FSC to order Lone Star to sell KEB shares

Regulator says sale terms will be decided laterThe Financial Services Commission said Thursday that it is considering ordering Lone Star Funds to sell a 41.02 percent of its total 51.02 percent stake in Korea Exchange Bank.The regulator’s policy comes shortly after the Seoul High Court ruled that th

Oct. 6, 2011

Samsung mourns loss of Steve Jobs, 'great entrepreneur'

SEOUL, Oct. 6 (Yonhap) -- Samsung Electronics Co. expressed Thursday its condolences over the death of Steve Jobs, describing the late Apple Inc. founder as a great entrepreneur with innovative spirit who pioneered revolutionary changes in the technology industry. Choi Gee-sung, the chief executive

IndustryOct. 6, 2011

Biz body urges paradigm shift for higher economic growth

South Korea must transform itself from a “fast follower” to “a first mover” in order to achieve sustainable growth and become a global economic power, the country‘s top business group said Wednesday.In a gathering to mark its 50th anniversary, the Federation of Korean Industries said past growth str

Oct. 5, 2011

Fiscal deficit narrows in first 7 months

South Korea’s fiscal deficit narrowed during the first seven months of this year as the government is seeking to achieve a balanced budget amid worries that fiscal debt could weigh on the nation’s growth potential, the Finance Ministry said Wednesday.According to the ministry, the nation’s fiscal de

IndustryOct. 5, 2011

SK unit ordered to pay W4b for info leak

A Seoul court on Tuesday ordered SK Broadband Co., a high-speed Internet service provider, to pay a total of 4 billion won ($3.35 million) in compensation to its customers for leaking their personal information as concerns about Internet privacy grow in the world’s most wired nation.“SK Broadband ha

IndustryOct. 5, 2011

Samsung steps up Tab patent fight in Europe

Korean company moves to invalidate iPad design rightsSamsung Electronics Co. is moving to invalidate Apple Inc.’s iPad design rights in Europe in a move to resume selling its own tablet computers in the European market.According to Samsung Electronics, the company filed an application for the annulm

IndustryOct. 5, 2011

South Korea aims to be at forefront of the green revolution

By Yoav CerralboThe threat of climate change requires an urgent response, according to many politicians, but it also offers opportunities for economic growth as new industries are slowly developed.Yet a country’s carbon footprint goes hand-in-hand with its economic development, just as with Korea du

IndustryOct. 5, 2011

Bahk warns against excessive sell-offs

Finance minister convenes first crisis management meeting in 10 monthsFinance Minister Bahk Jae-wan on Wednesday warned the market against fear-driven investment, calling it an “overreaction” threatening the favorable fundamentals of the economy.Addressing the first crisis management meeting in 10 m

Oct. 5, 2011

Tech firms to shore up vocational schools

Companies at the country’s 16 technology complexes plan to support high-class vocational schools as part of the government’s efforts to perk up technical secondary education.The Korea Technopark Association signed an agreement on Wednesday with the country’s 21 “Meister” high schools to provide stud

IndustryOct. 5, 2011

Retail giants tighten belts amid economic uncertainty

Local retailers have started belt-tightening measures amid heightened economic uncertainty and toughened government regulation, industry sources said Wednesday. Lotte Group allegedly implemented a belt-tightening policy since last week centered on its retail subsidies such as Lotte Department Store,

IndustryOct. 5, 2011

Seoul shares fall below 1,700

The KOSPI fell below 1,700 amid the news that Moody’s downgraded Italy’s sovereign rating by three notches, losing for the second consecutive session.The nation’s benchmark index lost 39.67 points, or 2.33 percent, to close at 1,666.52 on the Korea Exchange.Big companies such as Hyundai Motor and Hy

Oct. 5, 2011

5 more firms placed on FTC watch list

Korea’s antitrust watchdog said Tuesday it has placed five more companies on a watch list that limits mutual investments and loan guarantees.The Fair Trade Commission said the number of corporate affiliates on its list stood at 1,605 from 55 business groups as of Saturday, compared with 1,600 last m

Oct. 5, 2011

Eximbank to borrow $2b more from abroad

The state-run Export-Import Bank of Korea plans to secure around $2 billion additionally from overseas financial markets later this year as part of its efforts to brace for worsening borrowing conditions, its chief said Tuesday.Eximbank has raised $7.8 billion via overseas borrowing this year and pl

Oct. 5, 2011

Remittances from Koreans overseas up

Remittances of funds to South Korea from Koreans living in foreign countries hit a more than two-year high in August as the local currency’s sharp weakness prompted them to accelerate money transfers, data showed Tuesday.Total funds flowing from Korean residents overseas to local people reached $768

Oct. 5, 2011

Dozens of smaller firms to face risks of debt workout

A total of 55 small and mid-size companies in South Korea, mostly manufacturers and property developers, were found to have bad financial health that may put them under a debt workout program or a court receivership, industry data showed Wednesday.Local banks completed an assessment of 899 companies

Oct. 5, 2011

ManpowerGroup ranks 45th for innovative business technology

The human resource services provider ManpowerGroup was included in among the top 50 companies in the InformationWeek 500 list.The list, compiled by the U.S.-based weekly InformationWeek, ranks companies headquartered in the U.S. with more than $250 million annual revenues according to the innovative

IndustryOct. 5, 2011