Seoul shares up on U.S. data

South Korean stocks closed 1.15 percent higher on Friday as stronger U.S. jobs data eased concerns about the recovery of the world’s largest economy, analysts said.The local currency rose against the U.S. dollar.The benchmark KOSPI rose 20.85 points to 1,839.96, breaking the third straight session of falls. Trading volume was moderate at 483.5 million shares worth 4.3 trillion won ($3.7 billion) with gainers outpacing losers 492 to 342.“Better-than-expected data on U.S. job markets gave some sol

Dec. 16, 2011

Korea ups fight against electricity shortage

Local banks and companies were joining the government’s power-saving crusade as freezing weather gripped Korea on Friday, sparking fears of a supply shortage.Subject to a 10-percent mandatory cut in demand and heating limits, most energy-intensive companies have already written their own measures to curtail electricity consumption including power protection systems and backup generators.“We’re trying to curb unnecessary consumption as much as possible because electricity makes up a large part of

IndustryDec. 16, 2011

Angel-in-us bottled coffee most caffeinated

Angel-in-us sells the most caffeinated bottled coffee at convenience stores, while Starbucks coffee has the most caffeine among takeaway drinks, Korea Consumer Agency said Friday. A bottled latte from the Lotte Group owned Angel-in-us contained 63 milligrams of caffeine per 100 milliliters, the highest among 20 bottled and canned coffees sold at convenience stores. A bottled mocha from Angel-in-us contained 62 milligrams of caffeine and its caramel macchiato had 46 milligrams of caffeine per 100

IndustryDec. 16, 2011

Malaysian acid attack victim to get new face in Korea

A group of Korean plastic surgeons will restore the face of a 19-year-old Malaysian woman who was severely scarred in an acid attack. The surgery will be part of the Ministry of Health and Welfare’s Medical Korea project that provides pro bono surgery to foreign patients in need of state-of-the-art procedures. The patient, Tan Hui Linn, arrived at Seoul on Wednesday evening and had a medical consultation with JK Plastic Surgery Center in southern Seoul the next day. Based on examination results,

TechnologyDec. 15, 2011

LGE, Intel join hands for smart TV

LG Electronics Inc., the world’s second-largest maker of flat-screen TVs, said Thursday that it has agreed to collaborate with Intel Corp. to use the U.S. chipmaker’s wireless display technology in smart TVs. The result of their partnership will be introduced in the market during the first quarter of next year, LG Electronics said, in a form of Web-connected TVs that can play content from laptop computers and mobile devices. Intel is seeking to expand the number of hardware partners to adopt its

TechnologyDec. 15, 2011

Hyundai Motor set to overtake Samsung Group in earnings

South Korea’s top automotive group Hyundai Motor Group is expected to post bigger earnings this year than Samsung Group, the country’s biggest family-controlled conglomerate, data showed Thursday.The combined earnings of Hyundai Motor Group’s eight listed affiliates are projected to reach 18.05 trillion won ($15.56 billion) this year, compared with 17.75 trillion won of 12 Samsung Group affiliates, according to the data by financial data provider FnGuide.It will mark the first time that the auto

IndustryDec. 15, 2011

Privatization of Korea Aerospace runs into opposition from union

Korean Air, Hyundai Heavy, Hanwha, Samsung Techwin eyeing aircraft makerThe planned privatization of Korea Aerospace Industries has hit a snag with opposition from the labor union which wants the company to be a public corporation.The labor union of the state-funded aircraft maker has decided to obstruct a visit by the president of Korea Finance Corporation, KAI’s largest shareholder, scheduled for next week. The KoFC got KAI listed last June, making it possible to sell off the major shareholder

IndustryDec. 15, 2011

Ministry aims to create 30,000 jobs for youth

SMBA set to spend W1tr to help youth  start new businessesThe Ministry of Knowledge Economy said it plans to create 30,000 new jobs for young people next year by hiring more for research and development, and kick-start a project to foster 3,000 small and medium-sized companies that hire 1.2 million people by 2015.The ministry will also spend 1.7 trillion won next year alone to stabilize the power supply and have the Korea Electric Power Corporation replace obsolete equipment, according to an ann

Dec. 15, 2011

Shares end 2.08% lower on eurozone debt fears

South Korean stocks closed 2.08 percent lower on Thursday as foreign investors dumped local stocks on nagging concerns about Europe’s debt crisis, analysts said. The local currency fell against the U.S. dollar for the sixth straight session.The benchmark KOSPI trimmed 38.64 points to 1,819.11. Trading volume was moderate at 402.3 million shares worth 5.31 trillion won ($4.57 billion), with losers outpacing gainers 658 to 178.“Contagion fears about Europe’s debt crisis gripped investor sentiment.

Dec. 15, 2011

Koreans’ ability to repay debt falls to new low

South Koreans’ capacity to repay debt worsened to the lowest level in more than two years in the third quarter as falling share prices cut the value of their assets amid growing debt, the central bank said Thursday.The ratio of financial assets held by households and nonprofit organizations to debt, a gauge of their capacity to redeem debt, came in at 2.07 as of the end of the third quarter, down from 2.15 in the second quarter, according to the Bank of Korea.The third-quarter data marked the lo

Dec. 15, 2011

Household loans by non-bank financial firms close to 300 trillion won

Korea’s non-bank financial firms rapidly increased their share in the household loan market, seeing their combined total reach nearly 300 trillion won ($259 billion) and even outpacing banks, data showed on Thursday. The non-bank financial companies refer to savings banks, credit card operators, and insurance firms, and their household loan expansion in recent months is viewed by authorities as an additional risk factor to the country’s broader household debt situation. The size of non-bank fina

Dec. 15, 2011

Lone Star papers out after 8 years

FSC follows court’s ruling to publicize U.S. fund’s eligibilityThe Financial Services Commission has made public its records on Lone Star Funds from the eight years since the regulator approved the fund’s takeover of Korea Exchange Bank in 2003.On Thursday, the FSC sent related documents on Lone Star to the civic group Solidarity for Economic Reform.The documents involve the regulator’s ruling as to whether the U.S.-based fund was eligible to own KEB between September 2003 and June 2006.After a

Dec. 15, 2011