The number of South Korean travelers going overseas is expected to hit a three-year high in 2011 on the back of the rising availability of cheap tour packages and leisure time, government data showed Thursday.A total of 11.97 million South Koreans left the country over the January-November period, up 1.8 percent from the same period last year, according to the data released by the Ministry of Justice.Leading local travel agency Hanatour Service Inc. predicted that the tally will reach 13 million

South Korea‘s industrial output growth slowed in November, stoking worries that the nation’s economy is losing steam due to rising global uncertainties, a government report showed Thursday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 5.6 percent last month from a year earlier, slowing from a 6.3 percent advance in October.Industrial output also fell 0.4 percent on-month in November, marking the second straight month of contraction. I

Samsung Electronics Co., the world’s second-largest handset maker, said Thursday its global sales of Galaxy Note devices surpassed 1 million in just two months. Samsung said the numbers represent Galaxy Note handsets supplied to mobile operators around the world since the device‘s debut at the end of October. Samsung claimed it created a new type of smart device that combines the strengths of a smartphone and a tablet computer, and uses a 5.3-inch screen. The Android-powered device offers a digi

South Korea‘s largest computer anti-virus service provider, AhnLab Inc., said Thursday that it has begun to offer free anti-virus software in China as part of its efforts to expand overseas philanthropy. The China move is the company’s first overseas charity project since the anti-virus software maker announced plans to step up social contributions at home and abroad. The “V3 Lite” anti-virus program is available on the company‘s Chinese Website (www.ahn.com.cn) for free, the company said. The a

HONG KONG ― LG Display Co., the world’s second-largest display maker, said Thursday that workers at a factory it owns in China have ended a strike and will return to work soon. On Monday, some thousands of workers went on strike at LG Display’s factory in the eastern Chinese city of Nanjing, asking for an increase in their year-end compensation. The company’s Beijing office said the labor union had decided to end the work stoppage in return for the company’s offer to double the year-end bonus fo

Nearly three out of 10 builders were found to be disqualified for corporate registration in a government survey aimed at restructuring the overcrowded construction sector.Out of some 39,553 builders inspected in the three months through Dec. 16, 10,964 firms including paper companies failed to meet the requirements for registration, could not be located or refused the state survey, the Land Ministry said.The blacklisted companies will undergo hearings by local governments, and those found to hav

The National Tax Service said Thursday it has updated its English website (www.nts.go.kr/eng), putting out the latest version of its tax guide written in English for foreign residents in Korea. The number of foreign residents filing the year-end tax settlement is expected to reach 403,000 this year, up from 344,000 last year.Foreign residents, as with Korean nationals, are required to submit their tax forms on a yearly basis, and the NTS website provides all the necessary information in English

Hyundai Group said Thursday it decided to drop the lawsuit it filed against Hyundai Motor Group, bringing an end to the legal battle that was staged following the carmaker’s takeover of Hyundai Engineering and Construction.One of the dropped complaints was about Hyundai Group’s accusations that an executive of Hyundai Motor Group spread false facts about Hyundai Group during the bidding process.Hyundai Motor Group and Hyundai Group were the only two bidders for the country’s largest construction

Korean stocks finished nearly unchanged on Thursday, the last trading day of the year, as gains among tech and retail shares countered bank losses, analysts said.The local currency climbed against the U.S. currency.After declining as much as 1 percent in earlier trading, the KOSPI edged up 0.03 percent, or 0.62 points, to 1,825.74. Trading volume was moderate at 335 million shares worth 3.39 trillion won ($2.94 billion) with gainers leading losers 476 to 337. “The KOSPI fell in the early morning

The nation’s antitrust watchdog said on Thursday it slapped the three chaebol Woongjin, Hanwha and STX with fines totaling more than 6 billion won for concentrating orders to affiliate companies.A fine of 3.43 billion won ($2.97 million) was imposed on Woongjin, 1.48 billion won on Hanwha and 1.13 billion on STX for giving out orders to subsidiaries with low earnings, the Fair Trade Commission said. Woongjin’s five major affiliates Woongjin Think Big, Woongjin Coway, Woongjin Chemical, Kukdong E