South Korea’s communications watchdog said Thursday it will seek criminal charges against local mobile carriers for violating the new handset subsidy payment law that caused problems for buyers of Apple’s new iPhone 6. The Korea Communications Commission said after a meeting that it is also considering referring the executives of the three mobile carriers to the prosecution to hold them responsible for the illegal subsidies. The move comes weeks after the KCC warned in early November that there

Vehicle output in South Korea is expected to rise slightly to 4.51 million units in 2015 from this year, thanks to growing demand, a report by a state-run industrial think tank showed Thursday.According to the Korea Institute for Industrial Economics and Trade, next year’s numbers represent a 0.5 percent gain from the 4.49 million cars that are expected to be produced in the country this year.Domestic sales of automobiles should increase 1.7 percent on-year to a little over 1.66 million units ne

South Korea posted a current account surplus for the 32nd straight month in October on a rise in exports and a fall in dividend payments overseas, data showed Thursday.The current account surplus reached $9.01 billion last month, compared with a revised $7.41 billion in September, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.With the October data, the country’s accumulated current account surplus during the January-Octo

Korea’s investment advisory companies saw their earnings soar 173 percent in the first half of fiscal 2014 from a year earlier due to a rise in returns from equity investments, the financial watchdog said Thursday.The combined net profit of 166 local and foreign investment advisers reached 51.6 billion won ($46.5 million) between April and September, compared with 18.9 billion won in the same period last year, according to the Financial Supervisory Service.The firms close their books on March 31

Kang Hak-dongThe number of smart devices in your home, on your body and around your office is increasing every day. By 2020, there could be as many as 30 billion devices hooked up to the so-called Internet of Things, or IoT.Presumably, this massive network of gadgets, household appliances and even jewelry, will know a lot about your life. A wristband for your smartphone, for example, might take your vital statistics, which would be transmitted to your doctor in nearly real-time. If your blood pr

The Coex Mall, Asia’s largest underground shopping center, reopens today in the affluent Samseong-dong neighborhood of Seoul after a full-scale renovation. “The new Coex Mall was renovated to be transformed into a multi-purpose venue where shopping, business and culture come together,’’ said Coex Mall CEO Park Young-bae at a press conference at Grand InterContinental Seoul Parnas. “To set the new mall apart from others, it was designed to hold more cultural elements so that, ultimately, it can r

One-third of South Korea’s fisheries imports up to September this year were from China, a study said Sunday, adding the figure is expected to further increase when a bilateral trade deal takes effect.The tally by the Korea Maritime Institute showed Korea imported some 959,000 tons of fisheries products in the January-September period, of which 31.6 percent came from China.In terms of value, imports from China amounted to $3.11 billion. This marks a 19.3 percent increase in volume and 18.4 percen

Samsung Electronics’ global presence in mobile phones and high-end TVs declined in the third quarter while its market share in DRAMs and displays rose, industry data showed Sunday.Analysis of quarterly reports released by the tech company showed Samsung’s market share in the IT mobile sector dipping 1 percentage point to 23.9 percent in the July-September period compared to the first half of this year.The numbers based on findings by Strategy Analytics, a global research and consulting firm, als

South Korea’s automobile market will grow 2 percent on-year to record-high sales of 1.65 million units in 2015, a report by the Korea Automotive Research Institute showed Sunday.The research arm of Hyundai Motor Group said next year’s car sales will surpass the 1.64 million cars sold in 1996, the boom year for the country’s car industry.KARI said next year’s increase will stem from the growing number of older cars on the road that need to be replaced, a rise in demand for SUVs and new vehicles h

South Korean banks saw their combined net profit from overseas operations jump 32.1 percent in the first six months of the year from a year earlier due mainly to a drop in bad debt expenses and a rise in interest income, the financial watchdog said Sunday.Earnings by 156 overseas units and branches of local lenders stood at $373.4 million in the January-June period, compared with $282.7 million the previous year, according to the Financial Supervisory Service.The overseas income accounted for 10

