Apple sticks with Samsung for iPhone microprocessor

Apple Inc.’s new iPhone 5s uses a microprocessor manufactured by Samsung Electronics Co., IFixit said, countering speculation that the world’s most-valuable technology company would move orders away from its largest competitor.The iPhone 5s’ new A7 processor was made by Apple’s South Korean rival, according to a tear down of the handset by IFixit, which performs analysis of consumer electronics and sells repair parts. Applications processors are the main chip in smartphones and run all of the so

Sept. 27, 2013

Seoul shares up 0.22 pct on U.S. jobs data

South Korean stocks closed 0.22 percent higher Friday as investor sentiment was boosted by better-than-expected U.S. jobs data, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 4.48 points to finish at 2,011.80. Trading volume was low at 275.5 million shares worth 4.05 trillion won (US$3.76 billion) with gainers outpacing losers 472 to 354.Analysts said Seoul shares gathered ground following an overnight report that the

Sept. 27, 2013

Seoul shares up 0.26 pct in late-morning trade

South Korean stocks traded 0.26 percent higher late Friday morning led by foreign buying and improved U.S. jobs data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.13 points to 2,012.45 as of 11:20 a.m.Shipbuilders led the market gain, with Hyundai Heavy Industries adding 2.67 percent and Daewoo Shipbuilding & Marine Engineering moving up 2.95 percent. Samsung Heavy Industries fell 1.85 percent.In contrast, mobile carriers traded lower, with No. 1 player SK Telec

Sept. 27, 2013

Seoul shares open flat amid U.S. debt issue

South Korean stocks opened almost flat Friday as the prolonged deadlock in the U.S. debt-ceiling debate weighed down on investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.68 points, or 0.13 percent, to 2,010.00 in the first 15 minutes of trading.Logistics traded higher, with Hyundai Glovis adding 1.52 percent and Hyundai Merchant Marine moving up 0.84 percent. Top air carrier Korean Air gained 1.16 percent.Blue-chip shares lost ground, with marke

Sept. 27, 2013

Korea plans 4.6% rise in public spending in 2014

The government on Thursday proposed a state budget plan of 357.7 trillion won ($332.7 billion) for next year, up 4.6 percent from 342 trillion won this year.The budget also included next year’s target revenue of 370.7 trillion won, down 0.5 percent from this year due to a tax revenue shortfall and delays in state asset divestiture.The Ministry of Strategy and Finance said that the majority of its 2014 budget will be spent on welfare and job creation, in line with President Park Geun-hye’s key po

Sept. 26, 2013

Won rises against dollar, other major currencies: data

The South Korean won has risen the most among major currencies against the U.S. dollar since end-June, data showed Thursday, apparently due to the country’s sound economic data.The won has climbed nearly 6.4 percent as of Monday against the greenback since end-June, hovering far above 4.9 percent tallied by the British pound and 3.5 percent posted by the euro over the cited period, market data showed.Taiwan and Singapore also saw their currencies appreciate 1.6 percent and 1.2 percent, respectiv

Sept. 26, 2013

Seoul shares up 0.46 pct amid U.S. woes

South Korean stocks closed 0.46 percent higher Thursday, with its growth being limited by the rising woes over the U.S. debt ceiling, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.26 points to finish at 2,007.32. Trading volume was low at 247.9 million shares worth 3.89 trillion won (US$3.62 billion) with gainers outpacing losers 530 to 272.Analysts said Seoul shares posted a limited growth as U.S. President Bara

Sept. 26, 2013

Seoul shares open lower on U.S. debt-ceiling woes

South Korean stocks opened lower Thursday as an impasse in U.S. budget and debt-ceiling issues dented investors' sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.05 points, or 0.2 percent, to 1,994.01 in the first 15 minutes of trading.Shares lost ground across the board, with market behemoth Samsung Electronics falling 0.29 percent and No. 1 carmaker Hyundai Motor losing 0.2 percent. Top auto parts maker Hyundai Mobis shed 0.34 percent.Logistics also lost

