US economy may not recover as fast as expected: BOK chief

SEOUL, Sept. 20 (Yonhap) -- South Korea's top central banker said Tuesday that the U.S. economy may not recover as fast as expected because its real economic sectors have yet to rebound.Bank of Korea (BOK) Gov. Kim Choong-soo said in a monthly meeting with experts that currently, the real economy an

Sept. 20, 2011

Sales at discount chains, department stores grow in Aug.

SEOUL, Sept. 20 (Yonhap) -- Sales at South Korea's major discount chains and department stores rose from a year earlier in August on growing demand for food and daily household products ahead of a major holiday, a government report showed Tuesday.By lunar calendar, Sept. 12 was Chuseok, the Korean e

IndustrySept. 20, 2011

S&P downgrades Italy's credit rating a notch

NEW YORK (AP) — Standard & Poor's Ratings Services has downgraded Italy's credit rating by one notch, saying it sees weakening economic growth prospects for the nation and higher-than-expected levels of government debt.S&P said Monday it cut Italy's long- and short-term sovereign credit rating

Sept. 20, 2011

STX Group drops out of bids for Hynix Semiconductor

STX Group dropped out of the bid for Hynix Semiconductor on Monday.The group, which was bidding for the world’s second-largest chipmaker against SK Telecom, said that the plans were scrapped due to global economic instability and for fears that the large investment required to strengthen Hynix’s ope

IndustrySept. 19, 2011

Debt-ridden KEPCO dishes out pay raises

The state-run Korea Electric Power Corp. is facing fresh criticism as reports found on Monday that the utility and its subsidiaries doled out hefty salary increases for employees last year despite their multi-trillion won debt.According to a report submitted by the Ministry of Knowledge Economy for

IndustrySept. 19, 2011

Firms warned over unfair business with subcontractors

The Fair Trade Commission on Monday issued warnings against Lotte Engineering and Construction and LS Cable and System for unfair business practices with subcontractors. In January 2009, Lotte delayed writing a contract for six months even after its subcontracting company started construction work.

IndustrySept. 19, 2011

FTC to probe retailers on luxury brand commissions

The Fair Trade Commission plans to investigate commission fees at the nation’s top three department stores next month, an official said Monday. The investigation is allegedly aimed at Lotte, Shinsegae and Hyundai department stores that have given favors to foreign luxury brands with lower fees, the

IndustrySept. 19, 2011

Korea’s total financial debt snowballing

Korea’s three major economic pillars ― the public sector, households and corporations ― have incurred 3,300 trillion won ($2.96 trillion) in financial debt as of June, threatening to undermine efforts to fuel Asia’s fourth-largest economy. The record amount of financial loans shouldered by key playe

Sept. 19, 2011

Government under pressure to lower 2011 growth forecast

South Korea’s government is coming under pressure to adjust its 2011 growth forecast in the face of mounting downside risks caused by the sluggish global economy, sources said.The prediction comes as the finance ministry cut this year’s growth estimate from 5.0 percent to 4.5 percent in June and fol

Sept. 19, 2011

Hana SK Card information leaked

Hana SK Card said the personal information of about 200 of its customers has been compromised by a telemarketer, the latest in a series of data leaks at financial institutions.The Financial Supervisory Service, however, said the leak would be of a far larger scale than reported by the credit card co

Sept. 19, 2011

Banks cut down on household loans

Lenders turn to extending loans to large corporations with higher credit ratingsHousehold loans extended by Korean banks tumbled about 400 billion won ($359 million) over about two weeks this month, banking data showed on Monday.The drop in local lenders’ loans to households came as the major banks

Sept. 19, 2011

‘Street Fighter IV’ to debut on LG’s HD smartphone

LG Electronics on Monday said it has inked a deal with Japanese game developer CAPCOM to release the popular video game “Street Fighter IV,” on its HD Android smartphones that is expected to be launched before the year is out. It will mark the first time for the game series to debut on an Android-po

IndustrySept. 19, 2011

Korean firms grapple with Myanmar currency

Korean companies in Myanmar are wrestling with the Southeast Asian country’s strengthening currency as it increasingly chokes the viability of their exports, a report said Monday.Burma’s currency, the kyat, is rapidly climbing against the dollar and its counterparts in Asia, up about 30 percent from

IndustrySept. 19, 2011

Hyundai, Kia divide roles in eco cars

Hyundai to focus on hybrids, Kia on electric vehiclesHyundai Motor Group plans to carry out a role-sharing between Hyundai Motor and its affiliate Kia Motors in developing eco-friendly cars.Hyundai Motor will take on developing models of “plug-in hybrids,” which utilize rechargeable batteries, and h

MobilitySept. 19, 2011

Gov't steps up efforts to calm markets, uneasy investors

SEOUL, Sept. 19 (Yonhap) -- South Korean financial regulators on Monday ramped up efforts to alleviate market concerns as deposit holders rushed to savings banks to check on their accounts and withdraw their money on fears the impact of the recent six-month suspensions will further hurt the ailing s

Sept. 19, 2011

STX drops bid for Hynix stake

STX Group, a South Korean shipbuilding and shipping conglomerate, said Monday that it has decided to drop its bid to buy stakes in Hynix Semiconductor Inc., citing global uncertainties and the size of future investments needed to bolster competitiveness of the world's No. 2 memory chipmaker.STX Grou

IndustrySept. 19, 2011