Creatives of a Brazilian campaign agency, Moma Propoganda, have been banned from next year’s Cannes Lions International Festival of Creativity after they used fake Kia Motors ads to win two awards at the Cannes awards.Intended to promote the Kia Sportage’s dual-zone hot-and-cold climate control feature, the agency creatives illustrated family-friendly images on one side, juxtaposed with adult fant

The modified Korea-U.S. free trade agreement will bring in less surplus for domestic carmakers than had initially been forecast, a government report said Friday. The FTA, signed in 2007 and modified in November is expected to expand local carmakers’ trade surplus by $488 million annually, $53 million less than the equivalent figure under the earlier terms agreed. The two nations agreed to scale ba

Red meat market widens for Australia, U.S., CanadaBy Cynthia J. KimImported red meat from Australia, the United States and Europe is enjoying a fast-increasing market share in Korea, benefiting from the huge loss of livestock here after the worst-ever foot-and-mouth disease outbreak in the past year.And competition in the imported beef market is set to become fiercer as Canada will soon resume its

SK Telecom said Thursday it established a social enterprise called Happy ICT Foundation in southwestern Seoul, together with another social enterprise affiliated with the group.The new social enterprise will support the information technology infrastructure of other social enterprises that require assistance. Affordable IT service solutions and consulting services will be provided and shared with

LG Display failed to swing into the black in the second quarter of this year due to sluggish market conditions but narrowed its operating deficit to 48.3 billion won ($45.6 million) from 23.9 billion won in the previous quarter.Quarterly net profit reached 21.3 billion won, up from the 115.4 billion won deficit it recorded in the first quarter, the Seoul-based display-maker said on Thursday. “We f

Hynix Semiconductor, the world’s second-largest computer memory chip maker, announced Thursday it posted 2.76 trillion won in sales and 447 billion won in operating profit for the second quarter.The figures are down from the same period last year, 16 percent in sales and 56 percent in operating profit. Net income reached 473 billion won ($449 million).“The second quarter started off with demand gr

SC First Bank and its labor union, staging the longest walkout in the industry, are increasingly under pressure to strike a deal to end the dispute after the fight resulted in its lowered credit rating and intense scrutiny from the regulator.About half of its 6,500 workforce has been on strike since June 27 to protest against the proposed introduction of a performance-based pay system. The bank wa

Hyundai Steel is pushing the drive to expand its presence in the Japanese market for steel plates for ships, with up to four new supply contracts looking likely to be closed during the second half of the year.The company, which began producing thick steel plates in April 2010, has been supplying thick plates to Japanese construction firms and machinery makers since September. According to the comp

Participants agreed that the mainstay of economic growth is leaning to emerging markets led by BRICs — Brazil, Russia, India and China — since a financial calamity in 2007.JEJU ― Leaders in the country’s business circle and academia underscored the significance of innovation and speed in surviving the rapidly changing economic environment. Around 600 business leaders, scholars and government offic