U.S., Japanese cars hope to battle Hyundai-Kia here on U.S. FTA

Three U.S. automakers are expected to pick up their marketing and sales in Korea to battle Hyundai Motor and Kia Motors under the Korea-U.S. Free Trade Agreement, which will take effect early next year.In addition, a great number of Japanese cars produced in the U.S. will likely be imported under the coming slash in tariff on automobiles.Tariff on made-in-U.S. automobiles will be lowered from 8 percent to 4 percent under the bilateral trace pact. Further, the 4 percent tariff will be removed in

MobilityDec. 8, 2011

Shares down on Europe woes

South Korean stocks slumped 0.37 percent on Thursday as investor sentiment remained fragile due mainly to weak hopes for an upcoming European summit, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI declined 7.03 points to 1,912.39. Trading volume was heavy at 420.1 million shares worth 5.86 trillion won ($5.18 billion), with gainers outpacing decliners 425 to 397.“Investors are doubtful whether the European summit on Friday will bring about substantial developm

Dec. 8, 2011

Court ruling scuppers KT LTE plan

The high-speed fourth-generation network service appears to be literally a “long-term evolution” for KT Corp., the nation’s No. 2 telecom carrier. KT was scheduled to halt its second-generation mobile service and to announce the beginning of its long-awaited LTE service in a press conference on Thursday. A Seoul court, however, scuppered KT’s plan on Wednesday, saying “Irreversible damages are expected to the remaining 2G users.”“Because the telecom regulator has already approved the 2G shutdown

IndustryDec. 8, 2011

BOK freezes key rate for 6th month for Dec.

SEOUL, Dec. 8 (Yonhap) -- South Korea's central bank froze the key interest rate on Thursday for the sixth straight month in a bid to shield the economy from the impact of growing downside risks from the eurozone debt crisis.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers unanimo

Dec. 8, 2011

Japan, Russia see chance to clone mammoth

 

TechnologyDec. 8, 2011

Income inequality among elderly citizens 3rd-highest in OECD countries

SEOUL, Dec. 8 (Yonhap) -- Income inequality among elderly citizens in South Korea is the third highest in major economies, data showed Thursday, indicating that the country's public pension system remains relatively insufficient to support retirees.The Gini coefficient for those aged 65 and older he

Dec. 8, 2011

Court orders S. Korea's No. 2 mobile operator to continue 2G

A court ordered Wednesday South Korea's second-biggest mobile operator not to switch off its second-generation wireless service.   The decision by the Seoul Administrative Court came just hours before KT Corp. plans to end its wireless service on Thursday. It dealt a blow to the telec

IndustryDec. 7, 2011

Korea aims to be global marine sports hub

South Korea plans to build more international marinas in a move to promote marine sports here and also help create new jobs in the industry, the government said Wednesday.Under the plan, announced by the Ministry of Land, Transport and Maritime Affairs, the government will first simplify its regulations for the industry to help boost investment.In addition, the government will expand the number of free try-out services from the current 180,000 per year to 500,000 from next year, according to the

IndustryDec. 7, 2011

Bank holding firms’ capital ratio slips in Q3

The capital adequacy ratio of South Korean bank holding companies fell in the third quarter, due to an increase in risk-weighted assets such as equities and loans, the financial regulator said Wednesday.The average capital adequacy ratio of nine local bank holding companies, including top player Woori Finance Holdings Co., stood at 13.54 percent as of the end of September, down 0.24 percentage point from three months earlier, according to the Financial Supervisory Service. The figure comes after

Dec. 7, 2011

Money supply growth hits 8-month high in Oct.

The growth of South Korea‘s money supply rose to an eight-month high in October as bank lending remained brisk and the current account surplus widened, the central bank said Wednesday.South Korea’s M2, a narrow measure of the money supply, amounted to 1,742.6 trillion won ($1.5 trillion) in October, up 4.4 percent from a year earlier, according to the Bank of Korea.In October, M2 growth quickened from a 4.2 percent on-year expansion tallied in September and marked its sharpest growth since 5 per

Dec. 7, 2011

Banks‘ household loans grow slower in Nov.

South Korean banks’ household loans grew at a slower pace in November than the previous month as mortgage loan growth eased, affected by the government‘s efforts to curb household debts, the central bank said Wednesday.Local banks’ household loans, including home-backed and credit loans, reached 453.2 trillion won ($402 billion) as of the end of November, up 1.4 trillion won from the previous month, according to the Bank of Korea.The November growth slowed from a 3.2 trillion won gain in October

Dec. 7, 2011

Nearly half of local firms fail 2011 targets: poll

Nearly half of South Korean companies are unlikely to meet their 2011 targets for sales and operating profit amid growing global economic uncertainties, a survey showed Wednesday.According to the poll by the Korea Chamber of Commerce and Industry, 44.7 percent of 309 surveyed companies said that it is impossible to achieve their sales and operating profit targets for the year.Only 12.9 percent of the respondents said they are able to exceed their business targets, while 42.4 percent said they wi

IndustryDec. 7, 2011

Korea Inc. strives to shoulder climate change burden

Firms implement emissions-cutting measures, still lack concrete long-term frameworkKorea is poised to blaze a trail in action against climate change by imposing mandatory emission cut targets on large companies and institutions beginning next year.The much-touted policy, however, faces a rough ride with the affected firms by and large still lacking concrete plans, organization and resolve.In October, the government unveiled specific targets for 366 firms, which will have to shoulder 96.5 percent

IndustryDec. 7, 2011

Seoul Global Center drops lingerie show after complaints

Seoul Global Center has canceled an underwear show at an entrepreneurs’ showcase after complaints about a lingerie show held at another business event.A dispute erupted after a post titled “Sex and business in Korea ― a returning fashion?” appeared Nov. 22 on Korea Business Central, an online community focused on doing business in Korea.The post by Mary Jane Liddicoat, a businesswoman in Korea, complained about a lingerie fashion show at the Australian Chamber of Commerce in Korea awards gala on

IndustryDec. 7, 2011

Hyundai Accent tops Chinese customer poll

Hyundai’s Accent sedan ranked first in the small sedan segment in the Chinese market, customer satisfaction survey showed Wednesday.This was the first time that Hyundai topped the list in a product rating for satisfaction among Chinese consumers, which was conducted by U.S.-based J.D. Power and Associates.The Accent, dubbed Verna in China, garnered 854 points out of a maximum 1,000 in the poll among consumers who bought automobiles between October 2010 and June 2011.The Hyundai sedan tied with t

MobilityDec. 7, 2011

Pantech exits workout program

Creditors to Pantech Co. agreed to end a debt workout program for the nation’s third-largest handset maker on Wednesday, one day after its CEO Park Byeong-yeop offered to resign. In an urgent press conference on Tuesday, Park said that he would step down from his post on Dec. 31, citing health problems. He didn’t show up at his office on Wednesday. “We have no idea for now how the graduation from the workout program will affect Park’s decisions in the future,” said a Pantech official. Industry w

IndustryDec. 7, 2011