Woongjin takes LG to FTC in spat over water purifiers

Woongjin Coway said Thursday it filed a complaint with the Fair Trade Commission against LG Electronics’ sales outlet chain, accusing it of spreading false information about its water purifier products.Woongjin Coway, the nation’s top maker of water purifiers, has continued to criticize the electronics giant for entering its business two years ago. Water purifiers were excluded from the latest list of business areas that should be left for only small and medium-sized companies announced by a gov

IndustryDec. 1, 2011

Regulators consider stand-alone rating

Conglomerate units, public firms relying on external support likely to see their ratings dropKorea’s financial regulators are considering the introduction of stand-alone ratings to weed out nonviable affiliates which have inflated their corporate ratings through their links with parent firms with better ratings. According to officials at local ratings firms and financial authorities, the new system is being reviewed so that investors could check the viability of listed companies. The Financial S

Dec. 1, 2011

KCCI urges Assembly to reduce taxes

The Korea Chamber of Commerce and Industry said Thursday it delivered a proposal to the National Assembly calling for lower corporate and income taxes.The government had planned to lower the corporate tax rate to 20 percent from the current 22 percent for firms with over 200 million won in earnings beginning next year.But the plan is being held up in the National Assembly as some lawmakers argue that the corporate tax rate should either be maintained or increased to 30 percent.“The consistency o

Dec. 1, 2011

SKT starts fair price system for phones

SK Telecom, the nation’s largest telecom operator, started selling mobile phones at fixed prices in its all on- and offline outlets nationwide Monday. The government plans to implement the fair price initiative in the telecom industry from January, aiming to revolutionize its retail structure. Thus far, vendors have lured customers with “free phones” explaining the normal benefits for long-term subscribers as special discount deals. However, under the new system, they are required to offer their

IndustryDec. 1, 2011

REVISION PLEASE USE French chamber to hold year-end gala with korean celebrities

French Chamber to hold year-end gala with Korean celebs　By Yoav Cerralbo The French Korea Chamber of Commerce and Industry will hold a year-end gala on Saturday, which officials said will toast the new business opportunities brought by the EU-Korea Free Trade Agreement.The officials said the event at the Grand Hyatt hotel will be attended by L’Oreal model and “Lost” actress Kim Yun-jin and Miss Korea 2010 Jung So-Ra.“The chamber’s gala is a unique way to highlight the French-Korean relations wit

IndustryDec. 1, 2011

Car sales down again in Nov.

Korea’s major automakers once again recorded contrasting sales performances at home and abroad in November.Hyundai Motor and Kia Motors saw their exports increase in November from a year earlier, but their sales at home dropped.Hyundai Motor sold 320,790 units, including exports and overseas production, abroad last month, up 26.1 percent from a year ago.Five major overseas plants in the U.S., China, India, Russia and the Czech Republic posted steady growth in sales, the company said in a stateme

MobilityDec. 1, 2011

More than half of banks’ foreign debts come from Europe

More than half of the debts South Korean lenders borrowed overseas were from European banks, data showed Thursday, raising concerns about a possible foreign liquidity drain amid the spiraling eurozone debt crisis.As of end-June, South Korean lenders’ borrowing from European banks stood at $187.3 billion, or 53.6 percent of its total $349.4 billion foreign claims, according to the data by the Bank of International Settlements.By country, Britain was the largest creditor with $100.4 billion, follo

Dec. 1, 2011

Telecom regulator to censor SNS, mobile apps

Telecom authorities plan to censor social networking services and mobile apps starting as early as next Wednesday, the Korea Communications Committee said Thursday.A review committee at the state-run telecom regulator on Thursday discussed a revised bill to set up a new team responsible for examining offensive and immoral content in new media. The revision also contains separate teams to monitor terrestrial radio stations and general programming channels that were newly launched on Thursday.Howe

IndustryDec. 1, 2011

In mice, a step towards a vaccine for HIV

Tests on lab mice have opened up a new path towards a vaccine against HIV, one of the most frustrating quests in the 30-year history of AIDS, scientists reported on Wednesday.Genetically modified mice fought back the human immunodeficiency virus(HIV) after they had been injected with genes to make a

TechnologyDec. 1, 2011

Korea‘s industrial output grows 6.2% in Oct.

South Korea’s industrial output continued to grow in October from a year earlier, despite persistent global uncertainties caused by eurozone woes and problems facing advanced industrialized economies, a government report showed Wednesday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 6.2 percent last month from a year earlier. The October figure represents the 28th consecutive on-year expansion since July 2009. However, industrial outp

Nov. 30, 2011

Hi Mart feud ends with leadership deal

Hi Mart and its major shareholder Eugene Corp. reached an 11th-hour compromise Wednesday on the new leadership of the nation’s largest electronics appliance retailer, ending a week of feuding over the control of management.During a general meeting in the morning shareholders approved an agreement calling for the so-called “dual-CEO” system in which both Hi Mart CEO Sun Jong-koo and Eugene CEO Yu Kyung-sun control the retailer.Industry sources said that Sun and Yu had no choice but to strike a de

IndustryNov. 30, 2011

Foreigners raise their holdings despite turmoil

Korean firms’ solid earnings help local bourse retain foreign capitalForeign investors increased their holdings of Korean shares despite the continued turbulence in financial markets around the world, data showed Wednesday.According to Korea Exchange and Korea Financial Investment Association, foreign holdings reached 32.86 percent as of Nov. 28, slightly up from 32.14 percent at the end of July when the global financial turmoil was yet to have an impact on the local bourse. In August, concerns

Nov. 30, 2011