Korea’s private sector research and development spending is expected to surpass the 41 trillion won ($36.4 billion) mark for the first time ever, a report by a local industrial association said Monday.The Korea Industrial Technology Association report based on a poll conducted on 607 companies engaged in R&D work showed spending likely to go up 8.4 percent on-year to 41.05 trillion won.Of the total to be spent, money earmarked by large conglomerates is expected to rise 8.9 percent compared to th

The gap between the wealthy and the poor in Korea is widening further in education, a report showed Monday. According to the report entitled “Social Indicator Trends in Korea” issued by the Bank of Korea, those at the upper level in terms of annual income tend to spend more on their children’s education, which better ensures their success in society. Low-income earners, in contrast, do not have any extra money to invest in their children’s education, with their education-related budget stuck at

Industry sources say merger of the company’s display unit, Samsung Mobile Display soon to take placeSamsung Electronics on Monday announced the establishment of a new firm tentatively called Samsung Display Co. by April 1 through the spin-off of its liquid-crystal display unit.The world’s biggest TV maker said initial funding of 750 billion won ($668.5 million) and 150 million new shares will be issued for the launching of Samsung’s new display company following a board meeting earlier on Monday

Korea’s tech giant Samsung Electronics Co. topped the list of the most admired companies in the country, marking the ninth consecutive year it has clinched the top spot, a survey showed Monday.The company ranked first, followed by leading steelmaker POSCO and Yuhan Kimberly Co., the country’s largest maker of diapers and feminine hygiene products, according to a poll by the Korean Management Association Consulting. Samsung Electronics has kept its top spot since 2004, when the consulting, certif

The government has launched a task force to study the feasibility of a recent spate of welfare proposals floated by politicians amid worries that many of them are just intended to woo voters ahead of major elections.Korea is to hold parliamentary and presidential elections in April and December. Political parties are rushing to unveil welfare programs and campaign pledges, many of which policymakers see as “populist” and fiscally “unsustainable.”“From the perspective of fiscal authorities, it is

South Korean stocks finished slightly higher on Monday as China’s reserve ratio cut boosted investor sentiment, analysts said, but financial firms’ losses trimmed overall gains. The local currency rose against the greenback.After rising as much as 1.18 percent, the benchmark KOSPI added 0.07 percent, or 1.43 points, to end at 2,024.9. Trading volume was heavy at 723 million shares worth 5.96 trillion won ($5.29 billion) with gainers leading losers 464 to 372.In the early morning, the KOSPI got a

Securities companies operating in Korea saw their earnings for the fiscal third-quarter rise 15 percent from three months earlier thanks to a recovery in the local stock market, the financial watchdog said Monday.The combined net profit of 62 local and foreign securities firms operating here came to 514.3 billion won ($458.7 million) in the October-December period, compared with 447.4 billion won in the previous quarter, according to the Financial Supervisory Service. The tallied brokerages clos

HONG KONG (Yonhap News) ― A joint venture asset manager between Korea’s No. 2 financial services firm Shinhan Financial Group Co. and global banking group BNP Paribas SA. has received qualified investor status from Chinese authorities, opening the door for its investment in Chinese stock markets, a government document showed Monday.Shinhan BNP Paribas Asset Management Co. received the status of “qualified foreign institutional investor” from the China Securities Regulatory Commission, according

The first Swiss Education Fair in Seoul will take place at the Sheraton Seoul D Cube City Hotel later this week.This event is organized by Swiss Business Hub Korea and aims to promote the highly regarded global education curriculum of Swiss schools in Korea. In attendance at this year’s fair are two public and six private hotel and business management schools.There will also be five prestigious Swiss boarding schools.Visitors to the fair on Feb. 25 will have the opportunity to consult directly w

New Zealand Food Connection 2012 will be held Feb. 28 at Paradise Hotel in Busan hosted by New Zealand Trade and Enterprise.Held twice a year, once in Seoul and once in Busan, the event aims to showcase a wide range of premium New Zealand food and beverages to Korean food industry professionals, including hotels, restaurants, distributors and retailers, and to promote cooperation between the New Zealand and Korean food and beverage industries,.“Busan is a very attractive market, well-known for t

The Seoul Global Business Support Center, Gangnam office, will hold a site tour and offer a Korean language course taught by a popular local broadcaster.The site tour of the Seoul International Sourcing Fair at the COEX center will take place on Feb. 24 from 10 a.m. to 6 p.m.On the same day, the center will stop taking applications for foreign businesspeople interested in advancing their Korean business language skills and perfect their professional presentations about their products or other bu