Korean stocks closed 1.56 percent higher Thursday as signs of recovery in the U.S. housing market prompted investors to snap up shares following a sharp fall in the previous session, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 28.05 points to 1,822.96, rebounding from a 1.48 percent decline on Wednesday. Trading volume was moderate at 482.3 million shares worth 4.6 trillion won ($4 billion), with gainers outnumbering de

Sales at South Korea’s major discount outlets and department stores fell from a year earlier last month, the government said Thursday, apparently reflecting worsening consumer sentiment amid rising prices.Sales at the country’s three major discount outlet chains dropped 7.2 percent in June from the same period in 2011, according to the Ministry of Knowledge Economy. The outlet chains are Lotte Mart, E-Mart and Homeplus.June marked the third consecutive month combined sales of the three outlet ch

KT plans to sell its old copper cables that used to be the main telecommunication lines for telephones and the Internet in the 1990s.With the emergence of smarter devices and demand for faster data, copper cables have gradually been replaced by fiber-optic cables, which are lighter and transmit data faster with greater bandwidth.KT said Thursday that it will sell over 26,000 tons of copper cables via a public auction to waste and recycling companies by the end of August.With the proceeds from th

The Korea Communications Commission said Thursday that it has set up a center aimed at supporting developers to create applications for smart TVs.The country’s communications watchdog established the support center in southern Seoul with leading tech and content companies such as Samsung Electronics, LG Electronics and CJ HelloVision.The KCC said the center aims to support and encourage college students, venture tech start-ups and small and medium-sized enterprises to develop world-class apps fo

Fewer than half of baseball teams in the nation’s top competition turned a profit last year, reports showed Thursday, despite the sport’s recent run of massive popularity.According to reports by the Financial Supervisory Service and the Ministry of Culture, Sports and Tourism, three of the eight clubs in the Korea Baseball Organization made profits in the fiscal year 2011. The Lotte Giants made 3.7 billion won ($3.2 million), followed by the Doosan Bears with 2.3 billion won and the Samsung Lion

Microsoft says Windows 8 will go on sale Oct. 26. The upgrade to its operating system is designed to work better with touch screens and on tablet computers.Microsoft announced the date in a blog post and at its annual sales meeting Wednesday. The software company had said earlier that Windows 8 would go on sale in October.Microsoft is releasing the software as a downloadable upgrade that day for P

South Korea ranks 43rd in gold holdings, 13 notches higher from a year earlier, but its reserves remain relatively small compared with other nations, data showed Thursday.South Korea's gold holdings came to 54.4 tons as of July this year, the 43rd largest among 113 countries and organizations surveyed by the World Gold Council, an international body that offers key information about gold.South Kor

South Korean stocks got off to a strong start on Thursday, boosted by overnight rallies on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 27.2 points, or 1.52 percent, to 1,822.11 in the first 15 minutes of trading.U.S. stocks closed higher on Wednesday on the back of U.S. Fed chief Ben Bernanke's remarks and firm gains in technology shares.Blue chips led

Antitrust watchdog sends investigators to Shinhan, Woori, Hana, KB KookminThe Fair Trade Commission has expanded its probe on the alleged collusion in setting certificate of deposit rates to major banks. The antitrust watchdog sent investigation teams on Wednesday to four banks ― Shinhan Bank, Woori Bank, Hana Bank and KB Kookmin Bank ― on suspicions that they fixed interest rates of three-month certificates of deposit. The move is a follow-up of the investigation into local brokerage firms on T

This is the first in a two-part series about economic democratization touted by political parties ahead of the December presidential election. ― Ed.About 70 percent of 1,200 global investors and traders told a survey that the present capitalist structure should be revamped during their participation in the last Davos Forum.The poll result seemingly reflected growing criticism of corporate greed in many countries, according to local research analysts.While international economists are suggesting