Samsung Electronics announced Sunday that it has been named the best manufacturer for portable media and home audio-visual products by U.K.-based “Which?” Magazine. Samsung outstripped other finalists ― Panasonic Corp. and Sony Corp. ― in the “Best Home Audio-Visual Brand” category. “Samsung has a strong presence across many of our product areas we cover,” the judges said. “Its innovation and atte

The government said Thursday it plans to boost support for growth industries in the country’s provincial metropolitan areas by injecting 285 billion won ($265 million) this year.The program is the latest in a string of projects that the Ministry of Knowledge Economy has pushed since 2009 to develop regional technology hubs.Under the plan, the ministry will fund nearly 20 billion won this year for

The Ministry of Land, Transport and Maritime Affairs unveiled a draft package of traffic safety measures at a public hearing in Seoul on Thursday, which consists of increased speeding fines, brighter crosswalks and tougher penalties for drunk driving. Though the number of deaths from road accidents in Korea has declined by nearly half over the last decade to about 5,500 in 2010, the figure per 10,

Hong Suk-woo, a former chief of the Small & Medium Business Administration, has been named new president of the Korea Trade-Investment Promotion Agency, the trade agency said Wednesday.Hong, 58, will supervise the agency’s overall business and shore up overseas operations, concentrating on “globalizing small-and medium-sized firms to steer the era of $1 trillion trade,” KOTRA said in a statement. 

The Korea Trade Insurance Corporation, known as K-sure, said Tuesday it has been selected as the best Asian export credit agency by the U.K.-based Trade Finance Magazine.K-sure is one of the country’s two export-import insurance agencies other than the Export-Import Bank. It provides insurance products and project financing and issue bonds to exporters for their shipment, overseas construction wor

Samsung, Hyundai Motor, SK, STX reap fruits from multi-layered business structureAmid robust industrialization a few decades ago, Korea’s major companies were striving to adopt a multi-layer business practice called vertical integration. They are now transforming into global industry leaders, bearing the fruit of these efforts. The unique concept of management dates back to the 19th century when A

Diageo Korea, the local unit of the global drinks group, announced Wednesday that Mickey Lee of W Hotel’s Woobar has won the regional final of its international bartending competition.Lee reserved a ticket as a Korean representative to the annual World Class 2011 contest scheduled for July 11-14 in New Delhi, India, the host said. “Having tried out for the contest three years in a row, I’m unbelie

Korea should implement measures against social inequality to steer sustainable growth in the post-crisis era, the Organization for Economic Cooperation and Development said Tuesday.Though the country strongly rebounded from a global economic crisis, it still faces challenges such as unemployment, income and gender inequality, low birthrate and a lack of social protection, the organization wrote in

Korea can provide a role model for sustainable growth to other emerging economies, a senior World Bank official said in Seoul on Monday.Inger Andersen, vice president of World Bank’s sustainable development unit, is seeing ample potential in Korea’s human resources and technological prowess. “Korea has a lot to offer,” she said in an interview on the sidelines of the Global Green Growth Summit in

Participants share promoting green growth as a fresh driver for future economyPoliticians, scholars and industry leaders Monday touted a global shift toward green growth and called for enhanced cooperation to tackle the environmental challenges facing mankind.About 90 academics, businessmen and officials from 25 national governments and international institutions shared views at the first Global G

Yuhan-Kimberly, Korea’s leading hygiene products maker, has been selected as one of the most favored workplaces in the local manufacturing industry for a third straight year, a survey showed.According to the Korean Management Association Consulting, which surveyed more than 5,200 industry workers and human resources specialists, Yuhan-Kimberly came in third on the list of the best 30 manufacturers

Korea’s growing economic muscle and brisk exports will turn the country into a leading global exhibition destination, said Choe Dae-kyu, vice chairman of the Association of Korea Exhibition Industry. Registered under the Ministry of Knowledge Economy, the organization promotes trade fairs held here and supports related policies. Its 44 members are largely exhibition hall operators, event organizer

Korea plans to develop unmanned boats for maritime research and surveillance by investing 20 billion won ($18.5 million) over the next five years, the government said Tuesday.The automated boats will sail at a speed of up to 90 kilometers per hour within a 16 kilometers radius and avoid collisions with other vessels or obstacles, the Ministry of Land, Transport and Maritime Affairs said in a state

Hyosung Corp., a Korean maker of chemicals and automatic teller machines, said Tuesday it has developed the country’s first high-strength carbon fibers, paving the way for the next-generation fabrics that are lighter, stronger and more elastic.The ultra-thin materials have stepped into the limelight in recent years as their low weight, high-tensile strength and temperature tolerance made them desi

Hanwha Chemical Corp., the country’s leading petrochemical firm, said on Monday it has reached a license agreement worth $720 million for its arthritis biosimilar with Merck Sharp & Dohme Research Ltd., a subsidiary of U.S. drugmaker Merck & Co.Under the deal, the two companies plan to develop and commercialize the drug candidate named HD 203 together. Merck secures its sales rights in all countri

Mobile devices, flextime, telecommuting boost workplace efficiency, flexibility“Work smarter, not harder.” This catchphrase has finally caught on in Korean companies as they pursue better ways of working to fit this all-connected world.An increasing number of businesses are embracing the “smart work” policy including flextime, telecommuting, remote work, virtual meetings and freer office environme

The Fair Trade Commission plans to tighten its investigation of the country’s 56 largest companies to see whether they have engaged in anticompetitive practices, officials said Friday.The decision was made based on reports and tips the watchdog received on the conglomerates’ ongoing irregularities, such as forcing price cuts and signing unfair deals, they added.Subject to the government’s mutual g

Diageo Korea, the local unit of the U.K.-based drinks group, said it will hold the regional final of its international bartending competition in Seoul on June 21. Since January, about 200 Koreans have been vying for a ticket to the annual World Class 2011 slated for July 11-14 in New Delhi, India, the host said. The final will bring together 10 qualifiers from four heats. The local contestants wil

Korea Electric Power Corp. said on Thursday it plans to award a prize to two Seoul National University scholars for their achievement in the local energy industry. Kim Tai-yoo and Park Jong-keun became the first winners for the KEPCO Research Grand Prix, which the state-run utility launched this year to commemorate the 50th anniversary of its foundation. Kim was selected for “his outstanding resea

Asiana Airlines, the country’s second-largest air carrier, unveiled its new slogan for customer services and uniforms for airport staff in a bid to lure more customers during the peak summer season. The slogan, “Always with You,” implies four keywords ― novelty, sincerity, kindness and quality ― which all its employees will pursue to make a company that is “always with customers,” Asiana said in a