GM to compensate apartheid victims in South Africa

For victims of South Africa’s defunct apartheid regime, it is a financially small, but symbolically important victory over a U.S. corporate icon.This week, car giant General Motors agreed to pay up to 1.5 million dollars to a group of more than 20 South Africans who suffered torture, arrest and other forms of harassment at the hands of the regime.The claimants are suing the car company and four other global firms for their allegedly crucial role in supporting white-minority rule ― which ended in

MobilityMarch 4, 2012

Where next for Samsung, Apple patent dispute?

Samsung to appeal German ruling, but sources say two tech giants could agree on cross-license deals in the futureThe future of the patent dispute between global IT behemoths Samsung Electronics and Apple Inc. is uncertain following a German court’s dismissal of two patent suits on Friday.The Mannheim Regional Court in Germany on Friday rejected a patent infringement suit filed by Samsung against its U.S. rival over its third generation wireless technology, while also dismissing Apple’s claim tha

IndustryMarch 4, 2012

Hyundai, Kia cars post record sales in U.S.

Hyundai Motor and Kia Motors saw their February sales in the U.S. market reach an all-time high.Hyundai Motor sold 51,151 units last month in the U.S., up 18 percent from 43,533 units a year earlier. It is a record-high performance for the carmaker’s February sales.Sales of the Sonata and Avante, called the Elantra in the U.S., came to 17,425 and 13,820 units, respectively.Kia Motors, an affiliate of Hyundai Motor, reported 37.3 percent growth with sales of 45,038 units in the world’s biggest au

MobilityMarch 2, 2012

Seoul shares up 0.22% on ECB action, upbeat data

Korean stocks advanced 0.22 percent Friday, tracking a rally in overseas markets, as investor sentiment was boosted by a second round of cash injections from the European Central Bank and improved U.S. economic data. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 4.37 points to end at 2,034.62. Trading volume was moderate at 476 million shares worth 5.76 trillion won ($5.16 billion) with gainers leading losers 497 to 316.The Dow Jones ind

March 2, 2012

Hynix pushes up SK Group’s exports

SK Group’s exports hit an all-time high between January and February, prompted by robust sales from its new affiliate Hynix Semiconductor, the Korean industrial group said Friday.The group said its seven affiliates together registered 10.6 trillion won ($9.5 billion) in exports in the first two months of this year, up nearly 36 percent from a year ago.Exports accounted for more than 71 percent of their combined sales, which came in at 14.9 trillion won during the two-month period, the group note

IndustryMarch 2, 2012

Samsung, Microsoft jointly develop upgraded server system

South Korean tech firm Samsung Electronics Co. said Thursday it has developed an upgraded server solution in cooperation with Microsoft Corp. to provide customers with a system of a high level of performance and efficiency. The so-called "Green Server Solution" utilizes Samsung's 20 nanometer-c

TechnologyMarch 2, 2012

Foreign IBs eye Korea‘s current account surplus for Feb.

International investment banks estimate Korea may have posted a current account surplus for February due mainly to its global market competitiveness, a report showed Friday.According to the report by the Korea Center for International Finance, Barclays Capital, Morgan Stanley and Deutsche Bank all assessed Korea’s current account balance to have shifted back into the black last month from a deficit of around $800 million in January.The January deficit marked the first time in two years the month

March 2, 2012

EUCCK under tax investigation

The National Tax Service is investigating the European Union Chamber of Commerce in Korea for allegations of dodging taxes from possible profits it made through advertisements on their magazine, the tax authority said on Thursday.“The Namdaemun branch of the tax agency began their probe on the EUCCK last week to study revenue the non-profit organization made from collecting advertising fees,” an NTS official told The Korea Herald.The probe will tell whether the EUCCK has made any taxable income

March 1, 2012

Tax officials to get access to Swiss bank accounts

The Korean government will be able to gain access to hidden Swiss bank accounts held by its citizens, which could help trace illegal slush funds and prevent tax evasion, officials said on Thursday.The National Assembly early this week ratified a provision on information sharing in the Korea- Switzerland tax treaty, taking the National Tax Service a step closer to accessing secret bank accounts in the world’s biggest haven for offshore wealth. The Swiss parliament is expected to follow suit in Ju

March 1, 2012

Scientists develop photocatalyst for solar hydrogen production

Scientists have developed a photocatalyst that can significantly increase the efficiency of producing hydrogen from sunlight, the government said Thursday.The Ministry of Education, Science and Technology said a research team led by Lee Jae-sung, a professor of chemical engineering from the Pohang University of Science and Technology (POSTECH), devised a method to make large quantities of hydrogen.Hydrogen is a key natural resource and has the potential to be used in next generation power cells

TechnologyMarch 1, 2012

Agency to start daily space weather alert services

The National Radar Research Agency (RRA) said Thursday it will start offering daily three-day forecasts on space weather activities for the general public.The state-run agency said the alert service will be launched Friday with information to be offered through the Internet homepage of its Korean Space Weather Center (www.spaceweather.go.kr). Users can also receive data by e-mail or mobile phone text messages.By monitoring and forecasting the Earth’s surrounding space environment, which is mainl

TechnologyMarch 1, 2012

Nonghyup to launch financial group Friday

Nonghyup Financial Group will make its debut on Friday as the fifth-largest out of the 11 finance holdings firms on the national market.The new group is an entity which has been spun off from the National Agricultural Cooperative Federation, or Nonghyup.Nonghyup has decided to separately operate its financial and its agricultural products businesses for the first time in 51 years.Though Nonghyup Financial, also called NH Financial, lags behind the four major financial groups ― Woori, Hana, KB an

March 1, 2012

Korean Air picked as best in China

Korean Air Lines Co., South Korea’s No. 1 flag carrier, said Thursday it has been selected as the best airline brand in China by a Chinese travel magazine.The Travel and Leisure Tourism Award recognizes the extensive flight services provided by Korean Air in China, and the efforts made to upgrade service, the airline company said. The company has also been at the forefront of making social contributions to help Chinese communities.The latest accolade comes after Korean Air won the monthly travel

March 1, 2012

Crude oil imports rise 13.2% in Feb.

Korea, the world’s fifth- largest oil importer, increased purchases of crude by 13.2 percent in February.Imports rose to 80.1 million barrels in February from 70.7 million a year earlier, the Ministry of Knowledge Economy said in an e-mailed statement Thursday, without giving reasons for the rise. The nation’s crude-import bill increased 34.6 percent to $9.4 billion as prices rose 18.9 percent to an average $117 a barrel, it said.Korea, which imports almost all of its oil, urged companies and in

March 1, 2012