Samsung SDI, on Wednesday vowed to become a global energy firm catering to future needs for recyclable energy marking the official takeover of the solar battery business from its sister firm, Samsung Electronics. With the $147.6 million swap, SDI said it will target annual revenues of 13 trillion won ($12.1 billion) in 2015 and up to 35 trillion won in sales by 2020. More than half of the sales, a

Chang denies advice on corrupt investment in Busan Savings BankThe snowballing lobby scandal involving Busan Savings Bank is taking a new twist as two scholarship foundations threatened to sue an asset management agency, claiming that it advised them to invest in the failing bank.The private Pohang University of Science and Technology and Samsung Dream Scholarship Foundation said they would file a

Global investment banks forecast Korea’s consumer prices to increase more than 4 percent this year, citing sustained economic growth and high oil prices, data showed Wednesday.The average of inflation projections made in May by nine foreign investment banks, including Barclays Capital, rose to 4.1 percent from the 3.9 percent predicted in the previous month, according to the data provided by the K

Korea’s trade surplus shrank sharply in May from the previous month as imports grew at a faster clip than exports due to high international energy prices, a government report showed Wednesday.The country’s trade surplus reached $2.75 billion in May, compared with a $5.14 billion surplus in April, according to the report by the Ministry of Knowledge Economy. Exports rose 23.5 percent on-year to $48

Park Se-pill (Park Hyun-koo/The Korea Herald)The fabricated cloning research by Hwang Woo-suk in 2006 remains a painful memory for Koreans, who had taken pride of their nation’s edge in a field that promised to transform medicine. No one agonized more over the fraud case than Park Se-pill, Korea’s top stem-cell researcher. Research in the area was brought to a virtual standstill as the government

LG Electronics is used to being No. 2. A powerful global electronics brand in its own right, the Seoul-based company has not made it to the highest of peaks. This seemed to be all right, however, as long it could rub shoulders with its top-tier rivals. But a raging “smart war” in the mobile industry changed all that, and LG Electronics is in bad shape in that sector. Koo Bon-joon, vice chairman an

China’s manufacturing expanded at the slowest pace in nine months in May as the government extended a campaign to cool inflation and the property market, a survey of companies indicated. The Purchasing Managers’ Index was at 52 from 52.9 in April, the China Federation of Logistics and Purchasing said in an emailed statement. The number was higher than the median forecast of 51.6 in a Bloomberg New

Dog lovers in Daegu are invited to join a new dog walking club based in the city. The Korean Animal Protection Society has been holding monthly dog walks where animal lovers can give themselves and abandoned pets some exercise. Now, KAPS is setting up a more regular volunteer event to help the dogs kept at the KAPS Daegu Dog Shelter in Daemyoung.A previous Daegu dog walk organized by the Korean An

A Korea-brewed beer is the latest among a raft of campaigns aiming to help the country’s endangered Asiatic black bears. A percentage of proceeds from the second batch of Moon Bear IPA to be released at a Seoul bar will go toward raising awareness of the plight of the bears, often called moon bears, which are farmed in Korea for their gall. The logo of Craftworks Taphouse and Bistro’s Moon Bear IP