Incheon Airport’s passenger count hits record high

The number of passengers traveling via Incheon International Airport reached an all-time annual high of 35.14 million this year, solidifying its status as one of the busiest airports in the world, its operator said Monday.Travelers using the nation’s main gateway, located west of Seoul, surpassed the previous year’s tally of 35.06 million people as of Sunday, according to airport officials.The airport is expected to register 38.9 million travelers by the end of the year, 5.9 million higher than

Nov. 26, 2012

Korea’s trade volume to top $1tr in 2012: ministry

The trade volume of South Korea is expected to top $1 trillion for a second consecutive year in 2012, making the country the eighth-largest trader in the world, the government said Monday.According to the Ministry of Knowledge Economy, South Korea will see its trade volume exceed the $1 trillion in the middle of next month. If the forecast is right, Korea will surpass Italy to become the eighth-largest country in terms of trade volume.South Korea ranked 13th in terms of trade from 2000 to 2002 b

IndustryNov. 26, 2012

Shares inch down ahead of key events

South Korean stocks edged 0.15 percent down Monday as investors sat on the sidelines before key events in the United States and Europe, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 2.82 points to 1,908.51. Trading volume was light at 273.2 million shares worth 3.18 trillion won ($2.93 billion) with gainers slightly outpacing decliners 402 to 389. “The eurozone finance ministers gathered to decide a bailout for Greece

Nov. 26, 2012

Kangwon Land shares soar on expansion approval

By Seo Jee-yeon The government’s approval of a casino facility expansion has been pushing the stock price of Kangwon Land to hit a record high in 52 weeks.The company’s shares soared 13.31 percent to 31,500 won ($29) on Monday. The jump was expected as the disclosure was issued after the stock market closed last Friday. According to company officials, the state-invested casino and resort operator, located in Jeongseon County, Gangwon Province, will double the floor of the game room to 11,824 squ

Nov. 26, 2012

Samsung Electronics to improve working conditions at partner firms in China

By Cho Ji-hyunSamsung Electronics on Monday announced a set of measures to improve its working conditions at the firm’s Chinese partners.The world’s top smartphone maker acknowledged that some of its workers had to work extended hours and that some were not given a copy of their contracts that state their working conditions.The company said that it did not find any minors under age 16 employed at any of its 105 partner firms. Samsung Chinese plants were exempted from the report.The results were

IndustryNov. 26, 2012

Hyundai Motor shrugs off EU slump

By Lee Ji-yoonEuropean auto sales, possibly facing a 17-year low this year, saw a further decline last month. But Korea’s Hyundai Motor was one of the few carmakers with continued growth momentum in the sluggish market, industry data found Monday. According to the European Automobile Manufacturers’ Association (ACEA), Hyundai sold 33,687 vehicles in Europe last month, a 10.2 percent rise from the previous month. In the first 10 months this year, the company saw a 9.3 percent growth in sales, del

IndustryNov. 26, 2012

Banks eye Myanmar market

By Kim Yon-seMajor commercial banks are poised to actively make inroads into Myanmar as the country is starting to implement an open-door policy toward international activity.Following Woori Bank and Hana Bank, which opened liaison offices in the Southeast Asian country last month, Shinhan Bank plans to join the movement as early as the first half of next year.The state-run Industrial Bank of Korea is also preparing to tap the new market in a bid to overcome the saturated market conditions at ho

Nov. 26, 2012

Units’ merger signals SK restructuring

The planned merger of two SK Telecom subsidiaries ― SK Planet and SK Marketing & Company ― is seen as SK Group’s first step to streamline its subsidiaries to improve the conglomerate’s efficiency, a report said on Monday.Yang Jong-in, an analyst at Korea Investment and Securities, said that the merger of the two subsidiaries in the information and telecommunications sector would produce synergy by getting rid of projects that overlap.As exemplary cases, the two companies will combine projects li

IndustryNov. 26, 2012

3 in 4 iPads use LG Display panels

Three out of four Apple Inc.’s mega hit tablet computer iPads are equipped with liquid crystal displaypanels manufactured by South Korea’s LG Display Co. amid the heated patent row between Apple and Samsung Electronics Co., industry data showed Monday.According to data by research firm DisplaySearch, the global shipments of 9.7-inch LCD panels used for Apple’s fourth-generation iPad and iPad 2 came to 5.92 million units in October.The number of 9.7-inch panels produced by LG Display reached 4.25

TechnologyNov. 26, 2012

French Chamber to run 2012 Gala

The French Korean Chamber of Commerce and Industry will hold its annual gala for the French-Korean business community Saturday. The event has become a must-attend event for about 800 business figures from both nations every year. It is an exceptional opportunity to network and build relationships,” said an official at FKCCI through a statement. This year’s event will be held in partnership with Chamonix Mont-Blanc, and the most enchanted winter village scene will be reproduced at venue, the offi

IndustryNov. 26, 2012

Sales of venture firms jump 13.9 pct in 2011

Sales of venture businesses in South Korea rose nearly 14 percent in 2011 from a year earlier, outperforming large companies and small and medium enterprises (SMEs), a report said Monday.The average revenue of local venture companies gained 13.9 percent on-year to 7.03 billion won ($6.47 million) last year, according to the report by the Small and Medium Business Administration (SMBA). The report is based on a survey of 2,034 new companies throughout the country.The sales growth rate outpaced a

Nov. 26, 2012

6,000 or more steps a day = better health

Making 6,000 or more steps a day adds up to a healthier life for midlife women, researchers in Brazil found. Although previous research showed the value of structured exercise in lowering the risk of diabetes, high blood pressure and heart disease, this study shows habitual physical activity, whether it comes from exercising or just activities of daily living, can improve women‘s health.The study involved 292 women ages 45-72 living in Passo Fundo, Brazil, who wore pedometers and recorded their

TechnologyNov. 26, 2012

Seoul shares start higher on U.S. gains

South Korean stocks opened higher Monday as investor sentiment got a boost from gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.80 points, or 0.04 percent, to trade at 1,912.13 in the first 15 minutes of trading.Shares gathered ground across the board, with LG Electronics increasing 2.1 percent while No.1 carmaker Hyundai Motor added 0.46 percent. Top chipmaker SK hynix moved up 0.78 percent.U.S. stocks ended higher Friday on rising consumer

Nov. 26, 2012

Korea's consumer sentiment nears 9-month low in Nov.

South Korean consumers' confidence inched up in November from the previous month, but it remained close to a nine-month low as the economy continued to lose steam, the central bank said Monday.The consumer sentiment index -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 99 for November, up from a nine-month low of 98 tallied for October, according to a survey by the Bank of Korea (BOK).A reading below the benchmark 100 means pessimists outnum

Nov. 26, 2012

Korea faces era of low growth: KDI

Korea will see the protracted economic slowdown continue next year amid tardy recovery in the global economy, a state-controlled research institute predicted Sunday.In its report, the Korea Development Institute revised its projection on the nation’s gross domestic product growth for 2013 down to 3 percent, from its earlier estimate of 3.4 percent.The think tank also forecast that the 2012 GDP growth would stay at 2.2 percent, compared with its earlier estimate of 2.5 percent.The KDI’s projectio

Nov. 25, 2012