Korea to adopt stricter capital rules for banks

South Korea’s financial regulator said Thursday it will introduce stricter capital rules next year for local banks in line with international efforts to buffer against any financial crisis. But the new regulations will be applied starting in 2015 as local banks are required to prepare for the strengthened rules, the Financial Services Commission said.Under the new regulations, also known as the Basel III, banks are required to secure an adequate level of capital ratios set by the Basel Committee

Sept. 27, 2012

LG Display sues Samsung over patent infringement

LG Display Co., the world's No. 2 maker of liquid crystal displays, filed a lawsuit Thursday against tech giant Samsung Electronics Co. over alleged violation of its patents.In a press conference in Seoul, LG Display claimed Samsung Electronics, the world's largest smartphone manufacturer, had infringed seven of its patents on organic light-emitting diode (OLED) panel technologies."The company fil

IndustrySept. 27, 2012

Protection of 'digital afterlives' needed?

Federal laws are needed to regulate social networking sites to give users the right to determine what happens to their "digital afterlives," a U.S. expert says.Jason Mazzone, a University of Illinois expert in intellectual property law, says allowing social networking sites to set policy regarding the content of accounts of deceased users does not adequately protect individual and collective inter

TechnologySept. 27, 2012

5,000-year-old tree unearthed in Britain

The trunk of a giant oak tree unearthed from a field in Britain may be more than 5,000 years old, forestry experts say.They called the 44-foot Norfolk bog oak “the largest-ever intact 5,000-year-old sub-fossilized trunk of an ancient giant oak,” but said they believe it could be just a section, possibly just a quarter, of the original tree.Until about 7,000 years ago the East Anglia fenland basin, a naturally marshy region in eastern England, was densely forested by gigantic oak trees. That chan

TechnologySept. 27, 2012

Kukdong files for court receivership

Kukdong Engineering & Construction on Wednesday filed for court receivership. The 65-year-old firm, an affiliate of Woongjin Group, announced its insolvency on Tuesday. It is the second time the firm has filed for court receivership, having previously applied in 1998. The firm, which ranks 38th in the construction field, had led the country’s advance into the Middle East market in the late 1970s a

IndustrySept. 26, 2012

Samsung gathers ammunition for new trial

Firm alleges ‘juror misconduct’ to see Apple verdict thrown outSamsung Electronics appeared to be busy gathering ammunition to overturn a recent billion-dollar verdict from a U.S. federal court that Samsung “willfully” infringed Apple’s software patents. “Juror misconduct” is the latest argument from the Suwon-based electronics maker, which alleges that the foreman of the nine-member panel which deliberated on the high-stakes patent battle with Apple failed to reveal his previous involvement in

IndustrySept. 26, 2012

S-Oil supports knowledge transfer to developing world

S-Oil Science Prodigy and Culture Foundation has decided to support “International Knowledge Donation Program,” the oil company said Tuesday. The program is organized as an extension of “Encore Korea Project,” a project for transferring overseas the on-site experience and knowledge of retired Korean veteran scientists and technologists to developing countries. Founded in 2011, the non-profit foundation has donated about 300 million won ($270,000) so far to the Korea Technology and Research Insti

Sept. 26, 2012

Daewoo E&C wins $92m deal in Singapore

Daewoo Engineering & Construction Co. said Wednesday it has won a $92 million contract to build a condominium in Singapore.The deal calls for South Korea’s third-largest builder to construct the condominium that can be used for both residences and offices in downtown in the city state.Construction of the building will be completed 33 months after work begins next month, Daewoo E&C said.The latest order came a day after Daewoo E&C announced a US$180 million contract to build an exhibition center

Sept. 26, 2012

Mando’s Chinese holding firm eyes Hong Kong listing

HONG KONG (Yonhap News) ― South Korean auto parts manufacturer Mando Corp. plans to list its Chinese holding firm on the Hong Kong stock market, as part of its efforts to boost its presence in China, company officials said Wednesday.The date for an initial public offering of Mando China Holdings Ltd. has yet to be decided, the Mando officials said. Mando, an affiliate of South Korea’s Halla Group, is the second-largest auto parts maker in South Korea, following Hyundai Mobis Co., an affiliate of

Sept. 26, 2012

Foreign ownership of Korean land rises in Q2

The amount of land here owned by foreigners rose in the second quarter, largely on purchases of forestry and arable lands, the government said Wednesday.The amount of South Korean land owned by foreign entities, including foreign-invested companies, came to 224.71 square kilometers as of the end of June, up 0.9 percent from the previous quarter, according to the Ministry of Land, Transport and Maritime Affairs.The amount represents only 0.2 percent of the country’s total area.The number of real

Sept. 26, 2012

Shares dip on Spain woes

South Korean stocks fell 0.55 percent Wednesday as concern over the future of Spanish bailout negotiations sapped investor confidence, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index retreated 10.97 points to close at 1,980.44. Trading volume was heavy at 1.19 billion shares worth 4.76 trillion won ($4.25 billion) with decliners outstripping gainers 547 to 277. The trading volume was the largest since Sept. 14, as a swarm of

Sept. 26, 2012

Korean tobacco farmers protest regulations in Manila

Korean tobacco farmers joined a worldwide anti-regulation protest Tuesday in Manila, the Philippines, voicing opposition to measures to curb tobacco farming expected to be announced at a tobacco control convention in Seoul in November. Titled “Save Our Farms” and led by the International Tobacco Growers Association, the global protest reflects millions of Asian tobacco growers’ fears of having their livelihoods destroyed upon the implementation of a series of “radical guidelines,” the Korea Toba

Sept. 26, 2012

Korean Air signs deal to repair U.S. F-16 fighters

Korea’s leading flag carrier Korean Air said Wednesday that it has signed a contract with the U.S. Air Force in the Asia Pacific region over repair work on F-16 fighters to improve combat capability. The 35 billion won ($31 million) project includes stealth coating, inspection of wings and restoration and replacement of major parts of F-16 fighter jets from October until 2018. The company declined to comment on the number of fighters that it would repair, calling it a trade secret. Korean Air sa

IndustrySept. 26, 2012