Credit card loans begin to decline

The amount of Korea’s credit card loans declined for the first time in two years amid intensifying pressure from the authorities. The Financial Supervisory Service and the credit card industry estimate that the total loan balance ― including card loans and cash advance services ― has fallen slightly at the end of September compared to three months earlier. “Preliminary figures show that most credit card firms saw their loans decline in the third quarter of this year,” said an official from the F

Nov. 9, 2011

SK tries to keep calm over probe

SK Group has come under pressure once again to explain a string of scandals surrounding its chairman Chey Tae-won and his younger brother and vice chairman Jae-won after prosecutors raided the conglomerate’s headquarters in Seoul on Tuesday.Investigators are trying to untangle a web of suspicion involving the chairman’s 100 billion won ($89.4 million) loss from futures trading, group subsidiaries’ 280 billion won investment in a financial firm owned by a former executive and an alleged slush fun

IndustryNov. 9, 2011

Shares up on eurozone optimism

South Korean stocks inched 0.23 percent up on Wednesday as European optimism boosted investor sentiment but they contined to remain cautious about the region’s worsening debt crisis, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 4.39 points to 1,907.53. Trading volume was moderate at 414.3 million shares worth 5.47 trillion won ($4.9 billion), with losers leading gainers 416 to 395.“The prices were steady all day, just up and

Nov. 9, 2011

E-Mart to heat up virtual wireless market

No. 1 supermarket chain seeks to launch telecom service to compete with major mobile firmsKorea’s No. 1 supermarket chain E-Mart plans to launch “half-priced” cellphones on Friday ― a move following the retail giant’s recent marketing of ultra-cheap TVs and coffee beans. The leading retailer will start selling the first batch of 1,000 handsets at its 130 outlets nationwide in a partnership with FreeC, a mobile virtual network operator, or MVNO. FreeC, which leases the wireless network capacity o

TechnologyNov. 9, 2011

Honda to release over 10 new models in S. Korea: CEO

Honda Motor Co., Japan‘s No. 2 carmaker, plans to launch more than 10 new models in the growing South Korean market, the company’s global CEO said Wednesday.Takanobu Ito said in a meeting with reporters that South Korea has become an important market for the Japanese carmaker and said all available resources will be used to boost competitiveness here.He did not give the names of the car models Honda wants to sell in South Korea or a time frame for their release but said the launching of the 2012

MobilityNov. 9, 2011

Toyota recalls 550,000 cars globally

TOKYO (AP) _ Toyota Motor Corp. is recalling about 550,000 vehicles worldwide _ mostly in the United States _ for possible problems related to the crankshaft pulley on the engine that could make it harder to steer.Toyota's U.S. sales unit said in a statement Wednesday that if the problem isn't corre

IndustryNov. 9, 2011

Babies on obesity path? New sign may offer answer

CHICAGO (AP) — Researchers say there's a new way to tell if infants are likely to become obese later on: Check to see if they've passed two key milestones on doctors' growth charts by age 2.Babies who grew that quickly face double the risk of being obese at age 5, compared with peers who grew

TechnologyNov. 9, 2011

S. Korea's jobless rate falls to 2.9 percent in Oct.

SEOUL, Nov. 9 (Yonhap) -- South Korea's jobless rate fell in October from a month earlier and job creation accelerated at the fastest pace in 17 months, showing signs that long-frozen labor conditions might be thawing, a report showed Wednesday.The jobless rate stood at 2.9 percent last month, down

Nov. 9, 2011

Ssangyong Motor to release flagship sedan in China

HONG KONG (Yonhap News) ― South Korea’s smallest automaker Ssangyong Motor Co. said Tuesday it will unveil its flagship luxury sedan for the first time in China in an effort to expand its presence in the world’s No. 1 auto market.The Chairman W will be showcased at the ninth annual Guangzhou International Motor Show, which is set to kick off on Nov. 22 for a seven-day run in the southern Chinese city.Ssangyong Motor, the Korean unit of the Indian sport utility vehicle maker Mahindra & Mahindra L

MobilityNov. 8, 2011

State oil company plans Kazakhstan investment

The Korea National Oil Corp. will soon increase its presence in Kazakhstan under massive investment plans to significantly bolster its oil production, the company’s top official in the Central Asian country said.The state-run KNOC has four production fields and four undergoing exploration in Kazakhstan that currently churn out about 15,000 barrels of oil per day.“The company plans to increase its daily production level here to 50,000 barrels within the next few years, which will then make up a c

Nov. 8, 2011

Hyundai Heavy raises bet on earth-moving equipment

Hyundai Heavy Industries Co. is raising its bets on the construction equipment business as it begins making compact wheel loaders at its new factory in China.The world’s top shipyard said Tuesday it had completed the $49 million plant in Tai’an in eastern China with an annual capacity of 8,000 five-ton and three-ton wheel loaders, which are used to scoop up and move materials such as dirt and sand.“The company plans to set the plant as another base for growth in the world’s largest wheel loader

IndustryNov. 8, 2011

Mini Cooper Coupe launched

German luxury carmaker BMW AG on Tuesday launched a coupe version of its popular Mini small-sized car to meet South Korean consumer demand for sporty vehicles, the company said.The Mini Cooper Coupe is the first two-seater and the fifth model of the compact, fuel efficient vehicle that has been on the market for a decade.The new coupe, which was unveiled at the Frankfurt Motor Show in September, has a 1.6-liter, inline four cylinder engine that generates a maximum 122 horsepower with 16.3 kilogr

MobilityNov. 8, 2011

Samsung drops development of active shutter 3-D TVs

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 the United States. Samsung Electronics plans is focusing on development and production of active shutt

IndustryNov. 8, 2011

BOK in dilemma over interest rate

Korea’s central bank board to decide key rate on FridayIn 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 dragging down the global economy.Although analysts and economists expect the central bank to keep the rate

Nov. 8, 2011

Korea Post to slash banking fees

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 scrap or cut 35 types of charges by up to 54 percent, such as for automated teller machines, wire transf

IndustryNov. 8, 2011