December is the month when the nation’s top conglomerates customarily unveil their management visions for the new year. This year, the companies were given a double burden of preparing for the heightened uncertainties of the global economy, while also preparing for the incoming government of Park Geun-hye. Samsung Group on Thursday held an annual year-end seminar, with some 30 chief executives in attendance, including Choi Gee-sung, the head of corporate strategy office to discuss such plans. Wh

Finance Ministry sees Korean economy growing 3% in 2013

LG Display said Thursday that it filed a lawsuit against Samsung Display for infringing on its liquid-crystal display patent for the Galaxy Tab 10.1.LG asked the Seoul Central District Court to order Samsung to immediately stop producing and selling the firm’s 10.1-inch tablet PC. It also requested that Samsung must pay 1 billion won every day if it choose not to follow its demand.The filing of the suit comes as LG claims that the display technology used for the building of the Galaxy Tab 10.1 i

A Seoul court has ruled in favor of Swiss drug giant Novartis AG on a drug patent suit against SK Chemicals Co., a South Korean pharmaceutical and chemicals manufacturer, court officials said Thursday.The Seoul Central District Court ordered SK Chemicals to cease the production of its generic drugs, saying that the local firm has infringed upon a patent on treatment for Alzheimer’s disease developed by Novartis, they said.Earlier last month, the Swiss drug firm filed for an injunction with the c

South Korean stocks ended 0.26 percent higher on Thursday as investor hopes for rallies next year outweighed falls in high dividend stocks, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 5.1 points to 1,987.35. Trading volume was moderate at 371.9 million shares worth 3.02 trillion won ($2.82 billion), with decliners outnumbering gainers 434 to 380.“Investors snapped up shares on hopes for next year,” said Kim Young-jun, an a

South Korean manufacturers’ business confidence for January rebounded from a 44-month low tallied in the previous month as some economic data showed improved performances, the central bank said Thursday.The index of manufacturers’ outlook on business conditions came in at 70 for January, up from 67 tallied for December, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.A reading below the benchmark 100 means pessimists outnumb

Park hints at abolishment of Korea Communications Commission

SEJONG (Yonhap News) ― Total assets owned by the government grew more than 5 percent on-year in 2011 due to land, buildings and equipment purchases, the Finance Ministry said Thursday.According to the ministry, the government held about 8,319 trillion won ($7.75 trillion) worth of assets at the end of 2011, up 5.6 percent or 439 trillion won from a year earlier.It is 2.3 times larger than in 2001 when the government held about 3,576 trillion won, the ministry said.The asset increase is due to pu

More than 200 South Korean companies spent over 3 trillion won ($2.7 billion) last year to support underprivileged people, a survey showed Thursday.The contributions come as many South Koreans called for corporate social responsibility in recent years amid widespread perception that conglomerates are to blame for the wealth gap.A total of 222 companies provided 3.12 trillion won to social welfare programs that range from scholarships and daycare centers to parks and welfare facilities, the Feder

China’s economy will create a juicy opportunity for South Korean consumer firms, as the Chinese authorities resolved to boost the world’s No. 2 economy, analysts said Thursday.South Korea’s companies that have set their eyes on the Chinese consumer industry will be one of the biggest beneficiaries of China’s move to ramp up domestic consumption, they said. “Chinese authorities have realized the limits of economic growth driven by exports and government investment,” said Kim Kyung-hwan, an analys