Commercial banks are likely to be included in the government’s assessment list of firms paying attention to “shared growth” with subcontractors.Some officials of the Commission of Shared Growth for Large and Small Companies said the agency was considering expanding its yearly assessment target to the banking sector as early as 2013.Other sectors including medical institutions could also be placed on the authorities’ watch list, they added.In the commission’s first unveiling of the assessments of

Industry Nov. 15, 2012

Samsung Group and CJ Group have clashed again over the scheduled commemoration ceremony for the late Samsung founder Lee Byung-chull.The conflict over the ancestral rites has come under another spotlight amid the drawn-out inheritance fight between top figures of the two conglomerates tracing back to Samsung’s late founder.In a statement on Wednesday, CJ claimed that Samsung is seeking to hamper ordinary yearly visits to pay respects by siblings and other relatives.“Samsung has notified that non

Industry Nov. 14, 2012

Korean enterprises ranked second in terms of fines levied by U.S. antitrust regulators for price fixing via practices such as cartels.Since several firms were slapped with antitrust fines totaling $1.57 million for rigging prices of a biochemical product in 1996 in the first case of its kind, Korean enterprises have been subject to collective penalties of $1.27 billion over the past 16 years.The amount is the second-largest accumulated figure, following $1.36 billion imposed on Japanese firms, a

Industry Nov. 13, 2012

Labor protests loom large at GM Korea’s production factory in Gunsan, North Jeolla Province, after the carmaker unveiled its plan not to produce the new Chevrolet Cruze.While the 2013 model of the Cruze compact sedan is being produced only in Gunsan among GM Korea’s four plants nationwide, U.S.-based General Motors excluded the Korean unit from the list of the next generation model.After GM Korea made public its parent group’s business policy last Wednesday, local community leaders including Gun

Industry Nov. 12, 2012

Senior financial regulatory officials expressed opposition to the presidential candidates’ election campaign pledges to overhaul the financial supervisory structure.The opponents include the top two officials ― Financial Services Commission chairman Kim Seok-dong and Financial Supervisory Service governor Kwon Hyouk-se.Aside from the political sector, many college professors and economists have continued to express skeptical views over the nation’s regulatory structure and system.“Korea ranked 5

Nov. 8, 2012

The ratio of bad loans extended by South Korean banks rose in the third quarter from three months earlier, largely due to a decrease in bad debt clearance, the financial regulator said Wednesday.The ratio of non-performing loans held by 18 local banks came to 1.56 percent as of the end of September, up 0.07 percentage point from 1.49 percent tallied as of end-June, according to the Financial Supervisory Service.The bad loan ratio had dropped to as much as 1.36 percent at the end of last year, be

Nov. 7, 2012

Actual transaction prices of houses in South Korea declined last month, a state-run think tank said Wednesday, indicating that the country’s property market slump continues.According to a report by the Korea Development Institute, the actual transaction prices of houses in capital Seoul dropped 4.6 percent on-year in October, while those in its surrounding Gyeonggi Province and Incheon fell 4.5 percent and 5.8 percent, respectively.Transaction prices of houses outside the metropolitan area, mean

Industry Nov. 7, 2012

Domestic orders won by South Korean construction companies fell 16.3 percent in September from a year earlier, industry data showed Wednesday, in the latest sign of a prolonged slump in the local construction sector.Local builders bagged a combined 7.26 trillion won ($6.6 billion) worth of new orders in September, according to data released by the Construction Association of Korea.Orders from the public sector plunged 37.9 percent on-year to 2.31 trillion won in September while those from the pr

Industry Nov. 7, 2012

South Korean stocks ended 0.49 percent higher on Wednesday as U.S. President Barack Obama’s re-election helped erase policy uncertainties, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 9.38 points to 1,937.55. Trading volume was moderate at 548.6 million shares worth 4.5 trillion won ($4.1 billion), with gainers outnumbering decliners 401 to 396.“Investor jitters over U.S. fiscal issues had lingered ahead of the presidentia

Industry Nov. 7, 2012

South Korea’s listed companies are predicted to see their fourth-quarter earnings shrink from three months earlier due to the country’s weak exports amid the rising won, a research firm said Wednesday.According to FnGuide Inc., 114 major listed companies are forecast to report a combined operating profit of 30.4 trillion won ($27.9 billion) for the October-December period, down 4.9 percent from the third quarter.The gloomy earnings outlook comes as the prolonged appreciation of the local currenc

Nov. 7, 2012

Apple Inc. told a judge that Samsung Electronics Co.’s Galaxy Note 10.1 device infringes its patents, and sought to add the Android 4.1 Jelly Bean operating system to an existing lawsuit against Samsung in California.Apple made the arguments Wednesday to U.S. Magistrate Judge Paul S. Grewal in federal court in San Jose. Apple’s bid to expand the lawsuit follows Samsung’s Oct. 1 move to add patent- infringement claims against the iPhone 5 in the same case. Apple won a $1.05 billion jury verdict a

Industry Nov. 7, 2012