Seoul, Vienna to expand direct flight services

South Korea and Austria have agreed to significantly increase the number of passenger flights between the countries, Seoul’s transportation ministry said Friday, a move aimed at boosting the countries’ exchanges and lowering travel prices through competition.Currently, only South Korea’s flag carrier Korean Air operates three direct flights between Seoul and Vienna per week, according to the Ministry of Land, Transport and Maritime Affairs.In a two-day aviation meeting held in Austria earlier th

Nov. 16, 2012

KT’s LTE subscribers exceed 3 million

KT said Friday that the number of its subscribers for the fourth-generation network technology Long Term Evolution service topped 3 million as of last Tuesday.The country’s No. 2 mobile carrier also said that the total number of smartphone owners that use its networks also surpassed the 10 million mark.The two figures were reached 11 months after the company introduced its LTE service named WARP.Being a latecomer in offering LTE services, KT secured 1 million LTE handset owners in June and 2 mil

IndustryNov. 16, 2012

Bill in favor of taxis stokes controversy

Some lawmakers are pushing to include taxis in the category of public transportation alongside buses and subways, while some say their move is merely to target votes in the Dec. 19 presidential election.Should the bill, aimed at promoting public transportation system, pass the National Assembly, taxis will enjoy more fiscal support by the central and provincial governments.In addition, taxi drivers could be permitted to use bus-only lanes when the laws and regulations are revised.Members of the

IndustryNov. 16, 2012

Shares down on deepening U.S. fiscal woes, recession

South Korean stocks retreated 0.53 percent Friday as deepening U.S. fiscal woes and concerns about a possible economic recession in the world’s largest economy continued to dent confidence here, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 9.89 points to close at 1,860.83. Trading volume was moderate at 459.1 million shares worth 3.99 trillion won ($3.66 billion) with decliners outpacing gainers 582 to 240.“Investors are awar

Nov. 16, 2012

Half of foreign asset managers lose money in H1

Nearly half of foreign asset managers operating in South Korea reported a loss in the first half of fiscal 2012, mostly due to the volatile market, industry data showed Friday.According to the data by the Korea Financial Investment Association and the Financial Supervisory Service, 11 out of 23 foreign asset managers, or 47 percent, are estimated to have suffered a shortfall in the April-September period. Foreign asset managers posted a combined net profit of 19.2 billion won ($17.6 million) in

Nov. 16, 2012

Samsung, Apple prepare for second U.S. patent litigation

Even before finishing their first patent litigation battle in the U.S., Samsung Electronics and Apple are gearing up to face each other in another lawsuit in California involving their latest gadgets: the Galaxy S3 and iPhone 5.According to Bloomberg on Friday, U.S. Magistrate Judge Paul Grewal ruled that Samsung could add Apple’s iPhone 5 to its patent infringement claims and Apple could put the Samsung Galaxy Note 10.1, the U.S. version of the Galaxy S3 and Google’s latest Jelly Bean mobile op

IndustryNov. 16, 2012

Banks cut spending on social contributions

Commercial banks slashed their spending on social contribution activities again this year.The combined spending on social contributions of the four major banks ― Woori, KB Kookmin, Hana and Korea Exchange ― for this year is projected to stay at 231.7 billion won ($210.6 million), compared with 555.4 billion won three years ago.KB Kookmin has posted a gradual decline in the figure: 131.7 billion won in 2009, 62.8 billion won in 2010, 85.8 billion won in 2011 and 85 billion won in 2012.Woori repor

Nov. 16, 2012

KEPCO picks acting president as Kim quits

The Korea Power Electric Corp.selected its executive vice president Cho In-kook as acting president of the state-run power supplier, company officials said on Friday.The appointment was made one day after CEO and president Kim Joong-kyum left the company. Kim submitted his resignation earlier this month allegedly due to his conflicts with the government over energy policies.The company said it shifted into a crisis-management mode as the post of president remains vacant. Company officials said t

Nov. 16, 2012

Toddler can’t stop laughing due to rare syndrome

A British boy has a bright smile on his face every day, but not by his will. The two-year-old Elliot Eland was born with Angelman’s syndrome -- a neuro-genetic disorder characterized by intellectual and developmental disability -– that makes him laugh.“When we feel down, Elliot’s laughter keeps us all going; you just have to look at him and his happiness takes over,” Elliot’s mother Gale said in an interview with British media. “The only problem is if Elliot and his big brother, Alex, are playin

TechnologyNov. 16, 2012

One in three KOSDAQ firms loses money in Q3

About one-third of South Korean companies listed on the secondary stock market chalked up net losses in the third quarter due largely to a prolonged global economic downturn, data showed Thursday. A total of 260 companies listed on the tech-heavy KOSDAQ market, or 33 percent of the 789 companies surveyed, lost money in the July-September period, according to the data by the Korea Exchange and the Korea Listed Companies Association.Currently, 882 companies are registered with the minor bourse.Thi

Nov. 15, 2012

Hyundai E&C wins $2.06b order from Kuwait

Hyundai Engineering & Construction Co., South Korea’s leading builder, said Thursday that it has won a $2.06 billion deal to build a bridge in Kuwait with a local firm.Under the contract with Kuwait’s Minister of Public Works, Hyundai E&C will build a 36.14 kilometer-long bridge from Shuwaikh Port near Kuwait City to Subiyah in the central region, said the company in a filing.The South Korean builder will have a 78.5 percent stake in the $2.62-billion project, or $2.06 billion, while Kuwait’s Co

Nov. 15, 2012

Eximbank raises $1b via global bond sale

The state-run Export-Import Bank of Korea said Thursday it has raised $1 billion by issuing dollar-denominated bonds to help finance local exporters.The 3-year bonds were sold at a rate of 0.98 percentage point above three-year U.S. Treasuries, the policy lender said in a statement. Proceeds from the debt sale will be used to provide funds to local exporters competing with global counterparts in the Middle East, it said. The majority of the debts were sold to investors from the United States and

IndustryNov. 15, 2012

Shares dip 1.23% on persistent uncertainties

South Korean stocks dropped 1.23 percent Thursday as investor sentiment was muted by widespread uncertainties over the stalled U.S. budget deal and European fiscal woes, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 23.32 points to close at 1,870.72. Trading volume was moderate at 446.2 million shares worth 4.14 trillion won ($3.8 billion) with decliners far outnumbering gainers 608 to 230.“Investors are worried about u

Nov. 15, 2012

Target of ‘shared growth’ may include banks

Commercial banks are likely to be included in the government’s assessment list of firms paying attention to “shared growth” with subcontractors.Some officials of the Commission of Shared Growth for Large and Small Companies said the agency was considering expanding its yearly assessment target to the banking sector as early as 2013.Other sectors including medical institutions could also be placed on the authorities’ watch list, they added.In the commission’s first unveiling of the assessments of

IndustryNov. 15, 2012