Starting with the orders for two nuclear power plants to be placed in the second half of next year, bidders offering the highest value, instead of the lowest price, will be selected, the Knowledge Economy said Thursday.As part of efforts to bolster quality control, Seoul will adopt the system in use by the United States, Britain and Japan that appreciates high technological levels as well as low prices, the ministry said.The new system will be applied for the construction of the fifth and sixth

The Korea Chamber of Commerce and Industry said Thursday that measures should be drafted for firms suffering from shrinking exports due to the sluggish European economy.In its recent study that surveyed 500 firms that focus on exports, 62.9 percent said the economic crisis in Europe is likely to continue next year and beyond. Only 37.1 percent answered they believed it will end within the year.When asked about their difficulties involving the Euro debt crisis, 49.5 percent said it led to a decre

Authorities discover Citi, Standard Chartered, Deutsche and HSBC underpaid taxesFour Korean branches of overseas banks are to pay a combined 300 billion won ($268 million) in capital gains taxes on from an offshore fund in Luxembourg, underpaid for the past five years, government officials confirmed Thursday. Citi Bank, Standard Chartered Bank, Deutsche Bank and HSBC are to make additional payment on their capital gains from investing in offshore funds called Sicav in Luxembourg, tax authorities

Group completes KEB takeover payment to Lone Star and Korea EximbankHana Financial Group chairman Kim Seung-yu confirmed his earlier stance that he will step down from his post.Kim reiterated his willingness to resign during a meeting with reporters right after he participated the financial group’s board meeting on future management policies on Thursday.“We (executives) gave up persuading chairman Kim to serve one more term,” a senior executive also said, adding that the chairman has not reverse

Apple on Thursday filed another patent complaint against Samsung Electronics in a federal court in San Jose, California.However, it was not confirmed what the complaint was filed against.“We’re aware that the complaint was filed in the San Jose court, but we need to gain access to the copy of the complaint to confirm why it was filed,” said a Samsung official.In December, a court in San Jose rejected Apple’s Galaxy S and Galaxy Tab injunction claims after the U.S. tech giant filed the patent inf

By Lee Ji-yoonKT Corp., the nation’s largest fixed-line operator, said Thursday that it will limit the Internet access of smart TVs from Friday, urging TV makers like Samsung and LG to pay the costs for network use. “The decision is aimed at protecting a majority of Internet users and preventing (smart TVs) from distorting the market system,” said Kim Hyo-sil, executive vice president of KT’s smart network policy task force. Following the announcement, smart TV watchers who are subscribing KT’s

South Korean stocks closed 0.54 percent higher Thursday on optimism that Greece may wrap up its austerity talks to receive a fresh bailout from its European neighbors, analysts said. The local currency edged up against the U.S. dollar. The benchmark KOSPI gained 10.89 percent to 2,014.62. Trading volume was heavy at 549.9 million shares worth 7.87 trillion won ($7.05 billion) with gainers outpacing losers 440 to 373. In early trading, strong foreign and program selling sent the KOSPI tumbling as

KB Financial Group and Shinhan Financial Group reported robust earnings in 2011 on the back of their policy to seek management efficiency.KB Financial posted 2.37 trillion won ($2.07 billion) in net profit last year. Its total assets came to 361.6 trillion won, up 28.1 trillion won from a year earlier.Its flagship KB Kookmin Bank saw its assets reach 276.7 trillion won and KB Kookmin Card recorded 13.4 trillion won.Shinhan Financial, which owns the nation’s largest credit card firm, posted 3.1 t

Apple Inc. filed a patent complaint yesterday against Samsung Electronics Co. in federal court in San Jose, California, according to court records. A copy of the complaint wasn’t immediately available. <한글 기사>애플, 美서 삼성전자 상대 특허권 침해소송미국 애플사는 8일(현지시간) 삼성전자가 자사 특허를 침해했다며 미국 캘리포니아주 새너제이 소재 연방 법원에 소송

South Korea’s finance minister promised Thursday to grant more incentives to municipal governments for their efforts to refrain from raising regional public service fees in a bid to prevent price hikes from fueling overall inflationary pressure.“To induce price stability, the government will expand incentives to municipalities for their efforts to manage regional public fees in a stable manner,” Finance Minister Bahk Jae-wan said during an anti-inflation meeting with other policymakers.It plans

NHN Corp., the operator of South Korea’s most-visited Web search engine, said Thursday that its fourth-quarter earnings fell 16.1 percent from a year earlier on increased marketing costs.Net income amounted to 113.3 billion won ($101.3 million) in the October-December period, compared with 135 billion won the previous year, the company said in a regulatory filing.Sales rose 24.7 percent on-year to 591 billion won over the cited period and operating profit gained 15.9 percent to 152.5 billion won