S. Korea should lead economic integration in Asia-Pacific region: minister

South Korea should intensify its efforts to integrate economies in the Asia-Pacific region to better capitalize on what many see as the newly-emerging center of the global market, the country's top economic policymaker said Monday."We should keep our policy focus on the Asia-Pacific region, which is emerging as the nucleus of the global economy, so we can spearhead regional economic integration," Finance Minister Bahk Jae-wan told a meeting with other key policymakers.He said the government has

BusinessOct. 22, 2012

LG Chem denies reports on U.S. plant operation delay

LG Chem Ltd., the world's largest battery maker, on Monday denied reports by U.S. media outlets that it has delayed starting commercial operation of its American lithium-ion battery plant, thus failing to create jobs and leaving about 200 workers idle. U.S. media outlets including Fox News and Wood TV have reported the factory built using US$150 million of taxpayer funds is putting workers on furlough before a single battery has been produced. "The report is not true," LG Chem said in a statemen

IndustryOct. 22, 2012

S. Korea likely to launch space rocket as scheduled: minister

South Korea plans to go ahead with the scheduled launch of its space rocket this week, at least for now, though weather conditions and other factors may prompt last-minute changes, the science minister said Monday."We have confirmed after considerations of weather conditions and preparations for the launch that the launch will be possible on Oct. 26," Minister of Education, Science and Technology Lee Ju-ho told reporters.The space rocket, the Korea Space Launch Vehicle-1 (KSLV-1), is currently s

TechnologyOct. 22, 2012

Smoking linked to increased cataract risk

ZHEJIANG, China (UPI) -- Scientists in China say evidence shows smoking increases the risk of age-related cataracts, the leading cause of blindness and vision loss in the world.Dr. Juan Ye of the Institute of Ophthalmology at Zhejiang University in China and colleagues conducted a meta-analysis using numerous studies from Africa, Asia, Australia, Europe and North America to compare the prevalence of age-related cataracts in individuals who ever smoked cigarettes to those who have never smoked. “

TechnologyOct. 22, 2012

Seoul shares start lower on U.S. losses

South Korean stocks got off to a weak start Monday as investor sentiment was dampened by losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.12 points, or 1.24 percent, to trade at 1,919.72 in the first 15 minutes of trading.Shares lost ground across the board, with market bellwether Samsung Electronics falling 1.54 percent and leading carmaker Hyundai Motor decreasing 1.1 percent. Top steelmaker POSCO shed 1.12 percent.U.S. stocks ended lower on

Oct. 22, 2012

Demo at S. Korea embassy in Tehran after Daewoo deal sours

Around 1,000 workers from Iran's Entekhab group staged a demonstration at the South Korean embassy in Tehran on Sunday after an acquisition deal with Daewoo Electronics went sour due to sanctions.The demonstration by workers from the private Iranian company was aimed at retrieving a down payment of $70 million (53 million euros) Entekhab had paid in 2011 to Daewoo, company spokesman Hamid Ghaznavi told AFP.In November 2010, Entekhab Industrial Group signed a contract sealing its acquisition of S

IndustryOct. 22, 2012

Korea becomes black hole for some global IT firms

Yahoo! Korea is to become the latest globally well-known IT firm to close its Seoul office, with the Internet venture expected to leave the country by the year-end.Considering that Korea is the home turf of leading IT companies like Samsung and LG Electronics, multinational companies have been experiencing difficulty in sales and business here.Yahoo! Korea, established in 1997, had been the nation’s top online portal, taking over 80 percent of the online search market in early 2000.However, its

IndustryOct. 21, 2012

Vegetable prices soar on kimchi-making season

The prices of vegetables, including radishes, has skyrocketed recently due to increasing demands ahead of the kimchi-making season, government data showed Sunday.The season, which lasts for about two months through December, is when Koreans prepare kimchi for the winter, a major event in traditional Korean households as families prepare for the long, cold season when vegetables are scarce.“Kimchi” is a spicy fermented side dish made from cabbage, radish and various seasonings such as garlic, chi

IndustryOct. 21, 2012

Korea, Qatar ink MOU to expand joint investment

South Korea and Qatar have reached a preliminary agreement to expand cooperation for joint investment in third countries.The memorandum of understanding, signed in Seoul between the Ministry of Land, Transport and Maritime Affairs and Qatar Holding LLC, outlines the creation of a joint infrastructure cooperation taskforce for such purposes.The joint taskforce will arrange consultative meetings twice a year, help concerned parties share information on prospective investment projects and carry out

IndustryOct. 21, 2012

Japan court rejects iPhone sales ban

A Japanese court has dismissed an injunction filed by South Korea’s Samsung Electronics Co. against U.S. smartphone manufacturer Apple Inc., finding no patent infringement as claimed by Samsung, a Japanese newspaper reported Saturday.According to the local daily, the Asahi Shimbun, a Tokyo district court rejected Samsung’s injunction on Sept. 14 and then again on Oct. 11. The South Korean company, the world’s largest supplier of smartphones, claimed Apple’s iPhone had violated its patents on tec

IndustryOct. 21, 2012

Stocks expected to continue upward movement

South Korean stocks are expected to show an upward movement this week though the movement range may be limited by external uncertainties that remain in the global market, analysts said.The country’s key stock index, the Korea Composite Stock Price Index, closed 10.58 points or 0.54 percent higher from the previous week’s close at 1,943.84 last Friday.The index dropped more than 15 points on Friday alone following what market analysts called poorer-than-expected corporate earnings for the third q

Oct. 21, 2012

Fast-expanding Japanese stores face backlash from small retailers

Large foreign marts are facing a backlash from South Korean merchants for being excluded from government sanctions to protect small retailers. The Korea Merchant Association announced on Sunday an investigation into Japanese “super supermarkets” within the week. Large Japanese supermarket chains in Korea include Trial and Valor, which have both been rapidly expanding in Korea since their launch here in 2005 and 2011, respectively. Both mark over 3 trillion won ($2.7 billion) in total sales per y

IndustryOct. 21, 2012

LG’s LTE phone sales top 3m units

LG Electronics said Sunday that its LTE smartphone sales in Korea topped 3 million units since the firm released its first model in the market in October 2011.Company officials said its variety in the LTE handset lineup, creative user experience, good quality after service and strong LTE patent portfolio contributed to improved sales on its home ground.Starting with the Optimus LTE a year earlier, LG has been rolling out models like the 5-inch Optimus Vu and the Optimus LTE 2, which was equipped

IndustryOct. 21, 2012

Consumers with disposal income below W500,000 banned from getting new cards

Financial consumers whose disposal income does not exceed 500,000 won ($450) will be ineligible to apply for a new credit card under new measures.“Irrespective of consumers’ personal credit standing, credit card firms will be allowed to issue a new card to those with monthly disposal income ― or total earnings minus debt payment ― above 500,000 won,” the Financial Supervisory Service said in a statement on Sunday.An FSS official said the action is designed to prevent issuers from recklessly doli

Oct. 21, 2012