Seoul shares face downward pressure

South Korean stocks will trade in negative territory this week as uncertainties in Japan and the Middle East are likely to dampen investors’ appetite for risks, analysts said.After moving with great volatility, the benchmark Korea Composite Stock Price Index closed at 1,981.13 on Friday, up 25.59 points, or 1.31 percent, from one week ago.The Seoul bourse was the sole stock market in Asia that fin

March 20, 2011

Business failures hit record low

The number of South Korean corporate bankruptcies fell to a record-low level in February on the back of the country’s continued economic recovery, the central bank said Sunday.The number of companies that went bankrupt totaled 99 last month, down from 102 in the previous month, according to the Bank of Korea. The latest figure marked the smallest monthly number of business failures since the centr

March 20, 2011

Hana Daetoo Securities, Wise Asset face sanctions

The Financial Supervisory Service is set to reprimand a local asset management firm and a brokerage house for incurring huge losses by conducting allegedly reckless investments in stocks last November.The companies which faced regulatory punishment are Wise Asset and Hana Daetoo Securities. They were reportedly negligent in internal controlling, according to the FSS.Though the FSS had planned to f

March 20, 2011

G20 to discuss Japan impact on economy

Finance ministers from the Group of 20 member nations will hold a meeting in Washington, D.C. next month to discuss the economic impacts of the Japanese crisis and measures to curb volatility in global financial and commodity markets, government officials said Sunday. The meeting, slated for April 14-15, is mainly aimed at gauging the aftereffects on the energy sector amid the nuclear crisis follo

March 20, 2011

KEPCO denies rumors of importing UAE nuke waste

Utility firm seeks court order banning magazine report on possible import of fuelThe state-run Korea Electric Power Corp. said on Saturday that it has filed for injunction in a Seoul court calling for the banning of the distribution of the monthly Shindonga magazine. They argue that its news report that Korea may be responsible for the disposal of nuclear waste from the planned nuclear power plant

IndustryMarch 20, 2011

Honda suspends orders for Japan-Built car

Honda Motor Co., the Japanese carmaker that builds most of the autos it sells in the U.S. at North American plants, is temporarily halting orders from U.S. dealers of Japan-built models after a suspension of production there following last week’s earthquake.Honda informed U.S. Honda and Acura dealers, who typically order vehicles six weeks in advance, of the suspension yesterday in a memo, said Ch

MobilityMarch 20, 2011

Harley-Davidson to fix faulty oil tank

Harley-Davidson Korea announced on Wednesday that oil tanks fitted in 833 XL Sportster and XR1200 vehicles sold in Korea will be replaced due to faults that may develop in cold conditions.According to the company, oil tanks fitted in model year 2004 to 2009 XL Sportster motorcycles and 2009 XR1200 could become damaged when condensation within the tank freezes in low temperatures. The company will

MobilityMarch 20, 2011

Warren Buffett due in S. Korea

   U.S. investor Warren Buffett will arrive in South Korea Sunday on a trip that includes a meeting with President Lee Myung-bak.   The chairman and CEO of U.S. conglomerate Berkshire Hathaway will arrive in Daegu, a city located some 300 kilometers southeast of Seoul, to attend the groundbreaking ceremony on Monday of a company owned and directed by Berkshire Hathaway.   Daegu-Tech, a metal-cutte

IndustryMarch 20, 2011

DuPont faces antitrust claims filed by Kolon

   WASHINGTON -- South Korea's Kolon Industries Inc. has won a U.S. appeals court decision obliging a lower court to examine DuPont's alleged monopolization of the U.S. market for para-aramid fibers used for high temperature-resisting goods.   "Whether Kolon's proffered relevant geographic market definition will hold up upon a fact-intensive inquiry remains to be seen," the U.S. Court of Appeals f

IndustryMarch 20, 2011

Teams race to reconnect power to Japan nuke plant

   FUKUSHIMA, Japan (AP) -- Emergency workers racing to cool dangerously overheated uranium fuel scrambled Saturday to connect Japan's crippled reactors to a new power line, with electricians fighting tsunami-shattered equipment to restart the complex's cooling systems.   Though the power line reached the complex Friday, making the final link without setting off a spark and potentially an explosio

TechnologyMarch 19, 2011

Hyundai Motor recalls 190,000 cars in U.S. on faulty airbag

   Hyundai Motor Co., South Korea's top automaker, recalled 190,000 vehicles sold in the U.S. market on airbag-related defects, a U.S. government agency said on Saturday.   According to the Web site for the U.S. National Highway Traffic Safety Administration (NHTSA), Hyundai issued an recall of about 190,000 Elantra sedans sold between 2006 and 2008 in the U.S. to repair a defect in airbag sensors

MobilityMarch 19, 2011

SDI agrees to pay US$32 mln in fines for price fixing conspiracy: Justice Dept.

   WASHINGTON (Yonhap) -- South Korea's Samsung SDI Co. has agreed to pay US$32 million in fines for trying to fix the prices of color display tubes used for computer monitors, the Justice Department said Friday.   "Samsung SDI Company Ltd. has agreed to plead guilty and to pay a $32 million criminal fine for its role in a global conspiracy to fix prices, reduce output and allocate market shares o

IndustryMarch 19, 2011