Welfare budget to increase W20tr by 2016

Budget for four public pension funds to increase by average 10.8 percent per year The mandatory welfare budget is expected to increase by 20 trillion won ($17.9 billion) by 2016, the Ministry of Strategy and Finance said on Wednesday. The budget, which was 59 trillion won this year, will rise to 62.9 trillion won in 2013; 67.7 trillion won in 2014; 72.6 trillion won in 2015; and 78.8 trillion won in 2016, according to the ministry. The four public pensions ― the national pension fund, pension fu

Oct. 3, 2012

Chinese company sues President

A Chinese-owned company has filed a lawsuit in a U.S. federal lawsuit against President Barack Obama for blocking its wind farm project deal in Oregon.In a complaint filed in the U.S. District Court in Washington, Ralls Corp., owned by Chinese nationals, alleged Obama acted in "an unlawful and unauthorized manner" in issuing his order without providing "any evidence or reasoned explanation" for hi

Oct. 3, 2012

Two nuclear reactors halted; 7 shutdowns this year

Officials downplay safety concerns despite incident frequencyReactors at Shin-Kori Nuclear Power Plant in Busan and Younggwang Nuclear Power Plant malfunctioned on Tuesday, adding to public concerns about the safety of the nation’s ageing nuclear reactors. The shutdown at Younggwang was the seventh this year for a nuclear reactor, coming just hours after Shin-Kori 1 reactor witnessed the sixth. It was also the first time two reactors halted operation on the same day. The state-run Korea Hydro &

Oct. 2, 2012

S. Korea's consumer prices grow 2 percent in Sept.

South Korea's consumer prices grew at the fastest pace in three months in September mainly due to increased prices of farm products, a report showed Tuesday.The country's consumer price index rose 2 percent from a year earlier in September, quickening from the 1.2 percent gain tallied in the previous month, according to the report by Statistics Korea.The index also advanced 0.7 percent from a mont

Oct. 2, 2012

Trading accounts down amid stagnant market situations

The number of "active" stock trading accounts in South Korea declined in recent weeks amid relatively stagnant market situations, a trade association said Monday.Stock trading accounts -- accounts holding more than 100,000 won ($90) and being used at least once in the past six months -- totaled 19.9 million last Thursday, according to the Korea Financial Investment Association.The number of active

Oct. 1, 2012

Korea's trade surplus reaches $3.15 bln in Sept.

South Korea's trade surplus widened from a year earlier last month as its imports shrank at a faster rate than exports, the government said Monday.The country's trade surplus reached an estimated $3.15 billion in September, compared with a $1.6 billion surplus the same month last year, according to the Ministry of Knowledge Economy.The figure also marks a growth from $2.04 billion in August.Export

Oct. 1, 2012

Growth of household debts slows down for 11th month

The growth of household debt in South Korea lost steam for a 11th consecutive month as of July from a year earlier, largely due to government efforts to curb its increase, central bank data showed Sunday.Household loans extended by depository financial firms grew at a rate as low as 4.6 percent at the end of July from a year earlier, compared with the 8.6 percent tallied in the previous year, acco

Sept. 30, 2012

STX Offshore inks W480b oil storage facility deal

STX Offshore & Shipbuilding Co., a South Korean shipbuilder, said Friday that it has signed a 480 billion ($430 million) contract to build an offshore oil storage facility.Under the deal with a North African oil firm, the South Korean shipbuilder will construct the so-called floating storage offloading unit and deliver the unit during the first half of 2015, the company said in a statement. STX Offshore did not reveal the name of the buyer.The unit, measuring 324 meters long and 51 meters wide,

Sept. 28, 2012

Samsung retains No. 1 spot in world handset market

South Korean tech giant Samsung Electronics Co. retained the top spot in the global mobile phone market in August on the back of steady sales of its products worldwide, industry data showed Friday.According to the data released by Hong Kong-based Counterpoint Technology Market Research, Samsung topped the world’s handset market last month with a market share of 29 percent.The research firm attributed Samsung’s outstanding performance to a sweep of both expensive and cheaper phone segments.Samsun

Sept. 28, 2012

KCC to ramp up monitoring of illegal Internet postings

The Korea Communications Commission announced Friday a series of preventive measures on the online real-name system Friday, saying that it will double monitoring of illegal Internet postings to twice a week.Following a meeting arranged by the Prime Minister’s Office, the commission said it will also publicize the current state of illegal postings and its countermeasures put in place by the Internet operators.It also said the law that currently states the online service provider’s responsibility

Sept. 28, 2012

Chanel returns to Lotte in time for Chinese holiday

Chanel cosmetics agreed to reopen at Lotte Department Store’s main branch in downtown Seoul next week, three years and nine months after it stormed out in fury, grabbing media attention as a catfight between a domestic retail mammoth and a “stuck-up” luxury brand.Lotte asked Chanel to downsize and relocate its cosmetics booth in 2008, pointing to its relatively low sales. The French brand refused, accusing Lotte of getting back at it for entering rival Shinsegae’s new store in Busan. The brand m

Sept. 28, 2012

CEOs rush for receivership to save own skin

Filings for court’s bankruptcy protection rise sharply after law revision in 2006The number of companies filing for court receivership has increased 10-fold in the last five years, raising questions over whether CEOs did it to save their own necks while incurring losses for creditors, investors and customers.Seven-hundred-and-twelve companies filed for court receivership last year, up from 76 in 2006 when the bankruptcy law was revised to guarantee major shareholders’ management rights and great

Sept. 28, 2012

Shares gain on institutional buying

South Korean stocks rose 0.42 percent Thursday as institutional investors shook off market jitters and scooped up local shares, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index added 8.26 points to close at 1,988.70. Trading volume was moderate at 686.6 million shares worth 4.65 trillion won ($4.15 billion) with gainers outstripping decliners 419 to 384. “Institutions led by pension funds seem to have been providing a shie

Sept. 27, 2012

KEPCO unit completes wind farm in U.S.

Korea South-East Power Co. (KOSEP), a South Korean state-run power firm, said Thursday it has completed a wind farm in the United States, becoming the first South Korean firm to operate a large-scale wind farm in the world's largest economy.KOSEP will operate the Novus wind farm with an annual capacity of 287,000 MWh in Oklahoma for 20 years. KOSEP is a unit of the state-run Korea Electric Power Corp.Forty wind power turbines were installed at the wind farm and started operation early this month

Sept. 27, 2012

GS E&C wins $14m order from Tanzania

GS Engineering & Construction Corp., South Korea’s fourth-largest builder, said Thursday that it has won a $14 million order to build a power line and a substation in Tanzania.Under the deal with Tanzania Electric Supply Company, GS E&C will build a 70 kilometer-long power line that links Kilimanjaro to Arusha, the two regions in northern Tanzania.The South Korean company will also set up a 132 kV substation in Kyungi as part of the contract designed to provide a stable supply of power to the el

Sept. 27, 2012