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Hyundai-Kia signs fair trade pact with suppliers

By Kim Yoo-chul Staff reporter The Hyundai-Kia Automotive Group has inked a fair trade pact with its 2,700 domestic parts suppliers, a move seen as improving the quality of its finished products. Under the pact, the group will run a low-interest loans program to help them stabilize financial soundness for effective management, while the automaker will pay promptly for key components, Hyundai said in a press release, Tuesday. The company also added it will expand what it calls its "partnership programs" to second- and third-tier suppliers to give a steady uprising momentum to sustain their businesses. To make the program effective, Hyundai-Kia is planning to monitor payment conditions on a regular basis. "Maintaining a healthy partnership with suppliers has emerged as a top corporate concern as the group is expanding globally. Quality in products is everything," a spokesman for the automotive group said. The group will increase its internal budget for suppliers to 82 billion won ($78 million) from 58 billion won. It has set up a 100 billion won loan program to help

Jun 8, 2010By Kim Yoo-chul
Companies

Samsung out to steal iPhone’s thunder on domestic market

By Kim Yoo-chul Staff reporter Samsung Electronics has teamed up with Google and SK Telecom in an attempt to dethrone Apple as the leader on the domestic smartphone market. "Samsung can take on Apple and the Galaxy S will lead the way," Shin Jong-kyun, president of Samsung's mobile division, said in a news conference unveiling the latest Samsung smartphone. Top executives from Google and SK Telecom were also present. The unveiling came on the heels of Steve Jobs' presentation of the latest iPhone 4 model. KT, Apple's Korean partner, said that the smartphone will be marketed here from July. The Galaxy has everything Samsung can throw into the smartphone: It has a "Super AMOLED" screen, which makes the gadget more power-efficient and gives sharper pictures. The 1GHz processor provides an improved touch-screen experience, and talks are underway with Google to offer more customized applications. "The Galaxy S involved cooperation with 110 overseas partners," Shin said. It is already available in Singapore and today's unveiling targeted domestic consumers ahead of its

Jun 8, 2010By Kim Yoo-chul
  • Firms use iPhone to appeal to consumers
Companies

Cellphones to adopt smart tour applications

By Kim Yoo-chul Staff reporter People will soon be able to rely on mobile technology to get around and see Korea on a customized tour program. SK Telecom has teamed up with the Korea Tourism Organization (KTO) to launch its "smart tour" applications. By downloading the software programs, SKT smartphone users will get information to devise personal tour plans and be able to upload pictures to several social networking sites such as Facebook and Twitter. "Such applications will enable phone users to check entrance fees, and research the history and other details of a certain local tourist spot," said Cindy Kang, a spokeswoman for SK Telecom. "If a user has personal tour plans, the mobile will provide the distance to the destination together with the locations of restaurants in the area," Kang added. The applications will be downloaded to smartphones but use the Google-powered Android mobile operating platforms included on Samsung's Galaxy S. Samsung will make its local debut of what it hopes to be an "iPhone killer" tuesday. The partnership came at a time

Jun 7, 2010By Kim Yoo-chul
Companies

Samsung, Lotte may step back from Sejong City investment plan

By Kim Yoo-chul Staff reporter Korea's major conglomerates including Samsung and Lotte groups thinks of scaling down their earlier investment plans to Sejong City about 150 kilometers south of Seoul. ``Samsung Group will carefully monitor what happens relating to Sejong City. If situations deteriorate, we might seek other ways,'' said a group spokesman, Sunday. Samsung originally planned to invest 2.05 trillion won from 2011 to 2015 in Sejong City to develop new businesses such as green energy, light emitting diode (LED) and healthcare. With Samsung, other hopefuls to Sejong ― Lotte, Woongjin, Hanwha and SK groups ― are also poised to revise their earlier investment plans to the regional city, officials say. ``We've been in internal talks whether to overhaul our investment schemes to Sejong after the local election,'' a Lotte Group spokesman said. Hanwha initially planned to spend 1.33 trillion won to create R&D and manufacturing facilities for its new solar energy and defense businesses over the tract of 600,000 square meters. Woongjin also earlier announced i

Jun 4, 2010By Kim Yoo-chul
Tech & Science

Sony Ericsson aims to dethrone Apple

By Kim Yoo-chul Staff reporter Sony Ericsson has just joined the ranks of leading South Korean mobile companies seeking to depose Apple's iconic handset device ― iPhone ― in the world's most wired country. The head of the venture's South Korean branch said its new high-end smartphone ― Xperia X10 ― that runs on the Google-powered Android mobile platform will help it compete with iPhones and its added enhanced after-sales policies will also appeal to highly-sensitive local consumers. As The Korea Times earlier reported, South Korean regulators have "seriously considered" taking action against Apple over a growing number of consumer complaints about inefficient after-sales services for iPhones. Over 700,000 devices have been sold in South Korea since it was launched in November 2009, but a large portion of those customers have complained that since defective phones must be sent to China for repairs, it takes too long. The key problem that consumers and officials quote is that Apple is refusing to listen to the complaints. Steve Park of Apple in South Korea said it won't

