LS Cable develops thinnest communications cable

LS Cable & System, a leading Korean wire and cable maker, said Wednesday it has developed what it claims is the world’s thinnest communications cable as part of its drive to target overseas markets.The cable, which measures 7 millimeter in outer diameter, is the world’s thinnest, compared with existing products that measure 7.2 to 8 millimeters in diameter, LS Cable & System said in a press release.The cable maker said the thinner diameter is easy to install and saves installation space, which c

IndustryMarch 20, 2013

Hanwha E&C wins $270m Saudi order

Hanwha Engineering & Construction Corp., a South Korean builder, said Wednesday that it has signed a $270 million deal to build facilities to produce gold bars in Saudi Arabia.Under the deal with Ma’aden, Saudi Arabia’s state-owned mining company, Hanwha E&C will construct the facilities as well as a residence and research center near Al Humiyah, about 450 kilometers southwest of the kingdom’s capital Riyadh.The facilities, to be built in two years, will be capable of processing 2 million tons o

IndustryMarch 20, 2013

Samsung to drop LCD patent suit against LG Electronics

Samsung Display Co., the world’s biggest display maker, has decided to drop a patent suit against LG Electronics Co. over liquid-crystal display technologies, paving the way for both sides to end a long-running legal battle, industry sources said Wednesday.The two display giants have been embroiled in a patent tussle over organic light-emitting diode (OLED) and LCD technologies that broke out on the heels of a police investigation into an alleged leak of technologies from Samsung Display to LG D

TechnologyMarch 20, 2013

Shares down on Cyprus woes

South Korean stocks dropped 0.97 percent on Wednesday as investors stepped to the sidelines on an aborted bailout plan for Cyprus, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 19.15 points to 1,959.41. Trading volume was moderate at 322.4 million shares worth 3.7 trillion won ($3.3 billion), with decliners outnumbering gainers 562 to 251.“The Cyprus rejection raised concerns on the eurozone region and foreigners continued to

March 20, 2013

KB Financial chief strives to settle conflict

KB Financial Group chairman Euh Yoon-dae has seemingly been successful in resolving the recent conflict between management and outside directors.Euh was tackling a false allegation ― raised by a KB Financial senior executive ― that some outside directors dispatched by financial authorities sought to block KB Financial from taking over ING Life Korea.Foreign investors were informed of the allegation, which had not been verified, via a report by the U.S.-based Institutional Shareholder Services In

March 20, 2013

Samsung to drop LCD patent suit against LG Electronics

Samsung Display Co., the world's biggest display maker, has decided to drop a patent suit against LG Electronics Co. over liquid-crystal display technologies, paving the way for both sides to end a long-running legal battle, industry sources said Wednesday.The two display giants have been embroiled in a patent tussle over organic light-emitting diode (OLED) and LCD technologies that broke out on the heels of a police investigation into an alleged leak of technologies from Samsung Display to LG D

IndustryMarch 20, 2013

Liberia, Dongwon in $6m fishing dispute

The Republic of Liberia in West Africa and a local fisheries company are caught in an escalating dispute possibly worth $6 million over illegal fishing in Liberian waters. Liberia recently said it would press criminal charges against Dongwon Industries ― Korea’s largest tuna brand ― for fishing with a forged license in its waters, according to both the Liberian government and Greenpeace. A Dongwon-owned tuna fishing vessel had been caught fishing with the fake documents in 2011 and 2012. License

IndustryMarch 20, 2013

Seoul shares down 0.97 pct on Cyprus woes

South Korean stocks dropped 0.97 percent on Wednesday as investors stepped to the sidelines on an aborted bailout plan for Cyprus, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell19.15 points to 1,959.41. Trading volume was moderate at 322.4 million shares worth 3.7 trillion won (US$3.3 billion), with decliners outnumbering gainers 562 to 251."The Cyprus rejection raised concerns on the eurozone region and foreigners cont

