Hyundai Motor Group chairman Chung Mong-koo said Thursday that he agrees with the “general frame” of the government’s economic democratization initiative, hinting that Hyundai is playing its part well.“We know the direction where Hyundai should be headed,” Chung told reporters ahead of a dinner he hosted for Prime Minister Chung Hong-won and the Federation of Korean Industries, the mouthpiece for local conglomerates. Hyundai recently decided to add more small and mid-sized suppliers to its list

May 2, 2013

South Korean stocks closed 0.34 percent lower Thursday, tracking its U.S. peers overnight as disappointing economic data in major countries dampened investor appetite, analysts said. The local currency edged down against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) retreated 6.74 points to finish at 1,957.21. Trading volume was moderate at 342.2 million shares worth 4.05 trillion won (US$3.67 billion) with decliners outpacing gainers 485 to 315.   "U.S. markets saw

May 2, 2013

Three people were injured Thursday after a toxic gas leaked again at Samsung Electronics Co.’s chip plant in Hwaseong, Gyeongggi Province, the company said.In January, one worker was killed and several others injured after they were exposed to poisonous hydrofluoric acid gas. At 11:30 on Thursday, a small amount of the gas leaked while the workers were replacing a pipeline inside the Central Chemical Supply System.They were slightly injured and treated at a nearby hospital, according to the comp

IndustryMay 2, 2013

South Korean stocks traded 0.39 percent lower late Thursday morning, as major banking firms and oil refiners widened losses, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) slid 7.67 points to 1,956.28 as of 11:20 a.m.   Shinhan Financial Group, the 10th largest company by market cap, sank 2.4 percent, with leading oil refiner SK Innovation slumping 3 percent.  In contrast, tech giant Samsung Electronics edged up 0.3 percent, with auto parts maker Hyundai Mobis gaining 1

May 2, 2013

South Korean stocks opened a tad lower Thursday as weak economic indicators from the United States and China renewed worries over the global slowdown, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.1 points, or 0.06 percent, to 1,962.85 in the first 15 minutes of trading. Financial firms and steelmakers drove the shares down. No. 2 lender KB Financial Group shed nearly 1 percent and Dongkuk Steel Mill dropped more than 2 percent. The latest U.S. payroll data fell s

May 2, 2013

The nation’s financial authorities said on Wednesday that expatriates are equally eligible for the application for the “National Happiness Fund” recently set up to rescue individual credit defaulters.The relief plan is by principle entitled to all borrowers and lenders of this country, officials at the Financial Services Commission said. “When a foreign worker here loses his job, relies on debt, and his credit falls, he will need a debt relief plan, too,” said a FSC spokesperson. News reports sa

May 1, 2013

Financial authorities are in the process of evaluating and reviewing credit standings of domestic companies in financial turmoil in the industrial sectors, such as shipping, shipbuilding and construction, that have been in a prolonged slump.The Financial Services Commission and its financial regulatory enforcement arm, the Financial Supervisory Service, are said to be engaged in due diligence of companies that borrowed more than 50 billion won ($45.4 million).There are reportedly around 1,000 pa

May 1, 2013

South Korea’s trade surplus narrowed in April from a year earlier as local exporters lost ground in overseas markets in the face of a weaker Japanese yen, the government said Wednesday.The country chalked up a trade surplus of $2.58 billion last month, compared with a surplus of $3.36 billion a month earlier, according to the Ministry of Trade, Industry and Energy. Exports gained 0.4 percent on-year to $46.29 billion last month, while imports inched down 0.5 percent to $43.71 billion over the ci

May 1, 2013

The nation’s No. 2 shipping firm Hyundai Merchant Marine may move to increase its capital by issuing new stocks this year to overcome a prolonged liquidity problem.The logistics company, in an inquiry disclosure earlier this week, denied that it has plans to recapitalize, saying it would issue 130.4 billion won ($118 million) in convertible bonds on the Singapore Exchange, officials said.But considering the 200 billion won ($181 million) worth of corporate bonds that expire this month, it is wid

IndustryMay 1, 2013

A growing number of businesses here are joining a recent move of granting regular status to their contract workers, responding to enhanced calls for them to shoulder heavier social responsibilities. On Tuesday, SK Group announced it will elevate the status of up to 5,800 of its temporary workers to regulars this year and lower the proportion of irregulars to around 3 percent by 2015. Following similar announcements made by Hanwha and Shinsegae in recent months, more than 20,000 contract workers

IndustryMay 1, 2013

South Korea’s top portal operator NHN Corp. said Wednesday that its free messenger application LINE broke the 150-million download mark as worldwide smartphone users rushed to connect with one another through the mobile messenger service.The milestone came four months after the service drew 100 million users in January this year. The free messenger service was launched in June 2011.Since the initial launch, the company has expanded the service to roughly 230 countries in 11 languages, including

IndustryMay 1, 2013

STX Group, a cash-strapped South Korean shipbuilding and shipping conglomerate, is feared to face a further worsening liquidity crunch this year with over 1 trillion won ($905 million) in corporate debts set to mature during the remainder of the year, industry data showed on Wednesday.According to the data, STX Corp., STX Offshore & Shipbuilding Co., STX Pan Ocean Co. and five other affiliates have to repay or roll over some 1.08 trillion won in corporate debts that mature this year.In May alone

May 1, 2013

South Korean credit card companies have underperformed in the first quarter of this year, largely due to a decrease in income from commissions charged on member stores, data showed Wednesday. Net income of Shinhan Card Co., the No. 1 credit card firm by market share, dipped 13.9 percent to 160.6 billion won ($145.4 million) in the January-March period, compared with 186.6 billion the previous year, according to the card company and regulatory filings.Samsung Card Co. saw its first-quarter earnin

May 1, 2013

SEJONG (Yonhap News) ― South Korea’s consumer prices increased at a slower pace in April than a month earlier, keeping its on-year growth in the 1-percent range for the sixth straight month, a government report showed Wednesday.The country’s consumer prices index rose 1.2 percent on-year in April, slowing from a 1.3 percent on-year gain in the previous month, according to the report by Statistics Korea. From a month earlier, it dropped 0.1 percent.The on-year figure represents the sixth straight

May 1, 2013

Dongbu Daewoo Electronics, one of the industry’s smaller but growing players, on Wednesday said it was strengthening its ties with leading U.S. retailer Wal-Mart by stepping up its supply of microwave ovens. A total of 500,000 units are to be supplied to Wal-Mart, which is more than double the number of ovens Dongbu Daewoo provided last year.Under the deal, the electronics maker in April started to supply 50,000 ovens, which were distributed to nationwide Wal-Mart stores and subsequently sold ou

TechnologyMay 1, 2013