Local public relations agency KPR said Thursday that it has set up a research center to study ways for companies to better communicate via social network services. The Social Communication Research Lab is aimed at conducting research activities regarding diverse social phenomenon related to social media and SNS, as well as communication tools using the new trend, the company said. KPR said that Kim Jong-rae, former IT journalist and online PR director at KPR, has been named the first head of the

Korea’s trade balance shifted to the black in February from a deficit a month earlier thanks to sold export gains, a customs office report showed Thursday.According to the report by the Korea Customs Service, South Korea’s trade surplus amounted to $1.5 billion last month, compared with a shortfall of $2.2 billion in January.The monthly figure was smaller than a surplus of $2.2 billion projected by the Ministry of Knowledge Economy for February earlier this month.Exports soared 20.6 percent on-y

LG set to swing to profit, Samsung expects record earnings as sector eyes 38% profit jumpKorea’s key IT companies are expected to post solid earnings for January-March this year, data showed Thursday. The most striking feature in the current quarter is that LG Electronics is set to swing to profit, restoring confidence among investors following a dismal performance last year, according to the stock information company FnGuide. Samsung Electronics, Asia’s biggest technology company, is also saili

Korea’s financial asset size increased at a much slower pace in 2011 due to sluggish economic growth, the central bank said Thursday.The Bank of Korea said the country’s financial asset value stood at 10,894.4 trillion won ($9.65 trillion) as of the end of December, up 5.5 percent or 565.8 trillion won from a year earlier. The growth rate is the lowest reached since 2003.“The drop can be attributed to the country’s weak growth rate that fell to 3.8 percent last year from 6.2 percent reached in 2

Korean stocks ended almost flat on Thursday as investors took to the sidelines after the key index hit a seven-month high in the previous session. The local currency fell against the U.S. dollar.After swerving in and out of positive terrain, the benchmark Korea Composite Stock Price Index slipped 1.32 points, or 0.06 percent, to close at 2,043.76. Trading volume was moderate at 470 million shares worth 5.91 trillion won ($5.24 billion), with decliners outnumbering gainers 499 to 327.“There are s

The nation’s antitrust watchdog said Thursday that it imposed fines totaling 45.33 billion won ($39 million) on local handset makers and telecom carriers for inflating cell phone prices via a deceptive pricing policy. According to the Fair Trade Commission, almost all the major players in the telecom market have colluded to inflate the prices of cell phones for years while advertising that they were offering cheaper deals through subsidy plans. SK Telecom was fined with the largest amount of 20.

Korea will establish a $500 million industrial plant building fund to help local builders win overseas contracts, the government said Thursday.The plan, outlined at a weekly economic policymakers meeting, calls for the pooling of money from local pension operators and Middle East sovereign funds so Korean engineering and construction companies can better secure new deals.“Since construction projects are becoming bigger, value-added and high risk ventures, the ability of builders to come up with

Korea’s stock transactions surged to a 33 month-high in February due to the influx of investors attracted by rising share prices, data showed Thursday. According to the data by the Korea Exchange and the Bank of Korea, 13.2 billion shares were bought and sold last month, up 53.6 percent from 8.6 billion shares traded in January.Last month’s trading volume was the highest since May 2009, with the total value of shares changing hands reaching a six-month high of 143.8 trillion won ($127.1 billion)

Korea’s tax authorities said they would reduce the frequency and scope of tax audits on foreign companies doing business here in a bid to attract more long-term investment. “Korea’s economic success has been greatly helped by the participation of foreign companies. We need to get rid of all uncertainties in tax probes to help create a business-friendly environment,” National Tax Service deputy commissioner Kim Moon-soo told a meeting of foreign company chiefs Wednesday. Explaining the change, NT