Seoul shares close almost flat on currency woes

South Korean stocks ended almost flat on Wednesday as the prolonged currency volatility and North Korea's threat for a nuclear test continued to weigh down the market, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.1 percent, or 1.99 points, to 1,936.19. Trading volume was moderate at 342.9 million shares worth 3.5 trillion won (US$3.3 billion) with gainers outpacing losers 461 to 338."Despite the gains on Wall Street

Feb. 6, 2013

Samsung to launch Windows 8-based smartphone in Hong Kong

Samsung Electronics Co., the world‘s top maker of smartphones, memory chips and flat-panel TVs, said Wednesday it will start selling a new smartphone that runs on Windows 8 in Hong Kong.The ATIV S will go on sale in the Chinese territory on Thursday as the South Korean tech behemoth seeks to expand its product line of mobile devices and meet the needs of different consumers. “Equipped with the latest Windows Phone 8 smartphone operating system, the new Samsung ATIV S enables users to enjoy the e

TechnologyFeb. 6, 2013

Dell buyout highlights PC sector woes: analysts

Dell‘s plan to take the computer giant private offers an opportunity to return to its start-up roots, but won’t solve the fundamental problems facing the company and the PC sector, analysts say.The Texas-based tech giant on Tuesday unveiled a $24.4 billion buyout deal giving founder Michael Dell a chance to reshape the former number one PC maker away from the spotlight of Wall Street.Roger Kay, analyst at Endpoint Technologies, said Dell‘s plan underscores the deep problems of an industry roiled

IndustryFeb. 6, 2013

Many Facebook users report site 'fatigue'

While two-thirds of online American adults are Facebook users, most of them often take a break from the site for several weeks or more, a survey indicates.A poll by Pew Research Center‘s Internet & American Life Project also found 20 percent of online adults who do not currently use Facebook say they once used the site but no longer do so.Users gave many reasons for taking a break from Facebook either permanently or temporarily, including being too busy with other demands, a general lack of time

TechnologyFeb. 6, 2013

Seoul shares edge up 0.1 pct in late-morning trade

South Korean stocks traded 0.1 percent higher late Wednesday morning, buoyed by gains in mobile carriers and technology firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) inched up 1.94 points to 1,940.12 as of 11:20 a.m.Mobile carriers led the market gain, with leading SK Telecom increasing 3.44 percent and No. 2 player KT moving up 2.11 percent.No. 3 player LG Uplus climbed 2.87 percent.Tech blue chips also continued to trade higher, with market behemoth Samsung Elect

Feb. 6, 2013

Seoul shares open higher on U.S. gains

South Korean stocks began higher Wednesday as investor sentiment got a boost from overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.22 percent, or 4.28 points, to 1942.46 in the first 15 minutes of trading.Tech blue chips drove up the shares, with top chipmaker SK hynix increasing 0.84 percent and handset maker LG Electronics climbing 0.58 percent. Flat panel giant LG Display moved up 1.63 percent.Construction firms also traded higher, w

Feb. 6, 2013

S. Korean won hits 18-month high to U.S. dollar in Jan.

The South Korean currency hit an 18-month high against the U.S. dollar last month following monetary easing by economic powerhouses, data showed Wednesday, sparking concern over exporters' profitability.The local currency changed hands at an average of 1,066.54 won against the greenback in January, the highest since July 2011, according to the data by the Korea Center for International Finance. Its previous monthly high against the dollar was 1,047.11 won quoted in August 2008. The won gained 8.

Feb. 6, 2013

Samsung tops Apple in U.S. customer loyalty

A U.S. study found Wednesday that Samsung Electronics has taken the top spot from Apple in smartphones in customer loyalty and engagement. According to the Brand Keys Customer Loyalty Engagement Index, Samsung was ranked No.1 in the smartphone category recording the highest emotional engagement level with its customers.Apple came in second, followed by LG Electronics in third, Nokia and Sony tied for fourth and Motorola in fifth place, it said. Taiwanese HTC and BlackBerry maker RIM were also ne

