International prices of key raw materials have been rebounding recently, data showed Wednesday, raising concerns South Korea could face growing inflationary pressure due to its heavy dependence on their imports.According to the data by the Korea Center for International Finance, the CRB index, a major gauge of raw material prices, came to 318.57 as of Monday, up 8.6 percent from Oct. 4 when it fell to 293.28, the lowest this year.The increase is driven mostly by price hikes of key raw materials

South Korea’s top economic policymaker called for the swift ratification of the long-pending free trade agreement with the United States on Wednesday, saying that a further delay could eventually do more harm than good to the nation’s interests.The trade deal, known as the KORUS FTA, was signed in 2007 and supplemented in December of last year with minor modifications that mostly dealt with the auto industry. Recently, the U.S. Congress passed the deal and it has been awaiting approval from Sout

Improving outlook for eurozone and U.S. instills optimismKorea’s major brokerages forecast on Wednesday the KOSPI index might reach 2,100 by year-end, citing improving outlook on the eurozone debt crisis and a faster-than-expected recovery of the U.S. economy.The main index recouped its losses this month, rising quickly from 1,650 to around 1,900, on the expectations that the protracted sovereign debt crisis in the eurozone might find a breakthrough sooner than earlier predicted. The rapid rise

Samsung Electronics Co. said Wednesday that it began to supply digital camera chips for Ambarella Inc., an image-processing semiconductor company in the U.S., further expanding their cooperation in the foundry business.Samsung’s foundry team started manufacturing Ambarella’s 32-nanometer System on Chips and A7L for high-definition digital cameras, Samsung said in a statement.The company’s foundry business, which fabricates chip designs of other companies that do not have a semiconductor fabricat

South Korean consumption of beer and soju has made a comeback in 2011 after three straight years of negative growth, a trade association said Wednesday.The Korea Alcohol and Liquor Industry Association said beer shipments reached just under 1.25 million kiloliters in the first eight months of this year, up 3 percent from a year earlier.Shipments of soju, a local distilled beverage made from rice and other starches, also grew 1 percent on-year to 809,891 kiloliters.“Both beer and soju consumption

Telecom giant may gain upper hand in price negotiations with Hynix creditorsSK Telecom is expected to become the sole bidder for the world’s second biggest computer memory chipmaker Hynix although the bidding process was seemingly deferred twice to trigger competition.According to industry sources, lead manager Credit Suisse has delivered statements on how to take part in Hynix bidding to about 12 large firms, but none of them have yet responded.The outlook for increased competition looks grim s

Gmarket, the nation’s No. 1 online marketplace owned by eBay, opened Wednesday a virtual fashion store at a subway station in central Seoul. Gmarket said it will display fall and winter fashion items via the eight screen doors at Myeongdong Subway Station through Nov. 14.Customers can purchase the products by scanning the Quick Response Code, or QR Code, on the photographs, the company explained. Gmarket said customers can check the complete look of specific items and share reviews of other user

South Korean stocks ended 0.3 percent higher on Wednesday as continued optimism over the eurozone’s policy efforts to salvage the region from a debt crisis kept investor sentiment afloat, analysts said. The local currency fell against the U.S. dollar.After opening lower, the benchmark Korea Composite Stock Price Index climbed 5.66 points to 1,894.31. Trading volume was moderate at 379 million shares worth 5.49 trillion won ($4.85 billion), with gainers outnumbering decliners 428 to 374.“The shif

LG Electronics posted operating losses of 32 billion won ($29.57 million) in the third quarter, swinging into the red for the first time this year.In its quarterly earnings report, the company said it recorded 12.9 trillion won in sales, a 4 percent decrease from the same period last year, largely due to its sluggish sales of mobile phones.The company posted operating losses of 185.2 billion won and 245.7 billion won in the third and fourth quarters of last year, respectively, but managed to get

KT, the nation’s major telecom services provider, said Wednesday that it has agreed with U.S.-based live video streaming site Ustream to set up a joint venture to spread K-pop content around the world. The tentatively named “Ustream Korea” will support the distribution of Korea’s diverse cultural contents into the global market and offer business opportunities for smaller producers, KT said.KT said that the joint company will be established within the year and start providing Korean services via

A charity dog costume contest will be held in Seoul on Oct. 30. The event to benefit Korean animal charities will run from 1-6 p.m. at Roofers bar in Itaewon. The event for Coexistence of Animal Rights on Earth will see pooches decked-out in costumes take part in talent shows to win prizes. Owners are invited to dress up too at the Halloween-themed event. Entry to the contest is a suggested donation of 5,000 won to go towards CARE’s work to protect animals in Korea. The charity aims to prevent s