The growth of household loans extended by South Korean financial firms accelerated in February from the previous month on the back of gains in home-backed lending, the central bank said Friday.Household lending handled by local banks and non-bank institutions totaled an outstanding 599.2 trillion won ($551.3 billion) as of the end of February, up 3.2 trillion won from the previous month, according

Xperia Arc, the newest model in Sony Ericsson’s smartphone lineup, on Friday hit nationwide SK Telecom stores at a retail price of 803,000 won ($737).Prices will vary depending on the type of call plan customers decide on, Sony Ericsson representatives said.The latest in the Xperia series was priced slightly cheaper than other smartphones released here, such as Samsung’s Galaxy S and Apple’s iPhon

South Korea’s top two Internet companies asked the country’s antitrust watchdog Friday to investigate Google Inc.’s alleged practice of stifling competition in the country’s mobile search market.NHN Corp., the operator of Naver, South Korea’s most-visited Web search engine and Daum Communications Corp., the Web search runner-up, separately filed complaints against Google with the Fair Trade Commis

Nation’s smaller portal operators to offer combined servicesOperators of the nation’s smaller two portals Daum and Nate on Thursday signed a strategic pact to offer a seamless combination of their services.“We have decided on this strategic partnership to provide the best available services to our customers,” said Joo Hyung-chul, the chief executive of SK Communications, the operator of Nate. But

Hyundai Group Chairwoman Hyun Jeong-eun has been named honorary counselor for Brazil, the company said Thursday.As a civilian counselor, Hyun said she hopes to play a critical role in facilitating exchange between the two nations during the appointment ceremony at Brazilian Counselor Edmundo Sussumu Fujita’s home in Seoul. Hyun Jeong-eun“We are seeing a surge in all sectors of trade and exchange w

Regulator under fire for not consulting industry playersThe government’s latest hints that it might try to offer text messaging for free were met with fierce protests from local telecom operators, according to industry watchers. KT Corp., SK Telecom and LG Uplus all appeared to be upset by recent remarks from Choi See-joong, chairman of the Korea Communications Commission, who told lawmakers Wedne

 

Korea’s SNS pioneer plans to regain lost glory with mobile apps, acornsCyworld, in many ways a Korean pioneer in social networking services, is back with a vengeance this year on the back of robust “acorn” sales and closer collaboration with up-and-coming technology. Acorn ― “dotori” in Korean ― is the unit of virtual money that Cyworld users spend on all sorts of items for decorating and personal

The success of “Sex and Zen” is most likely to mark a watershed moment in the 3-D industry as the fate of adult movies seems to be hinging on the movie’s performance.“It’s a matter of time, but we are in dire need of some concrete evidence to accept that 3-D adult entertainment will take off in earnest,” said Han Dong-hoon, a spokesperson for N’tree Media, an adult-image content provider. “Sex and

In Korea, it takes more than a decade for the average salaried worker to buy his or her own house, as numerous surveys have shown over the years. But now it looks like renting homes has become equally trying, according to data released by a local property-information portal on Friday. Real Estate Bank said “jeonse” costs are surging as more people opt to rent homes instead of buying them, not to m

Government twists refiners’ arms but under fire for failing to share responsibilityThe heat is increasingly being turned on the government for failing to curb the soaring gas prices, especially as critics are pounding Seoul for failing to address a more direct cause of the price increase ― the high taxes slapped onto gas. Instead, the government has turned to twisting the arms of local refiners to

Rumors fly over Shinsegae heir marriage plansBy Kim Ji-hyunChung Yong-jin, 42, vice chairman of Shinsegae Group, may be ready to tie the knot -- again -- this time with flutist Han Ji-hee, according to inside sources.Sources said that Han, 30, and Chung are making preparations for a wedding ceremony next month. Chung’s fiancee teaches at Sungshin Women’s University and has studied in Austria, Fran

Another student at the Korea Advanced Institute of Science and Technology, one of the nation’s most distinguished academic institutions, committed suicide, the police said on Thursday. The student identified by his surname Park was the fourth at the school to take his own life this year. The police said the 18-year-old was found by a passer-by in front of an apartment building in Incheon at around

Another South Korean has been confirmed dead in the aftermath of Japan's devastating earthquake and tsunami, Seoul's foreign ministry said Thursday, bringing South Korea's death toll to five.   The ministry identified the victim as a 67-year-old surnamed Bae. No further personal details were given.  The quake struck Japan on March 11, unleashing a gigantic tsunami that swept ships, cars and homes

North Korea's parliament ended a closely monitored session Thursday without promoting ailing leader Kim Jong-il's heir-apparent son to another top post.   There had been speculation that the 69-year-old leader could appoint his third son, Kim Jong-un, as a member of the powerful National Defense Commission in Thursday's session to bolster another hereditary power succession.   The session was the

The first quarter operating profit of Samsung Electronics, the world’s largest maker of TVs and flat-screen monitors, stood at 2.9 trillion won ($2.66 billion) to mark its smallest quarterly revenue in seven quarters after falling 34 percent from a year earlier, the company said on Thursday.Sales were at 37 trillion won, up 6.8 percent year-on-year, according to Samsung during an earnings guidance

CEO says company will seek to supply electric-car batteries to Japanese firmsOCHANG, North Chungcheong Province ― LG Chem, the nation’s largest chemical company, sees South Korea having a global edge as a supplier of lithium batteries for electric vehicles, including in markets such as Japan. Renewing the firm’s pledge to join hands with international carmakers to lead the world’s battery industry

The National Tax Service has launched an inspection into Hotel Shilla, led by Samsung Electronics chairman Lee Kun-hee’s eldest daughter Lee Boo-jin, officials said Tuesday.The first tax inquiry into the company since 2006 is expected to focus on recent business developments, including its successful negotiations with Louis Vuitton to open a store for the French designer brand in Incheon Internati

Ho-Am Foundation on Tuesday awarded the Ho-Am Prize to four individuals and one institution to recognize their contribution to improving human lives and promoting public welfare.This year’s prizes went to Professor Ha Taek-jip of the University of Illinois for science, Professor Thomas Lee of Standford University for engineering, Professor Augustine Choi of Harvard Medical School for medicine, vio

South Korea’s consumer prices rose by the fastest pace in 29 months, fanning the growing fears of an inflation rate that could put a damper on the nation’s economic growth. Statistics Korea said on Friday that the country’s consumer price index surged 4.7 percent last month from a year earlier, marking the fastest on-year increase since the 4.8 percent recorded in October 2008. From February, cons