Christian sect to hold funeral of late ferry owner next week

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KT ordered to pay 100,000 won each to data-leak victims

South Korea's No. 2 mobile carrier KT Corp. was ordered by a local district court Friday to pay 100,000 won (US$97) in compensation to each customer who had personal data leaked in 2012.The Seoul Central District Court's ruling came after some 28,000 KT users filed a lawsuit against the mo...

Updated : 2014.08.22 12:18

Watchdog backs off heavy punishment for bank heads

 The South Korean financial watchdog on Friday reprimanded the heads of KB Financial Group Inc. and its flagship Kookmin Bank for management failures, concluding an investigation that dragged on for two months with a much lighter punishment than earlier indicated. The Financial Superviso...

Updated : 2014.08.22 11:16

Mobile carriers fined for subsidies

The Korea Communications Commission on Thursday imposed fines of some 58 billion won ($57 million) against the country’s three mobile carriers for offering illegal subsidies to smartphone buyers.Sout...

Updated : 2014.08.21 20:52

[Graphic News] More drivers embrace hybrid and electric cars

Global sales of hybrid and electric cars have more than tripled to 3.49 million in 2013 from 1 million in 2011. The eco-friendly car market is expected to continue the recent momentum in the coming ye...

Updated : 2014.08.21 20:47

Big firms keep up in-group deals

More than 12 percent of business deals among large conglomerates in South Korea were so-called intragroup transactions taking place among affiliates, government data showed Thursday.According to data from the Fair Trade Commission, intragroup transactions accounted for 12.46 percent of bus...

Updated : 2014.08.21 20:43

GS E&C delays Singapore hospital project

GS Engineering & Construction has pushed back the completion date of a hospital project worth 600 billion won ($586 million) in Singapore by several months, the company said on Thursday. The Ng Teng F...

Updated : 2014.08.21 20:35

IBM launches cloud computing platform in South Korea

IBM launched Bluemix, an open-source cloud computing development platform, in South Korea on Thursday.The platform enables developers to create applications for smartphones, running on both Apple’s i...

Updated : 2014.08.21 20:34

S-Oil donates learning aids to disabled youth

S-Oil, a leading refinery in Korea, said Thursday it held an event to donate customized learning aids to 90 disabled students from low-income families worth 100 million won ($97,000).The Saudi Aramco-...

Updated : 2014.08.21 20:33

Number of new firms hits record high in July

The number of newly established firms in South Korea soared to a new high in July as retirees opted to start their own businesses, central bank data showed Thursday.A total of 8,129 companies were established last month, compared with 7,133 in June, according to the Bank of Korea. The July...

Updated : 2014.08.21 20:33

GE wants part in domestic fighter jet development

General Electric Korea on Thursday expressed its willingness to join the South Korean government’s plan to develop a double-engine platform for its next generation of fighter jets. The U.S.-based con...

Updated : 2014.08.21 20:33

Samsung tops flatscreen TV market for 34th quarter

South Korean tech giant Samsung Electronics Co. said Thursday it has topped the world’s market for flat-screen TVs for the 34th consecutive quarter in the April-June period, backed by robust sales in emerging markets.Quoting data released by industry watcher DisplaySearch, Samsung said it...

Updated : 2014.08.21 20:33

Korea’s petrochemical firms vow to boost investment, exports

South Korea’s leading petrochemical firms have agreed to further increase their investment this year as part of efforts to create jobs and boost their exports, the government said Thursday.In a special meeting with Energy Minister Yoon Sang-jick, the companies reported they plan to invest...

Updated : 2014.08.21 20:33

LG rolls out new 3G models in L smartphone series

LG Electronics Inc. said Wednesday it will roll out two new smartphone models in its low-end L series later this month that will feature high-tech features similar to the more expensive G series.The L Bello and L Fino come with 5-inch and 4.5-inch screens, respectively, along with an 8-meg...

Updated : 2014.08.21 20:32

Seoul shares sink 1.38% on possible rate hike in U.S.

South Korean stocks sank 1.38 percent Thursday as investor sentiment was shaken by the possibility of an early rate hike in the United States, analysts said Thursday. The local currency fell against the U.S. greenback.The benchmark Korea Composite Stock Price Index lost 28.57 points to clo...

Updated : 2014.08.21 20:31

YG Entertainment to sell $60m shares to LVMH-sponsored capital

YG Entertainment Corp., South Korea’s high-brand entertainment agency who has Psy as its client, said Wednesday it will sell new shares worth 61 billion won ($69.7 million) to the investment fund arm of French luxury group LVMH, a move seen as paving the way for expanding its fashion busi...

Updated : 2014.08.21 20:31