Apple’s parts supply shortfall speculated as reason for low inventoryThe launch date of Apple’s new iPhone 5 in Korea remains shrouded in mystery despite the gadget being ready for takeoff, having received government approval here.The iPhone 5 was found to be compatible with local radio waves less than a week after it was unveiled on its home turf of the U.S. last month. All wireless gadgets require such government authorization before they can be sold in the Korean market.The faster-than-usual

South Korean listed firms’ cash-generating capability is expected to increase sharply this year, but they are likely to remain wary of spending big on facility expansion amid high economic uncertainty due to the protracted eurozone debt crisis, data showed Sunday.According to financial service provider FnGuide, combined free cash flow of 183 listed firms is estimated at 8.37 trillion won ($7.54 billion) for the year, compared with last year’s negative free cash flow of 23.65 trillion won.Free ca

South Korean exports of oil products rose moderately in the first nine months of this year thanks to their sharp competitive edge in the international oil product market, a trade association said Sunday.According to the Korea Petroleum Association (KPA), outbound shipments of oil products came to $41.5 billion in the January-September period, up 7.7 percent from the same period last year.The association expects exports of oil products to top $55 billion for the whole of 2012, outpacing a record

Samsung Electronics Co., South Korea’s most highly-valued firm, spent the most on TV commercials last year, a report showed on Sunday.According to the report compiled by the Korea Communications Commission, Samsung spent 95.1 billion won ($85.6 million) on TV advertisements last year, up 82.8 percent from a year earlier. Hyundai Motor Co., the country’s leading automaker, poured 49 billion won into TV commercials last year, followed by LG Electronics Co. with 45.8 billion won, KT Corp. with 44.6

South Korean stocks are expected to move in a tight range this week with investors sitting on the sidelines amid the lack of major issues to push up the index further, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,995.17 this week, down 0.05 percent from a week earlier, despite slight signs of recovery in the U.S. economy and Samsung Electronics’ record profit estimate.The world’s largest smartphone maker reported a record operating profit guidance of

Major foreign investment banks are expecting South Korea’s economic growth to remain in the mid-2 percent range for this year on faltering exports, a report showed Sunday. Ten foreign investment banks forecast the Korean economy togrow an average of 2.6 percent this year, according to a report by the Korea Center for International Finance.Their forecast stood in contrast with the central Bank of Korea’s 3 percent growth estimate and the government’s 3.3 percent projection.The prolonged eurozone

Samsung Electronics’ smartphones were being sold at an average price 2.5 times higher in Korea than in other countries, a lawmaker said on Sunday.Rep. Jun Byung-hun of the main opposition Democratic United Party said the average price of Samsung handsets released through three mobile carriers since last year was set at 797,612 won ($717.76). This price tag compares with the 311,123 won ($280) worldwide average. Samsung launched a total of 15 smartphone models through Korea’s top telecom company

Embattled Woongjin Group disappointed many an eager intern when it retracted its promise to make regular employees of the majority of those who completed an 8-week internship. In June, months before it was forced to apply for court receivership due to financial difficulties, Woongjin accepted about 100 interns. About 80 percent of them were expected to become regular employees, but Woongjin said only 20 interns would be accepted, ChosunBiz.com reported on Friday. Remarking that the company had a

Mazda Motor Corp.’s deliveries in China tumbled to the lowest in 19 months as anti-Japan protests flared in the world’s largest vehicle market, fueling concern larger automakers such as Toyota Motor Corp. will follow suit.Mazda reported Friday China deliveries dropped 35 percent last month to 13,258 vehicles, meaning the company didn’t even match its sales during the aftermath of last year’s tsunami in Japan and floods in Thailand. Mitsubishi Motors Corp. said Saturday Chinese sales plunged 63 p

Gasoline station owners in the Los Angeles area including Costco Wholesale Corp. are beginning to shut pumps as the state’s oil refiners started rationing supplies and spot prices surged to a record. Valero Energy Corp. stopped selling gasoline on the spot, or wholesale, market in Southern California and is allocating deliveries to customers. Exxon Mobil Corp. is also rationing fuel to U.S. West Coast terminal customers. Costco’s outlet in Simi Valley, 64 kilometers northwest of Los Angeles, ran

South Korean stocks opened higher on Friday, fueled by firm gains in technology shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 7.39 points, or 0.37 percent, to 2000.07 in the first 15 minutes of trading.Big-cap tech firms drove up shares, with market bellwether Samsung Electronics rising 0.51 percent and SK hynix gaining 1.08 percent.Samsung Electronics, the