Samsung to provide ‘smart hotel’ service via Galaxy S3 for Olympics

Samsung Electronics announced on Wednesday that vacationers will be able to use the company’s Galaxy S3 mobile phone to access “smart hotel” services during the 2012 London Olympics. The company said that it has teamed up with multinational hotel chain Holiday Inn to provide services for vacationers at the chain’s London-Stratford location. Those with a Galaxy S3 will be able to use the device to access the hotel’s services, such as operating the TV, lighting and air-conditioning units in their

TechnologyJuly 25, 2012

LG’s mobile unit posts 56.7b won loss in Q2

LG Electronics said Wednesday it posted 349 billion won ($302.95 million) in operating profit for the second quarter, down about 22 percent from the previous quarter.In a quarterly regulatory filing, the country’s electronics giant also said it recorded 12.85 trillion won in sales, which is an increase of 5.16 percent compared to the first quarter.The operating profit figure, however, was up more than 120 percent from the 158.23 billion won reached in the same period last year with its sales dow

IndustryJuly 25, 2012

Seoul shares fall 1.37 pct on Spain, Greece woes

South Korean stocks hit a yearly low on Wednesday as worries over debt-mired Spain and Greece further weighed on investor sentiment already dampened by a worsening global economy, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) retreated 24.62 points to 1,769.31, the lowest close for the year.Trading volume was moderate

July 25, 2012

France to request surveillance of EU-Korea free trade deal

France is to ask the European Union to put its Free Trade Agreement with South Korea under surveillance as part of a recovery plan for its auto sector, according to elements of the plan obtained by AFP.The plan, to be presented to cabinet Wednesday, will also boost purchasing bonuses for buying environmentally friendly cars and see the government committing to 25 percent of its new vehicles being

July 25, 2012

High-salt diet depletes body of calcium

Canadian researchers say people who eat high-salt diets tend to develop kidney stones and osteoporosis because when sodium leaves the body, so does calcium.Principal investigator Todd Alexander and his team at the University of Alberta discovered an important link between sodium and calcium -- they both appear to be regulated by the same molecule in the body.When sodium intake becomes too high, th

TechnologyJuly 25, 2012

BOK sees weakening growth momentum of Korean economy

South Korea’s central bank said Wednesday that the recovery pace of the local economy is weakening as exports are losing steam, hit by the eurozone debt crisis and China’s slowing growth.The Bank of Korea (BOK) delivered a surprise rate cut to 3 percent on July 12, underscoring its urgency to shield the local economy from bitter impacts of the eurozone debt problems. Market players bet on an addit

July 25, 2012

Seoul shares open sharply lower on eurozone fear

South Korean stocks began sharply lower Wednesday, as signs of a worsening debt crisis in Spain and Greece unnerved investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 28.60 points, or 1.59 percent to 1,765.33 in the first 15 minutes of trading.Shares lost ground across the board, with market bellwether Samsung Electronics slumping more than 2 percent and

July 25, 2012

Banks under fire for improper profits

Local banks are increasingly under public criticism for their alleged improper profiteering from loan interest rates. A 50-something living in Seoul vented anger, saying that she recently failed to reimburse her loan because the bank informed her anew that there are penalties when paying back in advance. “The bank offered a low interest rate when I first went to get a loan, but the rate got higher later even though I once changed it to a interest rate, seeing the economic situation worsening. Th

July 24, 2012

Kia’s Soul expands small car market dominance in U.S.

The box-type compact Soul of Korea’s Kia Motors Corp. is strengthening its stranglehold in the U.S. market as its Japanese rivals are suffering sluggish sales, industry data showed Tuesday.Kia sold 63,635 units of the Soul in the first six months of the year in the U.S., with a market share of 82 percent in the segment, beating other boxes like the Nissan Cube and the Scion xB of Toyota, according to the data.During the same period, 10,206 units of the Scion xB were sold, while sales of the Cube

MobilityJuly 24, 2012

Pension fund blocks Visteon’s Halla buyout

Visteon Corp.’s attempt to buy the remaining 30 percent of Halla Climate Control Corp. is being blocked by Korea’s National Pension Service, the country’s biggest institutional investor. The pension service, which owns 8.1 percent of Halla, rejected Visteon’s offer after reviewing Halla’s future value and growth potential, the pension fund said in a statement in Seoul on Tuesday. Visteon needs approval from shareholders representing 95 percent of Halla’s stock for the offer, which closes Wednesd

IndustryJuly 24, 2012

LG to release English voice recognition tool in 2013

LG Electronics said Tuesday its newly-named proprietary intelligent voice recognition app “Q Voice” will be ready in English by the first half of next year.While competing with other personal assistant voice tools like Apple’s Siri, Samsung’s S Voice and Google, the company also said it will launch the app in European and other Asian countries following its release in English, said Sohn Jin-ho, head of LG’s Future IT and R&D Lab.“Korea is the nation that is leading the trend, which is why we wil

IndustryJuly 24, 2012

Import car brands wary of FTC probe

Antitrust watchdog poised to dispatch inspectors to officesSix import car brands in Korea are paying close attention to the antitrust regulator’s ongoing investigation into foreign carmakers on suspicion of price-fixing and irregular practices with dealerships.According to the Fair Trade Commission, the brands under investigation are BMW, Mercedes-Benz, Volkswagen, Audi, Toyota Motor and Lexus. Mercedes-Benz Korea recently enhanced its public relations in a move to prevent misinformation from be

IndustryJuly 24, 2012

Shares close 0.25 percent higher on bluechip gains

Korean stocks finished 0.25 percent higher Tuesday led by gains in large-cap shares on positive earnings outlooks, analysts said. The local currency rose against the U.S. dollar.After swerving in and out of negative territory, the benchmark Korea Composite Stock Price Index moved up 4.49 points to finish at 1,793.93. Trading volume was moderate at 481.6 million shares worth 4.09 trillion won ($3.57 billion), with decliners far outstripping gainers 538 to 274.“Market heavyweights led the index’s

July 24, 2012