Foxconn-Sharp ties aimed at countering Samsung, LG

HONG KONG (Yonhap News) ― The recent alliance between Taiwanese manufacturer Foxconn Technology Group and Japan’s Sharp Corp. will likely present a counterweight to South Korean liquid crystal display makers that have been dominant players in the global LCD market, an expert said Tuesday.Foxconn, the world’s largest contract electronics maker, agreed with the Japanese electronics giant last week t

IndustryJuly 19, 2011

New mobile carrier unlikely to bring much change to market

The Korea Federation of Small and Medium Business is looking to set up a fourth mobile telecom services provider, but the market divided among three long-established giants is likely to hinder the would-be telecom operator.At present SK Group’s SK Telecom is the market leader with over 50 percent market share, followed by KT Corp., which accounts for about 35 percent of the market.LG Uplus, which

IndustryJuly 19, 2011

Top regulator criticizes banks for high dividends

The nation’s chief financial regulator has expressed his skepticism toward major financial groups’ plan to offer its shareholders generous dividends.“Though it is important to maximize shareholder rights, it is also important for financial companies to protect customer rights,” Financial Supervisory Service Gov. Kwon Hyouk-se told reporters on Tuesday.It would be desirable for major financial grou

July 19, 2011

Spanish bank to tap Korean market

European banks expected to expand presence in Korea under Korea-EU FTAEuropean banks are expected to expand their presence in the local market following the implementation of the Korea-EU Free Trade Agreement.Those aiming to making inroads into Korea include Banco Bilbao Vizcaya Argentaria S.A., a lender headquartered in Spain and the third-largest lender in the EU.Korea’s regulatory officials are

July 19, 2011

IBM’s services signings surge, stock rises

 

IndustryJuly 19, 2011

Hacker group launches online social network

SAN FRANCISCO (AFP) -- Infamous hacker group Anonymous launched Monday its own social network after being rejected by Google's freshly-launched online community."Today we welcome you to begin anew," the hacker alliance said at the website anonplus.com, which it described as a platform to distribute information."Welcome to the Revolution -- a new social network where there is no fear... of censorsh

TechnologyJuly 19, 2011

Employment rate for women in their 50s at highest in decades

The employment rate among South Korean women in their 50s hit the highest level in decades in the second quarter, as many females joined the workforce to meet growing education and living costs, data showed Tuesday.According to the data by Statistics Korea, the employment rate among the cited age group stood at 59.3 percent in the April-June period, the highest level since the third quarter of 199

July 19, 2011

S. Korea to restrict banks' handling of kimchi bonds

South Korea plans to restrict domestic and foreign banks from investing in foreign currency bonds sold within the country for the purpose of won conversion, in a bid to curb short-term foreign debt, the central bank said Tuesday.Since May, the Bank of Korea (BOK) and the financial watchdog have been inspecting banks' handling of so-called "kimchi bonds,"foreign-currency debt sold by local and fore

July 19, 2011

S. Korea's state auditor to probe KTX breakdowns

South Korea's state auditor is expected to conduct a special probe as early as later this month to determine the cause behind the frequent malfunctions involving the country's high-speed trains, an official source said Monday.The source said Board of Audit and Inspection (BAI) chairman Yang Kun stressed at a meeting of senior officials that there is a need for a full and detailed examination into

IndustryJuly 19, 2011

Foreign investors likely to get half of dividends at financial holdings

Foreign investors are expected to scoop more than half of the coming dividends at Korea’s four major financial holdings companies this year, spurring concerns about capital flight in the industry increasingly tapped by foreign investors.A study by Daishin Securities Co. said Monday that 53 percent, or 1.24 trillion won ($1.17 billion), of the total net profit set aside as dividends at the four maj

July 18, 2011

Samsung Everland fires union leader for leaking corporate information

   Samsung Everland Inc. said Monday that it has fired a worker for leaking sensitive corporate information less than a week after employees set up a trade union.   The company, which is an affiliate of Samsung Group, South Korea's largest family-owned conglomerate, said Cho Jang-hee, the vice chairman of the union, has been dismissed for wrongful conduct and that its in-house disciplinary committ

July 18, 2011

Korea's SME federation seeks to set up 4th mobile carrier

South Korea's umbrella federation of small and medium-sized enterprises on Monday said it will seek to set up the country's fourth mobile carrier as part of an ongoing effort to boost growth of local venture firms.   The Korea Federation of Small and Medium Business said after holding a board meeting that it plans to invest less than 100 billion won ($94.2 million) in the proposed consortium made

July 18, 2011

Commerce minister warns against sudden hike of fuel prices

   The government will soon look into the country's major refineries and gas stations to see if they are making excessive profits by raising already high fuel prices, the commerce minister said Monday, turning up the heat on them to limit price hikes.   The warning comes as gasoline and diesel prices are rising almost daily, which was expected as the voluntary reduction of oil prices by the countr

July 18, 2011