Mini Cooper Coupe launched

German luxury carmaker BMW AG on Tuesday launched a coupe version of its popular Mini small-sized car to meet South Korean consumer demand for sporty vehicles, the company said.The Mini Cooper Coupe is the first two-seater and the fifth model of the compact, fuel efficient vehicle that has been on the market for a decade.The new coupe, which was unveiled at the Frankfurt Motor Show in September, has a 1.6-liter, inline four cylinder engine that generates a maximum 122 horsepower with 16.3 kilogr

MobilityNov. 8, 2011

Samsung drops development of active shutter 3-D TVs

Samsung Electronics Co., the world’s top TV maker, said Tuesday that it has scrapped its plan to develop 3D TVs with RealD Inc. amid lingering uncertainties in the global TV market. A Samsung spokesman said that the company is no longer pursuing the development of the active shutter 3D TVs in a deal that was announced earlier this year with RealD, a 3D technology licensor based in California in the United States. Samsung Electronics plans is focusing on development and production of active shutt

IndustryNov. 8, 2011

BOK in dilemma over interest rate

Korea’s central bank board to decide key rate on FridayIn recent months, the key debate concerning the interest rate policy of the Bank of Korea revolved around when it would raise benchmark rates. Not for Friday, when the central bank holds its policy-setting meeting amid growing worries over whether the eurozone debt crisis will spin out of control, engulfing bigger nations like Italy and dragging down the global economy.Although analysts and economists expect the central bank to keep the rate

Nov. 8, 2011

Korea Post to slash banking fees

Korea Post, the state-run postal service agency, said Tuesday it plans to abolish or sharply reduce fees for financial transactions at post offices nationwide.To be implemented later this month, the new policy entails an exemption of all banking costs for low-income Koreans, people with disabilities, teen heads of household, college students, veterans and patriots.The agency also said it will scrap or cut 35 types of charges by up to 54 percent, such as for automated teller machines, wire transf

IndustryNov. 8, 2011

Economy showing signs of weakness: ministry

The Korean economy is showing signs of weakness from the subdued outlook for global growth and uncertainties over the European debt crisis, the Finance Ministry said Tuesday.In its monthly economic assessment, the ministry cited slowing industrial output, export growth, job creation and facility investment as evidence of slowing economic momentum. It also warned of persistent price pressure which could worsen with rising import costs.“Our economy keeps recovering but some indicators are weakenin

Nov. 8, 2011

Google to keep Android free

Google chairman Eric Schmidt said Tuesday that the Internet giant’s purchase of Motorola Mobility would not affect partnerships with other handset makers, including Samsung Electronics.“We will run (Motorola) sufficiently and independently in a way that will not violate Android’s openness. We are not going to change in any material way the way we operate,” Schmidt said at a press conference on a visit to Seoul.The comment came when he was asked about the closed conversations with Samsung executi

IndustryNov. 8, 2011

Seoul shares end 0.83% lower on eurozone concerns

South Korean stocks edged 0.83 percent down on Tuesday, as investors remained cautious over debt-ridden Italy’s situation, which could spill over into the entire region, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 15.96 points to 1,903.14. Trading volume was moderate at 398.6 million shares worth 5.16 trillion won ($4.6 billion), with losers outnumbering gainers 508 to 313.“There’s no big issue to prompt investors to bet on

Nov. 8, 2011

FSC challenged on Lone Star’s KEB sale

KEB union files injunction with Constitutional Court to ban regulator’s actionUnionized workers of Korea Exchange Bank, owned by Lone Star, filed an injunction with the Constitutional Court on Tuesday to ban the Financial Services Commission from ordering the U.S.-based fund to dispose of its KEB shares without probing the fund’s shareholder eligibility.If the Constitutional Court accepts the request from the KEB union, the FSC cannot instruct Lone Star to do so for the time being. The financial

Nov. 8, 2011

Regulator to lift short-selling ban on non-financial stocks

South Korea’s financial regulator on Tuesday said it will lift a three-month ban on short selling of non-financial stocks starting this week.“The ban on short selling of non-financial shares will be lifted starting Nov. 10, but the measure on financial shares will be retained for the time being,” the Financial Services Commission said in an e-mailed statement.The FSC had imposed a ban on short selling of all local stocks listed on the main KOSPI and the secondary tech-heavy KOSDAQ markets for th

Nov. 8, 2011

Department stores agree to lower commission fees

The Fair Trade Commission said Tuesday it reached an agreement with the nation’s top three department stores to lower their commission fees by 3-7 percent immediately for almost half of their small- and medium-sized vendors. The antitrust regulator expected that 1,054 companies would benefit from the cuts. Lotte Department Store, the nation’s No. 1 retail chain, will benefit the largest number of companies, 403, or 50.4 percent of its smaller contractors, while Shinsegae and Hyundai will cut com

IndustryNov. 8, 2011

Cheonggyecheon stream in Seoul polluted with bacteria

A popular stream running through downtown Seoul, which is visited by millions of people annually, has been severely polluted by bacteria, a report by the city government showed Tuesday.According to the report, submitted to the Seoul council member Jang Hwan-jin of the Democratic Party, parts of the

TechnologyNov. 8, 2011

Prosecutors raid SK affiliates over embezzlement allegations

SEOUL, Nov. 8 (Yonhap) -- Prosecutors raided the offices of two affiliates of the South Korean conglomerate SK Group early Tuesday as part of an investigation into allegations that the founding family misappropriated company funds. Scores of prosecutors searched the offices of SK Holdings Co.,

IndustryNov. 8, 2011

LG Chem secures grip on Europe’s smartgrid market

LG Chem signed a long-term contract with the Switzerland-based electric engineering firm ABB Group to supply parts for an energy storage system on Monday.Energy storage system or ESS is used in smart grid networks to store electricity before transmitting power to specific locations when required.Under the contract, LG Chem will supply lithium ion batteries and a battery management system to ABB. The Korean firm said that for the first collaborative project it will produce batteries for use in a

IndustryNov. 7, 2011