Hanaro Mart under fire for opening alone

Civic groups and small and medium-sized merchants are calling for the revision of a controversial law so that Nonghyup Hanaro Mart and Hanaro Club close two days per month along with other retail giants such as E-Mart. People’s Solidarity for Participatory Democracy, one of the leading civic groups, is petitioning for the revision of the law and is contacting members of the opposition parties for support, according to reports. More than 70 percent of the nation’s discount retailers such as E-Mar

IndustryJune 17, 2012

Gas station operators threaten to close over discount retailers

Operator association resists government’s plan to open more inexpensive oil stationsGas station operators have threatened to close temporarily at the same time unless the government halts plans to open more discount gas stations in their efforts to curb rising gasoline prices. The Korea Oil Station Association claimed on Friday that the government’s policies to increase discount gas stations disregard the gas station market which is suffering from its worst-ever financial strain. KOSA said the m

IndustryJune 17, 2012

Foreign IBs positive on Nexon’s NCsoft takeover

HONG KONG (Yonhap News) ― Foreign investment banks have a positive view on South Korea’s online game giant Nexon Korea Corp.’s takeover of its smaller rival on the home turf, bank officials said Friday.In a surprise move, Nexon announced last Friday it had acquired a majority stake in NCsoft Corp. from the latter’s founder and chief executive Kim Taek-jin through a private transaction.Following the deal, Nexon is now the largest shareholder of NCsoft with a 14.7 percent stake, followed by Kim wi

June 17, 2012

U.S. urges retailers to stop sales of Korean oysters

WASHINGTON (AFP) ― U.S. health authorities have urged restaurants and food outlets to stop selling all fresh, frozen and canned oysters, clams and mussels that came from South Korea over contamination fears.“These products and any products made with them may have been exposed to human fecal waste and are potentially contaminated with norovirus,” the Food and Drug Administration said in a statement issued late Thursday.The FDA said the measure also applies to any scallops that arrived in the Unit

June 17, 2012

Greek election results to impact Seoul stocks

South Korean stocks will be influence by Greece’s parliamentary elections that are expected to shape the future of the eurozone and the global economy, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,854.16 points after a choppy session on Friday, a drop of 13.32 points from Thursday but a gain of 22.52 points from a week earlier.The solid weekly gains were helped by a surge in stock prices in chemical, steel and machinery and construction after they had not do

June 17, 2012

Microsoft said to agree to buy Yammer for $1.2 billion

Microsoft Corp., the world’s largest software maker, has agreed to purchase Yammer Inc., operator of a social network for businesses, for $1.2 billion, said a person familiar with the matter.The deal is expected to be announced by the end of June, said the person, who asked not to be identified because the negotiations are private. Dee Anna McPherson, a spokeswoman for Yammer, declined to comment

TechnologyJune 17, 2012

Shares fall on eurozone uncertainties

Seoul shares fell 0.71 percent on Friday in the face of rising European uncertainties ahead of Greece’s critical elections and mixed U.S. economic data, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index moved down 13.32 points to 1,858.16 after a choppy session. Trading volume was light at 4.26 million shares worth 4.46 trillion won ($3.83 billion), with losers outpacing gainers 486 to 344.“Investor sentiment was dented by mounting eur

IndustryJune 15, 2012

FTC scrutinizes celebrities’ online malls

The nation’s antitrust watchdog is considering slapping fines on Internet shopping malls run by celebrities for unfair trade practices.The Fair Trade Commission, which did not release the companies’ names, began looking into the shopping sites’ refund policies upon consumer complaints that they refused to provide refunds for clothing, according to sources at the commission.“We had to launch a probe as there were so many complaints from consumers who were disgruntled about the shopping sites’ ref

IndustryJune 15, 2012

BOK head warns against bank loan defaults

Korean lenders need to better manage their loans and guard against a rise in loan defaults, the top central banker said Friday.In a meeting with presidents of commercial banks, Bank of Korea Governor Kim Choong-soo said loan delinquency rates have accelerated this year.“Such trends are raising concerns,” he stressed, pointing out that inability to pay back loans can pose serious challenges for local lenders and the economy as a whole. The remarks came as household loan delinquency rates reached

June 15, 2012

Hyundai Oilbank cancels IPO plan on uncertainties

Hyundai Oilbank has pulled out of its plans to carry out an initial public offering on the Korea Exchange, citing economic uncertainties at home and abroad.“We’ve decided to withdraw from the plan in the wake of the eurozone fiscal crisis and worsening investor sentiment on the local stock market,” a company spokesman said.The company plans to push for the listing again when it finds optimum timing later.Hyundai Oilbank had planned to complete the IPO process during the first half of the year.An

IndustryJune 15, 2012

Seoul takes steps to lower prices of imported cosmetics

The government said on Friday it will improve the distribution system of imported cosmetics and tighten monitoring of unfair trade practices and deceptive advertising to lower their prices.Prices of imported beauty products remained high despite Korea’s free trade agreements with the European Union and the U.S. which went into effect in July last year and March this year, respectively.“We will reduce the excessive retail margins incurred by exclusive imports and sales and provide consumers with

IndustryJune 15, 2012

Telecoms-Kakao conflict escalates over free call

S&P lowers KT’s rating to negative, citing threat from mVoIP service and other revenue sourcesLocal telecom giants and Kakao, well-known for its free mobile messenger service, have expanded their battle front amid the venture firm’s new allegation that the mobile carriers purposely downgraded the quality of its voice call service.Earlier on Thursday, Kakao’s chief executive Lee Sir-goo said that the country’s three telecom companies -- SK Telecom, KT and LG Uplus -- are lowering the voice qualit

IndustryJune 15, 2012

U.K. gives new details of mass surveillance plan

U.K. authorities are revealing new details of an ambitious bill which would track electronic conversations of every single U.K. resident. The proposed mass surveillance law would collect detailed information about the private communications of millions of Britons, a step the government insists is necessary to fight terrorism and crime.Home Secretary Theresa May says the program will not snoop on t

TechnologyJune 15, 2012