Biz groups defend ISD settlement system

Local business lobbies again called for the quick ratification of the Korea-U.S. Free Trade Agreement on Tuesday, saying that the investor-state dispute settlement system is one that has become a global standard.In opposing ratification of the accord with the U.S., opposition parties have focused on the ISD clause, which allows disputes between investors and the state to be settled under the mediation of a third party. According to the coalition of opposition parties that seek to prevent the Gra

IndustryNov. 1, 2011

Banks lose faith in profit targets

Commercial banks plan to lower their earning targets for 2012, forecasting that the nation will continue to suffer from the economic slowdown and their revenues will decrease due to their recent decision to slash transaction service charges.Woori Bank has set the aim of its net profit for next year at about 1.5 trillion won ($1.3 billion), compared to the 2011 goal of 1.8 trillion won.Shinhan Bank is considering scaling down the 2012 target to between 1 trillion and 2 trillion won, compared with

Nov. 1, 2011

Samsung bucks the trend by achieving market cap growth

Samsung Group bucked the trend of the past four months by increasing its market capitalization while its rivals saw their combined stock value shrink amid the financial turmoil sparked by the global recession fears, data showed on Tuesday. According to the data compiled by the Korea Exchange, FnGuide and Chaebul.com, Samsung’s market cap reached 238.08 trillion won ($213.91 billion) as of end-October, growing 6.05 trillion won from the end of June. The country’s biggest conglomerate benefited fr

IndustryNov. 1, 2011

Highway tolls, train fares to rise

The government on Tuesday announced plans to raise highway tolls and train fares in a bid to cope with surging costs and to boost the financial stability of state-run enterprises.The package includes an average hike of 2.9 percent in expressway tolls nationwide starting later this month, and an average increase of 2.93 percent in train tickets from mid-December, according to the Ministry of Land, Transport and Maritime Affairs.“The government has frozen toll and train rates since 2006 and 2007 i

Nov. 1, 2011

Car exports up, domestic sales down

Korea’s major automakers posted contrasting sales performances at home and abroad last month.Hyundai Motor and Kia Motors saw their exports increase in October from a year earlier. But their sales at home dropped on a yearly basis.Hyundai Motor sold 305,923 units, including exports and overseas production, abroad last month, up 18.3 percent from 258,644 units a year ago.The nation’s largest automaker saw exports of 114,454 units and sales of 191,469 units from overseas factories, increases of 18

MobilityNov. 1, 2011

Seoul shares close marginally higher

South Korean stocks finished marginally higher Tuesday as foreign investors snapped up blue-chip tech and auto exporters, outweighing losses in banks and steelmakers, analysts said. The local currency fell against the U.S. dollar.After bobbing in and out of negative territory, the benchmark KOSPI edged up 0.6 points, or 0.03 percent, to 1,909.63. Trading volume was moderate at 348 million shares worth 6.19 trillion won ($5.56 billion) with losers leading gainers 541 to 290. “Foreign investors co

Nov. 1, 2011

Bond outlook improves on currency swaps

Borrowing conditions in the dollar bond market improved after Korea secured expanded currency swaps with Japan and China in October, local banks said Tuesday. Commercial banks said Korea’s $300 billion-plus foreign exchange reserves and the expanded currency liquidity through currency swaps are lowering funding costs for them.“We saw an immediate bounce of interest in the secondary buying of dollar-bonds on Oct. 19 when market heard of Seoul’s expanded currency swap with Japan from $13 billion t

Nov. 1, 2011

Memory chip prices extend slump

Prices of memory chips used in personal computers and mobile devices logged another drop, according to the latest industry data Tuesday, reflecting still fragile demand for consumer electronics products. Prices of NAND flash memory devices hit a 32-month low in the second half of last month, while prices of dynamic random access memory chips failed to make a rebound and held steady in the same period, according to DRAMeXchange Technology Inc. The Taiwan-based company, Asia’s largest operator of

Nov. 1, 2011

Nightspot businesses plan massive strike

The credit card commission dispute has entered a new phase as the country’s bars, night clubs, massage parlors, hagwon, and other small businesses plan to go on a nationwide strike at the end of this month over transaction fees. The Federation of Professional Economic-Person Societies, which covers the so-called nightspot business, said on Tuesday it would hold a 50,000 people-strong rally in Seoul on Nov. 30 to call on credit card companies to lower the transaction commission rate to 1.5 percen

Nov. 1, 2011

Scientists make human blood protein from rice

WASHINGTON, Oct 31, 2011 (AFP) - Scientists at a Chinese university said Monday they can use rice to make albumin, a protein found in human blood that is often used for treating burns, traumatic shock and liver disease.When extracted from rice seeds, the protein is "physically and chemically equival

TechnologyNov. 1, 2011

S. Korea's trade surplus hits $4.3 billion in Oct.

SEOUL, Nov. 1 (Yonhap) -- South Korea's trade surplus grew significantly from a year earlier in October on robust exports, the government said Tuesday.The country's trade surplus reached US$4.3 billion last month, up from $2.67 billion a year earlier, according to the Ministry of Knowledge Economy.E

Nov. 1, 2011

Korean TVs nab 50% of U.S. market

Samsung Electronics Co. and LG Electronics Inc. clinched a combined 50 percent share of the U.S. TV market in the July-September period, an industry report showed Monday, thanks to strong demand for their premium TVs with 3-D features and Web connectivity. It marked the first time the combined sales of Samsung and LG, the world’s two largest TV makers, accounted for half of the U.S. TV market on a quarterly basis, according to data released by NPD Group Inc, a market research firm. Samsung accou

IndustryOct. 31, 2011

Industrial output grows 6.8%

South Korea’s industrial output continued to grow in September from a year earlier, despite persistent uncertainties in the global economy, a government report showed Monday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 6.8 percent last month from a year earlier. The September figure represents the 27th consecutive on-year expansion since July 2009. The report also showed production gaining 1.1 percent compared to the previous month,

Oct. 31, 2011

KCT starts cheaper mobile services

Korea Cable Telecom, a mobile virtual network operator, said Monday that it has launched cheaper telecom services based on a deferred payment system starting Tuesday. Under the first deferred-payment MVNO system, consumers can use mobile services, including wireless data or multimedia messaging services, at prices 23-56 percent cheaper, the company said. There is no membership fee or contract period as well, it added. For the services, the company has reached a partnership with SK Telecom, a lea

IndustryOct. 31, 2011