Korea’s automobile exports drop to 3-year low in August

Korea’s exports of cars dropped sharply from a year earlier in August due to a large cut in production caused by labor strikes that also led to shrinking domestic sales, the government said Sunday.Outbound shipments by the country’s five automakers came to 164,805 vehicles in August, down 23.6 percent from the same month last year, according to the Ministry of Knowledge Economy.The August figure marks the lowest tally in 36 months since August 2009, and also the first year-on-year drop in 2012.T

TechnologySept. 9, 2012

Creditors to complete funding for Ssangyong E&C this month

Creditors of Ssangyong Engineering and Construction have decided to complete liquidity support for the financially troubled builder within this month, industry sources said Sunday. The nation’s 13th-largest construction firm is currently struggling to pay back huge debts worth about 100 billion won ($88 million) due this year. On Friday, creditors, led by Woori Bank, started an inspection into the company’s financial health to finalize the amount of financial support the company would get. Korea

IndustrySept. 9, 2012

Samsung says Apple patent invalid as court hears claim on Galaxy

Samsung Electronics Co. said Apple Inc.’s patent claim on so-called multi-touch flags is not valid, as its main competitor in smartphones pursues an infringement case in the Netherlands to ban Samsung Galaxy handsets.Apple claims Galaxy smartphones and tablets infringe the patent that interprets finger activity on touchscreens. Cupertino, California-based Apple lost an earlier claim against HTC Corp. in the U.K. for infringing the patent, as a U.K. judge said it was invalid because it was too ob

TechnologySept. 9, 2012

KT launches app platform for Japan’s NTT Docomo

KT said Sunday that it has introduced an app platform for NTT Docomo, Japan’s biggest mobile carrier, marking the first time a Korean telecom company has developed an app market overseas.The development of the platform, named “Olleh Market W,” is part of KT’s efforts to become a global media distribution group.Also, this project was in line with “One Asia Super Inter-Store,” or OASIS, which seeks to promote app exchanges among China, Japan and Korea. KT, NTT and China Mobile formed a strategic a

TechnologySept. 9, 2012

Consumer spending enters deeper slump

Government to announce new plan to invest additional W2tr to revitalize domestic consumptionThe nation’s domestic consumption is showing signs of further contraction as major retailers including department stores and giant marts recorded declining sales last month. Sales at local department stores dropped for three consecutive months since June, decreasing by 6.1 percent in August from the previous month, the Ministry of Strategy and Finance said on Sunday. It is the first time the figure droppe

Sept. 9, 2012

Galaxy S3 to push Samsung profit past W7tr

Tech giant likely to report record operating profit in Q3, analysts forecastSamsung Electronics is expected to post record earnings again in the third quarter this year, and enter an era of 7 trillion won in operating profit, despite remaining legal challenges with Apple and the global economic slowdown.The world’s largest tech company by revenue is estimated to achieve some 7.6 trillion won ($6.7 billion) in operating profit from July to September, up 78 percent from a year ago.Its sales will i

IndustrySept. 9, 2012

S. Korea's national debt falls to one of lowest among OECD countries

South Korea's national debt to gross domestic product (GDP) ratio fell to one of the lowest numbers among major economies in 2011, the Organization for Economic Cooperation and Development (OECD) said Sunday.As of the end of 2011, the country's debt to GDP ratio came to 33.6 percent, down 1 percentage point from a year earlier.The figure is the fourth lowest among the 34 member countries of the OE

Sept. 9, 2012

Apple on the move to launch Internet radio service: report

Apple is rising to be the newsmaker in the global tech arena as foreign media reported on Saturday that the company is planning to launch an Internet radio service, competing with Pandora Media.The Cupertino-based firm is also reportedly making moves to offer the fourth-generation communication technology LTE-based iPhones around the world, including Korea.Involving the Apple’s entry in the field

TechnologySept. 8, 2012

Seoul shares likely to further rise next week

South Korean stocks are expected to move higher next week on growing expectations that the U.S. Federal Reserve will roll out additional credit easing measures, analysts said Saturday.The country's key stock index, the KOSPI, gained 0.7 percent this week to close at 1,929.58 on Friday. On Friday alone, the index rallied 2.57 percent as investors cheered the bond-buying program of the European Cent

Sept. 8, 2012

Marine-like camps booming

There are a slew of agencies that run training camps led by former Marine Corps drill instructors for corporate employees and students.The first was set up in 2002, and its four drillmasters, all ex-Marines, branched out to start their own companies due to differences in training style.Now, more than a dozen can be found on the Internet, though only about five are operating properly and actually have former Marine instructors in command, according to Lee Hee-seon, chief of Camp Tank. Kong Ki-you

IndustrySept. 7, 2012

Ssangyong Motor to unveil concept car at Paris show

Ssangyong Motor Co., South Korea’s smallest automaker, said Friday it will unveil the latest version of its electric concept car at an auto show in Paris later this month in a bid to tap deeply into the European market.The e-XIV concept car, the electric model of its crossover utility vehicle, will make its debut at the 2012 Paris Motor Show slated for Sept. 27, according to Ssangyong. The company has introduced a series of XIV concepts in motor shows at home and abroad.The South Korean carmaker

IndustrySept. 7, 2012

Shares up 2.57% on ECB bond plan

South Korean stocks closed 2.57 percent higher on Friday as investors cheered the European Central Bank’s bond-buying program amid a recent lack of upward momentum, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared 48.34 points to 1,929.58. Trading volume was heavy at 581.4 million shares worth 5.8 trillion won ($5.1 billion), with gainers far outnumbering decliners 607 to 197.“There had been wide-spread anxiety over uncertai

Sept. 7, 2012

Major TV networks allowed to offer 24-hour service

The government on Friday announced its decision to lift a decades-long ban on late-night broadcasting of terrestrial television broadcasters to put them on an equal footing with cable TV channels.The decision was made during a plenary session of the Korea Communications Commission, which oversees the government’s broadcasting policies, according to the commission.Currently, the nation’s three terrestrial TV broadcasters ― KBS, MBC and SBS ― can air programs for 19 hours a day (from 6 a.m. to 1 a

Sept. 7, 2012