March 20, 2013

Seoul shares down 0.32 pct in late-morning trade

South Korean stocks traded 0.32 percent lower late Wednesday morning, led by losses in foodmakers and brokerage houses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell6.39 points to 1,972.17 as of 11:20 a.m.Blue-chip confectionery maker Orion slumped 3 percent with major brokerage house Mirae Asset Securities tumbling 3.5 percent. In contrast, large-cap auto-related stocks gathered ground. No.1 player Hyundai Motor edged up 0.2 percent with its auto-parts making affil

March 20, 2013

Seoul shares open lower on Cyprus woes

South Korean stocks got off to a weak start Wednesday, dented by renewed eurozone concerns after the Cypriot parliament rejected a tax proposal needed for its bailout, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 5.94 points, or 0.3 percent to 1,972.62 in the first 15 minutes of trading. Most shares trended downward across the board, with those of tech blue-chips and financial firms leading the decline. Market bellwether Samsung Electronics slipped 0.54 percent, wi

BusinessMarch 20, 2013

Gov't seeks to set up 2nd operator of bullet trains

The government has decided to establish a second public firm to operate the country's KTX high-speed trains in an effort to inject greater competition into the railway system monopolized by the state-run Korea Railroad (KORAIL), officials said Wednesday.The move is expected to be finalized in a report to President Park Geun-hye slated for later this month, according to the officials from the Ministry of Land, Transport and Maritime Affairs.The new railroad company will likely handle the operatio

TechnologyMarch 20, 2013

Creditors OK 170 bln won debt-to-equity swap for Ssangyong

Creditors of Ssangyong Engineering & Construction Co. agreed Tuesday to rescue the troubled builder through a debt-to-equity swap program worth 170 billion won ($152.9 million), creditor bank officials said. The builder's creditor banks, including Woori Bank and Shinhan Bank, held a meeting headed by the Financial Supervisory Service (FSS), the country's financial watchdog, later in the day to discuss the matter and agreed to the plan, they said.The swap will prevent the cash-strapped builder fr

IndustryMarch 19, 2013

Consumption inequality grows between rich and poor

The consumption gap is further widening between the rich and poor as income inequality and consumer prices rise.Statistics Korea said Tuesday that the bottom 10 percent of households by income concentrate their spending on daily necessities such as food and settling monthly utility bills.Meanwhile, the top 10 percent spend their wealth on education for their children, travel, entertainment and other cultural activities.Groceries and nonalcoholic drinks accounted for more than 23 percent of total

March 19, 2013

Korean websites saddled with search-blocking code

When foreign fans type in “Psy” on major search engines, the results rarely include the Korean singer’s official homepage. The reason lies in a technical problem with Korean websites. According to industry sources, many Korean websites, including Psy’s homepage, have taken steps that block tracking and indexing by foreign search engines and portals. In detail, such websites usually insert a code like “robots.txt” to keep outside parties from indexing the details of their pages. The trouble is th

TechnologyMarch 19, 2013

FKI to tap civic groups for reform

The Federation of Korean Industries is seeking to mend its ways to regain public trust and become a more reliable business representative. The organization, which traditionally represents the nation’s richest and largest companies, is now even considering joining forces with People’s Solidarity for Participatory Democracy, one of the most liberal civic groups in Korea. The move comes following a statement from the federation last week, saying that it had decided to operate a separate committee t

IndustryMarch 19, 2013

Samsung C&T takes over U.K. LNG specialist

Samsung C&T, the construction and trading subsidiary of Samsung Group, took over a leading liquefied gas handling firm to take the lead in the prosperous natural gas market.The company last month signed a stock purchase agreement to acquire Whessoe, a U.K.-based firm specializing in the storage and regasification of liquefied natural gas, officials said Tuesday. The estimated amount of the buy is around 20 billion won ($18 million).The acquisition was completed on Monday, after Samsung C&T clear

IndustryMarch 19, 2013