S. Korea's consumer prices grow 2 percent in Sept.

South Korea's consumer prices grew at the fastest pace in three months in September mainly due to increased prices of farm products, a report showed Tuesday.The country's consumer price index rose 2 percent from a year earlier in September, quickening from the 1.2 percent gain tallied in the previous month, according to the report by Statistics Korea.The index also advanced 0.7 percent from a mont

Oct. 2, 2012

Korea to hold trade event targeting Chinese market

Two South Korean trade agencies said Monday that they will jointly hold an event later this month aimed at providing local companies with a chance to meet with Chinese buyers and help them advance into the world's largest consumer market.The "2012 China Business Plaza" will be held by the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea International Trade Association in Seoul on Oct.

IndustryOct. 1, 2012

Nation's first mixture of pharmacy/convenience store opens

South Korea's leading convenience chain said Monday it has opened the country's first-ever drug store-type shops that incorporate pharmacies into convenience stores.The new type of stores was set up after the South Korean government passed legislation in May to allow sales of some non-prescription drugs at convenience stores and supermarkets.Two CU stores run by BGF Retail Co. have opened in Chang

IndustryOct. 1, 2012

Trading accounts down amid stagnant market situations

The number of "active" stock trading accounts in South Korea declined in recent weeks amid relatively stagnant market situations, a trade association said Monday.Stock trading accounts -- accounts holding more than 100,000 won ($90) and being used at least once in the past six months -- totaled 19.9 million last Thursday, according to the Korea Financial Investment Association.The number of active

Oct. 1, 2012

Korea's trade surplus reaches $3.15 bln in Sept.

South Korea's trade surplus widened from a year earlier last month as its imports shrank at a faster rate than exports, the government said Monday.The country's trade surplus reached an estimated $3.15 billion in September, compared with a $1.6 billion surplus the same month last year, according to the Ministry of Knowledge Economy.The figure also marks a growth from $2.04 billion in August.Export

Oct. 1, 2012

Samsung TVs take up half of market share in Middle East, Africa

Half of the flat panel televisions (TV) sold in the Middle East and Africa were made by Samsung Electronics Co., reflecting its strong market presence in the region, a survey showed Sunday.The market survey, released by the world's top flat screen maker, showed that its flat screen TV sales eclipsed other competitors to account for a 49 percent share of the markets in the second quarter."Sales of

IndustrySept. 30, 2012

Growth of household debts slows down for 11th month

The growth of household debt in South Korea lost steam for a 11th consecutive month as of July from a year earlier, largely due to government efforts to curb its increase, central bank data showed Sunday.Household loans extended by depository financial firms grew at a rate as low as 4.6 percent at the end of July from a year earlier, compared with the 8.6 percent tallied in the previous year, acco

Sept. 30, 2012

Korean scientists identify a source of neural disorders

 A group of South Korean scientists have discovered what could be a significant source of neurological disorders, such as depression, and may lead to the development of better treatment for such illnesses, the science ministry said Saturday.The team led by Lee Chang-joon, a researcher from the Korea Institute of Science & Technology, confirmed for the first time in the world that non-neuronal cell

TechnologySept. 29, 2012

Instagram overtakes Twitter among mobile users

Photo sharing app Instagram has overtaken Twitter for the first time among U.S. smartphone users, according to data from comScore.In August, Instagram received an average of 7.3 million daily visitors, while Twitter attracted 6.9 million users, the website said.ComScore’s data reflects usage among U.S. smartphone owners aged 18 and older accessing the service on a device running iOS, Android, or RIM operating systems via a mobile web browser or app.The data also showed that Instagram visitors sp

TechnologySept. 28, 2012

STX Offshore inks W480b oil storage facility deal

STX Offshore & Shipbuilding Co., a South Korean shipbuilder, said Friday that it has signed a 480 billion ($430 million) contract to build an offshore oil storage facility.Under the deal with a North African oil firm, the South Korean shipbuilder will construct the so-called floating storage offloading unit and deliver the unit during the first half of 2015, the company said in a statement. STX Offshore did not reveal the name of the buyer.The unit, measuring 324 meters long and 51 meters wide,

