Seoul shares close down 1.59% on European debt woes

South Korean stocks finished 1.59 percent lower on Wednesday as investor sentiment was muted by the persistent debt crisis in Europe, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 30.05 points to close at 1,856.07. Trading volume was moderate at 402 million shares worth 5.58 trillion won ($4.91 billion) with losers outpacing gainers 631 to 190.“Concerns about Italy’s and Spain’s government bonds weighed on the market,” said an

Nov. 16, 2011

Gov’t to back SMEs for research projects

The government plans to shore up small- and mid-sized enterprises for their investment in research and development to expedite their growth and fend off the workforce exodus to large companies, officials said Wednesday.The Ministry of Knowledge Economy will boost subsidies for SMEs to 40 percent of its R&D budget by 2015 from last year’s 26 percent, said Chung Yang-ho, head of the ministry’s industrial technology policy division.Currently, the ministry spends about 4.5 trillion won ($4 billion)

IndustryNov. 16, 2011

Local banks’ bad debt ratio up in third quarter

The bad debt ratio for South Korean banks’ household loans rose in the third quarter from three months earlier as the economic slowdown and the slumping property markets spurred fresh loan delinquency, the financial watchdog said Wednesday.Local banks’ non-performing household loans accounted for 0.67 percent out of their total lending as of the end of September, up 0.11 percentage point from three months earlier, according to the Financial Supervisory Service.The bad loan ratio for bank mortgag

Nov. 16, 2011

Sony bans Korean teens from online gaming

Controversy surrounding the country’s game shut-down system, also known as the game curfew, is escalating as it is seemingly expanding its boundaries to console games like Sony’s PlayStation and Microsoft’s Xbox.Sony Computer Entertainment Korea said earlier this week that it will ban those under 16 from logging into their PlayStation games starting from 11 p.m. Friday to comply with the Korean regulation.“Our head office has decided to prohibit the log-in and accepting new registration of users

IndustryNov. 16, 2011

Keen video-gamers' brains may reward them more

 

TechnologyNov. 16, 2011

Financial derivatives trades surge amid growing concern

Regulators scramble to draw up measures to control high-risk tradesKorea’s financial derivates market is expected to surpass 30 quadrillion won ($26.6 trillion) this year, data showed on Tuesday, amid growing concerns about huge losses inflicted on retail investors. The strong appetite for high-risk trades of futures, options and equity-linked warrants is now set to boost the total trading volume of derivates to reach 30.35 quadrillion won by the end of the year, according to the Financial Super

Nov. 15, 2011

Delayed U.S. FTA to cause huge economic losses: official

A delay in the parliamentary ratification of the pending free trade deal with the United States could inflict a huge economic loss on South Korea along with policy uncertainties, a ranking trade official said Tuesday.The free trade accord, known as the KORUS FTA, was signed in June 2007 and supplemented in late December of last year with minor modifications that mostly deal with the auto industry. The agreement was ratified by the U.S. Congress last month and Seoul is under mounting pressure to

IndustryNov. 15, 2011

Cheil, LGE, LS Ind., Samsung Electronics named innovative firms

Four South Korean companies have been named among the world’s 100 most innovative companies, Thomson Reuters said Tuesday. The four companies are Cheil Industries Inc., LG Electronics Inc., LS Industrial Systems and Samsung Electronics Co. Only two countries in Asia, Korea and Japan, made the top 100.“Innovation is a means of growth and prosperity for companies and nations seeking to overcome sluggish economies and achieve competitive advantage,” said David Brown, president of the IP Solutions b

IndustryNov. 15, 2011

Airlines upbeat on Vladivostok route

Budget airliners are upbeat about Russia’s decision to adopt an open skies policy for Vladivostok, which will allow all foreign airlines to fly there by simply notifying the authorities.Russia hopes to develop Vladivostok Airport, which is less than a two-hours flight from Incheon International Airport, into a major international hub for passengers flying between East Asia and North America via Siberia, according to Russian media reports.Seoul’s Land Ministry said it has asked the Russian govern

IndustryNov. 15, 2011

Korea’s exports to EU to grow steadily in 2012

South Korean exports to the European Union are expected to rise steadily in 2012, fueled by brisk demand for automobiles and ships, a report said Tuesday.The Korea International Trade Association report said that fiscal crises in countries such as Greece, Italy, Spain and Ireland will exert negative influence, although the economic bloc as a whole may be able to pull off positive growth.“Unlike the worldwide financial crisis in 2009, the EU is expected to post growth of about 1 percent,” the ass

IndustryNov. 15, 2011

Hybrid car sales drop sharply in Oct.

South Korea’s hybrid vehicle sales dropped sharply in October despite high fuel prices, local industry sources said Tuesday.Consumer demand for the fuel efficient vehicles that run on both combustion engines and electric power posted a double digit slump in sales despite concerted efforts by carmakers and the government.Seoul has moved to cut taxes levied on hybrids to bolster sales, while producers have offered favorable warranties to attract consumers.Hyundai Motor Co. South Korea’s largest ca

MobilityNov. 15, 2011

Samsung wins early Australia trial on Apple patent row

Samsung Electronics Co., embroiled in patent disputes with Apple Inc. around the globe, won an early trial on its claim that the iPhone and iPad 2 in Australia infringe its patents on 3G wireless transmissions.Australia Federal Court Justice Annabelle Bennett today ordered that a trial on Samsung’s claims be held in March. Cupertino, California-based Apple had opposed an early trial, with its lawyer Stephen Burley saying the company needed more time to prepare the case and favored a hearing in A

IndustryNov. 15, 2011

Lotte eyes hotels in Shanghai, Singapore

Lotte Group is eyeing hotels in Shanghai and Singapore as the start of mergers and acquisitions aimed at creating a major multinational hotel chain, industry sources said Tuesday. The hunt for buyable overseas hotels comes from Lotte Group chairman Shin Dong-bin’s idea of turning his hotel chain into a global name like the Hilton or the Hyatt with systematic operational know-how.The conglomerate’s international office in charge of M&As and an in-house think tank Lotte Economic Research Institute

IndustryNov. 15, 2011

Korea logs trade surplus for the 21st month in October

South Korea posted a trade surplus for the 21st straight month in October as exports remained strong amid slowing import growth, the customs office said Tuesday.The nation’s trade surplus came to about $4.1 billion in October, up from $1.3 billion a month earlier, according to data by the Korea Customs Service. During the January-October period, its cumulative trade surplus reached $25.9 billion.Exports totaled $46.8 billion, up from $46.5 billion in September, while imports declined from $45.3

IndustryNov. 15, 2011

Korea’s import price growth hits 6-month high in Oct.

South Korea’s import prices rose at the fastest pace in six months in October primarily because the local currency depreciated against the U.S. dollar, the central bank said Tuesday.In local currency terms, the country’s import prices rose 16 percent in October from a year earlier, quickening from the 14 percent on-year gain in September, according to the Bank of Korea.The October data marked the fastest expansion since a 19 percent on-year advance in April, the BOK added.Compared with the previ

Nov. 15, 2011