Samsung Electronics won another victory in its global patent battle with Apple Inc. as a court in London upheld an earlier decision that Galaxy tablet PCs did not copy the iPad’s design.The ruling in the United Kingdom is likely to deal a blow to Apple, especially considering that it is a matter involving what the U.S. company values most ― its design.The ruling reaffirmed an earlier order that Apple publicly declare that Samsung had not copied its design.Apple has been labeling Samsung as a “co

Industry Oct. 18, 2012

Moves include scaling down payrolls, scrapping unprofitable businessesMore domestic companies are eager to set up contingency plans or conduct voluntary redundancy programs as economists raised the possibility of a long-term economic downturn from the eurozone woes.Their movement has been further accelerated after Woongjin Holdings and Kukdong Engineering & Construction shocked the market last month by filing for court receivership from their insolvent financial status.According to a poll by the

Industry Oct. 17, 2012

Sales of foreign-made autos offset fall in exports for Hyundai-KiaFollowing the prolonged slump in car sales at home, five major automakers here saw their exports continue to decline over the past few months on a year-on-year basis.According to the Korea Automobile Manufacturers Association, exports of these five companies ― Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor ― collectively stood at 232,025 units in September, down 7.2 percent from a year earlier.Thei

Industry Oct. 16, 2012

Coming election may hamper countermeasures against eurozone crisisThe overall economy could face severe difficulties in the coming months due to a combination of uncertainties at home and abroad, according to projections by some local economists.They forecast that the government would fall short of being able to effectively cope with the worsening debt crisis in Southern European countries, mainly because Korea has to cope with election season and a new president. “For Korea, it would not be eas

Oct. 15, 2012

South Korean stocks closed 0.4 percent lower Monday as investors’ sentiment was dampened by concerns over a global recession and persistent eurozone debt woes, analysts said. The local currency declined against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 7.67 points to 1,925.59. Trading volume was moderate at 554.9 million shares worth 4.49 trillion won ($4.04 billion), with losers outnumbering gainers 548 to 297.“There’s no big positive momentum to lead the index upward

Oct. 15, 2012

Starting December, Korea projected to face serious ‘agflation’Inflationary pressures are mounting in Korea amid spiking global agricultural product prices as the nation heavily depends on imports for its grain consumption.The rising possibility of “agflation,” where the rise in agricultural products leads to inflation, is due mainly to the spike in prices of wheat and corn from climate change effects in major exporters, according to the Korea Rural Economic Institute.The institute predicted that

Industry Oct. 14, 2012

The erroneous disclosure of an index has been linked to overpriced loan interest rates for more than 40,000 borrowers in the local financial market.The cost of funds index, a barometer for the benchmark interest rate, published on Sept. 17 was based on miscalculated data, and major banks have been charging borrowers higher interest rates over the past few weeks, market insiders said Thursday.As a result, interest was miscalculated for about 40,800 loans issued by seven banks ― KB Kookmin, Woori,

Oct. 11, 2012

Recall will deal a blow to Japanese carmaker’s effort to recover image: analystsToyota Motor Korea is on alert after its Japan-based headquarters decided to recall more than 7 million vehicles in the U.S., Europe and elsewhere around the world over a faulty power-window switch.Though the carmaker’s Korean unit tried to placate local consumers stressing that the recall does not involve vehicles sold to Korean consumers, some analysts said it could hamper Toyota Motor’s effort to bounce back in th

Industry Oct. 11, 2012

Despite eurozone crisis, Korean automakers to reach milestone for second consecutive yearHyundai Motor and Kia Motors are set to achieve 1 million units in vehicle sales in the United States for the second consecutive year.For the first time in 2011, the affiliated automakers became the fourth non-American automotive group, with yearly vehicle sales exceeding 1 million units in the U.S.While Hyundai and Kia broke the 1 million-unit mark based on sales between January and November last year, they

Industry Oct. 10, 2012

Data shows Korean economy heavily reliant on top two groupsEarnings of Samsung Electronics, Hyundai Motor and Kia Motors are expected to account for more than half of those reaped by the nation’s 30 major firms this year, a local financial data provider said on TuesdayAccording to FnGuide, the 30 largest enterprises are estimated to post a collective net profit of about 67.5 trillion won ($60.2 billion) this year.Among them, the profits of three ― Samsung, Hyundai and Kia ― are projected to reac

Industry Oct. 9, 2012

KT&G said it will release the Raison Cafe 1mg, flavored with the aroma of coffee, on Oct. 10.“The product is a milder one with lower containment tar from the Raison Cafe which contains 6 milligrams of tar, which was unveiled in July,” said the nation’s largest tobacco firm.A KT&G spokesman said the coffee-scented product delivers the rich scent of hazelnut coffee with ground coffee beans in the filter. “We spent four years of research and development coming up with a technology that can directly

Industry Oct. 8, 2012

The European Union rejected French authorities’ claim that the Korea-EU Free Trade Agreement brought rapid import growth of automobiles produced by Korean companies.EU Trade Commissioner Karel de Gucht said “it is not true” that European countries’ imports of cars produced in Korea posted a sharp increase under the bilateral FTA.He said that the sales growth of Hyundai Motor and Kia Motors in Europe was not primarily due to the trade pact but their manufacturing at localized plants in European c

Industry Oct. 4, 2012

Electronics giant named one of top 10 global brands while carmaker ranked 53rd in worldFor the first time, Samsung Electronics was included on the list of the world’s 10 most valuable brands selected by Interbrand on Tuesday.Hyundai Motor and its affiliate Kia Motors also saw their brand values highly estimated by the agency, being ranked 53rd and 87th, respectively, on the list published by the world’s leading brand management consultancy.According to the 13th annual Best Global Brands report f

Industry Oct. 2, 2012