SEOUL, Dec. 26 (Korea Bizwire) – Doosan Heavy Industries & Construction Co., South Korea’s top power equipment maker, said Monday that it has won an order, potentially worth over 2.7 trillion won (US$2.25 billion), to build two thermal power plants in India. The company has yet to officially sign the deal but said it has [...]
SEOUL, Dec. 26 (Korea Bizwire) – In a rarely seen sight, North Korean leader Kim Jong-un appeared at the country’s first conference for the primary committees dressed in a suit, instead of his typical military or “Mao” attire. In photos released on December 24 and 25 by the Korean Central News Agency, Kim wore a [...]
SEOUL, Dec. 26 (Korea Bizwire) – The implementation of flextime – a workplace arrangement that allows employees to choose their working hours – is quickly expanding across the local banking industry. KB Kookmin Bank currently has 45 branches that have adopted a flextime system, allowing employees to delay their work hours by an hour or [...]
DAEJEON, Dec. 26 (Korea Bizwire) – Patents for outdoor advertising making use of digital technology are becoming extremely popular. According to the Korea Intellectual Property Office, the average annual number of such patents, which stood at less than 50 prior to the 2000s, rose to some 300 from 2001 to 2010, and to 600 since [...]
SEOUL, Dec. 26 (Korea Bizwire) – South Korea may face a series of lawsuits from U.S. companies over local taxation of their patent income after a Seoul court recently ruled in favor of an American patent management firm in a drawn-out case, watchers said Monday. In a landmark ruling on Dec. 9, the Seoul Administrative [...]
SEOUL, Dec. 26 (Korea Bizwire) – SK hynix Inc., a South Korean chipmaker, plans to begin mass production of advanced flash memory chips for mobile devices, or 3D NAND chips, next year, an industry source said Monday. The advanced NAND chips with 72 layers of data-storing memory cells will be produced at SK hynix’s chip [...]
SEJONG, Dec. 26 (Korea Bizwire) – South Korea’s exports to Vietnam and New Zealand rose over the past year to a large extent on the back of the implementation of bilateral free trade pacts amid sluggish global demand, latest customs data showed Monday. Outbound shipments of South Korean-made goods to Vietnam jumped 15.2 percent on-year [...]
SEOUL, Dec. 26 (Korea Bizwire) – Major insurance companies in South Korea are increasing their capital to prepare for new accounting rules set to take effect next year and more U.S. rate hikes, industry sources said Monday. Local insurance companies are estimated to expand their capital by a combined 1.41 trillion won (US$1.17 billion) this [...]
SEOUL, Dec. 26 (Korea Bizwire) – A growing number of unmarried persons are starting their own businesses apparently due to a lack of jobs, a report suggested Monday, noting the jobless rate of young people has remained record high. According to the report from Statistics Korea, 12.2 percent of all single men were self-employed as [...]
SEOUL, Dec. 23 (Korea Bizwire) – Korea’s “wage peak system”, in a nutshell, gradually reduces wages paid to workers nearing retirement age, guaranteeing their job security in return. It also makes it easier, at least in theory, for employers to create additional jobs for young people. According to the Ministry of Employment and Labor, a [...]