Major builders face sanctions for collusion on river projects

The antitrust regulator is set to take disciplinary action against a group of major builders for cartel activities during their participation in the Lee Myung-bak administration-led project to refurbish the country’s four major rivers.The Fair Trade Commission is considering fines for about 20 construction companies and filing a complaint with the prosecution against some executives of several large firms.It is alleged that some of the 20 companies took the initiative in bidding-price rigging or

IndustryJune 1, 2012

Carmakers see domestic sales inch up

Five players strive to attract consumers at home amid ongoing weak demandAutomakers saw their vehicle sales at home inch up in May on a year-on-year basis after several months of weak domestic demand.Hyundai Motor said Friday that it posted sales of 58,050 units in the local market, up 0.6 percent from 57,694 units a year earlier.It was the first time the nation’s largest automaker reported an increase in year-on-year sales at home since last February.Excluding February, Hyundai Motor’s domestic

MobilityJune 1, 2012

Future galaxy collision predicted

U.S. astronomers are forecasting the Milky Way will have a violent collision with the neighboring Andromeda galaxy in about 4 billion years.The encounter will result in a major makeover for our galaxy, NASA astronomers said, that will see the sun flung into a new area of the Milky Way. However, Earth and the rest of the solar system will be in no danger of being destroyed, a NASA release said Thur

TechnologyJune 1, 2012

S. Korea's trade surplus widens to US$2.4 bln in May

South Korea's trade surplus widened slightly in May from the previous month as exports shrank at a slower pace than imports, a government report showed Friday.The country's trade balance was US$2.4 billion in the black last month, up from the $2.1 billion surplus tallied in April, according to the report by the Ministry of Knowledge Economy. Last month marked the fourth month in a row that the cou

June 1, 2012

For some, exercise can increase health risk

Exercise may increase heart risk for some, a study has found.Scientists analyzed data from six exercise studies including 1,687 people to find that close to 10 percent showed worse blood pressure, insulin levels, HDL cholesterol or triglycerides, all of which are related to heart disease.The direct cause, however, remains unknown.“It is bizarre,” said Claude Bouchard, lead author of the paper and a professor of genetics at Louisiana State University.Authors of the study also warned that the stud

TechnologyJune 1, 2012

Korea faced with W342tr pension liability

National debt is estimated to surpass 774 trillion won when it includes liabilities on pensions provided to former and incumbent civil servants and soldiers, according to a government report.Among the debt, pension liability turned out to be 342 trillion won. It takes into account a calculated amount of pension that should be given to civil servants, soldiers and current workers in their retirement. The figure grew 36 percent from last year and took up 27.6 percent of the GDP. The Finance Minist

May 31, 2012

Google Korea faces stern antitrust sanction

The Fair Trade Commission investigated Google Korea this week by sending its inspectors to the headquarters, marking the fourth antitrust investigation including a raid last September.While the regulator’s raid on Google’s Korean unit in southern Seoul was the result of a joint-complaint by local Internet portals it is alleged the U.S.-based tech giant hindered the FTC from conducting an ordinary probe.The allegation of obstructing civil servants’ on-the-spot investigation could yield an intensi

IndustryMay 31, 2012

Hyundai downplays reports about anti-rust coating

Hyundai Motor Group on Thursday downplayed news reports that the Korean auto giant had discriminated against local consumers by providing zinc coatings only to vehicles sold for overseas markets. Hyundai, which owns Hyundai Motor and Kia Motors, said that it has adopted the protective coating on more than 70 percent of cars sold here since late 2006, a similar level as that of the U.S. and Europe. “We have applied the zinc coatings to more than 70 percent of medium-sized cars such as Sonata and

IndustryMay 31, 2012

Volkswagen to recall 1,100 cars here over fuel filters

German automaker Volkswagen AG will recall 1,111 units of its popular CC four-door sedan and Tiguan compact sport utility vehicle to repair faulty fuel filters, the South Korean government said Thursday.Subject to the recall are 729 2.0-liter turbo diesel CCs produced between March 31 and Aug. 25 of last year and sold through Volkswagen’s local distributor. In addition, 382 Tiguans with the same engine made from March 25 through Sept. 20 will be recalled, the Ministry of Land, Transport and Mari

MobilityMay 31, 2012

Korea’s global competitiveness ranking holds steady for 2012

South Korea’s global competitiveness ranking remains unchanged in 2012 from a year earlier despite persistent economic uncertainties, an international institute said Thursday.According to the 2012 World Competitiveness Yearbook unveiled by the International Management Development Institute, South Korea ranked 22nd in competitiveness among the 59 countries surveyed.IMD is a Switzerland-based institute that releases competitiveness rankings every year based on countries’ economic achievements, inf

May 31, 2012

SKT, HMH form global smart-learning partnership

SK Telecom said Thursday that it will target the global smart-learning market together with U.S.-based global learning company Houghton Mifflin Harcourt.The two firms signed an agreement at SKT’s headquarters in downtown Seoul on the same day to jointly launch the smart-learning project.The event took place as the country’s telecom giant seeks a future growth engine to target the overseas market, much bigger in size than the increasingly saturated Korean market.As a start, SKT previously introdu

IndustryMay 31, 2012

Korean washer exporters to pay U.S. duties as high as 71%

The U.S. Commerce Department proposed duties of as much as 71 percent on large, residential washing machines made in South Korea, concluding that government subsidies for the goods undercut U.S. producers.The agency announced a preliminary finding yesterday after Whirlpool Corp. of Benton Harbor, Michigan, said in a Dec. 30 complaint that LG Electronics Inc. and Daewoo Electronics Corp., both based in Seoul, and Samsung Electronics Co. of Suwon, South Korea, sell washers in the U.S. for less tha

May 31, 2012

Shares end almost flat on eurozone jitters

South Korean stocks closed nearly unchanged Thursday as jitters over Spain’s banking sector weighed down the market, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged down 0.08 percent, or 1.39 points, to 1,843.47. Trading volume was moderate at 439 million shares worth 4.55 trillion won ($3.84 billion), with losers outpacing gainers 446 to 384.“The European Union’s troubles took a turn for the worse when Madrid tried to bolster

May 31, 2012