Most Popular
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Korea forecast to overtake Taiwan in chip production by 2032: report
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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Stray Kids hit with racism in Met Gala photo line
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Ador CEO's dismissal to be decided on last day of May
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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[Graphic News] Beer the most favored alcoholic drink by Koreans
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Yoon doubles down on repeal of financial investment income tax
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Science Ministry expresses regret over Japan’s pressure on Naver
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Seoul shares down 0.09 pct in late-morning trade
South Korean stocks traded 0.09 percent lower late Thursday morning due to losses in large-cap exporters, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 1.8 points to 1,978.61 as of 11:20 a.m.Tech giant Samsung Electronics fell 0.61 percent and LG Display, a major screen supplier of Apple, dropped 2.42 percent.Carmakers continued bearish movement amid the yen weakness, with industry leader Hyundai Motor sliding 1.38 percent.However, top steelmaker POSCO rose 1.94
Jan. 24, 2013
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U.S. trade body to review Apple-Samsung patent ruling
The U.S. International Trade Commission (ITC) has decided to review a judge's ruling that could potentially lead to an import ban on several Samsung Electronics Co. products on rival Apple Inc.'s home turf.In a decision made on Wednesday in Washington, the ITC said it would review the preliminary ruling that found Samsung smartphones and tablet PCs infringed upon four patents held by the iPhone maker.In October, ITC Administrative Law Judge Thomas Pender ruled that Samsung mobile devices infring
IndustryJan. 24, 2013
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Global Internet hit 2012 speed bump: study
Global Internet connection speeds around the world slowed in late 2012, according to a survey released Wednesday that suggested a temporary stall in broadband gains.Akamai Technologies‘ third quarter “State of the Internet” report also showed China remained the biggest source of computer attacks, and that Brazil and China appear to have the biggest surge in Web use. The global average connection speed decreased by some seven percent between the second and third quarters of 2012 to 2.8 megabytes
TechnologyJan. 24, 2013
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Seoul shares start lower on poor economic data
South Korean stocks opened lower Thursday on the country's lower-than-expected growth, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.52 points, or 0.63 percent, to 1,967.89 in the first 15 minutes of trading.Large-cap shares led the decline, with market bellwether Samsung Electronics falling 1.36 percent.Top shipbuilder Hyundai Heavy Industries lost 1.1 percent and No. 1 carmaker Hyundai Motor slid 1.83 percent.The country's central bank said earlier in the day th
Jan. 24, 2013
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U.S. panel approves heavy duties on Korean washers
A U.S. trade panel on Wednesday approved heavy anti-dumping duties on South Korean-made washing machines, ending a domestic process initiated by a petition by Whirlpool Corp., a Michigan-based home appliance maker.The United States International Trade Commission (USITC) announced that it "determined that a U.S. industry is materially injured by reason of imports of certain large residential washers from Korea that the U.S. Department of Commerce has determined are subsidized and from Korea and M
IndustryJan. 24, 2013
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Korea’s 2012 GDP hits three-year low at 2%
Korea’s economy grew by 2 percent in 2012, the slowest in three years, due to low consumption and a sharp decline in facility investment stemming from the global economic slowdown, the Bank of Korea said Thursday.The actual growth rate of the nation’s gross domestic product is lower than the initial forecast of 2.4 percent made in October 2012, and the lowest since 2009 when growth expanded by just 0.3 percent during the global financial crisis. The BOK said the GDP grew 0.4 percent in the fourt
Jan. 24, 2013
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Samsung buys time with ITC review
The U.S. International Trade Commission has decided to review a previous preliminary ruling to ban the sales of Samsung Electronics’ smartphones. The move is likely to buy the company some time, but may not be all good news for the Korean electronics maker. The review will be for four of the six patents that a judge of the commission had ruled to be infringing Apple’s patents. Both Samsung and Apple appealed the ruling, which had been reached in October last year. Many viewed the ruling at the t
TechnologyJan. 24, 2013
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Korea moves to rein in currency strength
The Korean won is being pushed to the edge by two major international currencies of the U.S. dollar and the Japanese yen, raising concerns over Korean exports, the country’s main growth engine.With Japan joining the U.S. in monetary easing to stimulate its economy, there is a high chance that the Korean won will further strengthen against their currencies, causing its top-selling automobiles and tech gadgets to lose their price competitiveness overseas.Finance Minister Bahk Jae-wan has stepped i
Jan. 23, 2013
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Royalty payments near $8b
Korea spent about $7.7 billion on royalty payments, including the usage of intellectual property rights, to foreign firms for the first 11 months of 2012, data from the Bank of Korea and Idea Bridge Asset Management showed Wednesday.The payments posted a 5.5 percent growth from the previous year, according to the central bank. But royalties paid to local information technology firms remained at $3.24 billion during that period, bringing the overall balance to a deficit of $4.45 billion, accordin
Jan. 23, 2013
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4 Korean think tanks listed in world rankings
