FSS monitors lenders over unfair practices

Financial regulators are set to crack down on irregular business practices committed by financial service companies to help prevent consumers from being bullied.The supervisory policy toward enhanced consumer protection comes after angry citizens recently criticized an employee of Namyang Dairy Products for verbally abusing a wholesaler in the manufacturing sector.The irregular practices in the financial sector include commercial banks allegedly demanding unreasonable conditions in loan issuance

May 9, 2013

6m stores to join boycott

The nationwide rage against Namyang Dairy Products Co., which allegedly strong-armed distributors into ordering more products, reached new heights on Thursday, as millions of independent store owners vowed to join an ongoing boycott against one of the country’s largest dairy producers.More than 150 associations of pro-small business activists and independent store owners called on Namyang to fully compensate for the “material and emotional damage it caused to the victims.” They added that some s

May 9, 2013

French chamber launches Business Women’s Club

The French Korean Chamber of Commerce and Industry launched a Business Women’s Club in a bid to promote women’s role in the workforce through discussions to improve the work-life balance for women in Korea.FKCCI board directors Jenny Kim, a tax attorney at law firm Kim & Chang, and celebrity and businesswoman Ida Daussy launched the club which will be open to all businesswomen in Korea including those working for foreign companies.“The rate of female executives is very high among French companie

IndustryMay 9, 2013

American Airlines launches direct flights from Seoul to Dallas

American Airlines announced Thursday that it would from Friday begin a non-stop service connecting Seoul and Dallas, the first direct route by the U.S. airline between the two countries. The daily flight will be operated by a three-class Boeing 777-200 aircraft with a late afternoon departure from Incheon arriving into Dallas the same afternoon, local time, the company said. American Airlines is seeking to expand its presence in Asia, with its merger with U.S. Airways awaiting antitrust approval

IndustryMay 9, 2013

SK Hynix to appeal U.S. court order on Rambus payment

SK Hynix, the world’s second-largest chip supplier, on Thursday said it would appeal a recent U.S. court order reducing its payment to Rambus, a U.S.-based designer of high-speed memory chips. The two firms are currently enmeshed in a patent litigation. SK Hynix had hoped for the payment to be thrown out entirely. The order said the payment should be slashed by $250 million, as Rambus had obstructed related evidence. The South Korean chipmaker said it was planning an appeal as soon as the court

IndustryMay 9, 2013

Seoul shares spike 1.18 pct on rate cut

South Korean stocks rallied 1.18 percent Thursday as the central bank's decision to cut its key interest rate boosted investor sentiment here, analysts said. The local currency fell against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) added 23 points to finish at 1,975.45. Trading volume was moderate at 324.8 million shares worth 4.9 trillion won (US$4.56 billion) with gainers outnumbering decliners 521 to 291.   Analysts said the rise came as South Korea's central

May 9, 2013

Won gains most among global currencies in one month

The South Korean won has strengthened against the U.S. dollar at the fastest clip compared with other currencies in the last few weeks, spawning concerns over a sudden in and outflow of foreign funds, data showed Thursday. The local currency has soared 4.9 percent to the greenback in the last four weeks, closing at 1,086.50 won as of Wednesday, breaching the 1,100 won mark for the first time since Sept. 29, 2008, according to the Bank of Korea (BOK) and the Seoul foreign exchange market. The won

May 9, 2013

Seoul shares up 0.93 pct in late-morning trade

South Korean stocks traded 0.93 percent higher late Thursday morning on the central bank's decision to cut its key interest rate, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) moved up 18.13 points to 1,974.58 as of 11:20 a.m.   Shares gathered ground across the board, with market behemoth Samsung Electronics rising 1.08 percent and top chipmaker SK hynix climbing 1.75 percent. Top steelmaker POSCO added 0.62 percent.   South Korea's central bank delivered the first in

May 9, 2013

A romp for the Heat, who top Bulls 115-78

The Miami Heat recorded its most lopsided playoff win in franchise history and inflicted the heaviest such defeat on Chicago by beating the Bulls 115-78 on Wednesday, squaring their NBA Eastern Conference semifinal series 1-1.Nine technical fouls, two ejections and a lot of pushing and shoving also injected some venom into the series, as the Heat turned what was a close game in the first half into a blowout.In Wednesday's other game, the Golden State Warriors withstood a big comeback from San An

TechnologyMay 9, 2013

Foreign ownership of listed shares drops to 8-month low

The combined foreign ownership of shares listed on South Korea's main bourse fell to an eight-month low as of Tuesday, apparently due to the protracted economic slowdown, data has showed.  Overseas investors held 34.02 percent of the total market value, marking the lowest number since 33.98 percent tallied in September last year, according to the Korea Financial Investment Association data that came out Thursday. Foreigners' presence on blue-chip exporters fell, with their stakes in Samsung Elec

May 9, 2013

Seoul shares open higher on U.S. gains

South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street on rising hopes for an economic recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 8.05 points, or 0.41 percent, to 1,964.50 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics rising 0.81 percent and top steelmaker POSCO moving up 0.16 percent. Leading builder Hyundai Engineering & Construction Co. advanced 0.6

May 9, 2013

S. Korea to provide 26 tln won worth of support for start-ups: sources

South Korea plans to provide 26 trillion won ($23.9 billion) worth of support for small start-up companies this year as part of efforts to create a business friendly environment for such venture business activities, officials said Thursday.The support plan and other measures, including tax incentives, will be unveiled next week, which would represent the fourth large-scale policy package by President Park Geun-hye to boost the slowing economy since her inauguration in February."Details have yet

May 9, 2013

NHN Q1 net rises on robust ad, messenger businesses

NHN Corp., South Korea's top Internet portal operator, said Thursday its first-quarter net profit jumped15.6 percent from a year earlier, buoyed by increased revenue from advertising and messenger services.Net profit reached 157 billion won ($145 million) in the January-March period, compared with a profit of 136 billion won the previous year, NHN said in a regulatory filing.Revenue rose 17.6 percent on-year to 673 billion won in the first quarter, and operating profit gained 10.5 percent to 191

IndustryMay 9, 2013

Woongjin chief faces probe for unfair trading

The nation’s securities regulator said Wednesday that it had filed a complaint against Woongjin Group chairman Yoon Seok-keum with the prosecution on charges of attracting investment while concealing its poor financial status.Though Woongjin Group had lost its ability to pay back its debt in the aftermath of a credit rating downgrade, Yoon raised funds by issuing commercial paper worth 100 billion won ($91 million) from July to August 2012, said the Securities and Futures Commission.According to

May 8, 2013