Amid simmering criticism over collusion and price fixing among industry giants, Samsung on Wednesday mapped out a set of measures to head off the rampant illicit practices within Korea’s largest conglomerate.The package, a follow-up to its November program, is aimed at establishing “systemic safeguards against any temptations to collude in tough business environments,” Samsung Group said in a statement. Under the plan, the company will conduct regular monitoring on all affiliates, expand its e-m

Livestock and dairy farmers who are hurt by free trade pacts will be eligible to receive direct cash assistance from the government, the Farm Ministry said Wednesday.The ministry said it has set up an evaluation system to measure fallout in the livestock sector caused by opening the domestic market to cheaper meat and dairy products from abroad.It said cash assistance will be given if prices of locally produced farm products such as meat, milk and eggs fall noticeably after a free trade agreemen

Korea’s industrial output shrank on-year for the first time in 31 months in January as its export-driven economy is under growing pressure from persistent global market uncertainties, a government report showed Wednesday.According to the report by Statistics Korea, production in the mining and manufacturing industries contracted 2 percent last month from a year earlier, compared with a 2.8 percent gain in December.This marked the first contraction since June 2009 when the output inched down 0.6

Industry sources say Samsung is on the lookout for lawyerAll eyes are on the future course of action Samsung Electronics chairman Lee Kun-hee will take in response to inheritance suits from his sister and brother.Industry sources close to the matter raised the possibility that Lee will refuse compromise and seek to end the dispute through a legal means. The sources said the country’s largest conglomerate is currently on the lookout to hire a lawyer who would officially take charge of the legal p

Korean stocks surged 1.33 percent Wednesday, boosted by a rally in chipmakers and shipbuilders as well as broad gains in large caps, analysts said.The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 26.56 points to end at 2,030.25. Trading volume was moderate at 555 million shares worth 6.71 trillion won ($5.99 billion) with gainers leading losers 542 to 289.The market rally was fueled by hopes that the global economy is on a recovery track. U

Bank and union agree on pay raise, creation of task force on other issuesStandard Chartered Bank Korea has reached a compromise with its union on a wage hike, though there are still unsettled aspects to their talks.The two sides agreed to pay raises of 2 percent and 4.1 percent for 2010 and 2011 salaries, respectively, late Tuesday.Their talks on the salary hike have continued over the past two years amid the possibility of a general strike of unionized workers.They also tentatively compromised

A super-powerful gun that shoots rounds more than 100 miles (160 kilometers) away _ at several times the speed of sound _ is being developed for Navy warships.The weapon is known as an electromagnetic railgun. It consists of parallel rails and uses a magnetic field and electric current, instead of c

The Korea Chamber of Commerce and Industry advised Korean businesses to preemptively lower prices in the U.S. market to make good use of the free trade agreement with the world’s largest economy, which goes into effect on March 15.“The United States is our second largest export market after China, but it is actually the most important strategic point for exports,” the KCCI said in report released Tuesday.“Korean businesses should take the FTA as an opportunity to raise their U.S. market share ―

Firm jointly features NFC roaming coupon service with DoCoMo in BarcelonaBy Cho Ji-hyunKT Corp. announced Tuesday that it will launch the near field communication roaming coupon service for the first time together with Japan’s NTT DoCoMo beginning in April.Demonstrating the NFC coupon service at the Mobile World Congress in Barcelona, the firm said owners of its NFC mobile phones will be able to download discount coupons by placing their handsets on smart posters or reading the QR codes displaye