Samsung edged out by HTC in U.S. smartphone market

Samsung Electronics Co. took second place in the U.S. smartphone market during the third quarter, trailing behind Taiwan-based HTC Corp., a market research firm said Wednesday.     Even though Samsung became the leading smartphone maker worldwide, it lagged behind HTC in the worl

BusinessNov. 2, 2011

FSC under pressure to penalize Lone Star

Critics call for regulator to reject Hana’s KEB takeoverThe nation’s financial regulator has been under mounting pressure to take stern action against Lone Star Funds, which was convicted of manipulating stocks of Korea Exchange Bank’s credit card affiliate.In particular, a group of lawmakers, professors and lawyers are calling for the Financial Services Commission to reject Hana Financial Group’s application to acquire KEB from Lone Star.Their calls come amid speculation that the FSC may “simpl

Nov. 2, 2011

Financial market little affected by Greek crisis

Local analysts optimistic that referendum on bailout unlikely to happen in GreeceKorea’s stock market ended slightly lower on Wednesday, erasing earlier losses sparked by the heightened concern that a Greek referendum might derail Europe’s rescue plan. The benchmark KOSPI index closed down 11.62 points, or 0.61 percent, to 1,898.01. The tech-packed junior KOSDAQ eked out a gain of 1.13 points, or 0.23 percent, to end at 483.49.The Korean won opened at 1,131 won in a reflection of shaky sentiment

Nov. 2, 2011

Scientists detect new toxic plankton off Jeju

A group of scientists in a government-led project have found four new types of toxic microorganism in the waters off Jeju Island. They say their appearance could be evidence of the long-term rise in ocean temperatures here.Two of them produce palytoxin, one of the deadliest toxins known to humans, the Ministry of Maritime Affairs said Wednesday. One gram of palytoxin can kill about 170 million mice.The team led by Lee Won-ho of Kunsan National University and Jeong Hae Jin of Seoul National Unive

IndustryNov. 2, 2011

Foreign investors buy Korean stocks, bonds in October

Foreigners snapped up around 2.63 trillion won ($2.33 billion) worth of South Korean equities and debts in October amid softening concerns over a global financial meltdown, data showed Wednesday.Overseas investors picked up a net 1.04 trillion won of equities, raising their share holdings to 367.87 trillion won as of October, compared with 339.1 trillion won in the previous month, according to the data by the Financial Supervisory Service.The October rebound halted their two-month selling streak

Nov. 2, 2011

Hite Jinro’s soju, beer exports to hit record high

Hite Jinro Co., South Korea’s No. 1 beer and soju producer, said Wednesday that its exports will reach a new record high in 2011 thanks to strong overseas demand.In the first nine months of this year, exports surged 30.3 percent to reach $107.15 million, surpassing the previous record of $107.08 million shipped out for the whole of last year, the company said.Sales of soju, a Korean distilled beverage made from rice and other starches, hit $41.78 million with beer sales topping $54.89 million at

IndustryNov. 2, 2011

Foreign IBs cut 2012 growth outlook for Korean economy

Major foreign investment banks slashed their growth projections for the South Korean economy next year to an average of 3.8 percent, saying the global economic slowdown will hit the country’s export growth, data showed Wednesday.The growth outlook was downgraded from an average of 3.9 percent estimated in October by 10 foreign investment banks including Barclays Capital, according to data compiled by the Korea Center for International Finance.UBS AG gave the lowest projection of an estimated 2.8

Nov. 2, 2011

Korean official named to senior post at U.N. IPR agency

GENEVA (Yonhap News) -- A South Korean government official has been nominated for a senior position in the World Intellectual Property Organization, becoming the first Korean to rise to the agency’s higher echelon, the country’s representative here said Wednesday.Kim Jong-an, 52, a former trademark examiner of the Intellectual Property Tribunal of Korea, was nominated to be the director for the International Trademarks Promotion in the Brands and Designs Sector of the WIPO, a specialized agency

Nov. 2, 2011

Apple’s mobile game category reopens

Mobile game firms set to engage in fierce battle in local game applications marketMobile game companies are pumping up to garner a larger share in the local industry as the game category reopened after a 19-month gap for Apple’s App Store for those with Korean accounts on Wednesday.Apple Inc. added the game category for its App Store designed for Korean users, indicating people who wish to play mobile games on their iPhones and iPads do not have to create a separate account to download them onto

IndustryNov. 2, 2011

Recall orders mulled for humidifier sterlizers

Health authorities said Wednesday that they are considering issuing recall orders for some humidifier sterilizers on the market after the harmful effects have been proven in the ongoing animal results. The Centers for Disease Control and Prevention plans to release the final test results as early as in the middle of this month. In its interim results on Oct. 26, the disease control center had found that a substance in humidifier disinfectant, when inhaled, is 47.3 times more likely to have cause

IndustryNov. 2, 2011

Light drinking linked to slight breast cancer risk

CHICAGO (AP) — Whether sipping beer, wine or whiskey, women who drink just three alcoholic beverages a week face slightly higher chances for developing breast cancer compared with teetotalers, a study of more than 100,000 U.S. nurses found.The link between alcohol and breast cancer isn't new,

TechnologyNov. 2, 2011

Apple to launch iPhone 4S in S. Korea on Nov. 11

SEOUL, Nov. 1 (Yonhap) -- Apple Inc. said Tuesday that the U.S.-based company plans to launch its new iPhone 4S in the South Korean market on Nov. 11.Apple said on its Web site that it will launch the iPhone 4S in 15 countries including South Korea and Hong Kong and customers will be able to pre-ord

TechnologyNov. 2, 2011

S. Korea's foreign reserves rebound in Oct.

SEOUL, Nov. 2 (Yonhap) -- South Korea's foreign exchange reserves rebounded in October from a three-year low as a weaker dollar raised the conversion value of non-dollar assets, the central bank said Wednesday.The country's foreign reserves reached US$310.98 billion as of the end of October, up $7.6

Nov. 2, 2011

Scientists discover mechanism behind cancer growth

SEOUL, Nov. 2 (Yonhap) -- South Korean and U.S. scientists have discovered the mechanism behind the growth and spread of cancer that may help doctors better fight the potentially fatal disease in the future, the government said Wednesday.According to the science ministry, the team led by Yook Jong-i

TechnologyNov. 2, 2011

LG Uplus denies report on borrowing

LG Uplus, one of the nation’s major telecom operators, denied a news report that it is seeking a loan amounting to $200 million.“It is a totally groundless report,” said a spokesman for the telecom company, an affiliate of LG Group.Quoting unnamed sources, Bloomberg reported that the Korean telecommunications and mobile phone operator has held discussions with banks for a two to three-year facility.The news agency said the facility will be a loan-style floating rate note, a type of offshore loan

Nov. 1, 2011