LG Electronics Inc., one of South Korea’s leading consumer appliance manufacturers, said Thursday it has won a 2012 Energy Star Partner of the Year award.The honor, given by the U.S. Environmental Protection Agency and the U.S. Department of Energy, recognized LG’s steady contributions to reducing greenhouse gas emissions by making energy efficient products.The award, which was launched in 2001, also lauded the company’s efforts to educate consumers about eco-friendly products.Last year, 406 pro

Korea’s competitiveness in the financial sector lags behind global leaders such as the United States and Britain, a poll indicated Thursday.The survey carried out on 158 chief executive officers from the country’s financial firms, assessed the local industry’s competitive rating at 67.6 of a possible 100 points, the Korea Chamber of Commerce and Industry said.The possible 100 points is a benchmark set by the KCCI to reflect the perceived competitive level of leading U.S. and British financial in

Business sentiment among Korean builders made modest gains in February after plunging to a 17-month low the previous month, a report showed Thursday.The monthly construction business sentiment index gained 4.4 points from a month before to reach 66.7, according to the report by the Construction and Economy Research Institute of Korea.An index reading below 100 indicates pessimists outnumber optimists.“The figure represents an improvement compared to January’s tally, but still highlights the seri

Korean banking groups are pumping up efforts to boost their overseas profiles amid a rapidly saturating domestic market, but going global remains an elusive dream for them due to a litany of hurdles, market watchers say. Although there is an urgent need to nurture local banking groups into global players and further promote the competitive edge of the local financial sector, the task is riddled with challenges, both internal and external.The challenges include the fragile recovery of the global

Korean department stores did brisk business during a two-month-long Korea Grand Sale event designed to attract foreign shoppers, retail industry sources said Thursday.Sources said purchases made by foreigners at Shinsegae Department Store, one of the country’s leading luxury retailers, jumped 69 percent from Jan. 9 through Feb. 29 from a year earlier.Of those gains, 70 percent of Shinsegae’s sales at its main downtown outlet were to Chinese nationals who visited the country during the period.“Th

Koreans’ overseas credit card spending climbed to a record high in 2011 as solid economic growth and the local currency’s ascent increased the number of outbound travelers, the central bank said Wednesday. Overseas credit card bills totaled $8.62 billion last year, up 18.5 percent from $7.27 billion the previous year, according to the Bank of Korea.Last year, the South Korean economy grew 3.6 percent on-year, but its growth slowed from the 6.1 percent gain the previous year.The Korean currency t

South Korea will open more “bargain” gas stations in 2012 as part of efforts to ease the pain of ordinary citizens from heavy energy costs, the Finance Ministry said Wednesday.The bargain gas stations, which were launched in December, usually receive their fuel from state-run agencies at cheaper prices than other existing gas stations. The government plans to increase the number from 369 to 430 by the end of March.In a related move, the government will also unveil a comprehensive package of meas

SAN JOSE, California ― Further demonstrating its resolve to expand beyond the personal computer market, Intel Corp. on Monday announced that three more new smartphones incorporating its microprocessors will be introduced in other countries this year.The smartphone makers are Orange, Lava International and ZTE. Intel CEO Paul Otellini, who made the announcement at the Mobile World Congress in Barcelona, Spain, said more smartphones containing Intel’s brainy chips will be unveiled in the next year