LG to roll out Optmus G Pro in United States next week

South Korean tech giant LG Electronics Inc. said Thursday it plans to roll out the Optimus G Pro, the latest version of the Optimus G smartphone line-up, in the U.S. next week.U.S. customers can preorder the smartphone on AT&T’s Web site starting Friday, and can purchase the device at local retail stores from May 10, it said.In February, the South Korean smartphone maker launched its 5.5-inch Optimus G Pro in its home country, joining the race of smartphones with bigger and brighter displays.In

May 2, 2013

Ultra HDTV shipment to reach 3.9m units next year

The global market for Ultra HDTVs is forecast to grow rapidly down the road with worldwide shipments expected to reach 3.9 million units next year, data showed Thursday.Worldwide shipments of Ultra HDTVs are expected to hit 6.88 million units in 2015 and 9.87 million units in 2016, according to the data by DisplaySearch. For this year, around 930,000 Ultra HDTVs are expected to be shipped, it said.Ultra HDTVs have four times the resolution of the Full HDTVs. Global manufacturers are ramping up e

May 2, 2013

Watchdog to delay suppliers’ loan repayments

South Korea’s watchdog said Thursday that it will delay loan repayments by subcontractors of big firms under debt rescheduling for nearly four months starting this month in a bid to help the small firms avoid cash shortages.The Financial Supervisory Service said it will have creditor banks defer debt repayments by a subcontractor for up to 130 days if its prime contractor company is under a restructuring process. The measure is set to take effect from May 20. “Prime contractors’ debt reschedulin

May 2, 2013

Baby boomers’ quality of life falls in 2012: MetLife

South Korean baby boomers’ quality of life apparently deteriorated in 2012 from two years earlier, as they were forced to spend more on health care and children’s education despite decrease in income, data showed Thursday.According to the data by MetLife Mature Market Institute and Seoul National University, the baby boomers’ expenditures on children education jumped 27.2 percent over the cited period, while they spent 14.6 percent less on leisure activities.In contrast, their average monthly in

May 2, 2013

Seoul shares fall 0.34 pct on weak U.S., China data

South Korean stocks closed 0.34 percent lower Thursday, tracking its U.S. peers overnight as disappointing economic data in major countries dampened investor appetite, analysts said. The local currency edged down against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) retreated 6.74 points to finish at 1,957.21. Trading volume was moderate at 342.2 million shares worth 4.05 trillion won (US$3.67 billion) with decliners outpacing gainers 485 to 315.   "U.S. markets saw

May 2, 2013

Seoul shares down 0.39 pct in late-morning trade

South Korean stocks traded 0.39 percent lower late Thursday morning, as major banking firms and oil refiners widened losses, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) slid 7.67 points to 1,956.28 as of 11:20 a.m.   Shinhan Financial Group, the 10th largest company by market cap, sank 2.4 percent, with leading oil refiner SK Innovation slumping 3 percent.  In contrast, tech giant Samsung Electronics edged up 0.3 percent, with auto parts maker Hyundai Mobis gaining 1

May 2, 2013

Seoul shares open lower on weak U.S., Chinese data

South Korean stocks opened a tad lower Thursday as weak economic indicators from the United States and China renewed worries over the global slowdown, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.1 points, or 0.06 percent, to 1,962.85 in the first 15 minutes of trading. Financial firms and steelmakers drove the shares down. No. 2 lender KB Financial Group shed nearly 1 percent and Dongkuk Steel Mill dropped more than 2 percent. The latest U.S. payroll data fell s

May 2, 2013

Foreigners eligible for state debt relief fund

The nation’s financial authorities said on Wednesday that expatriates are equally eligible for the application for the “National Happiness Fund” recently set up to rescue individual credit defaulters.The relief plan is by principle entitled to all borrowers and lenders of this country, officials at the Financial Services Commission said. “When a foreign worker here loses his job, relies on debt, and his credit falls, he will need a debt relief plan, too,” said a FSC spokesperson. News reports sa

May 1, 2013

Authorities check financially distressed firms

Financial authorities are in the process of evaluating and reviewing credit standings of domestic companies in financial turmoil in the industrial sectors, such as shipping, shipbuilding and construction, that have been in a prolonged slump.The Financial Services Commission and its financial regulatory enforcement arm, the Financial Supervisory Service, are said to be engaged in due diligence of companies that borrowed more than 50 billion won ($45.4 million).There are reportedly around 1,000 pa

