Hyundai, Kia top U.S. compact CUV market

Hyundai Motor Co. and its affiliate Kia Motors Corp. ranked No. 1 in the U.S. compact crossover utility vehicle market in the first eight months of this year, a report showed Wednesday.The report released by Autodata Corp., a U.S.-based automotive statistical data and market intelligence provider, s

IndustrySept. 7, 2011

Weaker prices dent Korea’s IT exports

South Korea’s exports of information technology products shrank from a year earlier for the second straight month in August largely on lower global prices, the government said Wednesday.The country exported $13.06 billion worth of IT products last month, down 2.4 percent from $13.39 billion in the s

TechnologySept. 7, 2011

SKC launches LED making subsidiary

The industrial materials maker SKC launched SKC Lighting, a light-emitting diode maker, on Wednesday.The new subsidiary was formed by merging the LED makers Sumray Corp. and Dooyoung.SKC entered the LED market by acquiring Sumray in January 2010, and acquired Dooyoung in April.At the launch ceremony

IndustrySept. 7, 2011

Brokerages seek support to lift market status

Chief regulator urges CEOs to refrain from issuing credit loansCEOs in the brokerage industry called for financial authorities to map out measures for the South Korean stock market to be upgraded to developed status.Their request targets an upgrade from Morgan Stanley to reduce the “Korea discount”

Sept. 7, 2011

Organic milk ‘overpriced,’ no better

A study found Wednesday that organic milk products cost up to three times more than standard milk products despite containing no fewer harmful substances or bacteria. Consumers Korea released its study on organic milk products of three major diary companies including Namyang Diary Products Co. and P

IndustrySept. 7, 2011

Google denies unfair practices, promises to cooperate in probe

FTC antitrust investigators search company’s Seoul officeGoogle Inc. denied any alleged unfair business practices in Korea, the day after antitrust officials raided its Seoul offices on Tuesday. The Fair Trade Commission stormed Google’s office as part of its probe into an allegation that the global

IndustrySept. 7, 2011

Bank household loan growth quickens

South Korean banks’ household loans rose for the seventh straight month in August on gains in home-backed lending, the central bank said Wednesday, fueling concerns over growing household debt.Local banks’ household loans, including mortgage and credit loans, totaled 448 trillion won ($417.8 billion

Sept. 7, 2011

Households’ ability to service debt falling

South Korean households held an average of 50 million won ($46,620) in debt as of the end of June, data showed Wednesday, fanning concerns that rising household indebtedness may undercut economic growth.Debt per household reached 50.4 million won as of end-June, given that South Korea’s household cr

Sept. 7, 2011

FSS, Korea Exchange to probe ‘celebrity stocks’

The Financial Supervisory Service and Korea Exchange have embarked on a joint investigation into alleged manipulation of stocks connected to politicians and well-known figures.A group of retail investors has been chasing so-called “celebrity stocks” related to politicians and famous figures without

Sept. 7, 2011

LCD prices hit record low on oversupply, weak demand

Prices of liquid crystal display panels, a key export item for South Korea’s technology firms, plunged to all-time lows on oversupply and weak demand, industry data showed Wednesday. The latest data compiled by DisplaySearch showed that not only the prices of large-size LCD panels for TVs, but also

TechnologySept. 7, 2011

Hite-Jinro unveils corporate identity, vision

Hite-Jinro Group has unveiled its new vision to enter the global market as it relaunches after merging Korea’s top beer and soju makers into a single liquor giant.Hite Brewery Co., the country’s biggest beer producer with a 55.8 percent stake in the Korean market as of last year, took over Jinro Co.

IndustrySept. 7, 2011

Apple’s iPhone to overtake Nokia on smartphone shipment: report

U.S. IT giant Apple is set to become the world’s largest smartphone manufacturer by volume, overtaking Nokia, a report showed on Tuesday.According to DigiTimes, a Taipei-based daily, Apple is expected to take 19 percent of the global smartphone market with shipments of 86.4 million units this year.

IndustrySept. 7, 2011

After raid, Google vows cooperation with Korea's anti-trust probe

WASHINGTON (Yonhap) -- Google Inc. said Tuesday that it will cooperate with South Korea's investigation into its alleged unfair business practices, as reports said the local authorities raided the firm's Seoul offices.South Korea's Fair Trade Commission (FTC) raided the offices earlier in the day as

IndustrySept. 7, 2011

Kookmin Bank secures $100m FX credit line

South Korea’s top lender Kookmin Bank has recently inked a $100 million foreign currency committed line with an overseas financial firm, sources said Tuesday, joining other banks seeking to diversify their foreign funding.Kookmin is also in talks with other foreign financial companies to expand its

Sept. 6, 2011

Korea faces high inflation, growing uncertainties

South Korea is faced with growing inflationary pressure and expanded economic uncertainties stemming from worries over a global slowdown, the Finance Ministry said Tuesday.“Our economy is confronted with fast accelerating inflation that stands in the 5 percent range with some latest indicators falte

Sept. 6, 2011

SK Networks may sell school uniform business

SK Networks is seeking a buyer to take over its uniform business, local media reported Tuesday.According to reports citing an unidentified SK Networks official, the company is looking for a buyer, and a number of potential buyers conducted preliminary due diligence on the matter last week.The compan

IndustrySept. 6, 2011