2012 budget prioritizes jobs, fiscal balance

The government proposed to increase its spending next year by 5.5 percent to 326.1 trillion won ($286.2 billion), prioritizing job creation and fiscal soundness to protect the country’s economy from ongoing debt crises abroad.The Finance Ministry said the 2012 budget plan will cut the government def

Sept. 27, 2011

Hyundai-Kia, GM vie for No. 2 in China

Hyundai Motor and its affiliate Kia Motors have been successful in expanding their market share in China, taking 9.7 percent of the market between January and August.The companies, ranked third in the Chinese market, have the short-term goal of overtaking General Motors which posted an 11.2 percent

MobilitySept. 26, 2011

More Korean companies incapable of repaying debt

BOK data shows 3 out of 10 Korean firms failed to cover their debts in Q2Three out of every 10 Korean firms listed on the stock market failed to service their debt in the second quarter of this year, Bank of Korea data showed Monday. A total of 30.2 percent out of 1,491 firms said their average inte

Sept. 26, 2011

Korea's foreign reserves 'enough' to cope with crisis: official

South Korea holds a sufficient amount of foreign exchange reserves to cope with any crisis, a senior finance ministry official said Monday, dismissing worries that the nation's financial system is vulnerable to foreign capital flight. Media reports speculated earlier that the nation's foreign r

Sept. 26, 2011

Effective corporate tax rate falls in 2010

South Korea’s effective corporate tax rate fell more than 3 percentage points in 2010 from a year earlier as the government pushes to lower tax burdens on businesses, data showed Monday.According to the data by the finance ministry and Statistics Korea, the country’s effective corporate tax rate sto

Sept. 26, 2011

Asiana resumes flights to Sendai

Asiana Airlines reopened the route to Japan’s Sendai Airport on Sunday.The route was suspended in March after Japan was hit by a series of natural disasters. The resumed flight will be traveling from Incheon to Sendai Airport three times a week, every Tuesday, Thursday and Friday. The March earthqua

IndustrySept. 26, 2011

Osstem Implant fined for illegal rebates

The Fair Trade Commission said Monday that it has fined three dental equipment makers 127 million won ($106,000) for giving illegal rebates. It is the first time that the state-run antitrust regulator has found illegal marketing practices prevalent in the medical equipment market as well as in the p

IndustrySept. 26, 2011

Online tax paying system lacks security: lawmaker

A lawmaker on Monday alleged that HomeTax, the government’s online tax payment system, is exposed to the threat of hacking and lacks adequate security. Currently, about 5.22 million Korean taxpayers, most of them business owners, are using the system due to benefits such as tax cuts. According to Re

IndustrySept. 26, 2011

Solid bank profits expected in Q3

KB Financial Group  projected to record about 670 billion won in net profits: analystsIt is estimated that four major financial groups and their banking units will secure robust performance during the third quarter, according to analysis by local securities firms.Securities firms such as Kyobo,

Sept. 26, 2011

Doctor in Brazil sends patient to morgue a bit too soon

RIO DE JANEIRO (AFP) - A Brazilian woman in her 60s being treated in hospital for pneumonia was given up for dead by her attending physician, and sent to the morgue too soon, O Globo newspaper reported Sunday.The doctor felt no vital signs, ran tests and pronounced her dead. She was sent to the morg

TechnologySept. 26, 2011

Korea’s debt risks rise on global woes

Spread on credit default swaps rises above 2 percentKorea’s sovereign default risks went up last week as the Korean won and the main stock index confronted a selling spree amid growing concerns over the country’s wobbly financial market battered by the deepening fiscal crisis in Europe. The spread o

Sept. 25, 2011