South Korean stocks finished 1.06 percent lower Monday as institutional investors reduced shares in banks and manufacturers after their gains last week, analysts said.The local currency fell against the U.S. dollar. Snapping a three-day winning streak, the benchmark KOSPI lost 20.45 points to 1,909.03.Trading volume was moderate at 387 million shares worth 6.3 trillion won ($5.71 billion) with losers leading gainers 535 to 291. “Investors locked in profit after short-term surges,” said Lee Jae-m

Oct. 31, 2011

The Fair Trade Commission said Monday that it has imposed 5.08 billion won ($4.59 million) in fines on SK Group for violating a law banning a holding company from possessing a financial unit. Under the current antitrust law, a holding company with 100 billion won or more in assets is not allowed to own a financial affiliate. When SK turned into a holding company in March 2007, the group’s trading arm SK Networks should have dumped its 22.7 percent share of SK Securities, its “daughter company.”

IndustryOct. 31, 2011

South Korea announced a package of measures Monday to support the renewable energy industry, pledging to expand export financing for companies, boost investment in research and development and relax regulations.The Presidential Committee on Green Growth unveiled the measures during a meeting presided over by President Lee Myung-bak, saying South Korea should increase government support for the sector to strengthen its position in the global renewable energy industry.Under the plan, the governmen

Oct. 31, 2011

Financial authorities are considering instructing securities firms to slash service fees, including those on transactions for stocks and equity funds.Over the past five years, the local brokerage sector has enjoyed huge gains ranging between 6 trillion won ($5.2 billion) and 9 trillion won per annum by charging financial consumers a variety of fees.“We plan to review the service charge structure of the overall brokerage sector. Then, we will map out guidelines (to cut the fees),” said an officia

Oct. 31, 2011

SEOUL, Oct. 31 (Yonhap) -- Samsung Electronics Co. and LG Electronics Inc. clinched a combined 50 percent share of the U.S. TV market in the July-September period, an industry report showed Monday, thanks to strong demand for their premium TVs with 3D features and Web connectivity.  It marked t

TechnologyOct. 31, 2011

TechnologyOct. 31, 2011

WASHINGTON (AP) -- A prominent physicist and skeptic of global warming spent two years trying to find out if mainstream climate scientists were wrong. In the end, he determined they were right: Temperatures really are rising rapidly.The study of the world's surface temperatures by Richard Muller was

TechnologyOct. 31, 2011

SEOUL, Oct. 31 (Yonhap) -- South Korea's credit card spending increased nearly 10 percent in the first half of this year from a year earlier, data showed Monday, raising concerns over a possible recurrence of a credit card bubble.Credit card spending by South Koreans reached 261.7 trillion won ($237

Oct. 31, 2011

SEOUL, Oct. 31 (Yonhap) -- South Korea's industrial output continued to grow in September from a year earlier, despite persistent uncertainties in the global economy, a government report showed Monday.According to the report by Statistics Korea, production in the mining and manufacturing industries

IndustryOct. 31, 2011

The number of smartphone subscribers in South Korea surpassed the 20 million mark last week, with nearly 40 percent of South Korean residents carrying such mobile devices, according to data from the country’s telecom regulator released Sunday. South Korean smartphone subscribers numbered slightly more than 20 million as of Friday, including 10 million users with industry leader SK Telecom Co., 6.8 million at KT Corp. and 3.3 million at LG Uplus Corp., the data compiled by the Korea Communication

IndustryOct. 30, 2011

South Korea will likely raise highway and train service fares by the end of this year following years of unchanged rates aimed at curbing inflation, a source said Friday.The finance ministry and the transportation ministry are currently in the last phase of talks to determine when and by how much they will increase fares for the two major means of transportation, he said.Highway fares will likely increase by less than 3 percent, while those for trains will go up about 3 percent. The hike is expe

Oct. 30, 2011

The seventh Busan International Finance Conference will be held on Monday, under the theme of “development strategies for Busan as a global center of cloud computing and outsourcing for financial services industries.”Co-hosts include the Korea Institute of Finance, the International Financial Forum of Pusan National University, the Asia-Pacific Financial Markets Research Center of the University of Hawaii and the Bank of Korea’s Busan branch.“The event will prepare Busan city to play a pivotal r

Oct. 30, 2011

The South Korean stock market is expected to continue to gain ground this week but uncertainties from the eurozone debt problems will limit investor sentiment, analysts said Saturday.The benchmark KOSPI closed at 1,929.48 on Friday, up 91.1 points or 4.96 percent from a week earlier. The index was boosted on reports that European leaders reached an agreement on plans to recapitalize banks.Foreigners led the rally by scooping up shares worth 1.7 trillion won ($1.54 billion), while retail investor

Oct. 30, 2011

HONG KONG (Yonhap News) -- Ningbo Baoxin Stainless Steel Co., a Chinese steelmaker, said Friday that it has signed a business cooperation agreement with South Korea’s LG Electronics Co., in a bid to boost their competitiveness in the global market.Under the deal, Ningbo Baoxin Stainless Steel and LG Electronics will strategically cooperate in developing new products and enhance their common vision and interests, the Chinese stainless steelmaker said. Also, the deal calls for Ningbo Baoxin to sup

IndustryOct. 30, 2011