The nation’s antitrust watchdog said Thursday that it imposed fines totaling 45.33 billion won ($39 million) on local handset makers and telecom carriers for inflating cell phone prices via a deceptive pricing policy. According to the Fair Trade Commission, almost all the major players in the telecom market have colluded to inflate the prices of cell phones for years while advertising that they were offering cheaper deals through subsidy plans. SK Telecom was fined with the largest amount of 20.

IndustryMarch 15, 2012

Korea will establish a $500 million industrial plant building fund to help local builders win overseas contracts, the government said Thursday.The plan, outlined at a weekly economic policymakers meeting, calls for the pooling of money from local pension operators and Middle East sovereign funds so Korean engineering and construction companies can better secure new deals.“Since construction projects are becoming bigger, value-added and high risk ventures, the ability of builders to come up with

IndustryMarch 15, 2012

Korea’s stock transactions surged to a 33 month-high in February due to the influx of investors attracted by rising share prices, data showed Thursday. According to the data by the Korea Exchange and the Bank of Korea, 13.2 billion shares were bought and sold last month, up 53.6 percent from 8.6 billion shares traded in January.Last month’s trading volume was the highest since May 2009, with the total value of shares changing hands reaching a six-month high of 143.8 trillion won ($127.1 billion)

March 15, 2012

An Australian study challenges a theory that the disappearance of dinosaurs 65 million years ago is what allowed modern mammals to flourish, researchers say.Researchers at the University of New South Wales say their study suggests mammals had already begun to diversify long before the asteroid-linke

TechnologyMarch 15, 2012

The most recent fossils ever found of a human-like species in southeast China have presented scientists with a mystery about what may be an unknown Stone Age culture, researchers said Wednesday.Sometimes called the "red deer people," the remains are about 11,500 to 14,500 years old and appear to sho

TechnologyMarch 15, 2012

Korea’s tax authorities said they would reduce the frequency and scope of tax audits on foreign companies doing business here in a bid to attract more long-term investment. “Korea’s economic success has been greatly helped by the participation of foreign companies. We need to get rid of all uncertainties in tax probes to help create a business-friendly environment,” National Tax Service deputy commissioner Kim Moon-soo told a meeting of foreign company chiefs Wednesday. Explaining the change, NT

IndustryMarch 14, 2012

Knowledge Economy Minister Hong Suk-woo on Wednesday apologized for delayed reports of the temporary power loss at the Gori nuclear power plant in Busan on Feb. 9 and vowed to reprimand those responsible. Kim Jong-shin, chief executive of Korea Hydro & Nuclear Power Co., said he will take responsibility if necessary, adding that he only learned about the accident on Sunday and reported it to the ministry and nuclear security authorities on Monday.“I apologize for the belated reports on the power

March 14, 2012

HONG KONG (Yonhap News) ― NCsoft Corp., a leading online game developer in South Korea, will likely see its sales in China rise sharply this year largely thanks to its new partnership with a Chinese distributor, Goldman Sachs said Wednesday.NCsoft currently distributes its flagship massively multiplayer online role-playing games ― Lineage I, Lineage II and Aion ― in China through a contract with Shanda Interactive Entertainment Ltd., a Shanghai-based operator of online games. The company has ter

TechnologyMarch 14, 2012

Korea’s economic slowdown and a general drop in demand has put a dent in roughly half of all consumer product manufacturers in the country, a poll showed Wednesday.The survey of 350 domestic demand oriented companies conducted by the Korea Chamber of Commerce and Industry showed 47.7 percent of the respondents saying they are feeling the pinch of sluggish economic growth.Asia’s fourth-largest economy is expected to grow 3.7 percent this year, down from 3.8 percent last year and 6.2 percent growt

March 14, 2012

South Korean stocks soared to a seven-month high on Wednesday as exporter shares posted firm gains on the back of optimism over the U.S. economy, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI climbed 20.04 points, or 0.99 percent, to 2,045.08, the highest close since 2,066.26 on Aug. 3. Trading volume was heavy at 534.4 million shares worth 6.3 trillion won ($5.6 billion), with gainers outnumbering decliners 461 to 356.“Better-than-expected retail sales data

March 14, 2012

Company attacked for offering exclusive benefits to Costco in service feesAbout two million retailers nationwide are poised to boycott consumers’ payments via Samsung Card from next month.They demand the nation’s third-largest credit card issuer cut settlement service charges on retailers and cease offering exclusive benefits to Costco Wholesale Korea, a large discount chain.The association, composed of small- and mid-sized retailers, demanded the card issuer cut the service fee to 1.5 percent o

March 14, 2012

South Korea’s plan to install smart meters in half the country’s households by 2016 could cut electricity consumption equivalent to the cost of one nuclear power plant. “We want to make the utility industry intelligent and efficient,” said Choi Kyu-chong, director of the Smart Grid & Electricity Market Division of the Knowledge Economy Ministry. South Korea expects it will be able to save the cost of building a reactor by 2016 by helping households and utilities to manage electricity consumption

TechnologyMarch 14, 2012