New jobs expected to halve next year

Between 240,000 and 300,000 jobs expected   to be created next yearThe number of newly employed workers is expected to nearly halve next year in Korea as the recession triggered by the fiscal crises in Europe stretches on, local think tanks and brokerages said.Sluggish employment growth, especially in the manufacturing sector, could lead to a reduction in consumption, hurting the economy and therefore further exacerbating job insecurity.About 407,000 people joined the workforce in the first 10 m

IndustryDec. 7, 2011

Outstanding loans by private lenders surge

Private lenders saw their outstanding loans snowball by more than 1 trillion won ($877 million) in the first six months of the year.Outstanding loans extended by private lenders reached 8.63 trillion won at the end of June, up 14.2 percent from 7.56 trillion won at the end of December 2010, according to the Financial Supervisory Service.The number of borrowers in the industry also increased by 267,000 from about 2.2 million to 2.47 million during the period, the FSS said.Credit-based lending acc

Dec. 7, 2011

Shares close higher on eased Europe woes

South Korean stocks rose 0.87 percent on hopes that European leaders will take strong actions to deal with the lingering debt problems at a summit later this week, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI gained 16.6 points to 1,919.42. Trading volume was moderate at 396.5 million shares worth 5.7 trillion won ($5.06 billion) with gainers leading losers 577 to 256.“Hopes are high that European leaders will move to change rules to force eurozone countr

Dec. 7, 2011

Milky Way could have megaplanets made of diamond: scientists

 

TechnologyDec. 7, 2011

Samsung promotes chip, LCD head to vice chairman

SEOUL, Dec. 7 (Yonhap) -- Samsung Group said Wednesday it has promoted Kwon Oh-hyun, the president of Samsung Electronics Co.'s semiconductor and display operations, to vice chairman as part of an annual year-end management reshuffle. Kwon led Samsung's semiconductor division since 2008. His role at

IndustryDec. 7, 2011

Samsung to set up new flash memory plant in China

Samsung Electronics Co., the world’s second-largest maker of memory chips, said Tuesday it is seeking to build a new production line in China to manufacture flash memory chips in response to rising demand for mobile devices. The company applied for a permit from the South Korean government to build its second overseas production line for producing NAND flash devices based on the 20-nanometer class process technology, it said in a statement. If authorization is given and construction begins on sc

TechnologyDec. 6, 2011

NPS mulls raising investment money from abroad: chief

South Korea’s national pension fund service has proposed a plan to the government to secure U.S. dollars from abraod to be used for overseas investments, its chief said Tuesday, raising hopes for the stabilization of the local currency market.“The National Pension Service has proposed a plan to the government to raise U.S. dollars for overseas investment from abroad instead of from the local foreign exchange market,” NPS chairman Jun Kwang-woo told the Yonhap News Agency during a telephone inter

Dec. 6, 2011

Korea to closely monitor economic conditions amid uncertainties

South Korea will closely monitor economic conditions at home and abroad amid heightened uncertainties over the eurozone debt crisis and a possible global slowdown, the Finance Ministry said Tuesday.“Uncertainties remain high as the eurozone fiscal crisis deepens and there is a chance that the global economy could slip into a slowdown,” the ministry said in its monthly report on the latest economic conditions. “It is necessary (for us) to closely monitor changes in economic conditions at home and

Dec. 6, 2011

Cable TV operators‘ agree to retransmit HD programs

Cable television operators have started to re-air high-definition terrestrial TV programs late Monday following the government’s mediation efforts.“We have decided to accept the recommendations made by the national broadcasting watchdog and started the retransmission... and agreed to engage in earnest dialogue to resolve outstanding differences in the coming week,” cable operators said in a joint statement.This view was echoed by the three local terrestrial channels -- KBS2, MBC and SBS -- which

Dec. 6, 2011

Foreign IBs say BOK may cut rate next year

A growing number of major foreign investment banks have forecast South Korea’s central bank will lower its key interest rate next year as inflationary pressure loses steam, a report showed Tuesday.The Bank of Korea froze the seven-day repo rate at 3.25 percent for the fifth straight month in November, citing downside growth risks such as Europe’s sovereign debt crisis and continued global financial market jitters.While some foreign investment banks were still betting the BOK will stand pat on th

Dec. 6, 2011

P&G looks to partnerships in Korea

Procter & Gamble is seeking to beef up ties with Korean firms to develop new technologies and reinforce its footing in the growing market here, government officials said Tuesday.The world’s largest manufacturer of consumer products held an investment seminar in Seoul to discuss collaboration with local small businesses and think tanks to jointly develop cosmetics and beauty products. P&G is the latest participant in the Korean government’s program to help small but promising local firms find inv

IndustryDec. 6, 2011

Galaxy Tab tops consumer survey

Korean consumers picked Samsung’s Galaxy Tab as the most satisfying tablet PC on sale here, a recent consumer satisfaction survey found Tuesday. The National Council of the Green Consumers’ Networks in Korea said that the 10.1-inch tablet PC of Samsung Electronics scored the highest at 3.78, followed by iPad 2 of Apple Inc. with 3.77 and K-Pad of KT Corp. with 3.65. The consumer rights advocacy group, sponsored by the Fair Trade Commission, questioned 522 people on their use of five tablet PCs:

IndustryDec. 6, 2011