Trade commission says tech firm did not infringe on property rights related to LEDsThe Korea Trade Commission said Thursday that LG Innotek did not infringe the patent rights of Osram light-emitting diode package manufacturing.Following its inspection of seven different LED packages, the commission under the Ministry of Knowledge Economy decided that the inspected items of LG Innotek did not infringe the Munich-based firm’s intellectual property, including the white convergence technology.“We be

SK hynix Inc. the world's second-largest memory chipmaker, said Thursday it swung to a net loss in the first quarter due to an industry-wide slump that hurt sales and prices.   Net loss amounted to 271.2 billion won ($238.3 million) in the January-March period, a turnaround from a profit of 273.5 billion won a year earlier, the company said in a regulatory filing.   Sales dropped 14.5 percent on-y

Korea’s year-on-year GDP expanded 2.8 percent, the slowest on-year growth rate for two and a half years, the Bank of Korea said Thursday.But Korea's economy grew at the fastest pace for a year on a quarterly basis in January-March due to strong industrial output.A rise in demand and strong government spending also helped offset softness in the construction and agricultural sectors.Gross domestic p

The government said Wednesday it plans to accelerate its ongoing highway expansion work and raise the number of trains, buses and flights connecting to the Expo 2012 Yeosu to facilitate visitors’ access and minimize traffic jams. A pan-governmental task force will also be set up to clamp down on hotels and other lodging facilities that overcharge and refuse bookings, taking advantage of local and international guests in the hopes of a cash bonanza. The measures come less than three weeks before

Hyundai Heavy Industries said Wednesday it has developed selective-emitter solar cells with a record electricity conversion efficiency of 19.7 percent, which could curtail production costs for the fast-growing energy source.The figure beat the previous record of 19.6 percent by Suntech Power Holdings, the world’s largest maker of photovoltaic panels based in Shanghai. It has also been confirmed by the Fraunhofer Institute for Solar Energy Systems, a leading think tank in Munich, the Korean shipb

CFO says company is  developing proprietary mobile application processorLG Electronics said it reached 448.2 billion won ($392.7 million) in operating profit for the first quarter, up 243 percent from the same period last year, boosted by its sales of premium goods. The local electronics giant’s operating profit is also more than 18 times the 23 billion won recorded in the fourth quarter of last year, according to its company officials.The firm, however, posted about 12.22 trillion won in total

Daewoo, STX, SK, Hyundai firms sign MOUs on major  construction projectsKorean companies have inked preliminary deals with Venezuela to participate in energy infrastructure businesses worth a total of $11.1 billion in the South American country, the Ministry of Knowledge Economy said Wednesday.Seoul and Caracas also reached a framework agreement to have Korea Gas Corporation take part in a $10.4 billion project to develop liquefied natural gas fields in Venezuela.Venezuela has the world’s second

South Korean stocks closed nearly unchanged Wednesday on lingering eurozone concerns that offset positive U.S. corporate earnings reports, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged down 0.07 percent, or 1.44 points, to close at 1,961.98. Trading volume was heavy at 674 million shares worth 4.95 trillion won ($4.33 billion), with losers outpacing gainers 537 to 312.“Investor sentiment was hurt by persistent concerns surrou

South Korea should pay closer attention to the construction sector and job creation to ensure sustainable economic growth in the face of weak exports, the country’s top central banker said Wednesday.In an economic review meeting with private economists and experts, Bank of Korea Gov. Kim Choong-soo said the domestic market’s overall contribution to national growth is on the rise. “Because construction and jobs are key to bolstering the domestic economy, the country needs to do more to revive the