SK Holdings reorganizes divisions to boost efficiency

SK Holdings, SK Group’s holdings company, reorganized its divisions on Oct. 1 as part of efforts to increase the efficiency of its operations, the company announced Wednesday.In making the changes, the company merged the two divisions responsible for developing means for future growth ― the Global a

IndustryOct. 5, 2011

Samsung seeks to void iPad design rights in Europe

SEOUL, Oct. 5 (Yonhap) -- Samsung Electronics Co. said Wednesday that it has asked a European Union (EU) agency to invalidate the iPad's design rights in Europe, as the world's No. 2 mobile phone maker seeks to resume sales of its tablet computers in the pivotal market.Samsung filed an application w

TechnologyOct. 5, 2011

Finance minister urges greater market confidence

SEOUL, Oct. 5 (Yonhap) -- South Korea's financial markets are reacting "sensitively" to international anxieties, the top economic policymaker said Wednesday, calling for more confidence in the nation's economic and financial fundamentals."Financial and currency markets are reacting sensitively to ex

Oct. 5, 2011

S. Korea's foreign reserves fall by most in nearly 3 years in Sept.

SEOUL, Oct. 5 (Yonhap) -- South Korea's foreign exchange reserves fell by the most in nearly three years in September due mainly to the weaker dollar conversion value of non-dollar assets and suspected dollar-selling intervention.The country's foreign reserves reached $303.38 billion as of the end o

Oct. 5, 2011

Ruling may change KEB’s fate

U.S. buyout fund could lose status as biggest shareholder of KEBThe Seoul High Court is likely to find the former CEO of Lone Star Funds’ Korean unit guilty on Oct. 6, according to industry sources.In March, the Supreme Court overturned the High Court’s earlier ruling that acquitted former Lone

Oct. 4, 2011

Carmakers enjoy sales boost in Sept.

Hyundai Motor Co., Korea’s leading automaker, said Tuesday that its September sales jumped 14.1 percent from a year earlier, fueled by strong overseas demand for its vehicles.The carmaker said it sold a total of 359,560 vehicles last month, with overseas sales soaring 17.4 percent on-year to 303,307

MobilityOct. 4, 2011

Forum to discuss industrial, city designs and culture

Designers, panelists to gather at three sessions for iDEA conferenceMasterminds behind best selling BMWs, Samsung mobile phones, Coca Cola and theorists who can explain consumers buying these products will come together for design talks in Seoul Wednesday and Thursday. The iDEA Herald Design Forum w

IndustryOct. 4, 2011

LGE to extend W25b of low-interest loans to suppliers

LG Electronics has decided to support its vendors with some 25 billion won ($21 million) in low-interest funds to help them compete on a more level playing field, the company said on Tuesday.The electronics maker currently runs a 125 billion won fund with the Industrial Bank of Korea for extending f

IndustryOct. 4, 2011

Retailers to protest FTA nationwide

The Korea Federation of Retail Organizations plans to hold a nationwide rally at the end of this month to call for protection measures related to the free trade pacts with the European Union and the United States. The group, which represents 1.25 million retailers, said some 30 retail business-relat

IndustryOct. 4, 2011

Korea to develop new technology for water desalination: ministry

The government said Tuesday it has set out to develop new desalination technology using natural gas hydrate, which could pave the way for cheap fresh water amid rising concerns over water scarcity.The mechanism entails removing gas from methane hydrate, a crystalline compound consisting of gas molec

IndustryOct. 4, 2011

33 savings banks suffer from capital erosion: data

More than one-third of South Korea’s savings banks have eroded capital due to large bad debts, data showed Tuesday, raising concerns over their financial health and possible bankruptcies.The data comes after the Financial Services Commission, the country’s financial watchdog, suspended operations of

Oct. 4, 2011

POSCO signs 5-year supply agreement with Shell

By Choi He-suk POSCO announced on Tuesday that it signed a long-term steel plate supply contract with Royal Dutch Shell.According to POSCO, the agreement is one of the first in which a steelmaker has signed on as a sole supplier to a multinational oil company.Under the agreement, signed on Sept. 28,

IndustryOct. 4, 2011

Homeplus sets up team for shared growth

By Lee Ji-yoonHomeplus, the nation’s No. 2 supermarket chain, said Tuesday it has launched a team responsible for shared growth with its business partners. The team was organized in April to better support transactions of small and medium-sized suppliers and improve contract conditions, the company

IndustryOct. 4, 2011

Household loans log first fall in 8 months

South Korean banks’ household loans fell for the first time in eight months in September as lenders joined the regulator’s move to curb growing household debt, industry data showed Monday.Household loans extended by top lender Kookmin Bank and three other major banks amounted to 276.9 trillion won (

Oct. 4, 2011