May 1, 2013

Massive maturing debts cast pall over STX Group

STX Group, a cash-strapped South Korean shipbuilding and shipping conglomerate, is feared to face a further worsening liquidity crunch this year with over 1 trillion won ($905 million) in corporate debts set to mature during the remainder of the year, industry data showed on Wednesday.According to the data, STX Corp., STX Offshore & Shipbuilding Co., STX Pan Ocean Co. and five other affiliates have to repay or roll over some 1.08 trillion won in corporate debts that mature this year.In May alone

May 1, 2013

Card firms fare worse on lower commission income

South Korean credit card companies have underperformed in the first quarter of this year, largely due to a decrease in income from commissions charged on member stores, data showed Wednesday. Net income of Shinhan Card Co., the No. 1 credit card firm by market share, dipped 13.9 percent to 160.6 billion won ($145.4 million) in the January-March period, compared with 186.6 billion the previous year, according to the card company and regulatory filings.Samsung Card Co. saw its first-quarter earnin

May 1, 2013

Consumer prices grow 1.2% on-year in April

SEJONG (Yonhap News) ― South Korea’s consumer prices increased at a slower pace in April than a month earlier, keeping its on-year growth in the 1-percent range for the sixth straight month, a government report showed Wednesday.The country’s consumer prices index rose 1.2 percent on-year in April, slowing from a 1.3 percent on-year gain in the previous month, according to the report by Statistics Korea. From a month earlier, it dropped 0.1 percent.The on-year figure represents the sixth straight

May 1, 2013

LG Uplus Q1 net more than triples

LG Uplus Corp., South Korea’s No. 3 mobile carrier, said on Tuesday its first-quarter net profit more than tripled from a year earlier largely thanks to increased profit from its wireless service.Net profit reached 74.3 billion won ($67.3 million) in the January-March period, compared with a profit of 22 billion won a year earlier, the company said in a regulatory filing.Sales gained 12.6 percent on-year to reach 2.86 trillion won in the first quarter, and operating income also surged 85 percent

April 30, 2013

Citibank, SC, Nonghyup rank bottom in consumer protection

Two major foreign banks operating in Korea ranked low in consumer protection, being given the lowest grade of “class 5” by the Financial Supervisory Service.In the yearly assessment from the FSS on financial firms’ consumer protection, Citibank Korea and Standard Chartered Bank Korea ranked at the bottom, along with Nonghyup Bank, out of 15 commercial banks.Their grade of class 5 means that they were “poor” in resolving customers’ complaints throughout the past year, FSS officials said Tuesday.T

April 30, 2013

State-run firms’ debts near W500tr

Salaries and bonuses for executives at state-run enterprises contined to rise last year despite losses and snowballing debt.The debt of 295 state-run institutions and enterprises reached 493.4 trillion won ($447.8 billion) in 2012, up 7.5 percent from a year before, according to a public filing by the Ministry of Strategy and Finance on Tuesday.Their debt ratio surpassed 200 percent on equity capital of 237.8 trillion won.Yet with assets of 731.2 trillion won, this marks the first time in four y

April 30, 2013

BOK freezes key rate in 4-3 vote: minutes

Policymakers at South Korea's central bank froze the key interest rate in a 4-3 vote in April when the government had put pressure on the Bank of Korea (BOK) to lower borrowing costs, the bank's minutes showed Tuesday.   At a rate-setting meeting held on April 11, the Bank of Korea's seven-member monetary policy committee decided to leave the benchmark 7-day repo rate unchanged at 2.75 percent for the sixth straight month. The central bank cut the key rate in July and October last year.   In Apr

April 30, 2013

Seoul shares gain 1.2 pct on bargain hunting

South Korean stocks gained 1.2 percent Tuesday, as investors hunted for bargains on upbeat corporate results by local companies, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 23.35 points to close at 1,963.95. Trading volume was moderate at 387.6 million shares worth 4.57 trillion won ($4.15 billion) with gainers far outstripping decliners 502 to 284. "Large-cap shares got a boost as we began to see more firms rep

April 30, 2013