South Korean stocks retreated 0.7 percent on Friday as concerns of a fresh wave of bank failures in Europe dampened investors’ appetite for riskier assets, analysts said. The local currency fell sharply against the U.S. greenback. The benchmark Korea Composite Stock Price Index tumbled 14.1 points to 1,988.74, failing to retain the psychologically important 2,000-point level, after reports of accounting irregularities at one of Portugal’s largest banks. Trading volume was moderate at 271.9 milli

Industry July 11, 2014

South Korea’s leading tech giant Samsung Electronics said Friday it has renovated its application store as “Galaxy Apps” to provide users with a wider choice for customization of mobile devices.The version is an update from the company’s previous “Samsung Apps” store and offers hundreds of apps exclusively available to users of Samsung Galaxy smart devices. Samsung said the new app store will be available to 130 million users in 161 countries. “At Samsung, we continuously strive to create value

Industry July 11, 2014

The Science Ministry said Friday that it is well gearing up to hold the meeting of a United Nations agency specialized in information and communication technologies slated for October in the country. With the event 100 days away, the Ministry of Science, ICT and Future Planning said the meeting will be an opportunity for South Korea to become a “fast mover” in the information and communications sector, developing from the current “fast follower” status. South Korea will host the 19th Internation

Industry July 11, 2014

South Korea has expressed concerns over Chile’s ongoing consideration to impose an environment tax on diesel cars, a move that could hurt the nation’s vehicle exports to the Latin American country, a government official in Seoul said Friday.South Korea’s concerns were conveyed in a recent letter to the Chilean government, according to the official from the Ministry of Trade, Industry and Energy, who spoke on condition of anonymity. It also noted such a tax may violate the countries’ bilateral fr

Mobility July 11, 2014

A number of South Korean construction and energy companies have expressed interest in buying Dongbu Power Dangjin Corp. after talks to sell it to steelmaker POSCO fell through, industry sources said Friday.According to market watchers, Daewoo Engineering and Construction, one of the country’s largest builders, Daelim Industrial, GS Electric Power & Services and SK Gas have all submitted letters of intent to buy Dongbu Power or acquire stakes in the company.The power plant located in Dangjin, som

Industry July 11, 2014

LG International Corp. said Sunday that a coal-based urea plant in China it invested in has started commercial operations, paving the way for the South Korean trading firm to expand its presence in the coal chemical business.The plant in the industrial zone of Nalinriver, Wushen, Inner Mongolia, can produce 940,000 tons of urea annually. LG International acquired a 29-percent stake in Boyuan Group’s affiliate Bodashidi Chemical, the operator of the plant, for $92 million in 2013.LG International

Industry July 6, 2014

South Korea’s major shipbuilders, including Hyundai Heavy Industries, may report poorer-than-expected earnings for the second quarter of the year, as they delivered more low-priced ships, data showed Sunday.Hyundai Heavy is expected to have logged an operating income of 25 billion won during the April-June period, a sharp plunge of 91.4 percent from a year earlier, and Samsung Heavy Industries may report 187 billion won in operating income, also 35 percent down from a year earlier, according to

Industry July 6, 2014

South Korea’s top 30 conglomerates are focused on managing risks and enhancing corporate stability in the second half of 2014 to deal with persistent economic uncertainties, a poll carried out by the lobbying group of conglomerates showed Sunday.The latest findings by the Federation of Korean Industries showed 40 percent of conglomerates, including Samsung, Hyundai Motor, SK and LG, are bracing for management-related challenges and unpredictable foreign exchange rates, with another 36.6 percent

Industry July 6, 2014

Royal Philips is the fastest riser amongst technology brands in the annual ranking of the top 50 Best Global Green Brands by Interbrand, a global brand consultancy. Advancing nine places, Philips has the second-largest increase of all brands and now holds the 14th position, up from 23rd last year, the company said in a press release. “With the launch of a revised brand vision and identity, Philips has paved the way to improve the lives of over 3 billion people a year through meaningful innovatio

Industry July 6, 2014

South Korea’s exports in the first half rose 2.6 percent on-year to $283.6 billion. Its imports moved up 2.7 percent to $263.3 billion, with the country’s trade surplus hitting $20.3 billion, the Ministry of Trade, Industry and Energy said in its monthly trade figure report. The surplus is the largest tallied for the first half, with the daily export average of $2.13 billion exceeding previous highs.It said economic revivals in the U.S. and EU fueled demand, with exports of information technolog

Industry July 1, 2014