Sept. 26, 2013

Structural reforms key to boosting Asia's slowing growth: BOK head

South Korea's top central banker said Thursday that structural reforms are essential for Asian countries to emerge from their lackluster growth amid highly uncertain economic situations."A fundamental cause of the weakening of growth momentum in Asia seems to lie in a lack of proper structural reforms for productivity enhancement, rebalancing between internal and external demands and inclusive growth," Bank of Korea (BOK) Gov. Kim Choong-soo said in welcoming remarks for the conference on Asia's

Sept. 26, 2013

High school educated execs on rise

The number of executives who have only high school diplomas soared at the four major local financial groups in September from a year ago despite a fall in the total number of the groups’ executives, data showed Wednesday. According to the data by research company CEO Score, the number of executives with only a high school education rose 80 percent from five to nine during the above-cited period at 44 subsidiaries under the wings of the four financial groups ― KB, Shinhan, Woori and Hana. The pro

Sept. 25, 2013

Tax collection through audits up in 2012: NTS

The tax revenue collected by company audits has been on the rise for the past three years, the National Tax Agency said in a report on Wednesday. Last year, the NTS collected an extra 7 trillion won (6.3 billion) through tax crackdowns, which takes up about 3.6 percent of the country’s total tax revenue, according to the report to ruling Saenuri Party lawmaker Kim Tae-ho. The report revealed that the majority 70.4 percent of this extra tax, or 4.9 trillion won, came from auditing companies. The

Sept. 25, 2013

BOK seeks legal action against Hana Financial

The Bank of Korea said Wednesday it has requested a local court to review whether Hana Financial Group Inc. paid a proper price when it acquired the central bank’s stake in another bank. The BOK’s legal action filed on Sept. 12 came as the central bank is incurring losses in book value after it sold its 6.12 percent stake in Korea Exchange Bank to Hana Financial at a price seen as being too low.The BOK, which was previously the second-largest shareholder in KEB, in April exercised its right to r

Sept. 25, 2013

Seoul shares down 0.45 pct on U.S., Japanese woes

South Korean stocks closed 0.45 percent lower Wednesday as investors sat on the sidelines over uncertainties stemming from the financial policies of the United States and Japan, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) lost 9.04 points to finish at 1,988.06. Trading volume was low at 285.6 million shares worth 4.24 trillion won (US$3.94 billion) with losers outpacing gainers 417 to 387.Analysts said Seoul shares closed

Sept. 25, 2013

Seoul shares down 0.57 pct in late-morning trade

South Korean stocks traded 0.57 percent lower late Wednesday morning due to losses in techs and financial shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.45 points to 1,995.65 as of 11:20 a.m.Tech shares continued to traded lower, with top player Samsung Electronics falling 0.87 percent and leading chipmaker SK hynix losing 2.3 percent. LG Electronics, a local handset maker, shed 0.82 percent.Financial firms also lost ground, with Samsung Life Insurance decr

Sept. 25, 2013

Seoul shares open lower on U.S. policy woes

South Korean stocks opened lower Wednesday as wariness over U.S. budget plans and debt-ceiling issues continued to weigh on investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.76 points, or 0.24 percent, to 2,002.34 in the first 15 minutes of trading.Tech shares traded lower, with top player Samsung Electronics falling 0.29 percent and leading chipmaker SK hynix losing 1.64 percent. LG Electronics, a local handset maker, shed 0.41 percent.Carmkers als

Sept. 25, 2013

Seoul to nurture specialists in strategic industries

The government plans to nurture some 200,000 professionals in the fields of offshore plants, embedded software, “ppuri” manufacturing and fashion for the development of new growth engines.In an economy-related meeting presided over by Deputy Prime Minister and Finance Minister Hyun Oh-seok on Tuesday, officials from the Ministry of Trade, Industry and Energy said that the plan to increase the number of specialists in “strategic” sectors by 2017 would create more than 65,000 jobs.“Ppuri” refers t

Sept. 24, 2013