By Cho Ji-hyunSamsung Electronics on Thursday released its new air conditioner model for this year, unveiling its plan to expand its sales of air conditioners by up to 15 percent in the global market.Dubbed “Smart air conditioner Q,” the product emphasizes the cooling system as well as the air purifier and dehumidifier functions, according to company officials.“We’re expecting to meet a globally sluggish economy this year, but we plan to grow by more than 15 percent in the air conditioning marke

SK Group on Thursday unveiled its largest-ever investment and recruitment plans just ahead of the prosecution’s announcement of its plan to indict chairman Chey Tae-won without physical detention on embezzlement charges. The conglomerate said it would more than double investment to 19.1 trillion won ($16.6 billion) including 3.4 trillion won to acquire Hynix Semiconductor and 2.1 trillion won in resource development.About 10 trillion won will be invested in facilities and another 2 trillion won

Director General of Israel’s Ministry of Defense Udi Shani came to Korea on Thursday to discuss issues regarding the T-50 advanced trainer jet.Shani’s visit comes on the heels of his visit to Italy, Korea’s competitor for a lucrative defense contract estimated to be worth $1 billion. Israel has been weighing the Korean-made T-50 against Italy’s M-346 to replace the U.S.-made A-4 Skyhawk advanced trainer jet. While the Israeli defense ministry is said to be planning to make the decision within we

New regulations will put in place stricter requirements for search warrants issued in criminal investigations to prevent personal and irrelevant information from being leaked by prosecutors, the Supreme Court said Thursday.Taking effect this year, the revised Criminal Procedure Law will include a new article pertaining to the seizure of electronic storage devices, designed to prevent irrelevant information from being seized by unrestrained prosecutors.According to the new provision, seizures of

The proportion of foreign firms on the South Korean stock market is relatively small compared with other Asian equity markets, which is largely due to the local stock market’s low global reputation and strict listing rules, data showed Thursday. Only 17 firms out of 1,822 companies listed on the main bourse and the secondary market, or 0.93 percent, were foreign-based as of end-November last year, according to the data by the Korea Exchange and the Korea Capital Market Institute.The Korean marke

The Korea Chamber of Commerce and Industry on Thursday invited about 1,300 leaders from all sectors, including President Lee Myung-bak, for its New Year’s greetings in southern Seoul.The event, which was organized by the country’s largest business lobby and participated by leaders from the business, government, societal and diplomatic circles, was the first meeting between the president and business heads in 2012.“I hope this year could be one which the country establishes great growth in all se

Foreign investors shifted to net sellers of listed South Korean equities last year as heightened global market uncertainties prompted a flight for safer assets, the financial watchdog said Thursday.Overseas investors sold a net 9.6 trillion won ($8.4 billion) of local stocks in 2011, compared with a net purchase of 22.9 trillion won the previous year, according to the Financial Supervisory Service.The sharp fall came as foreign investors offloaded 9.3 trillion won worth of shares between August

Central bank under fire for inflation growth moves to set up new PR organKorea’s central bank has named reining in consumer prices as its top priority this year, but its reorganization plan sends a mixed message about whether it is indeed determined to fight inflation.“Price stability has emerged more than ever before as an important matter of national concern,” said BOK Gov. Kim Choong-soo in his New Year’s message last week. The first noticeable step, however, is to set up a new division offic

Korean stocks edged down 0.13 percent on Thursday as investors cut their holdings of techs and banks ahead of significant political events in Europe and economic data reports in the U.S. next week, analysts said. The local currency fell against the U.S. currency.The benchmark KOSPI inched down 2.48 points to 1,863.74. Trading volume was heavy at 528.5 million shares worth 4.8 trillion won ($4.2 billion) with gainers leading losers 463 to 369.“Investors were reluctant to buy stocks as they are wa

Customer satisfaction with public agencies in Korea edged up last year, the Ministry of Strategy and Finance said Thursday.According to the survey on 167 public organizations including state-run enterprises and state-affiliated agencies, the satisfaction level improved in the fields of customer-oriented services and customized consulting, the ministry said.Public enterprises scored 93.7 out of 100 last year, up from 92.9 the previous year. Semi-public agencies and other agencies scored 89.6 and

Stroke patients over 65 years old are likely to suffer arrhythmia, which could be critical, professor Kim Yong-jae of Ewha Womans University Medical Center said Tuesday. Kim and his team studied a total of 869 people who were hospitalized last year to treat cerebral infarction, caused by a disturbance in the blood vessels supplying blood to the brain. He found that 198 of them had arrhythmia, or an irregular heart beat. The older the patients were, the more likely they had the heart disorder, Ki