Consumer sentiment at 3-month low

South Korean consumers’ confidence fell to a three-month low in December as nagging concerns about the eurozone debt crisis increased economic uncertainty, the central bank said Tuesday.The consumer sentiment index ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― came in at 99 for December, down from 103 tallied in the previous month, according to a survey by the Bank of Korea.The December data marked the lowest level since the index reached an identical

Dec. 27, 2011

SK Telecom gets approval to buy Hynix

SK Telecom on Tuesday received regulatory approval to acquire Hynix Semiconductor Inc., which the nation’s No. 1 mobile carrier hopes to develop into its next growth engine. The Fair Trade Commission approved SK’s purchase of a controlling stake in the nation’s second-largest provider of memory chips on Tuesday, saying, “No impact is expected on the related market competition.”Even though the two companies are leading players in each market, the antitrust regulator saw no problems with the acqui

IndustryDec. 27, 2011

Korean banks‘ credit risks lower than global lenders: report

The cost of insuring South Korean lenders against default increased at a slower clip than global peers thanks to positive sovereign ratings, a report showed Tuesday.Local banks saw their credit default swap premium rise by 80-90 basis points this year from the end of last year, compared with the 130-255 basis points of U.S. lenders and 120-210 basis points of French banks, according to a report by the Korea Center for International Finance.The spread on CDS reflects the cost of hedging credit ri

Dec. 27, 2011

[Best Brand] World’s best airline, Singapore Airlines

Singapore Airlines has earned a reputation as a leader in the global aviation industry and received numerous awards due to its commitment to customer service and innovation.Premium customer service is integral to Singapore Airlines’ success. Symbolized by the “Singapore Girl,” the marketing icon is one of the most instantly recognized figures in the global airline industry. This gives the company a great advantage over its competitors.　Singapore Airlines’ network stretches across 103 destination

IndustryDec. 27, 2011

Berkshire completes deal to buy Omaha World-Herald

OMAHA, Nebraska (AP) _ Berkshire Hathaway Inc. has completed the purchase of company chairman Warren Buffett's hometown newspaper, the Omaha World-Herald.The deal announced Nov. 30, for $150 million and the assumption of $50 million in debt, ended one of the newspaper industry's last sizable employe

IndustryDec. 27, 2011

VW recalls 2,750 diesel vehicles

Volkswagen Korea, the local importer and distributor of Volkswagen vehicles, is recalling 2,750 diesel cars in South Korea for faulty fuel pipes that could break and cause fuel leaks, the government said Monday.The recall covers the Golf, Jetta, Tiguan and Passat models produced from Jan. 6, 2009 to Jan. 24, 2011, according to the Ministry of Land, Transport and Maritime Affairs.The ministry said the vehicles have fuel lines that could wear out under vibration, causing leaks that could also catc

IndustryDec. 26, 2011

Samsung buys Sony’s stake in LCD venture

Samsung Electronics Co. said Monday that it has agreed to end its joint liquid crystal display venture with Sony Corp. as the global panel industry continues to struggle with a prolonged downturn in TV demand. The Korean firm decided to buy Sony’s entire stake in the joint venture, S-LCD Corp., for 1.08 trillion won ($939.6 million), it said in a statement. The deal is expected to be completed by the end of next month, pending regulatory approval. Even though the joint venture will come to a clo

TechnologyDec. 26, 2011

STX OSV wins order for fish feed carrier

STX OSV Holdings Ltd., a European unit of South Korean shipbuilding conglomerate STX Group, has clinched a 40 billion won ($33.6 million) deal to build a fish feed carrier, the group said Monday.Under the deal with Eidsvaag AS, STX OSV will deliver the vessel by the second quarter of 2013, the company said in a statement.The vessel, 75 meters long and 13.6 meters wide, will be used to deliver fish feed to fish farms and operate for Skretting AS, the world leader in the production and supply of f

TechnologyDec. 26, 2011

Korea to help stem FMD in Southeast Asia

South Korea will spend $2.61 million in the next four years to help fight foot-and-mouth disease in Southeast Asian countries, a main source of the disease that affects hoofed animals, including cows and pigs, the government said Monday.Under a joint prevention program with the United Nations Food and Agriculture Organization, the money will help set up disease prevention and control systems in Vietnam, Laos and Cambodia, according to the Ministry of Food, Agriculture, Forestry and Fisheries.The

TechnologyDec. 26, 2011

Automatic skin-making machine might mean end to animal testing

Stuttgart (dpa) - Scientists at Germany's Fraunhofer Societyresearch organisation have developed a machine that makes artificialskin fully automatically.If it receives approval from the relevant control bodies in Europeit could make animal testing in laboratories obsolete.The machine is seven metres

TechnologyDec. 26, 2011

Korean firms in China fare worse this year: poll

South Korean companies operating in China registered worse performances in 2011 than a year ago due to sluggish exports and fiercer competition in the world’s No. 2 economy, a poll said Monday.According to the survey by the Korea Chamber of Commerce and Industry, 44.5 percent of 201 Korean firms operating in China said their sales this year rose 5 percent or higher from a year ago.Last year, 61.8 percent of surveyed companies responded that their sales had climbed 10 percent or more on-year.Acco

Dec. 26, 2011

Cargo at seaports slips 0.6% in Nov.

The amount of cargo processed at South Korea’s seaports declined 0.6 percent on-year in November due to a large drop in domestic cargo, the government said Monday.The volume of cargo handled at the country‘s seaports came to 107.3 million tons last month, compared with 108 million tons processed in the same period last year, according to the Ministry of Land, Transport and Maritime Affairs. The November figure also marks a significant drop from 112.89 million tons processed a month earlier.The a

Dec. 26, 2011

Korea eyes $2.5 bln in 2012 fisheries exports

South Korea will seek to sharply increase its goal for fisheries exports in 2012 as overseas demand for them continues to rise, the government said Sunday.The government is targeting fisheries exports of $2.5 billion for the coming year, up from an estimated $2.2 billion for this year, according to the Ministry of Food, Agriculture, Forestry and Fisheries.The ministry had originally planned to achieve the $2.5 billion mark of fisheries exports by 2014.The ministry said it has established a task

Dec. 26, 2011

Bond market for small firms to open next year

Korea will set up a new trading system for bonds issued by smaller firms in May next year in a bid to help them raise funds, a trade association said Monday.The envisioned electronic over-the-counter trading system will deal with debts sold by unlisted local small and medium enterprises with total assets below 500 billion won ($436 million), according to the Korea Financial Investment Association.Their debts will only be sold to “qualified institutional buyers,” or those deemed capable of suffic

Dec. 26, 2011

Banks’ profits to slip next year: report

Korea’s major banks are expected to see their net profits slip next year amid external uncertainties and tightened regulations, data showed Monday.The combined net income of the country’s four major banking groups, including Woori Finance Holdings Co. and KB Financial Group Inc., are forecast to fall 6.62 percent on-year to 8.89 trillion won ($7.74 billion), according to 20 analysts consulted by Seoul-based financial information provider FnGuide.Top player Woori Finance is likely to post the ste

Dec. 26, 2011