Hanwha Group said it will turn its coffee business Beans & Berries into a social enterprise starting next year, meaning its entire profit will be spent on the socially vulnerable.Beans & Berries, a brand developed by Hanwha Galleria in 2006, will be separated from the conglomerate in the second half of this year and seek government accreditation as a social enterprise next year, Hanwha Group said in a press release.Hanwha Galleria directly runs 36 Beans & Berries stores mostly in Galleria depart

GS Caltex is aiming to commercialize biobutanol as a renewable fuel for cars that could be used as a substitute for gasoline later this year, market insiders in the oil refinery industry said Wednesday.The company has reportedly set the launch for the fourth quarter of 2013. It is operating a factory which has the capacity to produce biobutanol from sugar or wood under a joint research project with the Korea Advanced Institute of Science and Technology.The launch of the factory’s commercial oper

Research finds almost one-fourth of attacks done by ‘malicious insiders’

Apple Inc. asked to proceed with a new trial on 14 Samsung Electronics Co. products for which a U.S. judge overturned a jury patent-infringement award rather than letting Samsung appeal her decision upholding damages for 14 other products covered by the jury’s verdict. Apple, in a reply to Samsung’s request to seek an appeal and put the case on hold, said the Suwon, South Korea- based company’s proposal would “likely lead to a remand without a substantive decision” from an appeals court.U.S. Dis

South Korean stocks closed 0.49 percent higher Wednesday on the back of the government's envisioned measures to boost its economy, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) advanced 9.74 points to 1993.44. Trading volume was moderate at 339 million shares worth 3.76 trillion won (US$3.39 billion), with decliners outnumbering gainers 406 to 296."The stock market gathered ground as investors' sentiment got a boost from th

South Korean stocks traded 0.42 percent higher late Wednesday morning, led by gains in autos and builders, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 8.24 points to 1,991.94 as of 11:20 a.m.Carmakers drove up the market gain, with No. 1 industry player Hyundai Motor adding 1.59 percent and its smaller affiliate Kia Motors advancing 1.8 percent. Top auto parts maker Hyundai Mobis climbed 1.31 percent.Construction firms also gathered ground, with Hyundai Engineerin

South Korean stocks opened higher Wednesday following an overnight Wall Street rally fueled by growing anticipation of an economic recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) advanced 2.95 points, or 0.15 percent, to 1986.65 in the first 15 minutes of trading.Shares gained ground across the board, with chip giant SK hynix rising 0.17 percent and No. 1 carmaker Hyundai Motor adding 1.36 percent. Top steelmaker POSCO advanced 0.15 percent.U.S. stocks ended highe

The ratio of South Korea's total debt to its economic output rose to a record high in 2012 as debt grew at a faster pace despite the slowing economy, central bank data showed Wednesday.The combined debt of households, companies and the government reached 3,607.3 trillion won (US$3.26 trillion) as of the end of 2012, according to the data by the Bank of Korea.The ratio of such debt against Korea's 2012 nominal gross domestic product (GDP) reached a record 283 percent last year, up from 278 percen