KT third-quarter net dips 41 percent

South Korea's telecom titan KT Corp. said Monday that its third-quarter earnings dropped 41 percent from one year ago due mainly to currency loss and a decreased number of subscribers for mobile handsets and Internet services. Net profit reached 256 billion won (US$229 million) in the July-September

IndustryNov. 7, 2011

Samsung, Google gain in Apple patent fight

Motorola’s win against Apple in Germany means rosy outlook for AndroidA German court’s recent decision to ban the sale of Apple products in Germany dealt a blow to the U.S. tech giant, while offering a positive outlook for Google’s Android alliance.Munich-based patent expert Florian Mueller said that the Mannheim Regional Court in Germany on Friday barred Apple from selling any mobile devices infringing on two Motorola Mobility patents in the country ― the single largest market in Europe.The cou

IndustryNov. 6, 2011

Asiana set to raise its fleet to 88 by 2015

Asiana Airlines Inc., South Korea’s No. 2 carrier, plans to raise its fleet to 88 by 2015 to meet growing demand for long-range routes and become a major global player, a company executive said.“Our long-term goal is to become the 10th biggest air carrier in the world in terms of operating margin,” said Kim Ebae, Asiana’s senior vice president for strategic planning, said in a session at the Association of Asia Pacific Airlines conference held in Seoul.“To achieve the goal, we will expand our si

IndustryNov. 6, 2011

Mobile ad market growing strong

Smartphone users exposed to 1,000 ads per monthWith the number of smartphone users in Korea on the rise, the mobile ad market is expanding amid signs of a broader shift in the advertising industry toward portable devices.While conventional ad markets for newspapers, magazines and TVs remain sluggish, smartphone users here are now exposed to 1,000 ads per month, promising new territory for advertisers and media firms. The number of Korean smartphone users recently topped 20 million, largely spark

TechnologyNov. 6, 2011

Hyundai, Toyota vie for No. 1 in Africa

Hyundai Motor has been closely competing with Toyota Motor to become No. 1 in automobile sales in Africa, posting about 60 percent in growth since to the beginning of the year.The company saw its sales in Africa reach 16,011 units in October, compared with 10,051 units in January.Hyundai has ranked second with a 12.8 percent share of the African market while Toyota captured 14.7 percent of the market.Hyundai has surpassed Toyota in the five major countries ― Egypt, Algeria, Morocco, Angola and t

MobilityNov. 6, 2011

Outside directors toothlessas corporate watchdogs

Antitrust authorities on Sunday raised questions about the role of outside board directors as corporate watchdogs, despite a slight increase in their number at large firms here. According to a report from the Fair Trade Commission, the portion of outside directors at the nation’s top 35 owner companies was 47.5 percent as of June 30, up from 46.3 percent a year earlier.The average at the nation’s total 735 listed firms was 39.7 percent. The antitrust regulator, however, pointed out that their in

IndustryNov. 6, 2011

Seoul shares expected to gain ground this week

South Korean stocks are forecast to move upward next week, analysts said Saturday, with the Greek prime minister’s latest victory in a confidence vote and an upcoming meeting among European financial ministers likely to embolden investor sentiment. The benchmark KOSPI closed at 1,928.41 on Friday, down 1.07 points, or 0.06 percent, from one week ago. Reports about MF Global Holdings’ filing for bankruptcy protection and an announcement from Greek Prime Minister George Papandreou that the trouble

Nov. 6, 2011

N.K.’s mineral exports to China tripled from 2010: study

North Korea’s mineral exports to China have tripled this year compared to a year ago, a study showed Sunday.A joint study of Chinese data by the Yonhap news agency and Seoul-based IBK Economic Research Institute showed that China imported 8.42 million tons of minerals from North Korea from January to September this year, worth $852 million.Over the first nine months of last year, China brought in 3.04 million tons of minerals from the North for $245 million.Most of the minerals were anthracite c

Nov. 6, 2011

Korea’s per capita income to reach new high in 2011

South Korea’s per capita income is expected to reach a record high this year, surpassing $20,000 for the second consecutive year, a government official said Sunday.The official from the Ministry of Strategy and Finance said the country’s per capita gross national income will likely reach between $23,500-$24,000.The amount marks over 13 percent growth from last year’s $20,759.The International Monetary Fund predicted a similar level of growth for South Korea’s economy in an earlier report.In its

Nov. 6, 2011

Korea’s IT exports shrink in Oct.

South Korea’s exports of information technology products reached the third largest monthly volume in the country’s history last month, though they dropped slightly from a year earlier when the country posted record shipments, the government said Sunday.The country shipped $13.79 billion worth of IT products in October, down 2.2 percent from the same month last year, according to the Ministry of Knowledge Economy.The ministry attributed the drop largely to the fewer number of working days from a

IndustryNov. 6, 2011

Private loan interest rate soars: BOK

The personal loan interest rate has risen by more than twice as much as the rates paid on savings and bank bonds, data showed Sunday.According to industry and Bank of Korea data, interest rates paid on funds gained by banks through savings, installment deposits and bank bonds came in at 3.1 percent at the end of September, up 0.25 percentage point from the end of last year.While changes in interest rates on loans are customarily linked to changes in rates on interest given by banks, the pattern

Nov. 6, 2011

Hana-KEB merger in doubt despite ruling

Regulator’s action against Lone Star Funds raises legal issuesHana Financial Group continues to face a hurdle in its plan to acquire Korea Exchange Bank from Lone Star Funds despite a court’s ruling that the U.S.-based equity fund engaged in stock manipulation.Over the past month, the Financial Services Commission has been in the preliminary stages of ordering Lone Star to sell a large portion of its stake in KEB following the court’s verdict on Oct. 6, which may pave the way for Hana Financial

Nov. 6, 2011

Land Rover, Mercedes working on new SUVs

HAMBURG (DPA) ― Land Rover and Mercedes are planning new models of their Range Rover and GL models next year, with increased demand for large, luxury sports utility vehicles (SUVs) in China and Russia, Germany’s Autobild newspaper reports.The new Mercedes GL, built on the basis of the M-Class, is expected to be ready early next year, with only small changes to the exterior, the report said.Both the Mercedes GL and the new Range Rover, which is expected to weigh some 300 kilograms less than the p

MobilityNov. 6, 2011

Google to strengthen ties with Korea tech giants

Schmidt in Seoul to meet Samsung executives, CEOs of telecom carriersAttention is being paid to the visit by Google chairman Eric Schmidt to Seoul on Monday, which experts said is aimed at forging a stronger partnership with local electronics and telecommunication giants.Government officials and tech industry analysts are speculating that the Google founder may bring “gifts” for the nation’s IT scene.As if to reflect the special attention, Korea Communication Commission chief Choi See-joong expr

IndustryNov. 6, 2011

Samsung sets new TV sales record in U.S.

Samsung Electronics said Sunday that its television sales in the North American market topped 1 million units last month, setting a new monthly sales record among all TV makers.The world’s biggest flat-screen TV maker said the October sales figure indicates that it sold one of its TVs ― including li

IndustryNov. 6, 2011