South Korean stocks closed 1.43 percent lower Friday on lack of upward momentum and growing European debt concerns, analysts said. The local currency fell against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) lost 27.80 points to 1,917.13, in its third straight session of decline.Trading volume was moderate at 522 million shares worth 4.32 trillion won (US$3.76 billion

May 11, 2012

 South Korea and Peru agreed to explore ways to expand industrial and energy cooperation that can benefit both countries, the government said Friday.   In a meeting between Knowledge Economy Minister Hong Suk-woo and Jose Luis Silva Martinot, Peru's minister of Foreign Trade and Tourism, the two sides exchanged views on how best to achieve the "comprehensive strategic partnership" arrangement anno

May 11, 2012

Millions of iPod owners may be surprised to learn they're suing Apple, industry analysts said.A lawsuit against Apple by RealNetworks, which developed the Real Player app and the Harmony music service, has been given class-action status U.S. District Court for the Northern District of California, Mashable reported Thursday.Consumers who purchased iPod devices between Sept. 12, 2006, and March 31,

TechnologyMay 11, 2012

Package of measures aims to boost sagging property marketThe government announced Thursday that it would lift restrictions on housing transactions in three up-market Seoul districts ― Gangnam, Seocho and Songpa ― in an effort to stimulate the nation’s real estate market.The latest package of measures ― the 17th under the current Lee Myung-bak administration ― removes the last of the nation’s “speculation zones.”In 2003, the most coveted residential area in Seoul was designated an “overheated spe

May 10, 2012

Five more companies rated at bottom on shared-growth indexSeven big enterprises paid relatively little attention to “shared growth” with subcontractors, according an index released on Thursday by the presidential panel on shared growth.They were Dongbu Corp., Hanjin Heavy Industries & Construction, Hyundai Mipo Dockyard, Homeplus, Hyosung, LG Uplus Corp. and STX Offshore & Shipbuilding, according to the Commission of Shared Growth for Large and Small Companies.In the commission’s first unveiling

IndustryMay 10, 2012

South Korea’s economy is expected to grow 3.2 percent in 2012 in the face of persistent eurozone woes and uncertainties surrounding the U.S. and Chinese markets, a local think tank said Wednesday.The prediction made by the Korea Economic Research Institute is lower than the government’s official growth target of 3.7 percent set for this year, and 3.5 percent growth forecast made by the country’s central bank. The research arm of the Federation of Korean Industries, the leading business lobby, ad

May 10, 2012

Growing concern over Europe’s debt problems is fueling global market uncertainties that are affecting South Korea’s economy, a senior economic policymaker said Thursday.In a weekly meeting of top economic officials, Finance Minister Bahk Jae-wan said political developments in some European countries are exerting a negative impact on the international financial market. “Developments are raising market volatility and influencing foreign exchange rates,” he said. He added that a slowdown in China’s

May 10, 2012

Samsung Electronics Co., the world’s largest mobile phone and memory chip manufacturer, said Thursday that it has acquired a U.S. cloud service provider to strengthen its mobile entertainment business.Samsung said it has taken over California-based mSpot Inc. that provides music, movies and radio content to mobile users. The U.S. company located in Palo Alto also has ties with many major telecommunication service providers in the United States that could benefit Samsung.Samsung said that it has

TechnologyMay 10, 2012

Partnerships include Hyundai-Samsung, Kia-SKT and Renault-POSCO ICTCarmakers are signing business tie-ups with information and communication technology giants amid growing demand for high-end auto components.Among them are Kia Motors-SK Telecom and Renault Samsung Motors-POSCO ICT. Hyundai Motor and Samsung Electronics have reportedly been in talks for an alliance.Renault Samsung said Thursday that it signed a memorandum of understanding on establishing infrastructure for commercializing electri

MobilityMay 10, 2012

South Korean stocks closed 0.27 percent lower Thursday as election results renewed European debt concerns and caused U.S. stocks to fall in overnight trading, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 5.36 points to 1,944.93, in the second straight session of decline.Trading volume was light at 404 million shares worth 4.36 trillion won ($4.29 billion), with losers outpacing gainers 431 to 389.U.S. stocks, which exert considerable influence on the KO

May 10, 2012

Willstech, a privately held Korean tech firm, will provide enterprise energy management software in Korea.The company said in a press release that it has secured a contract with Joulex to launch the private U.S. firm’s energy management system services for Korean businesses.Joulex’s software allows companies to save and efficiently manage energy from the use of various network-connected IT devices, Willstech said.It added that Joulex’s smart energy manager systems can help save up to 40 to 60 pe

TechnologyMay 10, 2012

The Intellectual Property Centre at the European Union Chamber of Commerce in Korea expressed deep concern over the New Zealand government’s decision to prohibit the use of trademarks and logos on tobacco packaging. “We would like to call for a careful consideration of the potentially harmful consequences of such a measure,” the center said in a statement. “The IP Center at EUCCK strongly advocates for the full enjoyment and protection of trademarks and other registered intellectual property in

IndustryMay 10, 2012