Korea’s antitrust watchdog appears likely to fine the country’s largest automaker Hyundai Motor Co. and local units of four foreign carmakers a combined 100 billion won ($89 million) for allegedly colluding to fix prices, an industry official said Wednesday.The move comes as the Fair Trade Commission has confirmed after a two-year probe that Hyundai, Volvo Truck Korea, Scania Korea, MAN Truck & Bus Korea and IVECO Korea conspired to fix prices of their trucks, the official spoke on the condition

Chinese panel maker BOE Technology Group Co. emerged as the world’s No. 1 player in the smaller LCD market in the first quarter on the back of strong demand for cheaper panels, data showed Wednesday.China’s biggest panel maker shipped 56.35 million liquid crystal display panels that are 9.1 inches or smaller in the January-March period, according to the data compiled by research firm DisplaySearch.The first-quarter figure is up 98 percent from a year earlier, the data showed.It marks the first t

The number of South Korean venture firms with annual sales exceeding 100 billion won ($89 million) jumped 9.2 percent in 2012 from a year earlier, data showed Tuesday.The data compiled by the Small and Medium Business Administration and the Korea Venture Business Association showed that 416 out of 63,314 venture firms saw their annual sales surpass 100 billion won in 2012, compared with 381 companies in 2011.The figure represents a 433 percent increase from 2005 when sales of only 78 venture fir

The Bluetooth Special Interest Group, a nonprofit private association responsible for overseeing and licensing Bluetooth technologies, announced Wednesday that it has appointed LG Electronics’ chief research engineer Lee Min-soo to the group’s board.The Bluetooth SIG board of directors is comprised of 11 members from a diverse group of industry-leading companies such as Apple, Intel, Microsoft, Toshiba and Nokia.According to the organization, the appointment of Lee is expected to bolster the exp

South Korean stocks spiked 1.13 percent Wednesday as investors' sentiment was heightened by upbeat economic data from China, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 21.13 points to close at 1,887.49. Trading volume was moderate at 378.4 million shares worth 3.97 trillion won ($3.54 billion) with gainers outpacing losers 498 to 296.Analysts said the rise came as foreign direct investment to China rose 20.12 perc

The financial regulator said Wednesday it has found that NongHyup Bank extended loans to its largest shareholder at excessively lower interest rates as a favor. The Financial Supervisory Service (FSS) discovered through an inspection into the bank that it extended a loan worth 6.35 trillion won (US$5.67 billion) to National Agricultural Cooperative Federation, or NongHyup, in March last year. NongHyup Bank also took the liberty of lowering the interest rate for its controlling stakeholder, the F

South Korean stocks traded higher late Wednesday morning on gains in carmakers and insurers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.84 points to 1,876.20 as of 11:20 a.m.Automakers led the market gain, with Hyundai Motor adding 1.17 percent and its affiliate Kia Motors climbing 1.02 percent. Top auto parts maker Hyundai Mobis gained 1.38 percent.Insurance companies also traded higher, with Samsung Fire & Marine Insurance rising 1.42 percent and Hanwha Life

South Korean stocks opened lower Wednesday as investors continued to take a wait-and-see approach on the United States' stimulus moves down the road, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.83 points, or 0.15 percent, to 1,863.53 in the first 15 minutes of trading.Tech shares traded lower, with handset maker LG Electronics falling 0.7 percent and top flat panel maker LG Display losing 0.18 percent. Samsung SDI, the world's top maker of plasma display panels,

South Korea's producer prices declined for the ninth consecutive month in June, largely due to a drop in prices of agricultural and fishery products, the central bank said Wednesday.The producer price index, a barometer of future consumer inflation, edged down 1.4 percent in June from a year earlier, after dipping 2.6 percent on-year in May, according to the Bank of Korea (BOK).On a yearly basis, the producer prices fell for the ninth straight month last month. In April, the index fell at the fa

Watchdog targets 184 people in largest-ever investigation of its type

Deutsche Schule Seoul International, the only German school in Seoul, will soon have to find a new location as it is filled to the brim, especially the kindergarten which now has up to 30 students per class. There is expected to be a waiting list when children of Siemens staff, set to arrive with the opening of the new headquarters, joins the crowd later this year. “Space is becoming a really a serious issue,” said Thomas Snay, the chief financial officer of Merck who volunteers on the board at