Sept. 28, 2012

Samsung retains No. 1 spot in world handset market

South Korean tech giant Samsung Electronics Co. retained the top spot in the global mobile phone market in August on the back of steady sales of its products worldwide, industry data showed Friday.According to the data released by Hong Kong-based Counterpoint Technology Market Research, Samsung topped the world’s handset market last month with a market share of 29 percent.The research firm attributed Samsung’s outstanding performance to a sweep of both expensive and cheaper phone segments.Samsun

Sept. 28, 2012

Korea’s industrial output remains sluggish in August

South Korea’s industrial output inched up in August from a year earlier, but its growth pace remained subdued apparently affected by sluggish demand amid concerns over the eurozone debt crisis and global slowdowns, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries grew 0.3 percent last month from a year earlier. It gained a revised 0.2 percent on-year in July. The output, however, shrank 0.7 perc

TechnologySept. 28, 2012

Shares gain on Spain, China optimism

South Korean stocks advanced 0.38 percent Friday as investor sentiment got a boost from Spain’s pledge to cut spending and rising expectations for Chinese stimulus, analysts said. The local currency strengthened against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 7.53 points to 1,996.23. Trading volume was moderate at 668.4 million shares worth 4.85 trillion won ($4.36 billion) with gainers outpacing decliners 492 to 302. “Spain’s budget plan implies it is moving tow

Sept. 28, 2012

KCC to ramp up monitoring of illegal Internet postings

The Korea Communications Commission announced Friday a series of preventive measures on the online real-name system Friday, saying that it will double monitoring of illegal Internet postings to twice a week.Following a meeting arranged by the Prime Minister’s Office, the commission said it will also publicize the current state of illegal postings and its countermeasures put in place by the Internet operators.It also said the law that currently states the online service provider’s responsibility

Sept. 28, 2012

Woongjin paid own debt before crisis

Woongjin Group is facing public criticism for moral hazard after its holding company and construction unit filed for court receivership on Wednesday. A day before its application for court protection, Woongjin Holdings was found to have paid back 53 billion won of debt it borrowed from other Woongjin affiliates.Woongjin Holdings repaid 25 billion won and 28 billion won, respectively, to its sister companies Woongjin Thinkbig and Woongjin Energy on Wednesday even though the due date was two days

IndustrySept. 28, 2012

Chanel returns to Lotte in time for Chinese holiday

Chanel cosmetics agreed to reopen at Lotte Department Store’s main branch in downtown Seoul next week, three years and nine months after it stormed out in fury, grabbing media attention as a catfight between a domestic retail mammoth and a “stuck-up” luxury brand.Lotte asked Chanel to downsize and relocate its cosmetics booth in 2008, pointing to its relatively low sales. The French brand refused, accusing Lotte of getting back at it for entering rival Shinsegae’s new store in Busan. The brand m

Sept. 28, 2012

Samsung joins hands with Swiss chip firm

World’s largest memory chipmaker Samsung Electronics Co. said Friday that it has forged a business tie-up with a Swiss semiconductor solution firm in promoting their foundry business.Samsung said that it has cooperated with STMicroelectronics N.V. in developing the 32 and 28-nano chip technology, and will continue the bilateral cooperation.Geneva-based STMicroelectronics is the seventh-largest chipmaker that designs, develops and manufactures semiconductor products used in various electronic dev

TechnologySept. 28, 2012

CEOs rush for receivership to save own skin

Filings for court’s bankruptcy protection rise sharply after law revision in 2006The number of companies filing for court receivership has increased 10-fold in the last five years, raising questions over whether CEOs did it to save their own necks while incurring losses for creditors, investors and customers.Seven-hundred-and-twelve companies filed for court receivership last year, up from 76 in 2006 when the bankruptcy law was revised to guarantee major shareholders’ management rights and great

Sept. 28, 2012