Samsung, Apple list infringing tablets, smartphones in California lawsuit

Apple Inc. and Samsung Electronics Co. identified products they allege infringe their patents for smartphones and tablet computers as part of a lawsuit in federal court in San Jose, California.The filings on Friday were made in a newer of two related patent cases. The lawsuit, scheduled for trial in March 2014, was filed last year and covers technology in newer smartphones made by both companies, including Samsung’s Galaxy S III and Apple’s iPhone 5.In its filing on Friday, Cupertino, California

TechnologyFeb. 17, 2013

Shares expected to ...zigzag in tight range

South Korean stocks are expected to bounce between small rises and falls this week, paring gains from a nine-week high rally, amid continuing jitters over a weaker yen and U.S. spending cuts, analysts said.The benchmark Korea Composite Stock Price Index closed up 30.28 points, or 1.55 percent, to 1,981.18 on Friday, the biggest weekly gain since Dec. 14 last year.The statement from developed nations on Tuesday warning about Tokyo’s competitive currency devaluation partly stemmed concerns over th

Feb. 17, 2013

BlackBerry may mull exit from Korean market: sources

BlackBerry, a Canadian smartphone maker, may pull out of the South Korean market in the first half of this year due to sluggish sales, industry sources said Friday.Speculation arose of BlackBerry’s possible exit from South Korea following its recent announcement that it plans not to unveil new products in Japan. Industry analysts took it as a move by BlackBerry to leave from South Korea and other countries in the region.Canadian-based Research in Motion changed its name to BlackBerry in January

Feb. 17, 2013

Foreign ownership of state bonds hits record

Foreign investors’ holdings of South Korean state bonds reached a record high last year due largely to the country’s relatively strong economic fundamentals and a stronger won, data showed Sunday.Foreign investors held state bonds worth $68.6 billion at the end of last year, the largest-ever amount, according to industry data. The figure compares with $56.9 billion at the end of 2011 and $37.3 billion at the end of 2010, the data showed.Their portion against combined state bonds listed on the lo

Feb. 17, 2013

U.S. scraps penalties on Korean steel exporters

WASHINGTON (Yonhap News) ― The U.S. government has decided to revoke antidumping and countervailing duties on corrosion-resistant carbon steel flat products from South Korea and Germany, industry sources said Saturday.The International Trade Commission voted unanimously to allow the duties, which have been in place since 1993, to expire after a mandatory five-year, or sunset, review of the issue.“Antidumping relief is not intended to be permanent,” said Don Cameron of the International Trade Gro

Feb. 17, 2013

More savings banks may face shutdown: sources

More savings banks in South Korea are feared to face bankruptcies this year as continued losses wiped out their capital, industry sources said Sunday.   According to the Financial Supervisory Service and industry sources, four out of 16 savings banks reported that their capital base was fully impaired last year and six more players suffered capital erosion last year.   Of the ten savings banks, two players were already suspended and one is set to sell shares to boost their capital base, accordin

Feb. 17, 2013

Facebook said to work with FBI on malware attack investigation

Feb. 16 (Bloomberg) -- Facebook Inc., operator of the largest social network with more than 1 billion members, is working with the U.S. Federal Bureau of Investigation to probe a malware attack, people with knowledge of the matter said. Facebook said yesterday that it was subjected to a “sophisticated attack” by hackers last month, without saying where the attack originated. Investigators haven’t found any evidence that user data was compromised, Menlo Park, California- based Facebook said on it

TechnologyFeb. 16, 2013

Seoul shares expected to zigzag in tight range

SEOUL (Yonhap) -- South Korean stocks are expected to bounce between small rises and falls next week, paring gains from a nine-week high rally, amid continuing jitters over a weaker yen and U.S. spending cuts, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 30.28 points, or 1.55 percent, to 1,981.18 on Friday, the biggest weekly gain since Dec. 14 last year. The statement from developed nations on Tuesday warning about Tokyo's competitive currency devaluation part

Feb. 16, 2013

S.Korean casino company targets wealthy Chinese

Grand Korea Leisure Co. (GKL), the South Korean operator of a casino business for foreign tourists, will beef up its marketing activities to attract China's wealthy customers, company officials said Friday.GKL, which operates three casinos in Seoul and Busan under the brand name Seven Luck, has increased the number of marketing personnel for Chinese VIP gamblers, or high rollers, from 29 to 60.In the fourth quarter of last year, GKL saw the drop amount, which is the total amount of money and mar

Feb. 15, 2013

China takes up one-fifth of Hankook Tire revenue

Hankook Tire Co., South Korea’s leading tire maker, said Friday its Chinese sales account for nearly 18 percent of its total revenue, fueled by strong demand in the world’s largest auto market.Hankook Tire’s sales in China topped 1 trillion won (US$942 million) last year on rising demand for new tires among car owners, according to the company.Its market share in China is steady at 15 percent, competing closely with The Goodyear Tire & Rubber Co. for the second-largest tire seller. Michelin Grou

IndustryFeb. 15, 2013

Dongbu completes Daewoo Electronics takeover

South Korean conglomerate Dongbu Group on Friday completed its acquisition of Daewoo Electronics Corp. and tapped a new chief for the country’s third-largest home appliance maker.Following a board meeting and a shareholder’s meeting on Thursday, the group said it has nominated Lee Jai-hyong, the vice chairman of Dongbu Lightec Co. and Dongbu LED Co., as the new head of Daewoo Electronics.Daewoo Electronics CEO Lee Sung will remain in the company as its chief operating officer, according to the g

IndustryFeb. 15, 2013

FSC suspends operations of Seoul, Youngnam banks

Two more savings banks were added to the list of entities whose operations were suspended.The Financial Services Commission on Friday said it has decided to halt the operations of Seoul and Youngnam banks. However, the repercussions of the move are not expected to be severe, since following the move, the contracts from these two banks will be moved to two other banks, respectively, and will be operating under different names ―Yejoo and Yesol ― starting next week.These two banks were established

Feb. 15, 2013

Korean Air may buy stake in Czech Airlines

Korean Air, the nation’s biggest airline, is considering a bid for a stake in Czech Airlines to strengthen its presence in Europe, company officials said Friday.The carrier plans to reach a final decision after completing due diligence on the Czech Republic’s flag carrier later this month, said the officials, who wished to remain anonymous.This marks the first attempt of a domestic airliner to seek a stake in a foreign counterpart. If realized, the acquisition of the 44 percent stake would not i

IndustryFeb. 15, 2013

Public firms face more duties, less red tape

State-run conglomerates that have been given enhanced management independence are about to bear bigger burdens to meet high expectations this year as the government wants them to maintain their leadership through profit increase and new business development.The Ministry of Strategy and Finance said Friday that it will keep its hands-off approach with Korea Gas Corp, Korea District Heating Corp, Incheon International Airport Corp. and Korea Airports Corp.The ministry has added Busan Port Authorit

IndustryFeb. 15, 2013

Samsung chief’s brother appeals verdict

Lee Maeng-hee, the eldest brother of Samsung Electronics Chairman Lee Kun-hee, appealed a lower court verdict on Friday, court officials said, starting the second round of a legal battle between the estranged brothers over their inheritance.The Seoul Central District Court earlier this month ruled in favor of the chairman in inheritance lawsuits filed by his siblings. The siblings were demanding more than 4 trillion won (US$3.6 billion) in stakes in Samsung Group units.With the ruling, the count

IndustryFeb. 15, 2013