Homeplus faces backlash for duplicity

Homeplus, one of the nation’s biggest retailers, faced public criticism as it was found to have registered to open a new store on the day it promised small and medium-sized merchants to refrain from opening new stores. The retailer registered to open a large store in Osan, Gyeonggi Province, on Oct. 22, the same day it announced plans to create a win-win consultation body with small-and medium-sized merchants and other large retailers including E-Mart and Lotte Mart. The Osan city government app

IndustryNov. 18, 2012

Samsung Electronics takes largest global TV market share

Samsung Electronics held the biggest share of the global television market in the third quarter this year, U.S. marketing research firm NPD DisplaySearch said Sunday. The affiliate firm of American market research company NPD Group Inc. said that Samsung Electronics rated No. 1 in the July-September quarter by taking a 25.2 percent share in the global flat-screen TV market. According to the same analysis, four types of Samsung TVs ― liquid crystal display, light-emitting diode, plasma display pa

TechnologyNov. 18, 2012

Hyundai-Kia’s market share hits new high this year

Hyundai and Kia brands’ global market share posted a record high in the first three quarters this year, a market research firm said Sunday. According to the U.S.-based JD Power, the nation’s top two carmakers, both owned by Hyundai Motor Group, saw their combined market share reach 8.6 percent this year, up 0.1 percent from the same period last year. Hyundai Motor sold about 3.21 million cars to claim 5.3 percent of global car market, while Kia Motors made up 3.3 percent, selling 2.03 million ca

MobilityNov. 18, 2012

Rocket component transported to Naro Center

The Ministry of Education, Science and Technology said that a newly-made Russian component of the Korea Space Launch Vehicle-1, or the Naro rocket, arrived at its space center in Goheung, South Jeolla Province on Saturday.Naro’s adaptor block, the helium supply system that gives the thrust during the liftoff, was found to be defective, causing Korea to cancel its scheduled rocket launch last month.The block also led to defective rubber seals that held the helium during the injection into the fir

TechnologyNov. 18, 2012

Samsung reduces facility investment for 2nd quarter in a row

 South Korean tech behemoth Samsung Electronics Co. has scaled down its investment in production facilities for the second quarter in a row apprently in anticipation of a protracted global economic slump, industry data showed Sunday.   The company spent 4.54 trillion won ($4.16 billion) on facilities for semiconductor, liquid crystal display and other products over the July-September period, the lowest level in 10 quarters since it invested 4.14 trillion won in the first quarter of 2010, accordi

TechnologyNov. 18, 2012

Google's Android is eating Apple's lunch

  Smartphones and tablets powered by Google's Android software are devouring the mobile gadget market, eating into Apple's turf by feeding appetites for innovation and low prices, analysts say.  The Android operating system powered nearly three out of four smartphones shipped worldwide in the recently ended quarter as the mobile platform dominated the market, according to industry trackers at IDC.   "Android has been one of the primary growth engines of the smartphone market since it was launche

TechnologyNov. 18, 2012

High radiation found in Fukushima's fish

Fish caught near Japan's Fukushima nuclear power plant have radiation levels 100 times higher than normal, officials say.Japan's Environment Ministry carried out a study that found fish caught near the plant had more radiation than fish caught elsewhere, RIA Novosti reported.The levels found ranged from 4,400 becquerels per kilogram to 11,400 becquerels per kilogram, against the maximum "safe" level of 100 becquerels per kilogram.The findings have prompted a government investigation into the phy

IndustryNov. 18, 2012

LG Electronics spend 6 pct of sales in research

South Korean handset maker LG Electronics Inc. said Saturday it spent more than 6 percent of its earnings on research and development through September of this year in a bid to develop high-end products.The company said it had allocated 2.26 trillion won (US$2.08 billion), or 6.06 percent of its sales of 37.4 trillion won earned during in the January-September period, up 1.1 percentage points from a year earlier.Market watchers said South Korea's No. 2 tech giant increased its research fund to d

Nov. 17, 2012

Higher won dents smaller exporters' business sentiment

Almost nine out of 10 of the country's small and medium-sized enterprises (SMEs) believe the rising local currency against the U.S. dollar will result in a weaker bottom line, data showed Saturday.According to a survey of 112 local SMEs by the Korea Federation of Small and Medium Business, 88.2 percent replied the higher won will have an adverse impact on their earnings.The local currency closed at 1,092.20 won against the greenback on Friday, remaining below the 1,100 won mark since Oct. 25, wh

BusinessNov. 17, 2012

Seoul shares likely to stay flat next week

The South Korean stock market is likely to be stagnant next week as uncertainties over the U.S. fiscal cliff continue to dent investor sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,860.83 this week, down 2.29 percent from the previous week, as shares lost ground across the board.Foreign investors went on a selling spree, unloading a net 520 billion won (US$476 million) on the main bourse, with retail investors scooping up a net 80 billion w

Nov. 17, 2012

LG Electronics spend 6 pct of sales in research

South Korean handset maker LG Electronics Inc. said Saturday it spent more than 6 percent of its earnings on research and development through September of this year in a bid to develop high-end products.The company said it had allocated 2.26 trillion won (US$2.08 billion), or 6.06 percent of its sales of 37.4 trillion won earned during in the January-September period, up 1.1 percentage points from a year earlier.Market watchers said South Korea's No. 2 tech giant increased its research fund to d

IndustryNov. 17, 2012

Household income up, spending growth tumbles

Annual growth of South Korean households’ monthly income picked up in the third quarter, but their spending grew at its slowest pace in more than three years amid a longstanding economic slowdown, a government report showed Friday.Households’ monthly income averaged 4.14 million won ($3,808) in the July-September period, up 6.3 percent from a year earlier, according to the report by Statistics Korea. In the second quarter, such income grew 6.2 percent from a year ago.Inflation-adjusted household

Nov. 16, 2012