Global sales of smartphones that run on the so-called long-term evolution (LTE) network are expected to almost triple this year from a year earlier, data showed Monday.According to the data compiled by research firm Strategic Analysis Inc., a total of 270 million smartphones running on the LTE network will be sold this year, accounting for 29 percent of total smartphone shipment around the globe.Last year, a total of 92 million LTE smartphones were sold, garnering a 13.1 percent share in the glo

Industry July 8, 2013

South Korean stocks turned higher after a weak start Monday, as widening auto gains offset losses of top-cap Samsung Electronics Co., analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 3.07 points, or 0.17 percent, to 1,836.38 in the first 15 minutes of trading. Leading carmaker Hyundai Motor soared 1.2 percent, with its smaller affiliate Kia Motors climbing 1.5 percent. But Samsung Electronics lost nearly 1.4 percent. The local currency was trading at 1,149.75 won

July 8, 2013

A nuclear reactor at South Korea's Hanwool Nuclear Power Plant stopped operating Friday due to what appears to be a technical problem, plant operators said.An investigation was underway to find the exact cause of the problem, but the state-run Korea Hydro and Nuclear Power Co. said there were no immediate safety threats.The reactor at the power plant, previously called the Uljin Nuclear Power Plant, halted operations at 3:36 p.m.The shutdown of the reactor with a generation capacity of 1 million

Industry July 5, 2013

Prosecutors said Friday they have detained a former chief of the country's state-run nuclear power plants operator on suspicion of bribery as part of their probe into the corruption scandal over nuclear reactors. Kim Jong-shin, who headed the Korea Hydro and Nuclear Power (KHNP), was arrested on late Thursday after the task force of the Busan District Prosecutor's Office in the southeastern port city secured evidence that Kim had accepted bribes from one of the company's contractors.The arrest c

Social Affairs July 5, 2013

South Korean stocks closed 0.32 percent lower Friday due to Samsung Electronics' lower-than-expected earnings estimate for the second quarter, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 5.83 points to close at 1,833.31. Trading volume was low at 280 million shares worth 3.72 trillion won ($3.27 billion) with gainers outpacing losers 434 to 351.Analysts said the decline came as Samsung Electronics, the world's

July 5, 2013

The National Assembly has advised the government to re-examine its plan to buy European long-range air-to-ground missiles and high-altitude surveillance aircraft from the United States, citing too high price tags, a parliamentary report showed Friday.The defense acquisition plan to buy Taurus missiles and Global Hawk unmanned aerial vehicles should be "reviewed again in a (future) parliamentary budget deliberation process ... as the plan is likely to stir up controversies over the expenses," the

Politics July 5, 2013

South Korean stocks traded almost flat late Friday morning amid abated woes over the eurozone's economic stimulus moves and Samsung Electronics' lower-than-expected earnings report, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.72 points, or 0.04 percent, to 1,839.86 as of 11:20 a.m.Carmakers traded bullish, with No. 1 player Hyundai Motor moving up 0.23 percent and its smaller affiliate Kia Motors adding 2.04 percent.Retailers also traded higher, with Hyundai Me

July 5, 2013

South Korean stocks opened higher Friday as the overnight European Central Bank meeting implied that the eurozone plans to maintain its economic stimulus moves down the road, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.08 points, or 0.49 percent, to 1,848.22 in the first 15 minutes of trading.Shares gathered ground across the board, with top chipmaker SK hynix adding 0.52 percent and No. 1 carmaker Hyundai Motor rising 1.87 percent. Leading steelmaker POSCO gai

July 5, 2013

Samsung Electronics and SK Hynix, the world’s top two memory chip makers, on Wednesday said they have signed a cross-licensing deal, significantly reducing the possibility of intellectual property feuds between the two.The contract, which reportedly had been in progress for a couple of years, will allow them to share technology on semiconductors for an unspecified amount of time so they can spend more time and effort on technological advancement. The pair also will be able to form a united front

Technology July 3, 2013

A top foreign affairs aide to South Korean President Park Geun-hye attended an annual international security conference in Russia and held a series of bilateral talks on North Korea and other issues, the foreign ministry said Wednesday.Ju Chul-ki, the senior presidential secretary for foreign affairs and security, has been in Russia's Far Eastern city of Vladivostok since Tuesday to attend a fourth meeting of ranking security officials from the United States, China and other major countries.The

Foreign Affairs July 3, 2013