Kuwait’s new port, now being built, will be completed by 2020
Efforts to transform Kuwait’s logistics infrastructure are gathering pace following the announcement that the first phase of the $1.2bn Mubarak Al Kabir port development is on track for completion in the second quarter of 2014. The port, which will have an initial annual cargo-handling capacity of 1.8m containers, forms a key part of Kuwait’s bid […]
Samsung axes jobs at financial units
Unlike flourishing electronics affiliates, financial units of Samsung Group have been struggling to stay afloat, hit hard by the bearish stock market, low interest rates and sluggish consumption amid the prolonged global economic slump. Now, the country’s largest family-controlled conglomerate is posed to axe hundreds of jobs at its securities, insurance and credit card businesses […]
Winners and losers
Strong won hurts carmakers, IT firms, shipbuilders Concerns are growing over the ill-effects of the local currency’s steep appreciation against the dollar as the stronger won makes Korean products more expensive on the global market. This also results in smaller earnings in terms of won for exporters, which affects their profitability. The won-dollar rate hit […]
Saudi Oil Minister Meets The Press Ahead Of OPEC Meeting
Saudi Arabia’s Minister of Petroleum and Mineral Resources Ali Ibrahim Naimi speaks to journalists prior to the start of the meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Dec. 12, 2012 . <AP/NEWSis/Ronald Zak>
‘Education poor’ on sharp rise
Middle-class parents pressed to cope with costly private tutoring Kim Ji-hye is 6. She attends a neighborhood preschool in Ilsan, Gyeonggi Province. She has a busier schedule than her parents because her mother wants to keep her focused on learning. After finishing preschool at around 2 p.m., she rushes to an indoor pool for a […]
Lotte seeks to buy POSCO’s retail units
Lotte Group, the country’s fifth largest family-controlled conglomerate specializing in retail and leisure industries, is in talks with POSCO to take over the world’s fourth largest steelmaker’s three retail units here and abroad, according to industry sources Tuesday. They include Diamond Plaza, a hybrid residential and commercial building in Vietnam, and Central Square, a high-rise […]
Foreigner-only casinos to open in Saemangeum
The government announced Tuesday that it will allow the building of foreigner-only casinos in Saemangeum from September 2013. The 400-square-kilometer-wide reclaimed tidal flat, about two-thirds the size of Seoul, is currently in the process of being transformed into an industrial park with tourism and leisure facilities. According to the Ministry of Land, Transport and Maritime […]
Entrepreneur Academy to foster Jobs’ spirit
The Institute of Global Management (IGM) launched IGM Entrepreneur Academy (IEA) Monday to try and nurture innovative corporate leaders like Steve Jobs. It is the first school which offers programs for those who want to establish their own business with systematized curriculums and skilled professors including successful CEOs of major conglomerates. All students will be […]
Where is Korean economy heading?
Foreign economists expect rebound to be possible in second half The outlook for the Korean economy has been murkier than ever due to lingering uncertainties caused by a myriad of downside risks, such as the prolonged eurozone debt crisis, concerns over the U.S. fiscal cliff and sluggish corporate investment here. The latest economic data also […]
Bottom line comes first
Korean firms need to focus more on fundamentals Korean companies have a more pessimistic outlook than their global counterparts about the world economy and the likelihood of its improvement, a sentiment that is affecting to further depress merger and acquisition (M&A) activities as well. According to Ernst & Young’s latest biannual capital confidence barometer (CCB) […]
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