Volvo Group launches UD Trucks in Korea
Volvo Group launches UD Trucks in Korea UD Trucks, the Japanese subsidiary of Volvo Group, the leading global maker of commercial trucks, announced the launch of its Korean business Wednesday, aiming to get a significant slice of the market for midsized trucks. The launch came as part of efforts for Volvo to expand its presence […]
Will pension fund have more sway in chaebol?
Will pension fund have more sway in chaebol? Korea’s jumbo pension fund now controls a significantly larger chunk of chaebol than their chairmen, industry figures showed Wednesday. Whether it decides to pull its weight in corporate decision-making processes, however, remains to be seen. According to figures from Chaebul.com, a researcher of big businesses, the National […]
CJ partners with SOHO China
CJ Group formed a partnership with China’s biggest real-estate developer SOHO China Tuesday to facilitate expansion of its food business in Asia’s largest market, industry insiders said Monday. An official representing CJ Foodville, they said signed an agreement with a counterpart from the Chinese developer in Beijing, Tuesday. Under the agreement, Foodville, CJ group’s food […]
Entry barrier lowered on foreigner-only casinos
The government lowered the entry barrier for foreign investors seeking to operate casinos in free economic zones (FEZs), Tuesday. Until now, foreign investors were required to make an investment of at least $300 million up front to build a hotel or convention center before seeking permission to run a foreigner-only casino. According to revisions of […]
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 […]
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