Facebook agrees to improve data protection for Koreans

The state media regulator Korea Communications Commission said Thursday that the U.S.-based social networking site Facebook agreed to improve its individual information protection measures for Korean users.The KCC said that Facebook stated that it will devise separate measures which follow the country’s information and telecommunications law by the end of March.The event takes place after the stat

IndustryJan. 20, 2011

Antitrust regulator probes refineries

Move prompted by Lee’s comments on oil pricesThe antitrust regulator is investigating four major oil refiners for possible price rigging and cartel activities, sources said Thursday.The probe comes amid growing government pressure on them over surging fuel prices. The Fair Trade Commission this week conducted on-site investigations of GS Caltex, S-Oil, Hyundai Oil Bank and SK Energy to see if ther

IndustryJan. 20, 2011

FSC fails to reduce burden on taxpayers

Financial groups may avoid taking on bad assets of savings banksThe government-led restructuring of savings banks may end up injecting a sizable amount of taxpayers’ money into troubled secondary financial institutions, industry watchers said. The Financial Supervisory Commission is in talks with potential investors including Woori Financial Group to arrange a sweeping rescue scheme for distressed

Jan. 20, 2011

Korea mulls easing rules for hedge funds

Korea’s financial regulator is considering loosening regulations over private equity funds, a move that may open the gates to local hedge funds. The country’s tight limits on short-selling leverage rates and types of assets allowed for investment have constrained local funds’ growth and investment targets.“The Financial Services Commission is seeking to revise the capital market law by the end of

Jan. 20, 2011

Seoul stocks down on profit-taking

Korean stocks ended 0.43 percent lower on Thursday on profit-taking and worries over China’s further monetary tightening, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) declined 9.03 percent to 2,106.66, retreating from an all-time high of 2,115.69 a day earlier. Trading volume was moderate at 328.8 million shares worth 6.4

Jan. 20, 2011

Liquidity feared to push up inflation

Liquidity provided by Korean financial firms reached almost 2,000 trillion won ($1.79 trillion) in November, central bank data showed Thursday, adding to growing risks of higher inflation.The country’s liquidity provided by local depository agencies totaled 1,982 trillion won in November, up 7.7 percent from the previous year, according to data from the Bank of Korea. To fight the global financial

Jan. 20, 2011

Korea‘s technology level 5.4 years behind U.S.'

Korea’s technology level in 95 key areas is 5.4 years behind that of the United States, a government report showed Thursday.The report by the Ministry of Education, Science and Technology showed the country‘s technological prowess standing at 60.2 percent of so-called ultimate technology, or the highest possible technological level that can be reached at present with 100 percent being the highest

IndustryJan. 20, 2011

Hyundai, Kia make early payments to suppliers

Hyundai Motor Co. and Kia Motors Corp. announced Thursday that about 850 billion won ($760 million) owed to suppliers will be paid ahead of the due dates.The carmakers said that the payments will be made starting Jan. 26 to ease suppliers’ cash flow ahead of Seollal, or the New Year according to the lunar calendar. According to the carmakers, about 1,200 companies supplying parts and materials wil

IndustryJan. 20, 2011

POSCO finalizes ferrochrome deal with Indian firm

POSCO announced Thursday that it finalized a deal to establish a joint venture producing ferrochrome with an Indian company.Ferrochrome is an alloy of chromium and iron used in stainless steel production. POSCO’s partner in the venture is Indian Metals and Ferro Alloys (IMFA), India’s biggest ferrochrome manufacturer. According to POSCO, Thursday’s deal finalizes agreements regarding a joint ventu

IndustryJan. 20, 2011

Meat imports to climb on foot-and-mouth cull

Pork and beef imports by Korea, the sixth-biggest buyer of U.S. pork in 2009, may climb this year as the nation culls swine and cattle to fight its worst outbreak of foot-and-mouth disease, an industry group said. Pork imports may jump 15 percent to 20 percent from about 179,500 metric tons in 2010, said Choi Jong Sun, chairman of the Korea Meat Import Association. Beef purchases may also gain as

IndustryJan. 20, 2011