Korean stocks finished nearly unchanged on Wednesday as losses among automakers outweighed bank gains, analysts said. The local currency climbed against the U.S. dollar.After opening slightly higher, the benchmark KOSPI shed 0.05 percent, or 1.13 points to 2,141.34. Trading volume was moderate at 289 million shares worth 8.02 trillion won ($7.44 billion) with losers leading gainers 437 to 382. “Th

June 1, 2011

Samsung Electronics Co. and LG Electronics Inc. will take part in a government-private research program to develop next-generation thin-film solar cells, officials said Tuesday.The program is one of the five research and development efforts to be pursued by the government and private sector up until 2013 at a cost of 700 billion won ($648 million), the Ministry of Knowledge Economy said.Samsung an

Industry May 31, 2011

Korea’s industrial output continued to grow in April, but its expansion pace slowed, raising concerns the nation’s economic recovery may be losing momentum, a government report showed Tuesday.According to the report by Statistics Korea, production in the mining and manufacturing industries rose 6.9 percent last month from a year earlier, decelerating from a revised 9 percent growth in March.On-yea

May 31, 2011

The union members of the Standard Chartered First Bank Korea ended Monday their one-day strike in protest of the management’s proposal to adopt a performance-based pay system.The union said it decided to return to work from Tuesday, adding that it would push for a meeting with the management to settle the labor dispute. “But if the negotiation makes little progress, we will go into another strike,

May 30, 2011

The Fair Trade Commission imposed a combined 3 billion won ($2.78 million) in fines on nine pharmaceutical companies for unfair trade practices, including the provision of illegal rebates to doctors and wholesalers, it said Sunday.The toughest punishment of 753 million won was slapped on Pacific Pharma Corp., for paying kickbacks to doctors in forms of gift cards, golf tours and cash.Those involve

May 29, 2011

Hyundai Engineering and Construction is looking to boost efficiency and cut costs by using aluminum cables in place of copper ones.According to the company, it has been working with a cable manufacturer to develop aluminum cables for low voltages that meet Korean standards since last year. The company was able secure a source of aluminum cables that passed Korea Electrical Safety Corp.’s safety st

May 29, 2011

The Korean stock market is forecast to maintain its upward momentum this week, but the growth pace may be slow due to lingering concerns about the global recovery, analysts said.The benchmark KOSPI wrapped up last week at 2,100.24, down 0.53 percent from a week earlier.The KOSPI lost ground earlier last week as weaker U.S. economic data and the eurozone debt crisis raised concerns about the global

May 29, 2011

Korea’s major companies remain positive about their business conditions for June on expectations of growing exports and improving economic conditions, a poll showed Sunday.The monthly Business Survey Index for the upcoming month came in at 104.3, unchanged from May when the reading turned positive after it dipped to 98.4 the previous month, according to the Federation of Korean Industries, the cou

May 29, 2011

Top Korean firms see surge in foreign customers here The loan default rate of KoreanThe number of foreigners subscribed to insurance in Korea last year doubled from 2005, mainly due to relaxed application procedures and the rising number of international marriages, industry sources said Sunday.The number of foreigners who have subscribed to insurance offered by the country’s top three insurance fi

May 29, 2011

Samsung Electronics Co., the world’s top memory chip maker, will unload its solar battery business to its affiliate Samsung SDI Co. for 160.8 billion won ($147.6 million), the companies said Friday, in an apparent bid to revitalize the team’s disappointing performance, The boards of the two companies each approved the plan, which calls for Samsung Electronics to hand over its solar battery workfor

Industry May 27, 2011

LG Uplus Corp., Korea’s smallest mobile carrier, said Thursday that it plans to begin a nationwide long term evolution service by mid-2012, moving up its schedule for the fourth-generation mobile service on booming smartphone demand. LG Uplus will begin offering the service in 82 cities around the country before the end of this year and complete its nationwide 4G network in July next year, the com

Industry May 26, 2011