Samsung unveils thinner tablet computers in U.S.

Samsung Electronics Co., the world's No. 2 maker of mobile phones, unveiled on Wednesday two new tablet computers aimed for the U.S. market, eying a bigger market share on Apple Inc.'s home turf with ultra-thin devices.   Samsung unveiled the company's third tablet computer, the Galaxy Tab 8.9, and a U.S. version of the Galaxy Tab 10.1 during a trade show in Orlando, Florida, it said in a statemen

IndustryMarch 23, 2011

Seoul to tighten rules on home loans amid rising household debts

South Korea will tighten its rules on loans for home purchases amid growing concerns that rising household debts could emerge as a drag on the nation's economic recovery, the government said Tuesday.The plan, announced jointly by the finance, public administration and land and construction ministries, however, calls for the government to lower acquisition tax rates for home purchases in a bid to b

March 22, 2011

Hyundai taps into Brazil car market

Hyundai Motor Co. launched the midsized truck Mighty in Brazil on Monday, tapping into South America’s largest commercial vehicle market. The Mighty trucks sold in Brazil will be shipped as complete knockdown kits and assembled at CAOA Group’s facility in Anapolis in the state of Goias, the company said.CAOA Group is also responsible for sales of Hyundai vehicles in Brazil.The company has set the

MobilityMarch 22, 2011

Japanese fishery imports drop

Korean imports of Japanese fishery products have dropped in the past week due to consumer concerns over their possible contamination with radiation and disruptions in supply in the neighboring country, the customs office said Tuesday.Before the 9.0-magnitude quake struck Japan on March 11, Korea’s daily weekday imports of fishery products from the country averaged $3.4 million, according to the Ko

IndustryMarch 22, 2011

Property slump hits mid-sized builders

Korea’s mid-size builders have been dogged by severe financial problems due to a prolonged slump in the local housing market, a trade association said Tuesday. Over a quarter of the top 100 local builders, including LIG E&C Co., were put under a workout program or court receivership as of Tuesday, according to the Construction Association of Korea.The biggest reason for their cash shortages is a p

IndustryMarch 22, 2011

KORES buys stake in Indonesian mine

A South Korean consortium including Korea Resources Corp. has acquired a 90 percent stake in an Indonesian bituminous coal mine for $84.15 million, the state-run mineral developer said Tuesday.KORES said it was involved in a joint venture with Korindo, a Korean-run developer in the Southeast Asian country, to buy the share for the 244 million-ton Kapuas mine from PKP Group, a local mineral exporte

IndustryMarch 22, 2011

Sony halts some TV, camera production

Sony Corp., Japan’s largest exporter of consumer electronics, halted factories that make televisions and cameras, citing difficulties procuring components and materials following the March 11 earthquake. The company suspended operations at 5 plants in central and southern Japan, including in the Aichi and Oita prefectures, starting Tuesday until the end of this month, the Tokyo-based electronics m

IndustryMarch 22, 2011

Vice president of Woori Bank tapped as new head

Woori Finance Holdings Co., South Korea's No. 2 banking group, said Tuesday it picked the vice president of Woori Bank as the new chief executive officer of the group's flagship banking unit.   The state-run financial services company said its seven-member special president selection committee selected Lee Soon-woo, 61, to lead South Korea's second-largest lender for three years.   Woori Bank is c

March 22, 2011

Korean retailers to halt imports of Japanese food

Korean retailers said Monday that they have decided to suspend imports of foods and products from Japan due to growing consumer concern over their possible contamination with radiation released from an earthquake-damaged nuclear power plant.Lotte Mart Co., Korea’s third-largest discount store chain, said it will not sell pollack which have mainly been imported from Japan, starting Tuesday.“Though

IndustryMarch 22, 2011

Lee lauds Buffett for his donation activity

 President Lee Myung-bak said Monday that Warren Buffett's continued donations have inspired many Korean firms to rethink their social responsibility.   "(Your activity) has become a good example for companies in Korea and has aroused a lot of discussions on corporations' social responsibility," Lee said in a 45-minute meeting with the well-known American investor at the presidential office Cheong

IndustryMarch 21, 2011

KNOC buys stake in U.S. oil field

State-run Korea National Oil Corp. has purchased a 23.67 percent stake in a U.S. oil field from Anadarko Petroleum Corp. for US$1.55 billion, the government said Monday.   The shale oil field in the Maverick Basin region in Texas near the U.S.-Mexico border is estimated to hold 491 million barrels of oil equivalent, said the Ministry of Knowledge Economy, adding that KNOC will secure 116 million B

IndustryMarch 21, 2011

KOGAS develops biggest LNG tank

Korea’s state-run Korea Gas Corp. said Monday that it has developed a design technology for the world’s largest liquefied natural gas tank. The tank has a storage capacity of 270,000 kiloliters, up 35 percent compared with that of the largest existing tank, helping reduce the construction cost per LNG tank by 23.5 billion won ($20.9 million), KOGAS said in a statement. The company said it is consi

IndustryMarch 21, 2011

Korean financial sector awaits 2nd ‘big bang’

With President Lee Myung-bak’s appointment of a new government financial regulator earlier this year, reform is once again a serious topic in Korea’s one-step-forward, two-steps-back financial services industry.“The most revolutionary area (of reform) will be the introduction of hedge funds,” said Ernst J. Lee, spokesperson for the Financial Services Commission, echoing recent pronouncements by hi

March 21, 2011