Election results to put new spin on key economic policies

Sweeping changes likely to hit Korea’s policies on welfare, tax, labor, conglomerates As South Korea’s general elections ended on Wednesday in a way that elevates the position of opposition parties, key economic issues are expected to go through heated disputes and, if necessary, modifications.The stakes couldn’t be higher. A wide range of the country’s policies on welfare, taxes, state budget, labor relations, real estate, conglomerates and free trade agreements are set to be affected.To what e

April 11, 2012

Ex-economic policymakers turn lawmakers　

A group of former top policymakers in economy-related ministries added seats for the ruling Saenuri Party in the April 11 parliamentary elections, according to results based on the exit polls.They included former Trade Minister Kim Jong-hoon, former Vice Finance Minister Ryu Sung-gul and former Vice Land Minister Kim Hee-kuk.Kim in particular is seen as a face-saver for the conservative party, beating veteran politician Chung Dong-young of the opposition Democratic United Party in Seoul’s Gangna

April 11, 2012

US sues Apple, publishers yield on e-book pricing

WASHINGTON (AFP) - The US Justice Department sued Apple and five publishing firms Wednesday alleging a conspiracy to raise prices and limit competition for e-books, and immediately announced a partial settlement in the case.As the antitrust suit was unveiled, officials said three of the publishers agreed to end the scheme to force retailers such as Amazon to accept a new pricing plan that ended th

TechnologyApril 11, 2012

Banks’ earnings likely to recover in Q1: HMC report

South Korean banks are expected to see a recovery in their earnings for the January-March period, as their interest income remains solid thanks to the mid-term benefit from the rise in lending volume last year. HMC Investment Securities projected that eight lenders including KB, Shinhan, Woori would produce a combined net profit of 3.28 trillion won ($2.87 billion) for the first quarter, up 102.4 percent from the previous quarter. The figure, however, is down 6.2 percent from the year-earlier pe

April 11, 2012

LG’s Google TV sets global war over next-generation smart TV

LG Electronics is set to launch the world’s first Google TV version 2.0 in the United States this weekend amid rising expectations about Apple’s smart TV debut. According to a report by Shinhan Investment Corp., LG will set the stage for its attempt to carve out a bigger share in the smart TV market with Google TV, which allows users to enjoy broadcasting, Internet, applications and video with ease. “Google TV operates on the Google operating system, which enables Internet browsing, social netwo

TechnologyApril 11, 2012

Card firms sanctioned for irregularities

FSS warns Shinhan, Samsung, Hana-SK, Lotte against reckless expansionThe Financial Supervisory Service has issued a warning against four credit card firms over irregular business practices.The financial regulator said Wednesday that it has uncovered reckless credit card issuance to consumers of Shinhan Card, Samsung Card, Hana-SK Card and Lotte Card.“Due to the companies’ negligent screening of consumers’ financial status, they incurred bad loans,” an FSS official said.He said the companies fail

April 11, 2012

Work-related illness confirmed for former Samsung worker

A former Samsung Electronics employee has become the first industrial accident case at the South Korean tech giant as her illness was recently confirmed to be linked to her work on the company’s chip assembly lines. The Korea Workers’ Compensation and Welfare Service said Tuesday that it has approved a compensation claim filed by a 37-year-old woman who has been suffering from aplastic anemia. Aplastic anemia is a blood disorder in which the bone marrow doesn’t make enough new blood cells. Some

IndustryApril 11, 2012

Businesses urge new parliament to boost economy, pursue integration

The nation’s major business organizations expressed hope for a new parliament that creates a favorable business environment as voters went to the polls on Wednesday.The Korean Chamber of Commerce and Industry said it expects the 19th National Assembly to give a boost to the market economy and help resolve social conflict.“We hope the new National Assembly can present a vision to revive the economy and allow the people to have hopes for the future,” the KCCI said in a statement.“We especially ant

April 11, 2012

Stock market outlook positive for Q2: analysts

The South Korean stock market outlook for the second quarter of this year is largely positive, with certain sectors set to benefit from an expected sign of momentum from the United States, analysts said. In a report titled “Reasons for bullish 2Q12 outlook,” Woori Investment & Securities said that although some negative factors from the troubled eurozone might put pressure on the local bourse, it holds a “positive outlook” for the April-June period. “Over the past month, KOSPI has remained at th

April 11, 2012

Casino mogul eyes investment in Korea

MACAU ― Las Vegas Sands, the world’s largest casino operator, is looking to invest in Korea as it expands business in booming Asian tourism and resort markets. “Korea has the need to increase tourism, it has need to create a convention-based MICE business model that is our specialty,” Las Vegas Sands chairman and CEO Sheldon Adelson said in an interview with Korean reporters in Macau.“We want very much to invest multi-billion dollars into integrated resorts in two locations. One in Seoul or perh

IndustryApril 11, 2012

How to protect personal data on devices

Thinking of selling or giving away your smartphone or laptop computer? If you have a BlackBerry or an iPhone, go right ahead. But if you have an Android phone or a computer running Windows XP, you may want to hold off.It turns out that it’s almost impossible to get rid of personal information from some devices, even if you follow the manufacturer’s directions for wiping the device clean.Robert Siciliano, identity theft expert for the technology security firm McAfee, found this out in an experime

IndustryApril 11, 2012

North Korean launch will have limited market impact: analysts

North Korea’s planned long-range missile launch between Thursday and Monday is expected to have no more than a day’s impact on the South Korean bourse, but if followed by a nuclear test, it could be the start of a major blow to the financial markets, analysts said.North Korean space officials have moved all three stages of a long-range rocket into position for the launch, vowing Sunday to push ahead with their plan in defiance of international warnings against violating a missile ban.A Japan-bas

April 10, 2012

SKT to hire interns based on SNS skills

SK Telecom said Tuesday that it will hire interns based on their ability to use social networking services without considering their grades, English ability or other specifications. The whole process of selection, except the final interview, will be disclosed through SNS to be shared with Internet users ― an unprecedented attempt among Korean companies, the nation’s largest telecom carrier said. Applicants, after submitting applications through the company’s Facebook account, are to participate

IndustryApril 10, 2012