Samsung Group, the country’s largest conglomerate, has stepped up efforts to stamp out a corporate culture of excessive drinking common in Korea.The group said that it has launched an in-house campaign across its subsidiaries in a bid to discourage binge drinking, forced drinking or other harmful types of drinking to promote a healthy workplace environment.This comes months after Samsung cleared out all ashtrays inside and outside its buildings to promote a “No Smoking” atmosphere, even telling

SK Hynix, the world’s second-largest chipmaker, said it has developed the industry’s first 4-gigabite DDR3 DRAM chip for graphics using a 20 nanometer-class processing technology.The double data rate, type-three synchronous dynamic random access memory chip can process 3.6 gigabytes of data per second via 16 lines of data channels at an operating speed of 1.8 Gbps.The company also noted that, when operating at 1.35 volts, the graphics chip consumes 30 percent less power than its 30 nanometer-cla

New media platforms have introduced new ways for companies to advertise their brands and products in this digital age of consumerism.Facebook looks to be the most “powerful” platform for effectively communicating and interacting with millions of users worldwide, said George Foo, chief operating officer of ihub Media Group, a social networking marketing agency based in Singapore. The company, which operates in eight countries, develops content applications such as games, characters and contests f

CEO envisions spin-off to create biotech firmIn June 2011, Hanwha Chemical, a listed Korean chemical company, made its first landmark deal to license its newly developed biosimilar compound to Merck, a global pharmaceutical giant.Merck will be further developing the “HD203” compound by Hanwha into a drug for joint pain.Hanwha attributed this overseas deal to Paul Coleman, CEO of the chemical company’s bio business unit, whose primary responsibility includes identifying global pharmaceutical comp

KT, Korea’s second-largest mobile carrier, said Monday that it plans to set up a fund to invest in the development of content such as animation, games and music by small and medium-sized firms.Speaking at a news conference, KT chairman Lee Suk-chae said the company will allocate around 100 billion won ($89 million) to the fund, which will be established by the end of this year and be operated for content development over the next three years.The company plans to allocate some 20 billion won of i

Premium home appliance maker hopes to win Korean consumers for 100 years, CEO saysAnyone in Korea who has lived in Germany or other parts of Europe before uses it.Rhie Won-bok, who studied in Germany and is known for his comic books “Far Countries, Neighboring Countries,” uses it. Cha bum-kun, who played soccer in Germany and is a regular World Cup newscaster, uses it. Yoon Boo-keun, CEO of Samsung Electronics’ consumer electronics division, praised it during his visit to Germany’s IFA electroni

Darby Overseas Investments is seeking to tap the National Pension Service, Korea’s pension fund, and the Export-Import Bank of Korea as its potential institutional investors for infrastructure in Colombia.The U.S. private equity is considering setting up its largest fund yet to invest in “segments” of Colombia’s $20 billion road project, which will be announced next week, Darby CEO Richard Frank told The Korea Herald.Darby has normally managed funds sized at around $300 million, and invests in i

LG Display to see most benefit as iPhone parts supplier, analysts sayApple’s iPhone 5 may have failed to meet high expectations worldwide as it failed to boast any particularly surprising innovative features.Analysts are nonetheless coming out with rosy sales forecasts for Apple as the U.S. tech giant still has strongly loyal fans. Based on this, Korean components makers, especially LG Display, are also being highlighted as those that will benefit from supplying their parts for the smartphone.LG

Apple’s latest device would not be able to overtake Samsung phones, analysts say Apple’s long-awaited iPhone 5 has been unveiled to the world with mixed reviews.Some say the new smartphone does not offer any innovative features other than being thinner with a larger display than its previous model.Others highlight the iPhone 5’s faster Long Term Evolution wireless connectivity with an upgraded microprocessor and central processing unit.Weighing only 112 grams with a 4-inch touch screen, compared

Renault Samsung accepts voluntary retirement from 14% of workersRestructuring and downsizing are sweeping the foreign business community in Korea following lackluster sales amid the global economic slowdown stemming from the financial crisis in Europe.Korean equities continue to receive increasing attention from foreigners whose large investment, could lead to further volatility in the stock market when the global economy faces another tumble.These market trends show an overall picture of the li