WASHINGTON (AFP) -- Apple chief executive Tim Cook has responded to media reports alleging harsh working conditions in China for manufacturing employees of the popular gadget-maker.Cook, who took over as chief executive from Apple's late co-founder, Steve Jobs, addressed the reports of long hou

TechnologyJan. 29, 2012

Financial regulators endorsed the deal between Hana Financial Group and Lone Star Funds to trade shares of Korea Exchange Bank.Hana Financial has been allowed to take over KEB, which has been owned by the U.S.-based fund since 2003, the Financial Services Commission said Friday.The FSC ultimately has not accepted the opinion among a group of lawmakers and the KEB union that Lone Star has been ineligible to own the bank and the merger deal is invalid.In a statement, the regulator reaffirmed its e

Jan. 27, 2012

South Korea's top communications regulator resigned on Friday amid allegations that his former aide took a bribe from a businessman in return for favors.Korea Communications Commission (KCC) Chairman Choi See-joong has been under pressure to step down since suspicions arose that his aide, Jeong Yong

Jan. 27, 2012

Regulators took disciplinary action against Samsung Life Insurance for its irregular business practices.The Financial Supervisory Service said Friday that it has decided to impose on Samsung Life 335 million won ($293,000) in fines and issue a "caution" against the company.The life insurance firm was negligent in controlling the outsourcing business for the information technology sector, the FSS said in a statement."Samsung Life also opened several cash management accounts without the consent of

Jan. 27, 2012

South Korean manufacturers’ business confidence for February inched up on the back of easing eurozone fears but still remained close to a more than 2-year low amid lingering uncertainties, the central bank said Friday.The index of manufacturers’ outlook on business conditions reached 81 for February, up from 79 for January, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.The figure marks a recovery from January when it hit i

Jan. 27, 2012

South Korean consumer confidence fell to its lowest level in 10 months in January as persistent public debt concerns in Europe and the standoff over Iran’s nuclear ambitions fueled economic uncertainties, the central bank said Friday. The consumer sentiment index, which gauges consumers’ overall economic outlook, living conditions and future spending, fell 1 point from the previous month to 98 for January, according to a survey by the Bank of Korea. The January figure marked the lowest level sin

Jan. 27, 2012

LG Display Co., the world’s second-largest maker of liquid crystal display (LCD) panels, said Friday that it logged a smaller net loss in the fourth quarter from a year earlier.Net loss amounted to 6.25 billion won ($5.57 million) in the October-December period, smaller than a 268.4 billion won loss a year ago, the company said in a regulatory filing.The fourth-quarter figure also narrowed from a record net loss of 688 billion won in the third quarter, according to LG Display, which vies with to

IndustryJan. 27, 2012

Kia Motors Corp. reported record-high earnings last year on the back of its upgraded brand image and robust sales growth in overseas markets.The automaker posted about 3.5 trillion won ($3 billion) in net profit in 2011, up 30 percent from a year earlier.Its vehicle sales reached 43.2 trillion won last year, up 20.6 percent from a year before. Its operating profit also jumped 41.6 percent to 3.5 trillion won.Kia’s outstanding performance is attributable to the brisk sales of its automobiles base

MobilityJan. 27, 2012

HONG KONG (Yonhap) -- South Korea‘s Hynix Semiconductor Inc. is well-positioned for the new era of mobile devices driving the growth of memory chip markets, as it can supply a total memory solution for mobile gadgets, a report said Friday.BNP Paribas said in its report that Hynix Semiconductor is one of the few manufacturers that fit that new era, raising the target price for Hynix to 34,000 won ($30.2) to 30,000 won. “The three decades of personal computer (PC)-driven dynamic random access memo

IndustryJan. 27, 2012

South Korea’s exports will likely grow at a much slower pace in 2012 than last year as the eurozone debt problems and the global economic slowdown could weaken demand, the finance ministry and the central bank said Friday.The government needs to push for export-boosting measures tailored to each country and beef up efforts to diversify its export markets, according to a statement unveiled after the ministry and the Bank of Korea held a consultation meeting.The meeting was attended by Vice Financ

Jan. 27, 2012

South Korean stocks finished 0.39 percent higher on Friday, as overseas investors extended their buying spree despite the country’s weak growth data, analysts said.The local currency fell against the U.S. dollar. Extending a winning streak for a fifth consecutive session, the benchmark KOSPI rose 7.65 points to 1,964.83. Trading volume was moderate at 442 million shares worth 6.03 trillion won ($5.37 billion) with gainers leading losers 492 to 331. Even though the KOSPI has posted gains for five

Jan. 27, 2012

Samsung Electronics said Friday its fourth-quarter earnings surged 17 percent from a year earlier on the back of stronger sales in smartphones and flat screens.The technology giant’s net income reached 4 trillion won ($3.5 billion) in the October-December period, registering the largest gain since the third quarter of 2010. Revenue went up 13 percent to an all-time high of 47.3 trillion won and operating profit climbed 75.8 percent to 5.3 trillion won in the same period. The figures were largely

TechnologyJan. 27, 2012

Financial regulators endorsed the deal between Hana Financial Group and Lone Star Funds to trade shares of Korea Exchange Bank.Hana Financial has been allowed to take over KEB, which was owned by the U.S.-based fund since 2003, the Financial Services Commission said Friday.The FSC ultimately has not accepted the opinion among a group of lawmakers and the KEB union that Lone Star has been ineligible to own the bank and the merger deal is invalid.There have been continuous speculations that Lone S

Jan. 27, 2012