The government said Wednesday it would invest 1.24 trillion won (about $1.1 billion) into the research and development of 10 key information technology areas over the next five years.The key areas are core technologies for next-generation smart devices; key IT materials; big data and artificial intelligence; hybrid storage; total networks for fixed-line and wireless services; terahertz and quantum information technology; software platforms for unmanned systems; biosensors; life-care robots and p

Monthly sales of import automobiles hit an all-time high of 10,648 units in March, while Korean carmakers such as Hyundai Motor and Kia Motors suffered lackluster sales at home.According to the Korea Automobile Importers & Distributors Association, foreign carmakers saw their combined sales grow by 3.5 percent from a year earlier and 15.8 percent from a month before.The former monthly record was 10,290 units, posted in March 2011.For the first quarter of 2012, their sales increased by 13.9 perce

South Korean stocks dropped 1.5 percent Wednesday as market hopes for an additional credit easing in the U.S. waned, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index sank 30.67 points to close at 2,018.61. Trading volume was moderate at 607 million shares worth 5.77 trillion won ($5.11 billion), with losers outpacing gainers 693 to 153.U.S. stocks closed in negative terrain on Monday after minutes released from the Federal Reserve’s

The Financial Supervisory Service classified 34 of the country’s business groups as heavily indebted for this year.The groups, including Hyundai Motor Group and Samsung Group, will be put under scrutiny by their respective creditor banks.Creditor banks are required to evaluate the financial status of the 34 business groups and seek restructuring if they fail to meet certain requirements, the FSS said in a statement.The five most-indebted business groups are Hyundai Motor, Samsung, SK, LG and Hyu

Foreign investors were net buyers of South Korean stocks in March, but the amount tumbled from the previous month on massive profit-taking, the financial watchdog said Wednesday.Overseas investors bought a net 939 billion won ($832 million) worth of local stocks last month, compared with net buying of 3.9 trillion won in February, according to the Financial Supervisory Service.The March tally raised foreigners’ net buying of local shares to some 11 trillion won during the first three months of t

The Ministry of Land, Transport and Marine Affairs said Wednesday a site to permanently store about 5.1 billion tons of carbon dioxide was found in the continental shelf southwest of the Ulleung Basin in the East Sea.Based on Korea’s target to reduce 32 million tons of CO2 annually by 2030 through CO2 capture and storage, the site will be able to store CO2 for more than 150 years.The ministry confirmed the existence of the geological structure appropriate for CO2 storage in the sedimentary layer

Financial regulator plans to review whether Samsung breached marketing patentsThe dispute between Hyundai Card and Samsung Card over alleged mimicry of marketing concepts has resurfaced at a level requiring arbitration by the regulator. Hyundai is publicly accusing Samsung of copying customer benefits of its popular Hyundai Zero Card with its Samsung Card 4. Samsung Card on Tuesday sent a letter to its rival Hyundai rejecting the argument on five grounds“The letter we sent to Hyundai Card was a

Google Inc., owner of the world’s most-popular search engine, will spend more than $300 million building its largest Asian data center in Taiwan to meet the region’s demand for its Gmail and YouTube services. A 15-hectare site in Changhua, central Taiwan, will be five times larger than locations already being developed in Singapore and Hong Kong, and bring total spending on facilities in the region to more than $700 million, the Mountain View, California-based company said in a statement on Tues

Lingering global uncertainties such as the eurozone debt crisis are posing risks for the South Korean economy as they threaten to sap its growth momentum, the top economic policymaker said Wednesday.“The Korean economy faces such challenges as eurozone woes, the standoff over Iran’s nuclear ambitions and signs that the U.S. economy could face problems,” Finance Minister Bahk Jae-wan told a weekly meeting of economic ministers.“Our economy relies heavily on autos and semiconductors to generate gr

South Korea’s trade surplus in industrial components and materials rose 5.2 percent on-year in the first quarter of 2012, mainly due to a drop in imports, a government report showed Wednesday.The trade surplus reached $20.8 billion in the January-March period, compared with $19.8 billion a year earlier, according to the report by the Ministry of Knowledge Economy.Imports of industrial components and materials contracted 2.9 percent on-year to $39.9 billion in the three-month period, while export