of the country through decentralization. In...

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15 January 2010 - 7:39pm

The New Year of the Tiger is upon us. We hope the New Year will be filled with happy and productive events and activities for Korea and the world. We also hope Korea will successfully host the G20 Meeting later this year and that all those participating will find effective solutions to global problems.

In this month’s issue, BusinessKorea deals with the economic outlook as its cover story. Many economic organizations at home and abroad generally agreed that the Korean economy will definitely rebound from the long tunnel of the global economic slump. The cover story also contains...

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News

15 December 2009 - 9:00am

THE Korean economy appears to be maintaining its overall improvement trend driven by strong exports and consumption. The growth rate of the mining and manufacturing production index recorded 0.2%, after adjustment for the Chuseok holidays which fell on October this year. The growth rate marked the fourth consecutive month of increase, recording 4.2%.

The production growth rate of the service industry recorded 1.5%, a decrease from the previous month’s record of 4.5%, but still continued to rise for the seventh consecutive month. Sales of consumer goods in October recorded a growth...

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15 December 2009 - 9:00am

IN early December, Samsung Electronics Co., a leading mobile phone provider, unveiled its newest smartphone platform, Samsung bada (bada means “ocean” in Korean) in London. At this unveiling, Samsung showcased the bada SDK (Software Development Kit) for partners.

The electronic giant presented the unique benefits and unprecedented opportunities that the bada platform will bring to developers, mobile operators and even consumers. Mobile handset experts say that Samsung bada is a driving force in accomplishing Samsung’s vision of a ‘smartphone for everyone.’ To achieve this vision,...

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News

15 December 2009 - 9:00am

IN early December, engineering, procurement & construction contractor, GS Engineering & Construction (GS E&C) was awarded the US$3.11 billion Ruwais Refinery Project from Takreer, a subsidiary of Abu Dhabi National Oil Company (ADNOC), a government-run company of the United Arab Emirates (UAE). GS E&C will construct the Residue Fluidized Catalytic Cracking Unit (RFCC) process, the main process of the project. The amount, US$3.11 billion, is the highest-ever for a Korean builder. The project is in the Ruwais Petrochemical Industrial area 250 km away from Abu Dhabi....

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