South Korean cookware maker Lock & Lock Co. said Friday that its glass container sales in China are estimated to have grown about 60 percent last year on its efforts to tap deeper into the world’s most populous country.Lock & Lock’s glass container business is estimated to have logged 70 billion won ($65.8 million) in sales in China in 2012, up nearly 63 percent on-year from 43 billion won in 2011, company officials said.With China’s disposable income rising and Chinese people’s eating habits be

Fourth-quarter earnings of South Korea’s major listed companies are expected to hover below earlier forecasts due to a protracted global economic slump, data showed Friday.The combined operating profit of 116 listed firms is estimated at 26.5 trillion won ($24.9 billion) for the October-December period, according to the data based on predictions made by local brokerage houses and compiled by local financial information provider FnGuide.The estimate is down 1.13 percent from the 26.8 trillion won

Italian luxury brand Gucci has decided to raise the prices of some of its main products, to the ire of designer brand lovers here. The price for the popular Soho tote bags and other leather goods will be increased by up to 11 percent, starting from Jan. 14, Gucci Korea officials were quoted as saying Friday.The price hike, the first since April 2011, was decided by the company’s head office in Florence, Italy, and will be applied to all Gucci stores around the world. Once the change is made, the

LG Display agreed to pay damages ordered by the Chinese government for fixing the price of its panels, while Samsung Display said it would need more time to look into the issue.On Friday, the world’s two top makers of liquid-crystal display panels ― Samsung and LG Display ― were ordered to pay $35 million in damages by China’s National Development and Reform Commission for price-rigging its panels.The commission said it fined Samsung 101 million yuan ($16.2 million) and LG 118 million yuan, for

LG Display agreed to pay damages ordered by the Chinese government for fixing the price of its panels, while Samsung Display said it would need more time to look into the issue.On Friday, the world’s two top makers of liquid-crystal display panels ― Samsung and LG Display ― were ordered to pay $35 million in damages by China’s National Development and Reform Commission for price-rigging its panels.The commission said it fined Samsung 101 million yuan ($16.2 million) and LG 118 million yuan, for

South Korean stocks started lower Friday following overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.73 points, or 0.23 percent, to 2,014.68 in the first 15 minutes of trading.Market bellwether Samsung Electronics slid 1.04 percent and LG Electronics, South Korea's second-largest home appliances maker, dipped 0.13 percent.Carmakers were also sluggish, with industry leader Hyundai Motor retreating 0.97 percent and its smaller affiliate K

South Korea's foreign exchange reserves reached a new record high in December on the back of an increase in investment profits and higher conversion value of non-dollar assets, the central bank said Friday.The country's foreign reserves reached $326.97 billion in December, up $880 million from the previous month, according to the Bank of Korea (BOK).Foreign reserves consist of securities and deposits denominated in overseas currencies, along with International Monetary Fund reserve positions, sp

South Korea's antitrust watchdog said Friday that it has taken 11 companies off the list that limits mutual investments and loan guarantees.The Fair Trade Commission (FTC) said the number of corporate affiliates on the list stood at 1,791 as of end-December, down from1,802 tallied in the previous month.Eighteen companies were newly added to the list, while 29 affiliates were taken off over the past month, the FTC said.The net decline comes as the political community is pushing for a fairer busin

Zodiac Maritime Agencies, a global ship owner and manager, could be interested in acquiring STX Pan Ocean, Korea’s leading operator of bulk carriers, industry sources said.The London-based ship management company, owned by the Ofer family, is believed to have emerged as one of the potential overseas candidates to purchase a controlling 36.8 percent stake in the Korean shipping company, the sources claimed.The 36.8 percent is held by STX, the parent holding company, STX Offshore & Shipbuilding, S