S. Korean economy grows 0.7 pct on-quarter in Q3

SEOUL, Oct. 27 (Yonhap) -- The South Korean economy grew at the slowest pace in three quarters in the third quarter on weaker consumer spending and faltering facility investment, the central bank said Thursday, showing that growth momentum cooled amid a global economic slowdown.Asia's fourth-largest

Oct. 27, 2011

Korea growth may slow, pressing BOK to hold key rate longer

South Korea’s growth probably moderated in the third quarter as a faltering global economy damped demand for Asian exports, putting pressure on the central bank to extend a pause in raising rates.Gross domestic product expanded 0.6 percent from the second quarter, when it gained 0.9 percent, according to the median of 12 estimates in a Bloomberg News survey. The report will be released at 8 a.m. tomorrow in Seoul. From a year earlier, the economy grew 3.4 percent, according to the survey.Europe’

Oct. 26, 2011

Apple's new iPhone applies for gov't radio wave certificate

 SEOUL, Oct. 26 (Yonhap) -- Apple Inc. applied for a radio wave certificate at a South Korean national agency for its new iPhone 4S on Wednesday, signaling an imminent domestic launch of its latest smartphone. An official at the National Radio Search Agency, which oversees and certifies th

TechnologyOct. 26, 2011

[Briefly] Hyosung mulls building new ATM factory in China

Hyosung mulls building new ATM factory in ChinaHONG KONG (Yonhap News) -- South Korea’s Nautilus Hyosung Inc. is considering building a new plant in China as part of efforts to strengthen its status as a leading provider of automatic teller machines in the neighboring country, industry sources said Wednesday.The company’s Chinese subsidiary, Beijing Hyosung Computer Technology Co., is considering building the plant in an industrial zone in Weihai, a city in eastern Shandong Province, according t

Oct. 26, 2011

Higher commodity costs feared to fuel inflation

International prices of key raw materials have been rebounding recently, data showed Wednesday, raising concerns South Korea could face growing inflationary pressure due to its heavy dependence on their imports.According to the data by the Korea Center for International Finance, the CRB index, a major gauge of raw material prices, came to 318.57 as of Monday, up 8.6 percent from Oct. 4 when it fell to 293.28, the lowest this year.The increase is driven mostly by price hikes of key raw materials

Oct. 26, 2011

Finance minister urges swift approval of FTA with U.S.

South Korea’s top economic policymaker called for the swift ratification of the long-pending free trade agreement with the United States on Wednesday, saying that a further delay could eventually do more harm than good to the nation’s interests.The trade deal, known as the KORUS FTA, was signed in 2007 and supplemented in December of last year with minor modifications that mostly dealt with the auto industry. Recently, the U.S. Congress passed the deal and it has been awaiting approval from Sout

Oct. 26, 2011

[Meet the CEO] BMW shows strong confidence in Korea branch CEO

Automaker puts value on three P’s -- product, people and partnersMunich-based BMW Group regards Korea as one of the important markets for their global management despite its small portion in Korea of the automaker’s total sales worldwide.Apart from the boom in the import vehicle market in Korea, the automobile giant’s focus on Korea appears based on its strong confidence in its Korea branch CEO Kim Hyo-joon.Last year, personnel managers at the company’s German headquarters asked the 54-year-old

MobilityOct. 26, 2011

Expectations for KOSPI rebound

Improving outlook for eurozone and U.S. instills optimismKorea’s major brokerages forecast on Wednesday the KOSPI index might reach 2,100 by year-end, citing improving outlook on the eurozone debt crisis and a faster-than-expected recovery of the U.S. economy.The main index recouped its losses this month, rising quickly from 1,650 to around 1,900, on the expectations that the protracted sovereign debt crisis in the eurozone might find a breakthrough sooner than earlier predicted. The rapid rise

Oct. 26, 2011

Samsung, Ambarella expand partnership in digital camera chips

Samsung Electronics Co. said Wednesday that it began to supply digital camera chips for Ambarella Inc., an image-processing semiconductor company in the U.S., further expanding their cooperation in the foundry business.Samsung’s foundry team started manufacturing Ambarella’s 32-nanometer System on Chips and A7L for high-definition digital cameras, Samsung said in a statement.The company’s foundry business, which fabricates chip designs of other companies that do not have a semiconductor fabricat

IndustryOct. 26, 2011

Beer, soju consumption bounces back

South Korean consumption of beer and soju has made a comeback in 2011 after three straight years of negative growth, a trade association said Wednesday.The Korea Alcohol and Liquor Industry Association said beer shipments reached just under 1.25 million kiloliters in the first eight months of this year, up 3 percent from a year earlier.Shipments of soju, a local distilled beverage made from rice and other starches, also grew 1 percent on-year to 809,891 kiloliters.“Both beer and soju consumption

Oct. 26, 2011

SKT to become sole bidder for chipmaker Hynix

Telecom giant may gain upper hand in price negotiations with Hynix creditorsSK Telecom is expected to become the sole bidder for the world’s second biggest computer memory chipmaker Hynix although the bidding process was seemingly deferred twice to trigger competition.According to industry sources, lead manager Credit Suisse has delivered statements on how to take part in Hynix bidding to about 12 large firms, but none of them have yet responded.The outlook for increased competition looks grim s

IndustryOct. 26, 2011

Gmarket opens virtual fashion store

Gmarket, the nation’s No. 1 online marketplace owned by eBay, opened Wednesday a virtual fashion store at a subway station in central Seoul. Gmarket said it will display fall and winter fashion items via the eight screen doors at Myeongdong Subway Station through Nov. 14.Customers can purchase the products by scanning the Quick Response Code, or QR Code, on the photographs, the company explained. Gmarket said customers can check the complete look of specific items and share reviews of other user

IndustryOct. 26, 2011

Seoul shares up 0.3% on eurozone policy hopes

South Korean stocks ended 0.3 percent higher on Wednesday as continued optimism over the eurozone’s policy efforts to salvage the region from a debt crisis kept investor sentiment afloat, analysts said. The local currency fell against the U.S. dollar.After opening lower, the benchmark Korea Composite Stock Price Index climbed 5.66 points to 1,894.31. Trading volume was moderate at 379 million shares worth 5.49 trillion won ($4.85 billion), with gainers outnumbering decliners 428 to 374.“The shif

Oct. 26, 2011

LG Electronics swings back into the red

LG Electronics posted operating losses of 32 billion won ($29.57 million) in the third quarter, swinging into the red for the first time this year.In its quarterly earnings report, the company said it recorded 12.9 trillion won in sales, a 4 percent decrease from the same period last year, largely due to its sluggish sales of mobile phones.The company posted operating losses of 185.2 billion won and 245.7 billion won in the third and fourth quarters of last year, respectively, but managed to get

IndustryOct. 26, 2011