Nuclear industry leaders to discuss improving safety on summit sideline

Conference to discuss security of nuclear materials, reduction of HEU useKorea will host its biggest-ever international conference on nuclear power March 23-24 in conjunction with the Seoul Nuclear Security Summit to be held three days later.More than 200 chief executives of nuclear power companies and representatives of related international organizations are expected to attend the 2012 Seoul Nuclear Industry Summit to discuss the role of the nuclear industry in enhancing nuclear security and s

Feb. 23, 2012

KB Financial expands spending for society

By Kim Yon-seKB Financial Group has been expanding its social contribution activities such as educational programs for students and donations to the needy.In particular, the group’s social foundation is diversifying educational and scholarship programs.Last year, the group set up the KB Financial Public Foundation, specialized in education and research, to support economic and financial research projects.The foundation controls 20 billion won ($17.5 million) of funds donated by KB and its subsid

Feb. 23, 2012

Samsung sells up to 20 million units of Galaxy S2 worldwide

Samsung Electronics said Thursday that it sold up to 20 million units of its flagship smartphone Galaxy S2 since releasing it in the global market last April.Together with its previous model Galaxy S, the world’s IT behemoth said it sold more than 40 million units of its Galaxy smartphone series ahead of its launch of the next Galaxy S this year. Equipped with the 4.3-inch Super AMOLED Plus display and a dual core processor, the light-weight Galaxy S2 features a slim design, improved from its pr

IndustryFeb. 23, 2012

Daewoo Shipbuilding wins W1tr order for naval tankers

Daewoo Shipbuilding and Marine Engineering won a 600 million pound ($940.5 million) order to build four tankers to support British navy operations.The U.K. ministry of defense announced Wednesday that DSME was its preferred bidder for the new Military Afloat Reach and Sustainability project to build four 37,000-ton tankers by 2016 to provide fuel to warships and task groups.It is the second largest defense export order Korea has ever won. The export of navy tankers to Britain is expected to help

IndustryFeb. 23, 2012

Nonghyup suffers network glitch again, fifth in one year

The National Agricultural Cooperative Federation, or Nonghyup, faced another problem with its cyber transaction systems early Thursday.A certain proportion of Nonghyup customers could not access its internet banking system for about five hours until 7 a.m. on the day.As this marked the fifth glitch in online transactions in less than one year for Nonghyup, its cyber security system has been regarded as seriously vulnerable to hackers.In April 2011, it suffered a critical breakdown of the network

Feb. 23, 2012

Korea’s economic growth outpaces OECD average

Korea outgrew the average economic output of Organization for Economic Co-operation and Development member countries in the final quarter of last year, data showed Thursday, showing the country’s relative resilience against external economic risks.The South Korean economy expanded 3.4 percent on-year in the October-December period, compared with an average growth of 1.3 percent of OECD member countries in the same period, data showed.The fourth-quarter average economic growth of OECD countries w

Feb. 23, 2012

BMW Korea aiming for 15% sales rise in 2012

The chief executive of BMW Group Korea, the local importer and distributor of BMW AG, said Friday that the German carmaker expects a 15 percent jump in its sales in 2012 from a year earlier on the back of its popular models.“Last year we sold some 27,000 units of BMW and Mini models. We expect the sales of BMW brand cars to rise 13 percent and Mini sales to soar by 40 percent,” Kim Hyo-joon said in a press conference.“Adding the sales of 1,000 units of Motorrad bikes, BMW Korea will see a 15 per

MobilityFeb. 23, 2012

Shares end 1.03% down on foreign sell-offs

Korean stocks finished 1.03 percent lower Thursday, as foreign and institutional investors cut shares after recent surges, analysts said. The local currency fell against the U.S. dollar. The benchmark KOSPI fell 20.85 points to 2,007.8. Trading volume was heavy at 678 million shares worth 6.28 trillion won with losers leading gainers 491 to 337. “Sell-offs from foreign and institutional investors dragged down the index,” said Kwak Joong-bo, an analyst at Samsung Securities Co. “The KOSPI probabl

Feb. 23, 2012

Earnings outlook darkens on external risks: experts

Analysts projected earnings to drop at major listed firms on the KOSPI as export conditions deteriorate with still-elevated oil prices and eurozone output contracting.FnGuide, the most widely accessed financial information provider here, lowered the earnings forecasts this week for 108 companies listed on the KOSPI to 81.3 trillion won ($72 billion), down 7.98 percent from the 88.3 trillion won it made in September.The downward adjustment came as the index climbed up almost 400 points from the d

Feb. 23, 2012

Hanwha shares suspended for one trading session

Shares of Hanwha Corp. will be suspended from stock trading for one session due to its negligent regulatory posting, the bourse operator said Thursday. The holding company of Hanwha Group, a family-owned conglomerate, has been blacklisted by the bourse operator as “a negligent firm” which has delayed posting necessary investor information on its regulatory filings, the Korea Exchange said. Because it failed to follow set rules, the company’s shares will not be traded on the main bourse for the w

Feb. 23, 2012

Korea to expand incentives to curb inflation pressure

Korea will grant more incentives to municipal governments for their anti-inflation efforts in a bid to encourage their cooperation in keeping rising prices from hurting the nation’s overall economy, the top economic policymaker said Thursday.Korea has been wrestling with high inflation, mostly driven by rising oil and food prices. For 2011, the nation’s consumer prices jumped 4 percent from a year earlier, hitting the upper ceiling of the central bank’s 2-4 percent target band.“We will increase

Feb. 23, 2012

Listed firms’ cash dividend sinks 7.2 percent in 2011

Korean listed firms’ cash dividend paid out to their shareholders shrank 7.2 percent in 2011 from a year earlier, largely due to a decrease in the payouts by top-cap Samsung Electronics Co., data showed Thursday.The combined cash dividend paid out by 224 firms listed on the main bourse stood at 8.83 trillion won ($7.82 billion) in the 2011 fiscal year as of Feb. 21, compared with 9.52 trillion won in the previous fiscal year, according to the data by the Korea Exchange. The cited firms include t

Feb. 23, 2012

Finance minister voices worries over excessive welfare demands

Korea’s top economic policymaker voiced concerns Thursday over “excessive” welfare demand, saying that such populism-driven policies could end up shifting burdens to future generations.“Excessive welfare deriving from populism dampens the will to work, undermines fiscal soundness and shifts the burden of payment to the next generation,” Finance Minister Bahk Jae-wan said in a speech at an international forum in Seoul.“Unnecessary welfare benefits handed out now will boomerang on the next generat

Feb. 23, 2012

Samsung Fire to cut premiums on car cover

Samsung Fire & Marine Insurance Co., Korea’s largest nonlife insurer, said Thursday it will slash its auto insurance premiums by an average of 2.2 percent.Samsung Fire’s move came after a recent decision by the local financial regulator and the industry to mark down car insurance premiums amid worries over the country’s rising inflation, which has increased the cost of living in the country. The No. 1 nonlife insurer’s proposed rate is 0.1 percentage point lower than it initially offered, accord

Feb. 23, 2012

Samsung Techwin wins order for Saudi plant

Samsung Techwin Co., a South Korean power systems, automation and defense contractor, said Thursday that it won a deal to supply industrial air compressors to a Saudi gas plant.The company, which did not go into details about price, said it will supply 17 compressors that can be used to make gas oil to the Shaybah natural gas liquids plant complex in the Middle Eastern country. The NGL plant is being built by Samsung Engineering Co. Both Samsung Techwin and Samsung E&G are part of the Samsung Gr

Feb. 23, 2012