Jun 3, 2010By Kim Yoo-chul
Companies

Dongbu to realign core businesses

By Kim Yoo-chul Staff reporter Dongbu Group is trying to realign its focus by spinning off agricultural businesses from Dongbu HiTek, which it sees as the group's future growth engine. HiTek hopes that its debts will be reduced to 400 billion won by the end of the year from 1.4 trillion won at the end of the first quarter. Additional funds needed will be raised from the sale of its stake in Dongbu Metal, an affiliate that specializes in ferroalloys as well as agricultural business spinoffs. "Dongbu HiTek will spin off the agricultural unit in a campaign to lower its debts to below 1 trillion won. We are reviewing a possibility to list the agricultural unit," Dongbu HiTek’s chief financial officer (CFO), Jang Il-sang, said in a news conference in the company’s headquarters in downtown Seoul, Monday. Jang emphasized such asset sales will help reduce the net debt of the group's chip-making unit to below 100 percent by the end of this year from 288 percent as of the end of last year. "Several financial and strategic investors are interested in our agricultural busin

Jun 1, 2010By Kim Yoo-chul
Tech & Science

Markets react well to fresh Hynix plan

By Kim Yoo-chul Staff reporter Hynix Semiconductor, the world's second-biggest maker of dynamic random access memory (DRAM) chips that are widely used in computers, is relieved over the favorable reception over its renewed investment plans in financial markets. The Icheon-based chipmaker is the latest among global chipmakers to boost its capital spending to exploit an energized chip market. Financial analysts say that the rare expression of boldness from Hynix inspires confidence in the company's immediate future, as the new investment would be crucial for smoothing the transition toward advanced chips and manufacturing technologies and also improve the company’s flexibility in combating a possible oversupply situation in the chip market. Bank of America Merrill Lynch said it will maintain its target price for Hynix of 45,000 won Tuesday and keep the "buy" rating on the company's shares. Merrill Lynch doesn't expect "any significant risks" that may hurt the chipmaker’s cash-flows and rated the updated investment plan as satisfactory. Merrill Lynch maintained st

Jun 1, 2010By Kim Yoo-chul
Tech & Science

Panel woes aggravate Sony

By Kim Yoo-chul Staff reporter Three-dimensional (3D) television appears to be counting down its primetime arrival, but it's debatable whether Sony is ready for the party. Considered to be the natural successor to the high-definition (HD) flat-screen TVs that are conventional today, 3D TVs are now groomed by the consumer electronics industry to become potential mainstream products, and the rising sales figures in advanced markets show that consumers are convinced as well. A clear beneficiary of the market would be Samsung Electronics, the world's largest provider of televisions and flat-screen panels, which is currently making Herculean efforts to refine its 3D TV lineup, while its bitter domestic rival, LG Electronics, has declared a strong 3D commitment as well. Among their well-received products are 3D liquid crystal display (LCD) televisions with light-emitting diode (LED) backlights, which provide better pictures with less power consumption. However, the prospects for Sony, the Japanese technology titan that is desperate to regain its television throne from Sam

Jun 1, 2010By Kim Yoo-chul
Tech & Science

Apple defies Korean regulators on iPhone after-sales service

By Kim Yoo-chul Staff reporter Korean telecom and fair trade regulators are considering whether or not to take action to address complaints from iPhone users about what they say is Apple's poor after-sales service. "We are closely monitoring consumer complaints about Apple. Independent investigations are already under way. We will take action if needed," a senior official at the Fair Trade Commission (FTC), said, Monday. The Korea Communications Commission (KCC) is also looking to see if there are grounds for action against the U.S. consumer electronics company. "We are aware of such complaints," a senior KCC official said. Consumer complaints of iPhones are on the rise, according to the KCC. Over 700,000 have been sold since its debut in November. The U.S.-based consumer electronics company has turned a deaf ear to such woes. "Apple will not change our unique after-sales policies and related systems just for Korean consumers. iPhone users are misunderstanding our after-sales services," Steve Park, a representative of Apple’s South Korean office said. Unles

May 31, 2010By Kim Yoo-chul
Companies

Ssangyong wins hotel service award

Ssangyong Engineering and Construction (E&C) said Friday its hotel in Singapore has been awarded by the government there for its eco-friendly building systems. ``Our `W Singapore Sentosa Curve Hotel,' which is under construction in the country, has gotten a `platinum' certification by the Building & Construction Authority (BCA) over the implementation of our green technologies,'' a company spokeswoman said. The platinum level is the highest among the levels of ``green marks'' from the authority, the company said in a press release. The spokeswoman said it is the first time for the certification to be given to South Korean builders who are building luxurious hotels in seven countries, including China, India, Malaysia, Vietnam and Cambodia. The so-called ``W hotel'' has applied ``low energy glass'' systems on surfaces and temperature inside rooms could be maintained below 24 Celsius degree without air-conditioning. ``The certification will pave the way for us to boost our competitiveness in construction in other countries,'' she added.

May 28, 2010By Kim Yoo-chul
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