Four Korean research institutions were recognized for being in the world’s top 150 think tanks, a report showed on Tuesday.The list released by an academic program at the University of Pennsylvania placed the government-affiliated Korea Institute for International Economic Policy at 55th. Three other Korean institutes made the 2012 Global GoTo Think Tank Index. The Korea Development Institute took 58th place, the East Asia Institute was 65th and the Institute of Foreign Affairs and National Secu
TechnologyJan. 23, 2013
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Female vice president named GM Korea CFO
GM Korea Co., the local unit of U.S. General Motors Co., said Wednesday that a female vice president has been named its chief financial officer.Minerva Matibag, currently the CFO for GM’s Brazil unit, will also be in charge of finances for the firm’s operations in Vietnam and Uzbekistan, GM Korea said in a statement. The first woman CFO of GM Korea will start her job on Feb. 1, the company added.The Filipina started her financial career at GM’s Asia Pacific office in 1997 and went on to financia
MobilityJan. 23, 2013
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Samsung taps former Sony exec to head Japanese arm
Masaaki Tsuruta, a former executive at Sony of Japan, was tapped as the head of Samsung Electronics Japan, Samsung officials confirmed Wednesday.Tsuruta, 56, was appointed to the post as of Jan. 1 to overlook the Japanese corporation, which is mandated to handle mostly equipment and parts, such as semiconductors and LCD panels.Samsung Electronics had reshuffled its Japanese operations in March last year by disassembling its existing entity to form two separate offices: one for handling smartphon
IndustryJan. 23, 2013
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LSIS wins power system order for KEPCO-Alstom JV
LSIS, a leading cable company in Korea, said Wednesday it was selected as a preferred bidder to manufacture a high-voltage direct current system, an advanced electric power transmissions technology, for KEPCO-Alstom Power Electronics System. KEPCO-Alstom Power Electronics System is a joint venture firm between state-run KEPCO and France-based Alstom for electricity-related businesses. The deal will transfer the HVDC technology to LSIS and support the company to tap into the lucrative, high-end e
Jan. 23, 2013
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Shares dip ahead of earnings releases
South Korean stocks dropped 0.81 percent Wednesday as investors took to the sidelines ahead of releases of fourth-quarter earnings of big-name companies, analysts said. The local currency fell sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 16.11 points to finish at 1,980.41. Trading volume was moderate at 485.7 million shares worth 4.16 trillion won ($3.9 billion) with losers outnumbering winners 500 to 300.“Investors remain cautious to see how large-cap com
Jan. 23, 2013
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Samsung Card emerges as No. 2 in industry
Samsung Card Co., the credit card arm of South Korea’s top conglomerate Samsung Group, has become the No. 2 player in the local industry thanks to the company’s stepped-up efforts to boost its market share, sources said Wednesday.The market share of Samsung Card reached 14.1 percent in the second quarter of last year, trailing only Shinhan Card Co. with 20.8 percent and outpacing rivals such as KB Kookmin Card Co. and Hyundai Card Co. KB Kookmin Card and Hyundai Card accounted for 13.3 percent a
Jan. 23, 2013
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FSS to start magnetic-strip card phase-out in February
Cash cards that use magnetic strips for transactions will be partially banned at automated teller machines starting Feb. 1.Under regulatory countermeasures to minimize financial scams including forgery of credit cards or cash cards, the Financial Supervisory Service has advised consumers to replace their magnetic cards with “integrated circuit” cards over the past year.“As an initial step, cash transactions with magnetic-strip cards will not be available at about 50 percent of ATMs at financial
Jan. 23, 2013
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Sales at major retailers shrink
Sales at both major discount outlet chains and department stores in South Korea dropped in December from a year earlier, reflecting worsening consumer sentiment, the government said Wednesday.The combined sales of the country’s three major discount outlet chains ― Lotte Mart, E-Mart and Home plus ― dropped 5 percent on-year in December, according to the Ministry of Knowledge Economy.This compares with a 3.7 percent on-year gain in December 2011, and also with a 1.7 percent on-year drop in Novemb
Jan. 23, 2013
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Hanwha donates solar module to Davos
Hanwha Group has donated a solar module to the city of Davos, Switzerland, taking part in a global campaign to reduce carbon dioxide, company officials said.Hanwha Q-Cells held a donation ceremony at the city’s town hall on Tuesday, shortly before the opening of the 43rd annual meeting of the World Economic Forum.The corresponding module is to be installed by the end of the year on the roof of the Davos Congress Center building and will generate 340 kilowatts of solar energy per year, officials
IndustryJan. 23, 2013
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Samsung, LG to abandon LCD TVs
LED screens are expected to become dominant in the global television market starting next year as the world’s two top television makers ― Samsung and LG ― are poised to stop producing LCD panel TVs in North America this year to focus on LED. LG Electronics had already expressed such plans at the Consumer Electronics Show held in Las Vegas earlier this month. Recently, Samsung also said it would be suspending the production of LCD panels in Mexico, Hungary, Slovakia and others. In particular, the
IndustryJan. 23, 2013
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Revamp boosts trade negotiation efficiency
South Korea’s trade policies, including free trade agreements, are expected to undergo a drastic overhaul under the new government as the presidential transition committee has decided to transfer trade issues from the Foreign Ministry and Ministry of Strategy and Finance over to the Knowledge Economy Ministry.Under the government reorganization plan, the Knowledge Economy Ministry, currently in charge of policies on industries, will absorb nearly all functions related to trade while the Foreign
Jan. 23, 2013