Foreigners raise their holdings despite turmoil

Korean firms’ solid earnings help local bourse retain foreign capitalForeign investors increased their holdings of Korean shares despite the continued turbulence in financial markets around the world, data showed Wednesday.According to Korea Exchange and Korea Financial Investment Association, foreign holdings reached 32.86 percent as of Nov. 28, slightly up from 32.14 percent at the end of July when the global financial turmoil was yet to have an impact on the local bourse. In August, concerns

Nov. 30, 2011

Hana in talks with Lone Star to cut KEB price: report

Hana Financial Group has reportedly been striving to ask Lone Star Funds to agree on lowering the takeover price of Korea Exchange Bank.The alleged price negotiation between Hana Financial and the U.S.-based equity fund comes after the Financial Services Commission instructed the financial group to submit a revised application for the deal.Though Hana Financial applied for the FSC’s regulatory approval in acquiring a 51.02 percent stake in KEB from Lone Star one year ago, the regulator has yet t

Nov. 30, 2011

Shares down on U.S. banks, China worries

South Korean stocks finished 0.49 percent lower on Wednesday as investor sentiment was dented by outlook cuts on U.S. banks and concerns about Chinese manufacturing data, analysts said. The local currency climbed against the U.S. dollar. Snapping a two-day gaining streak, the benchmark Korea Composite Stock Price Index fell 9.01 points to 1,847.51.Trading volume was moderate at 329 million shares worth 6.41 trillion won ($5.61 billion) with loser leading gainers 456 to 375.“It is not a big decli

Nov. 30, 2011

KCC upping pressure to resume HD broadcasts

The Korea Communications Commission said on Wednesday that it is considering sanctioning terrestrial broadcasters and cable TV operators over the unprecedented halt of high definition broadcasting. Cable TV operators stopped airing the programs by terrestrial broadcasters MBC, KBS and SBS in high definition on Monday, forcing some 7.7 million viewers to watch lower-quality public broadcasts. With their talks on retransmission fees being stalled for more than a week, the KCC plans to meet represe

IndustryNov. 30, 2011

Korea to transfer oil plant tech to Mexico

South Korea will transfer its technology for offshore drilling facilities to Mexico, a move that could open new opportunities for Seoul to take part in the latter’s future oil development projects, a state think tank said Wednesday.Under an agreement signed between the Korea Ocean Research & Development Institute and Mexico’s national petroleum institute IMP, KORDI will transfer its technology, including for floating drilling facilities, to the Mexican research center in the next three years.The

IndustryNov. 30, 2011

Petroleum product exports surge 36.4%

South Korean exports of gasoline, diesel and other petroleum products jumped 36.4 percent on-year last month on higher prices and growing overseas demand, the government said Wednesday.The country’s exports of petroleum products, in terms of volume, grew only 1.6 percent to 38.35 million barrels, but the value of its shipments jumped to $4.54 billion from $3.33 billion in the same month last year, according to the Ministry of Knowledge Economy.“Exports to other Asian countries increased with shi

IndustryNov. 30, 2011

STX Offshore wins W229b frigate deal

STX Offshore & Shipbuilding Co., a South Korean shipbuilder, said Wednesday that it has won a 229 billion won ($201 million) order to build two frigates.Under the deal with the Defense Acquisition Program Administration, the country’s defense procurement agency, STX Offshore will deliver the vessels by the end of 2015.South Korea is planning to build 20 new frigates by 2020 under a naval buildup project code-named “FFX.” (Yonhap News)

IndustryNov. 30, 2011

Korea to transfer oil plant tech to Mexico

South Korea will transfer its technology for offshore drilling facilities to Mexico, a move that could open new opportunities for Seoul to take part in the latter’s future oil development projects, a state think tank said Wednesday.Under an agreement signed between the Korea Ocean Research & Development Institute and Mexico’s national petroleum institute IMP, KORDI will transfer its technology, including for floating drilling facilities, to the Mexican research center in the next three years.The

IndustryNov. 30, 2011

Korea to host OECD economic forum

South Korea will host a global forum of the Organization for Economic Cooperation and Development in 2012 that will discuss ways to improve the world economy, officials said Wednesday.The OECD Forum on Knowledge Economy will be held in September 2012, involving some 300 government officials, experts and business representatives from around the world, according to the country’s Ministry of Knowledge Economy.“The 2012 forum to be held in the country will focus on industrial development of Asian co

IndustryNov. 30, 2011

Google's maps go indoors with new mobile feature

SAN FRANCISCO (AP) _ Google's next frontier in digital mapping will span the world's shopping malls and airports.An upgrade of Google's mobile mapping service released Tuesday includes directions within stores, malls, airports and transit centers in the U.S. and Japan.The initial index only covers a

TechnologyNov. 30, 2011

Prada defies financial crisis, sales up thanks to Asia

MILAN, Nov 29, 2011 (AFP) - Italy's fashion brand Prada saw sales increase 25 percent over the first nine months of the year, with Asia reconfirming itself as the main market for luxury goods, the group said Tuesday.Prada Spa, which floated on the Hong Kong stock exchange in June, announced net prof

IndustryNov. 30, 2011

LGE targets 50% cut in carbon emissions in U.S.

LG Electronics Inc. said Tuesday it aims to halve its greenhouse gas emissions in the U.S. from 2007 levels by 2020 in efforts to boost renewable energy and help combat climate change.The target, which translates to 7,000 metric tons, is the latest in a string of programs adopted by the world’s No. 2 television maker to enhance its environmental credentials amid tightening regulations at home and abroad.To that end, the Korean firm plans to scale up the use of green resources such as wind and bi

IndustryNov. 29, 2011

Shares spike 2.27% on foreign buying

South Korean stocks finished 2.27 percent higher on Tuesday as foreign investors picked up tech exporters and shipyards on eurozone optimism, analysts said. The local currency climbed against the U.S. dollar. The benchmark Korea Composite Stock Price Index advanced 41.24 points to 1,856.52. Trading volume was moderate at 323 million shares worth 6.21 trillion won ($5.41 billion) with 606 gainers leading 229 losers. “Reports that the International Monetary Fund would rescue Italy and the U.S. wou

Nov. 29, 2011

Land owned by foreigners increases 1.2 percent in Q3

The amount of land here owned by foreigners grew 1.2 percent in the third quarter, continuing its steady growth since the country opened its real estate market to foreign investors in 1998, the government said Tuesday.As of the end of September, foreigners owned a combined 229.29 square kilometers of land in South Korea, up from the 226.52 square kilometers owned by foreigners at the end of the second quarter, according to the Ministry of Land, Transport and Maritime Affairs.Foreigners’ land own

Nov. 29, 2011

New TV channel targets mobile viewers

A new broadcasting station has been set up here to air its original programs exclusively for smartphone users, the channel, Sonbadak TV, said Tuesday. Sonbadak TV, named after the Korean word for “palm,” is the world’s first channel to pump out programming on a regular basis only for mobile TV viewers, it claimed. The channel plans to air live programs for four hours a day from Friday, with well-known TV celebrities such as MBC anchorman Choi Il-koo and comedian Park Myung-soo joining as show ho

IndustryNov. 29, 2011