LG Display, the world’s top liquid crystal display maker, said that it would invest more in installing production lines for organic light-emitting diode panels. At a meeting with reporters on Monday at the firm’s industrial complex in Paju, Gyeonggi Province, LG Display CEO Han Sang-beom said the firm would reinforce its OLED business by completing OLED production lines in the complex by late next year. “In the long run, LG Display will put more priority on the OLED business than the LCD busines

Governors and mayors oppose tax reduction amid concerns over revenue shortfall

Financial regulators have decided to spin off the consumer protection board from the Financial Supervisory Service, officials said Tuesday.The Financial Services Commission, whose executive arm is the FSS, announced that an independent consumer protection entity could be set up during the second quarter of next year.Concerning uncertainty over policy efficacy following a separation, FSC Chairman Shin Je-yoon told The Korea Herald that “the policy reflects the strong determination of President Pa

Citibank Korea, SC Bank Korea slash interim dividend payouts

South Korea’s terms of trade improved to a 26-month high in June as import costs fell at a sharper pace than export prices amid the global economic slowdown, the central bank said Tuesday.The country’s net terms-of-trade index for goods ― a gauge of trade terms ― came in at 90.5 in June, up 5.4 percent from a year earlier, according to the Bank of Korea.The on-year growth in the trade terms in June slowed from a 6.1 percent on-year gain tallied in May, but the June reading marked the highest sin

South Korea’s plastic card spending maintained a stagnant growth in June as card holders continued to hold back their purchasing amid the economic slowdown, a trade association said Tuesday.Purchases made with plastic cards totaled 44.5 trillion won ($39.7 billion) last month, up 4.1 percent from 42.7 trillion won tallied a year earlier, according to the data by the Credit Finance Association.The country’s card spending growth sank to an all-time low in February, growing 3.4 percent on-year. It

POSCO ICT Co., a unit of South Korea’s leading steelmaker POSCO, said Tuesday that it has secured a 100 billion won ($89.5 million) deal to provide IT services for a planned railroad project in Vietnam.According to the company, it will provide engineering and information technology services for a 20.2 kilometer-long railroad linking Ben Thanh, a downtown area of Ho Chi Minh City, to Long Binh in District 9.The railroad is scheduled to start operations in 2019, according to POSCO ICT.POSCO ICT is

BMW will sell its battery powered i3 electric car starting at 34,950 euros ($45,900) when it goes on sale in Germany in November, the carmaker said Tuesday. The four-seater hatchback will be revealed at unveiling events in London, New York and Beijing on July 29, the company said. Its Korean launch is scheduled for May next year.The i3 is built on an entirely unique platform, a combination of aluminum and carbon fiber reinforced plastic produced at a plant in Washington to achieve a lighter weig

Samsung Electronics Co. will host its first global developers’ conference later this year, showcasing its hardware and software in products including mobile phones and Web-connected televisions.The three-day event will take place in San Francisco starting Oct. 27, according to a teaser posted on a Samsung Web page. The site invites developers to “create what’s next” by signing up.The event is intended to further distinguish Samsung from Apple Inc., its biggest competitor in the market for smartp