South Korean stocks are predicted to pull off modest gains this week as the global economy, led by the United States, may grow steadily at least until early 2015, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,964.84 last Friday, up 1.01 percent, or 19.7 points, from a week earlier.The increase came as data emerging from the world’s largest economy showed signs of improvement in key areas such as real estate, manufacturing and the job market.Predictions of m

Improving performance has been the top priority for organizations all over the world, and solutions vary accordingly. “Workplace design has emerged as an important factor affecting the performance of an organization in the era of knowledge-based and technology-driven economy,’’ K. Chung, managing director of Gensler Korea, told The Korea Herald in a recent interview.U.S.-based Gensler, the world’s largest design and architecture firm, has had a consistent interest in using the power of design to

YEONGJONGDO, Incheon ― Paradise Sega Sammy broke ground Thursday for its $1.1 billion Paradise City construction project to build an integrated resort and casino complex in Yeongjongdo Island, Incheon, by July 2017. The company, established in 2012, is a joint venture between South Korean casino operator Paradise Group and Japanese entertainment firm Sega Sammy. Paradise has a 55 percent stake in the firm, while the Japanese partner holds the remaining stake. “Above all, the resort complex boast

Samsung Heavy Industries, the shipbuilding unit of Samsung Group, said Wednesday that it has scrapped a deal for merging with affiliated plant builder Samsung Engineering due to higher-than-expected share buyback costs. “We have decided to respect the opinion from the market and shareholders,“ Samsung Heavy said in a statement. “The company will reconsider a possible merger with Samsung Engineering, keeping tabs on the market situation and shareholders’ opinions.” The deal, said to be a part of

LS Cable & System, the nation’s largest power transmission cable-maker, said Wednesday that it has started the verification test of its superconducting direct current cable in the smart grid demonstration site, run by Korea Electric Power Corp. on Jejudo Island.The move came after it had completed the installation of an 80 kilovolt- superconducting DC cable in the grid within the KEPCO site last month. LS Cable & System CEO Koo Ja-eun“The company launched the pilot project for the superconductin

Pedestrians walk past the K11 Art Mall in Shanghai operated by New World Development, an affiliate of Chow Tai Fook owned by Cheng Yu-tung. (Bloomberg)Cheng Yu-tung, 89, who is the fifth-richest man in Hong Kong with a net worth of $15.5 billion as of this January, made headlines here when he turned his attention to Yeongjongdo Island, located in the Incheon Free Economic Zone, with the aim of developing a casino-based integrated complex.According to IFEZ, Cheng’s Chow Tai Fook Enterprises signe

The hydrogen tank cover on a Hyundai Tucson fuel cell vehicle is seen at the 2013 LA Auto Show. (Bloomberg)Hyundai Motor Group has pledged to bolster its green car business with a midterm goal of becoming one of the world’s top two carmakers in this segment by 2020. “Under the midterm roadmap for the green car business, the group will achieve a full lineup of eco-friendly vehicles and increase the number of green car models to 22 from the current seven by 2020,” the carmaker said in a press rele

SK Engineering & Construction, a leading South Korean builder, said Wednesday it has started work on constructing a $1.2 billion thermal power plant in Chile.The project near the Mejillones region, 1,200 kilometers north of Santiago, includes building two 375 megawatt coal-fired generators. The power plant, once it goes online in December 2018, will be the largest of its kind in the South American country. The plant will provide electricity to nearby mines and to a local electric power company f

AKA phone lineup. (LGE)LG Electronics unveiled Tuesday a new handset that comes with unique casings showing facial expressions as part of a push to woo younger consumers. The AKA phone, named after the acronym for “also known as,” is now available for purchase through three local mobile carriers: SK Telecom, KT and LG Uplus, the company said in a statement. The 5-inch handset comes with four different casings, each of which has its own character, name and color: affectionate Eggy in yellow, shor

Hyundai Motor, South Korea’s top automaker, said Tuesday it would buy back 450 billion won ($413.6 million) worth of shares in the next three months to prop up its stock price, after hitting lows not seen in years due to a grim outlook and a pricey land deal. In a regulatory filing, the automaker said it would buy common shares worth 366.8 billion won and preferred shares worth 82.3 billion won to “increase shareholder value.”Kia Motors, Hyundai’s affiliate, also announced it would repurchase sh