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Battle for 2014 World Cup

SoccerNov 10, 2011

Korea could qualify after two away games in Middle East South Korea’s qualification for the 2014 World Cup faces a crucial few days, with away matches against the United Arab Emirates on Friday and Lebanon on Tuesday. Korea, which aims to qualify for its eighth consecutive appearance in the World Cup, is grouped with Kuwait, Lebanon and the UAE in the third round of Asian qualifying. There are...
Private lending market faces major overhaul

Nov 10, 2011

Regulator moves to punish lenders for breaching rules on interest rates A major disruption is expected to hit the private lending market dominated by Japanese firms as Korea’s financial regulators threaten to suspend leading players for violating rules. Amid growing public outcry over the high interest rates charged by private lenders, the initial salvo came on Nov. 6 from the Financial Supervi...
Producer price growth sinks to 10-month low

Nov 10, 2011

South Korea’s producer prices grew at the slowest clip in 10 months in October as crude oil prices posted more modest gains, which helped offset the local currency’s depreciation to the dollar, the central bank said Thursday. The producer price index, a barometer of future consumer inflation, rose 5.6 percent in October from a year earlier, down slightly from a 5.7 percent on-year gain in Septem...
Gold prices near 7-week high amid Italian woes

Nov 10, 2011

Gold prices on both the international and South Korean markets are expected to continue rising as renewed worries on the eurozone, sparked by Italy’s financial woes, prompt investors to scurry for safer assets, data showed Thursday. On Tuesday, the contract for December delivery hit $1,799.2 per troy ounce on the Comex division of the New York Mercantile Exchange, hitting a near seven-week high....
Earnings

IndustryNov 10, 2011

NCsoft’s Q3 net dives 29% on weak overseas sales NCsoft Corp., a leading online game developer in South Korea, said Thursday its third-quarter income plunged 29 percent from a year earlier on lower revenues from overseas markets. Net profit reached 27.88 billion won ($24.92 million) in the July-September period, compared with 39.5 billion won on year ago, the company said in a regulatory filing...
Hyundai rush on U.S. demand boosts airline

IndustryNov 10, 2011

Hyundai Motor Co.’s race to meet U.S. demand for Elantra and Sonata cars is helping South Korean air-cargo carriers withstand a global freight slump. Korean Air Lines Co., the nation’s biggest carrier, boosted U.S. auto-part shipments 16 percent in the first 10 months as Seoul-based Hyundai and affiliate Kia Motors Corp. ramped up U.S. production because of surging sales. Second-ranked Asiana Ai...
Money supply growth quickens in September

Nov 10, 2011

The growth of South Korea’s money supply picked up in September from the previous month as bank lending to companies expanded and the current account surplus widened, the central bank said Thursday. The country’s M2, a narrow measure of the money supply, reached 1,729.5 trillion won ($1.52 trillion) in September, up 4.2 percent from a year earlier, according to the Bank of Korea. The M2 in Sept...
Nation’s first renewable energy compound completed in Busan

Nov 10, 2011

The country’s first compound for testing and producing parts and technologies for renewable energy sources was completed on Thursday. Work on the complex in Buan County, North Jeolla Province, began in 2004, and cost 100 billion won ($88 million), the Ministry of Knowledge Economy said. The compound is divided into a research and testing complex, industrial complex and a complex for experiencin...
Samsung donates ‘smart classroom’

IndustryNov 10, 2011

Samsung Electronics has established a “smart classroom” and donated it to Nohwa Elementary School on Wando in South Jeolla Province, the company said Thursday. The smart classroom offers an electronic board and dozens of Galaxy Tab 10.1, a tablet PC manufactured by Samsung. The establishment of a smart classroom is part of Samsung’s efforts to boost the learning environment for children living ...
NEXON to join venture with China game firm

IndustryNov 10, 2011

BUSAN ― NEXON announced Thursday that it will set up a joint venture in Korea with Chinese online game developer Perfect World Co. NGL, an abbreviation of Next Game Life, will be headed by NEXON’s Cho Sung-won and will be given priority when choosing among a pool of the Chinese developer’s games to service, Cho said at a press conference held on the sidelines of G-Star 2011. “NGL will be in cha...
In Myeong-dong, mobile phones replace credit cards

IndustryNov 10, 2011

Telecom operators, credit cards, KCC team up to provide mobile payment system The nation’s busiest shopping street in Myeong-dong has been designated as a trial zone for near field communication-based mobile payments from Thursday for three months. It is unprecedented in the world, said the Korea Communication Commission’s Choi See-joong during the launching event held at the popular tourist sp...
Korea braces for winter power shortage

IndustryNov 10, 2011

The government on Thursday mapped out a set of measures to ensure stable electricity supply for this winter including mandatory usage cuts for large firms and maximum temperature limits for commercial buildings. The package is aimed at coping with demand spikes during the winter months and averting the recurrence of nationwide blackouts that battered Korea in mid-September amid an unseasonable h...
Hyundai, Kia U.S. car sales to top 1m mark this year

TransportNov 10, 2011

U.S. sales of vehicles made by Hyundai Motor Co. and its affiliate Kia Motors Corp. are expected to surpass the 1 million mark for the first time this year, fueled by a surge in consumer demand, the carmakers said Thursday. The two companies, part of the world’s fifth-largest automaker Hyundai Motor Group, said their combined sales in the U.S. market jumped 26 percent on-year to 950,411 units in...
Savings banks seek state funds

Nov 10, 2011

Several banks hope to tap Financial Market Stabilization Fund A number of savings banks are seeking state help in securing additional capital, sources said Thursday. “Some of the savings banks have shown interest in receiving support through the Financial Market Stabilization Fund,” an unnamed official with the Financial Services Commission was quoted as saying by a local news agency. Accordin...
G-Star launches with an array of mobile games

IndustryNov 10, 2011

BUSAN ― As the country’s largest game trade show G-Star launched on Thursday, it showcased games designed exclusively for smartphones, the most attention-grabbing trend for this year. Mobile game firm Com2us, which set up its booths at G-Star for the first time, featured up to 15 new mobile games, including “Tiny Farm,” “Escape the Ape,” “Puzzle Family” and “MiniGame Paradise.” “The competitive...