A bipartisan group of congressmen in the United States has sent letters to the Washington-based International Trade Commission, stressing the need for careful consideration in rulings about “standard-essential patents.” News reports said the letter might be interpreted as supporting Apple ahead of the ITC ruling on Samsung Electronics’ claims against the U.S. tech firm’s infringement of its patents.According to Foss Patents, a blog covering software patent news, a letter from the leaders of the

Financial Services Commission chairman Shin Je-yoon on Friday told the country’s financial group heads on Friday that the government would try to develop the financial industry by boosting sales of value-added products.Outlining a 10-year project, Shin said the country aimed to increase the relative weight of the financial industry to 10 percent of the country’s overall economic output.The participants in the meeting included Financial Supervisory Service head Choi Soo-hyun, KB Financial Group c

CJ Foodville Corp., Korea’s largest restaurant franchise, is undergoing a tax investigation, according to a news report.Yonhap News quoted an unnamed industry source as saying that the National Tax Service started the intense probe a month ago. But company officials reportedly claimed the probe was part of a regular audit by the NTS. The tax investigation came at a time when its parent CJ Group is under investigation from the prosecution on charges of creating slush funds and other wrongdoings.B

Major economies show signs of cutting back monetary easing

South Korean stocks edged up 0.22 percent Friday as exporters gathered ground on eased concerns over the weak Japanese yen, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 4.26 points to finish at 1,973.45. Trading volume was low at 278.3 million shares worth 3.67 trillion won ($3.25 billion) with gainers outstripping losers 420 to 383.Market watchers said the overall gain came as blue chip exporters gathered ground

The government plans to launch a commission next month to look into a highly controversial public project to refurbish the country's four major rivers, officials said Friday.As a trademark of the previous Lee Myung-bak administration, the mega project costing 22 trillion won ($19.5 billion) is aimed at helping prevent floods and promote tourism along the country's four major rivers - the Han, Nakdong, Kum and Yeongsan. But it has long drawn criticism from civic activists and the opposition party

South Korean stocks traded 0.15 percent higher late Friday morning on gains in autos and constructions, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.05 points to 1,972.24 as of 11:20 a.m.Carmakers continued to trade higher on eased concerns over the weak yen, with Hyundai Motor rising 0.99 percent and Kia Motors adding 1.22 percent. Top auto parts maker Hyundai Mobis gained 1.61 percent.Builders also gathered ground, with Hyundai Engineering & Construction add

The chairman of Lotte Group was fined for not attending parliamentary audits over the company's alleged infringement on the business rights of small retailers. Shin Dong-bin was sentenced to pay 10 million won ($8,870) in fines for refusing to comply with the government's call to appear at the hearings and audits of the National Assembly between October and November of last year, citing different reasons such as overseas business trips.The audits were held as part of the government's drive to pr

Samsung Electronics Co., the world's top maker of smartphones, is expected to reap a solid operating profit in the second quarter on robust sales of its Galaxy S4 line-up, analysts said Friday.According to NH Nonghyup Securities Co., the tech giant is anticipated to see its operating profit reach 11.7 trillion won ($10.4 billion) in the April-June period, up 74.6 percent from 6.7 trillion won tallied last year.The strong earnings outlook came as the global sales of its Galaxy S4 smartphones have

South Korea on Friday began operating its first carbon capture facility at a thermal power plant that is designed to cut greenhouse gas emissions by over 90 percent.The carbon capture and storage (CCS) unit at the Boryeong Thermal Power Plant Complex on the country's west coast is currently attached to a 10-megawatt station to test its effectiveness, according to the Ministry of Trade, Industry and Energy.The CCS facility is expected to capture about 80,000 tons, or over 90 percent, of carbon di

South Korean stocks opened higher Friday due mainly to gains in technology firms and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.37 points, or 0.48 percent, to 1,978.56 in the first 15 minutes of trading.Tech blue chips drove up the market, with Samsung Electronics advancing 0.4 percent and top chipmaker SK hynix moving up 0.64 percent. Flat panel maker LG Display added 0.34 percent.Carmakers also gathered ground, with No. 1 Hyundai Motor rising 2.22

The government has submitted ratification bills for parliament to approve information sharing deals with two tax haven countries to intensify its crackdown on offshore tax evasion, government sources said Friday.The government recently submitted the bills for a National Assembly session scheduled for next month to ratify the deals it signed with the Bahamas and Vanuatu, according to the sources.Under the deals, the government will be able to request from them such information as business registr

LEIPZIG, Germany ― Korea again posted the highest fatality rate of pedestrians among the 29 OECD member nations last year, a recent report found Wednesday.The figures came amid growing attention for walking as an alternative transportation for cars and other motorized vehicles at the 2013 International Transport Forum that kicked off Wednesday in Leipzig, Germany. In the OECD report entitled “Pedestrian Safety, Urban Space and Health,” pedestrian fatalities made up 37 percent of all road deaths