Samsung Electronics Co., the world’s top TV maker, said Tuesday that it has scrapped its plan to develop 3D TVs with RealD Inc. amid lingering uncertainties in the global TV market. A Samsung spokesman said that the company is no longer pursuing the development of the active shutter 3D TVs in a deal that was announced earlier this year with RealD, a 3D technology licensor based in California in ...

Korea’s central bank board to decide key rate on Friday In recent months, the key debate concerning the interest rate policy of the Bank of Korea revolved around when it would raise benchmark rates. Not for Friday, when the central bank holds its policy-setting meeting amid growing worries over whether the eurozone debt crisis will spin out of control, engulfing bigger nations like Italy and dr...

Korea Post, the state-run postal service agency, said Tuesday it plans to abolish or sharply reduce fees for financial transactions at post offices nationwide. To be implemented later this month, the new policy entails an exemption of all banking costs for low-income Koreans, people with disabilities, teen heads of household, college students, veterans and patriots. The agency also said it will...

The Korean economy is showing signs of weakness from the subdued outlook for global growth and uncertainties over the European debt crisis, the Finance Ministry said Tuesday. In its monthly economic assessment, the ministry cited slowing industrial output, export growth, job creation and facility investment as evidence of slowing economic momentum. It also warned of persistent price pressure whi...

Google chairman Eric Schmidt said Tuesday that the Internet giant’s purchase of Motorola Mobility would not affect partnerships with other handset makers, including Samsung Electronics. “We will run (Motorola) sufficiently and independently in a way that will not violate Android’s openness. We are not going to change in any material way the way we operate,” Schmidt said at a press conference on ...

South Korean stocks edged 0.83 percent down on Tuesday, as investors remained cautious over debt-ridden Italy’s situation, which could spill over into the entire region, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 15.96 points to 1,903.14. Trading volume was moderate at 398.6 million shares worth 5.16 trillion won ($4.6 bil...

South Korea’s financial regulator on Tuesday said it will lift a three-month ban on short selling of non-financial stocks starting this week. “The ban on short selling of non-financial shares will be lifted starting Nov. 10, but the measure on financial shares will be retained for the time being,” the Financial Services Commission said in an e-mailed statement. The FSC had imposed a ban on shor...

The Fair Trade Commission said Tuesday it reached an agreement with the nation’s top three department stores to lower their commission fees by 3-7 percent immediately for almost half of their small- and medium-sized vendors. The antitrust regulator expected that 1,054 companies would benefit from the cuts. Lotte Department Store, the nation’s No. 1 retail chain, will benefit the largest number ...

A senior South Korean diplomat in Japan has resigned only nine months after taking office, citing preparations to run for next year’s parliamentary elections, an official said Tuesday. Kim Seok-ki, the consul general in Osaka, recently submitted his resignation to the presidential office and returned home on Monday, the Foreign Ministry official said. Kim has reportedly cited his plan to run in...

The government on Tuesday toughened punishments for match fixing in local professionals sports, in light of a major match-rigging scandal that shook the nation’s top division football league earlier this year. During a Cabinet meeting held at Cheong Wa Dae, the government passed a bill on revising the national sports promotion law, which governs sales of Sports Toto, the only licensed sports lot...