South Korean stocks traded 0.68 percent lower late Friday morning as investors took to the sidelines ahead of a U.S. jobs data release this weekend, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.25 points to 1,948.69 as of 11:20 a.m.Large caps were mixed. Market bellwether Samsung Electronics lost 1.31 percent but auto-parts maker Hyundai Mobis gained 1.4 percent.Doosan Heavy Industries & Construction sank 6.98 percent on rumors about a rights issue.The local curr

South Korean stocks shifted to negative territory after opening higher as investors took to the sidelines ahead of the expected release of U.S. jobs data this weekend, analysts said Friday.The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.62 points, or 0.18 percent, to 1,958.32 in the first 15 minutes of trading.Market bellwether Samsung Electronics slipped 0.14 percent and top oil refiner SK Innovation fell 1.46 percent.In contrast, autos outperformed the KOSPI, with auto-parts mak

Apple Inc. failed to persuade a U.S. appeals court to review its decision that allows Samsung Electronics Co. to continue selling the Galaxy Nexus smartphone while a patent-infringement case is pending. An October decision, which said Apple needed to show that the patented search feature was a key reason consumers bought the Samsung phone, will stand, the U.S. Court of Appeals for the Federal Circuit said in an order posted yesterday on its electronic docket. Apple sought to have the earlier dec

Annual sales rise to record-high

South Korea's trade balance made a positive turnaround from a year earlier last month as the growth of its exports outpaced that of imports, the government said Friday.The country's exports surged 11.8 percent from the same period last year to US$46.08 billion in January, according to the Ministry of Knowledge Economy. Imports grew 3.9 percent on-year to $45.21 billion, leaving a $874 million trade surplus.Last month's trade surplus compares with a $2.3 billion deficit posted in the same month l

South Korea's consumer prices grew at a faster pace in January from a month earlier, but the gain remained in the 1-percentage range for the third straight month, a government report showed Friday.The country's consumer prices index rose 1.5 percent in January from a year earlier, compared with a 1.4 percent on-year gain in December, according to the report by Statistics Korea. From a month earlier, it grew 0.6 percent.The on-year figure marked the third straight month that the price growth has

Finance Ministry says risky factors drag on despite signs of economic recovery

The nation’s conglomerates are set to be prohibited from starting new restaurant businesses or merging with existing ones under a state-funded panel’s plan to add eateries to the list of trades suitable for only small- and medium-sized firms.Franchises such as Nolbu and Saemaeul Restaurant, which have up to 700 stores nationwide, will be banned from opening too close to each other as they are believed to be threatening mom-and-pop eateries.About 30 chaebol subsidiaries including Lotteria, CJ Foo

The ongoing legal battle among Samsung family members will see a new development Friday as the Seoul Central District Court is scheduled to rule on the first trial concerning the claims over the late Samsung founder’s inheritance that has grown into a multi-billion-dollar conglomerate.The main bone of contention is the claim by Lee Maeng-hee, elder brother to Samsung Electronics chairman Lee Kun-hee, to more than 4 trillion won of Lee and Samsung’s assets. The elder Lee claims that he is worth t

South Korea’s financial regulator said Thursday it will submit a bill that would allow financial firms to invest in their non-profit affiliates, a move to loosen rules following a controversy over the banning of a local bank from funding its affiliated high school. The Financial Services Commission unveiled the bill, which excludes financial firms’ non-profit entities from those banned from transferring assets within firms under the same ownership.The bill is set for a 40-day public comment peri

Hyundai Motor Group said Thursday it would step up efforts to take a bigger slice of the sales pie in Europe. The market is widely expected see a silver lining of recovery in car sales as early as 2014 after sluggish sales for more than a decade. “Carmakers have long waited to secure an earlier edge in Europe after the prolonged recession there. This year would be the year for them to specify their full-fledged efforts for next year,” said Park Hong-jae, executive vice president and chief of Hyu

South Korean stocks ended 0.13 percent lower on Thursday mainly due to losses in banks and insurers. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 2.49 points to 1,961.94. Trading volume was moderate at 394.3 million shares worth 4.4 trillion won ($4 billion), with decliners outnumbering gainers 445 to 370.“Basically, we didn’t have much good news from abroad. There were concerns over U.S. growth as well as the Italian stock market’s sharp f

The number of licensed money lenders in South Korea has halved in the last five years, largely due to worsening business conditions, industry data showed Thursday. The number of money lenders registered with municipalities reached 9,170 as of last Friday, down 49.6 percent from 18,500 tallied in 2007, according to the data by the Consumer Loan Finance Association. The sharp decline came as local money lenders have been facing difficulties in running their businesses as the financial authorities