Microsoft: Windows 8 will go on sale Oct. 26

Microsoft says Windows 8 will go on sale Oct. 26. The upgrade to its operating system is designed to work better with touch screens and on tablet computers.Microsoft announced the date in a blog post and at its annual sales meeting Wednesday. The software company had said earlier that Windows 8 would go on sale in October.Microsoft is releasing the software as a downloadable upgrade that day for P

TechnologyJuly 19, 2012

Japan nuclear plant may be on fault

One of Japan's nuclear reactors may be sitting on an active geological fault at high risk of earthquake damage, the country's nuclear watchdog said Wednesday.Officials said the Nuclear and Industrial Safety Agency plans a survey at the Shika complex in Ishikawa prefecture, The Yomiuri Shimbun reported. Its operator, Hokuriku Electric, could be forced to find alternative sources of electricity for

TechnologyJuly 19, 2012

S. Korea ranks 43rd in gold reserves

South Korea ranks 43rd in gold holdings, 13 notches higher from a year earlier, but its reserves remain relatively small compared with other nations, data showed Thursday.South Korea's gold holdings came to 54.4 tons as of July this year, the 43rd largest among 113 countries and organizations surveyed by the World Gold Council, an international body that offers key information about gold.South Kor

July 19, 2012

Seoul shares open higher on U.S. gains

South Korean stocks got off to a strong start on Thursday, boosted by overnight rallies on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 27.2 points, or 1.52 percent, to 1,822.11 in the first 15 minutes of trading.U.S. stocks closed higher on Wednesday on the back of U.S. Fed chief Ben Bernanke's remarks and firm gains in technology shares.Blue chips led

July 19, 2012

FTC expands CD rate probe to major banks

Antitrust watchdog sends investigators to Shinhan, Woori, Hana, KB KookminThe Fair Trade Commission has expanded its probe on the alleged collusion in setting certificate of deposit rates to major banks. The antitrust watchdog sent investigation teams on Wednesday to four banks ― Shinhan Bank, Woori Bank, Hana Bank and KB Kookmin Bank ― on suspicions that they fixed interest rates of three-month certificates of deposit. The move is a follow-up of the investigation into local brokerage firms on T

July 18, 2012

Chaebol target of ‘economic democratization’

This is the first in a two-part series about economic democratization touted by political parties ahead of the December presidential election. ― Ed.About 70 percent of 1,200 global investors and traders told a survey that the present capitalist structure should be revamped during their participation in the last Davos Forum.The poll result seemingly reflected growing criticism of corporate greed in many countries, according to local research analysts.While international economists are suggesting

IndustryJuly 18, 2012

Hyundai, Kia’s share of European market hits record

Korea’s leading automakers Hyundai Motor Co. and Kia Motors Co. saw their combined share of the European market hit an all-time high last month despite the region’s sluggish demand, industry data showed Wednesday.Hyundai and Kia’s market share reached 6.3 percent of Europe’s passenger car market in June, up from the previous 6.1 percent record in April, according to the data released by the European Automobile Manufacturers’ Association.Hyundai sold 44,803 units in June for a market share of 3.6

July 18, 2012

Korea to demand China open kimchi, makgeolli market

Korea plans to call on China to open its domestic market to fermented food and beverages that cannot be formally sold due to the lack of sanitation guidelines, a senior government trade official said Wednesday.The request to allow shipments of such traditional Korean products as kimchi and makgeolli will be made at the bilateral working-level trade talks scheduled for next Tuesday, Deputy Trade Minister Lee Si-hyung told reporters.Kimchi is a spicy side dish made from fermented cabbage, radishes

July 18, 2012

Korea facing deflationary risks: experts

Sluggish demand at home and abroad, slowing money flow add to deflation fears amid euro crisisKorea is facing rising deflationary concerns, experts said, as worsening external economic conditions weigh on the export-dependent economy and the property market slump draws out. Deflation, a decrease in the general price level of goods and services, is caused by many factors including a deflationary gap, in which total spending in an economy is insufficient to buy all the output that can be produced

July 18, 2012

LG Chem sees boost in Q2 profit

LG Chem said Wednesday it posted about 5.99 trillion won ($5.24 billion) in sales and 503 billion won in operating profit in the second quarter, both boosted by increased sales in its information and electronic material and battery units.In its quarterly regulatory filing, the company said that its sales and operating profit from April to June went up 4.2 percent and 9.5 percent compared to the previous quarter. Its net profit, however, decreased 1.8 percent to 373.9 billion won.The information

IndustryJuly 18, 2012

Shares down 1.48% on Fed disappointment

Korean stocks closed 1.48 percent lower on Wednesday as investor sentiment took a blow from U.S. Fed Chairman Ben Bernanke’s bleak economic outlook, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index slumped 27.05 points to 1,794.91. Trading volume was moderate at 448.5 million shares worth 4.4 trillion won ($3.9 billion), with decliners outnumbering gainers 658 to 169.“Bernanke’s gloomy economic outlook as well as weakening hopes ov

July 18, 2012

Seoul launches national smart grid project

Korea announced on Wednesday the official start of a program to install a nationwide smart grid system that will help the country’s businesses and households save billions of dollars in coming years.A ceremony hosted by the Ministry of Knowledge Economy marked the official launch of the five-year project that will make the country one of the first in the world to have a nationwide smart grid system.A smart grid system largely consists of what is known as advanced metering infrastructure that aff

July 18, 2012

Korea’s trade surplus with EU plunges after FTA takes effect

Korea’s trade surplus with the European Union fell sharply after the free trade pact went into effect a year ago due to eurozone woes that hurt exports and caused a rise in imports, government data showed Wednesday.According to data by the Korea Customs Service, imports from the EU shot up 13 percent on-year to $49 billion between July 2011 and June this year. Exports fell to $50.9 billion from $57.9 billion during the period, with the surplus dropping to just $1.9 billion from $14.5 billion rep

July 18, 2012

Inter-bank FX turnover hits over 4-year high in Q2

Korean banks’ daily foreign exchange trading volume rose to the highest level in more than four years in the second quarter amid a continued current account surplus, the central bank said Wednesday.The daily foreign exchange trading volume among banks averaged $22.72 billion in the April-June period, up 1.2 percent from three months earlier, according to the Bank of Korea. The reading marked the highest level since $23.37 billion in the first quarter of 2008.Daily transactions of foreign exchang

July 18, 2012

Financial holding firms’ overseas expansion slows

Korean financial holdings companies were lukewarm about expanding their overseas operations in the first half of the year due to jitters over the eurozone debt crisis and a slowing world economy, the financial regulator said Wednesday. The country’s 10 financial holding companies had 150 overseas branches, representative offices and wholly-owned subsidiaries as of June, compared with 151 six months earlier, according to the Financial Supervisory Service.The FSS said worsening global market condi

July 18, 2012