Retail gasoline prices reach new monthly high in Feb.

Retail prices of gasoline in Korea hit a fresh monthly record in February on the back of escalated tensions surrounding Iran and upbeat economic figures from the U.S. and China, data showed Tuesday.According to the state-run Korean National Oil Corp., the average price of regular gasoline was 1,986.54 won ($1.77) per liter last month, up 5.52 won from the previous high logged in November. That is also 31.46 won higher than in January. Oil prices have been skyrocketing over the last year as persi

March 6, 2012

‘UAE to place orders for four more nuclear power plants’

The United Arab Emirates is expected to place orders for four more nuclear power plants next year beside the four units currently being built by a Korean consortium, Knowledge Economy Minister Hong Suk-woo said. “I heard that the UAE is planning orders for about four additional nuclear power stations,” Hong said in a press conference in Abu Dhabi on Monday, according to the ministry.About the nuclear power plants currently under construction in the UAE, Hong said the project has great meaning in

March 6, 2012

SMEs facility investment plans near crisis level

Small and medium enterprises in South Korea are planning to scale back their investments in facilities amid a bleak economic outlook, with their plans nearing the level seen in 2009 in the aftermath of the global financial crisis, a report showed Tuesday.In a survey of 3,070 SMEs by policy lender Industrial Bank of Korea, 32.3 percent of the companies said they have plans for facility investment this year, down 8.7 percentage points from a year earlier.The figure marks the lowest level since 34.

March 6, 2012

Shares sink on renewed fear of global slump

Korean stocks closed 0.78 percent lower Tuesday, as renewed worries over a global economic downturn prompted by China’s cut in its growth target kept investors at bay, analysts said. The local currency lost ground against the U.S. dollar. After opening 0.16 percent higher, the benchmark Korea Composite Stock Price Index soon reverted to lose 15.70 points to close at 2,000.36. Trading volume was moderate at 544.9 million shares worth 5.22 trillion won ($4.64 billion) with decliners far outpacing

March 6, 2012

KRX income rises reigniting dispute over trading fees

The Korea Exchange saw its operating income rise last year, reigniting a dispute about the current trading fee system.The KRX, the country’s bourse operator, earned 421.2 billion won ($375.3 million) in operating income last year, up 6.3 percent, or 25.3 billion won, from a year earlier. Of the operating income, trading fees accounted for 342.2 billion won. The sizable profits are providing ammunition to brokerages and financial firms, which demand a cut in trading fees. The improved earnings fo

March 6, 2012

Dividends for chiefs of top 10 conglomerates drop 23.1 percent

Hyundai-Kia Group chief Chung Mong-koo tops list with 45.6 billion wonHyundai Motor Group chairman Chung Mong-koo is to receive the greatest dividends among chiefs of the nation’s 10 largest conglomerates this year, beating his brother and last year’s No. 1 Chung Mong-joon, the major shareholder of Hyundai Heavy Industries.Heads of the top 10 conglomerates in asset value, excluding public companies and privatized public firms, will receive a total of 171.6 billion won in dividends this year from

IndustryMarch 6, 2012

FSS hits snag in magnetic strip phaseout

Regulator has its hands tied as consumers reluctant to replace their outdated cardsKorea’s financial regulator hit a snag in implementing an overhaul of the credit card system to replace magnetic strip cards with those with an integrated circuit.The Financial Supervisory Service announced in late January that it would push for the change, but confronted problems, such as consumer complaints and the absence of mandatory measures. The FSS said the planned change that would bar consumers from using

March 6, 2012

Customs agency seizes 1,471 kg of gold in smuggling crackdown

Korea’s customs office said Tuesday it has seized a total of 1,471 kilograms of gold in its crackdown on smuggling attempts over the past four years as rising international gold prices have encouraged people to ship out the precious metal for profit.The amount was the result of crackdowns enforced from 2008-2011 in a total of 74 cases, according to the Korea Customs Service. All of it was confiscated as it was being smuggled out. This marks a contrast from the previous four years when 6,768 kilo

March 6, 2012

Easily guessed computer passwords a risk

Hackers often get into protected systems by simply guessing the password, which is often made too easy for them by users, U.S. security experts say.Security services firm Trustwave says it found the most common password used on business computer systems is "Password1," CNN reported Monday.Although i

TechnologyMarch 6, 2012

[Herald Interview] Shinwon eyes another big leap with luxury fashion

Chairman confident of economic benefits from having production lines in N.K.’s Gaeseong Industrial ComplexShinwon Group, a leading fashion retailer, was one of the first South Korean companies to enter the inter-Korean industrial complex in Gaeseong, the North Korean border town, in 2004.Despite the political tension between the two Koreas, Shinwon chairman Park Sung-chul still has no doubts about the decision he made eight years ago.“North Koreans are skilled workers as they are willing to work

IndustryMarch 6, 2012

Apple expected to unveil new iPad

Apple is expected to reveal a new version of its coveted iPad on Wednesday in its first major media event since the death of legendary founder and beloved pitchman Steve Jobs.In typical Apple style, the California-based company has offered the scantest of hints as to what it will unveil on the stage

TechnologyMarch 6, 2012

Samsung to focus on premium TVs in China

HONG KONG (Yonhap News) ― Samsung Electronics Co. will focus more on the premium TV market in China, company executives said Monday, in a move seen to distinguish itself from cheaper products made by Chinese manufacturers.In the liquid crystal display TV segment, the South Korean tech giant will only sell light emitting diode backlit TVs and discontinue the sale of other kinds of LCD TVs, corporate sources said.Samsung Electronics will be the first TV maker in China to upgrade all of its LCD TV

March 5, 2012