IndustryFeb. 6, 2013

Foreign IBs cut 2013 growth outlook for S. Korea

Major foreign investment banks' average growth outlook for the South Korean economy has been downgraded to the 2 percent range for 2013 as growth momentum remains weak amid the global downturn, a report showed Wednesday.A total of 10 investment banks forecast that Asia's fourth-largest economy will grow an average of 2.9 percent as of the end of January, down from a 3 percent estimate made in the previous month, according to a report by the Korea Center for International Finance.Their outlooks c

Feb. 6, 2013

K-water closer to winning Thai water control project

K-water closer to winning Thai water control projectBy Seo Jee-yeonA South Korean consortium led by Korea Water Resources Corp. neared Tuesday to win Thailand’s mammoth water management project estimated to be worth around 12 trillion won (about $11 billion). K-water officials said the consortium was chosen as a priority negotiation partner for all 10 major projects to improve water resources infrastructure and to prevent flooding. Another preferred bidder for the Thai projects is ITD-Power Chin

Feb. 5, 2013

FSS looks into big firms-suppliers trading

The nation’s financial regulator has bolstered its monitoring on conglomerates’ transactions with subcontractors amid the Korean won’s strong position against the Japanese yen.The policy of the Financial Supervisory Service reflects worries over the possibility that big firms could hand over their losses from declining exports amid weaker price competitiveness to subcontractors.In the past, conglomerates changed their settlement currency from the won to the dollar in paying for subcontractors’ p

Feb. 5, 2013

Shares fall on nuke test woes

South Korean stocks ended 0.77 percent lower on Tuesday as investor sentiment was dented by rising concern over North Korea’s nuclear test, analysts said Tuesday. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 15.03 points to 1,938.18. Trading volume was moderate at 361.3 million shares worth 3.7 trillion won ($3.4 billion), with decliners far outpacing gainers 602 to 215. )“Rising geopolitical risks stemming from North Korea’s pledge to carr

Feb. 5, 2013

SK Telecom net doubles in Q4

SK Telecom Co., the country’s top mobile operator, on Tuesday reported a two-fold growth in its fourth-quarter profit from a year earlier due to a decrease in marketing costs.Net profit came to 519.1 billion won ($477.5 million) in the October-December period, compared with a profit of 195.5 billion won a year earlier, SK Telecom said in a regulatory filing.Revenue rose 6 percent on-year to 4.2 trillion won, and operating profit jumped 37.6 percent to 544.6 billion won. The stronger bottom line

TechnologyFeb. 5, 2013

French chamber to elect board members

The French-Korean Chamber of Commerce and Industry is holding an extraordinary general meeting with the new French ambassador Wednesday to elect six new members for its board of directors.The election will replace or renew the board members whose appointment terms have recently ended, the FKCCI said.It is the second time for the new French Ambassador to Korea, Jerome Pasquier, to serve at the embassy in Korea. He served as the Cultural Counselor between 1988 and 1992. Pasquier left his latest po

IndustryFeb. 5, 2013

POSCO picked world’s most competitive steelmaker

POSCO, the nation’s top steelmaker, said Tuesday it is listed as the world’s most competitive steelmaker for 2013 in a survey of 34 world-class steelmakers, conducted by the U.S.-based steel industry analysis firm World Steel Dynamics.It is the fourth consecutive year for POSCO to be ranked first in the annual survey. The surveyor rated the companies in 23 categories, including profitability, production capability, technological innovation, financial soundless and access to raw materials. POSCO

IndustryFeb. 5, 2013

LS Cable & System wins Danish sub cable order

LS Cable & System said Tuesday it won an order for submarine cables worth 23 billion won ($21 million) from DONG Energy, a state-run Danish wind power generation company. The company’s submarine cables will be used in an offshore wind power generation complex to be built in Westermost Rough off the southeastern coast of the U.K. by DONG Energy.It is the first time for the local cable maker to enter the European offshore wind power generation market, which is forecast to become a $30 billion indu

IndustryFeb. 5, 2013

Services sector growth outperforms manufacturing

Korea’s services sector growth outpaced the manufacturing sector last year, another sign of a sluggish economy continuing.The manufacturing sector expanded 2.2 percent in 2012, slower than the 2.4 percent growth in the services sector, according to the Bank of Korea.This is the first time in 11 years that the services sector has grown more than manufacturing, which has traditionally been the main driver of exports, Korea’s main source of growth.Data also showed that the services sector contribut

Feb. 5, 2013