Mon, Feb 04, 2013 - Page 14 News List

Surging won causes high anxiety in South Korea

CURRENCY CONCERNS:Industry giants like Samsung, the world’s biggest technology firm, are feeling the squeeze as the won strengthens and the yen falls

AFP, SEOUL

The source said it would be “problematic” if the yen remained weak against the US dollar in the long term.

Samsung’s smaller rival LG reported a fourth-quarter net loss of 467.8 billion won –– four times the deficit it posted the year before.

LG said its sales, which fell 2.3 percent to 13.5 trillion won, were expected to slip further.

“The first quarter is a low season for TV sales and we will also face the impact of the strong won,” LG chief financial officer Jung Do-hyun said on Wednesday last week.

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