LG eyes Latin America LTE phone launch in Q1

South Korean handset maker LG Electronics Inc. said Tuesday it aims to roll out long-term evolution smartphones in the Latin American market in the first quarter of 2013 as part of efforts to bolster its global LTE drive.The company, which has released LTE smartphones in major markets such as Asia, Europe and the U.S., said it plans to release the LTE devices in Brazil, Chile and Mexico in the January-March period at the earliest.The LTE smartphone line-up for the regional market has not yet bee

IndustryNov. 13, 2012

On-year growth of card use hits record low in August

The on-year growth rate of credit card use in South Korea hit a record low in August as more people refrained from spending money amid the protracted economic recovery, data showed Tuesday.The value of Koreans’ credit card spending amounted to 28.5 trillion won ($26.2 billion) in August, up 2.7 percent from a year earlier, according to the data compiled by the Bank of Korea. The August growth compared with a 13.6 percent on-year expansion tallied in July and marked the slowest gain ever, it adde

IndustryNov. 13, 2012

Shares slip on uncertainties

South Korean stocks closed 0.59 percent lower Tuesday as growing uncertainties about the looming U.S. fiscal cliff and the persistent eurozone debt woes weighed heavily on the local market, analysts said. The local currency declined against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 11.17 points to close at 1,889.7. Trading volume was moderate at 486.9 million shares worth 3.86 trillion won ($3.64 billion) with decliners outnumbering advancers 609 to 214.“What investors

Nov. 13, 2012

Microsoft unveils New Office with cloud computing feature

Microsoft Korea Inc. launched its latest suite of programs for word processing and emails for corporate use on Tuesday.New Office for home use will most likely be launched in the first quarter of 2013, two Microsoft officials told The Korea Herald.“I think nearly all the functions in New Office are new in the market,” Microsoft Korea marketing director Kang Hee-sun said, claiming that now is a significant transition period for software and devices. The Korean operation of U.S. software titan Mic

TechnologyNov. 13, 2012

Middle East sovereign funds seek projects with Korea

Officials from leading sovereign wealth funds in the Middle East said on Tuesday that they are looking for more collaborative investment projects with Korean partners. Invited by the Korea Investment-Trade Promotion Agency, or KOTRA, officials from the Investment Corporation of Dubai, the Abu Dhabi Fund for Development and the Gulf Investment Corporation joined the two-day Middle East Business Week, which launched on Tuesday in Seoul. KOTRA hosts the event annually under a different agenda to pr

Nov. 13, 2012

U.S. fines Korean firms $1.27b for price fixing

Korean enterprises ranked second in terms of fines levied by U.S. antitrust regulators for price fixing via practices such as cartels.Since several firms were slapped with antitrust fines totaling $1.57 million for rigging prices of a biochemical product in 1996 in the first case of its kind, Korean enterprises have been subject to collective penalties of $1.27 billion over the past 16 years.The amount is the second-largest accumulated figure, following $1.36 billion imposed on Japanese firms, a

IndustryNov. 13, 2012

Dancing lifts teen girls’ mental health

Dancing has a positive influence on teenage girls’ mental health, Swedish researchers say. The study, led by Anna Duberg of the Center for Health Care Sciences, conducted an experiment on girls between ages 13 and 18, who had what researchers call “internalizing problems.” The girls had a depressed mood, low self-worth or persistent feelings of tiredness but their symptoms were not severe enough to warrant psychiatric care.Among 112 girls, about half of the girls were assigned to participate in

TechnologyNov. 13, 2012

S. Korea's central bank likely to freeze key rate till next year: IBs

Global investment banks (IBs) have forecast South Korea's central bank will likely keep its key policy rate steady through the first six months of next year as the economy regains steam at a gradual pace in the second half, a report showed Tuesday. Major IBs including Goldman Sachs expect the Bank of Korea (BOK) to freeze its key rate at 2.75 percent till the first half of 2013, citing their overall outlook that protracted global jitters are less likely to further aggravate, according to the rep

Nov. 13, 2012

FSS to have banks compensate for phishing crimes

South Korea’s financial watchdog is seeking ways to have banks compensate voice phishing victims. The Financial Supervisory Service said on Monday that it is reviewing related laws to reduce exemption grounds made for banks in terms of making compensation. Over 12,800 voice phishing cases were reported between January 2011 and September 2012, for damages worth over 151.6 billion won ($139.4 million). Banks, however, do not have to provide compensation as the current law simply blames the victim’

Nov. 12, 2012

Emirates A380 turns back to Sydney following engine fault

An Emirates Airbus A380 superjumbo made an emergency landing in Sydney shortly after takeoff on its way to Dubai following an engine fault."There was no fire, flames or smoke, however passengers may have witnessed a spark and a noise from the engine," Emirates said in a statement.The incident, which occurred yesterday with 380 passengers onboard, is being investigated, said the airline, which took delivery of its latest flagship plane yesterday.Emirates, which has ordered a total of 90 of the do

IndustryNov. 12, 2012

Tobacco growers snub WHO proposals

Korea may not be ready to accept the anti-tobacco recommendations handed down by the World Health Organization, namely those banning tobacco makers from openly endorsing social benefits such as charity events.Also, the other proposals being mulled by the WHO’s Framework Convention on Tobacco Control are unlikely to reduce the number of smokers or make them stop, according to the International Tobacco Growers’ Association. “(The recommendation on social benefits) may break the link between the cl

IndustryNov. 12, 2012

Labor tensions grow at GM Korea plant

Labor protests loom large at GM Korea’s production factory in Gunsan, North Jeolla Province, after the carmaker unveiled its plan not to produce the new Chevrolet Cruze.While the 2013 model of the Cruze compact sedan is being produced only in Gunsan among GM Korea’s four plants nationwide, U.S.-based General Motors excluded the Korean unit from the list of the next generation model.After GM Korea made public its parent group’s business policy last Wednesday, local community leaders including Gun

IndustryNov. 12, 2012

LG to expand premium TV marketing beyond Asia

LG Electronics said Monday that it will expand the sales target for its premium 84-inch ultra-high-definition television from four countries to 40 countries by the end of 2012.Currently the nation’s first and only ultra-HD TV, LG 84LM9600 was first launched at home in August and had its premiere in the U.S., China, Vietnam and Malaysia. “The premium market is not so much affected by the recession. There are always people with money who want them (premium large TVs),” an LG spokesperson said, exp

TechnologyNov. 12, 2012