Samsung retains top spot in global monitor market

Samsung Electronics Co., the world’s largest maker of flat-screen TVs and liquid crystal display panels, said Monday that it has maintained its status as the top monitor supplier with a 15.5 percent market share in the third quarter, thanks to strong demand for upper-end products.Citing data released by International Data Corporation, Samsung said its sales of monitors rose more than 10 percent from a year earlier in the July-September period to 6.42 million units.The increase helped the Korean

TechnologyDec. 12, 2011

LG Chem sues SK unit over electric car battery technology

LG Chem said Monday that it filed a lawsuit against SK Innovation on Friday, claiming it copied LG’s key proprietary battery separator technology for electric cars.The company said it took legal action after finding out that SK is in the stage of testing its battery for electric vehicles, which uses LG Chem’s technology, called the Safety Reinforced Separator.“We have filed the lawsuit not only because we want to be reimbursed for damages, but also to protect our own technology,” said an LG Chem

IndustryDec. 12, 2011

Government cuts economic estimate

GDP outlook for 2012 lowered to 3.7%, inflation likely ease to 3.2%The government slashed its growth forecast for this year and next, backing off from its ambitious growth plan due to weakening consumption and persistent risk stemming from slumps in major economies, the Finance Ministry said Monday.

Dec. 12, 2011

Auto, department store sales falter amid economic woes

Persistent economic uncertainties in Europe may be putting a brake on Korean consumer spending as car and department store sales tumble, data showed Sunday.Combined revenues of three major department stores slipped 1.1 percent last month from a year ago, the first drop since February 2009, according to the Finance Ministry. Their year-on-year sales growth slowed from 8.3 percent in August to 6.5 percent in September, then to 3.1 percent in October. Sales of discount stores remained flat last mon

IndustryDec. 11, 2011

Asiana marks 10m passenger record

Asiana Airlines, Korea’s second-largest air carrier, marked an annual record for the second consecutive year with more than 10 million international passengers, the company announced Sunday. Asiana expects the number to reach 10.64 million by the end of December, a 2.3 percent increase from the last year’s record.Passenger traffic has been showing a fast recovery after the global financial crisis in 2008-2009. After two years of passenger number decreases, the number of passengers rose 21.5 perc

IndustryDec. 11, 2011

Public firms’ bond sales nearly double

South Korean public corporations’ bond sales have nearly doubled in three years as they increasingly resort to debt issuance to help finance state development projects, financial sources said Sunday.The value of outstanding bonds issued by state land developer LH Corp. and other public corporations under the central and provincial governments came to 283 trillion won ($247 billion) as of Friday, according to the sources.The figure is up 89 percent from 150 trillion won at the end of 2008 and amo

Dec. 11, 2011

Online portal news appeals most to white-collar male workers in their 30s

Male white-collar workers in their 30s with a college degree are the biggest users of online portals’ news services, a report showed on Sunday. According to the report issued by the Korea Press Foundation, male users make up 55.2 percent of news consumers at Korea’s top three portals. The survey, based on users who regularly browse news at Naver, Daum and Nate, showed that those aged 30-39 account for a 26.4 percent share, followed by those in their 40s (23.8 percent), 19-29-year-olds (21.4 perc

TechnologyDec. 11, 2011

Seoul shares to rebound on European crisis deal

South Korean shares are expected to rebound this week, as European leaders agreed last week on a series of fiscal measures to stem the ongoing debt crisis, analysts said Saturday.At their two-day summit that ended Friday, European leaders agreed to tighten anti-deficit rules and funnel money to the International Monetary Fund, thus preventing future debt run-ups.“The outcomes were roughly in line with market expectations,” said Kang Hyun-chul, an analyst at Woori Investment & Securities. “Now, i

Dec. 11, 2011

Video games sales forecast to reach 17.8 trillion won in 2011

South Korea’s gaming industry will likely see its sales reach nearly 18 trillion won ($15.6 billion) by the end of this year, mainly due to an increase in lottery sales, industry data showed Sunday.Sales of six legal gaming sectors including lottery, casino and horse-racing are expected to reach 17.8 trillion won this year, equivalent to more than 1.5 percent of the country’s gross domestic product, according to the data compiled by the National Gaming Control Commission. The figure would likely

TechnologyDec. 11, 2011

Watchdog fines cartel of 4 tube glass makers

South Korea’s antitrust watchdog said Sunday that it has fined four South Korean and Japanese makers of cathode-ray tube glass a combined 54.5 billion won ($47.5 million) for colluding to fix prices.Samsung Corning Precision Materials Co. was slapped with the largest fine of 32.4 billion won, with Hankook Electric Glass Co., the local subsidiary of Japan’s Asahi Glass Co. receiving a fine of 18.3 billion won, according to the Fair Trade Commission.The regulator also imposed a combined penalty of

IndustryDec. 11, 2011

Korea, China, Japan set to conclude study on three-way FTA

Korea, Japan and China are scheduled to wrap up their joint study on a three-way free trade agreement Friday, portending the beginning of negotiations early next year.A free trade deal binding the three nations that account for a fifth of the world’s economic output and a sixth of the global trade volume could help resolve geopolitical uncertainties in the region and advance reunification of the Korean Peninsula.A trade pact removing the tariffs among the three economies, with a combined populat

Dec. 11, 2011

LG home theater gets high marks in European reviews

LG Electronics, the world’s third-largest flat-screen TV producer, said on Sunday it received high marks from leading product review magazines in Europe. “What Hi-Fi Sound and Vision,” a leading consumer reviews magazine, gave a five-star rating to the LG Cinema 3D Home Theater in its November issue. The company received positive reviews for its home theater and related gadgets released this year, based on their outstanding design, balanced sound and user-friendly features. Other magazines in th

TechnologyDec. 11, 2011

Jobless rate to top 3.7% in 2012: think tanks

Korea’s unemployment rate is expected to slightly rise next year on the back of sluggish economic growth at home and abroad, leading private think tanks said Sunday.LG Economic Research Institute forecast the country’s jobless rate will be 3.7 percent next year, while Hyundai Research Institute predicted 3.6 percent. Both figures are up from this year’s estimated 3.5 percent.Samsung Economic Research Institute predicted a 3.4 percent rate. But it indicated a possible rise, citing lackluster job

Dec. 11, 2011