Prosecution charges foreign brokerage workers for the first time; Kyobo Securities brokers also face trialThe prosecution said Sunday it had indicted two former employees of the Hong Kong branch of Credit Suisse Group AG on charges of manipulating Korean stocks.It is the first time staff of a foreign investment bank have been indicted in Korea on such charges, though there was a similar case invol

June 5, 2011

Mobility June 4, 2011

Prosecutors again summoned the chairman of Kumho Petrochemical Co. for questioning on Saturday over allegations that he created big slush funds and made unfair profits by using internal information.Park Chan-koo, a younger brother of Park Sam-koo, chairman of the Asiana Group which owns South Korea's second largest carrier Asiana Airlines, is suspected of having raised tens of billions of won in s

Social Affairs June 4, 2011

In a parting pitch to Asian allies, retiring U.S. Defense Secretary Robert Gates said Saturday that the Pentagon is considering steps to widen its military presence across the Pacific Rim. He said budget woes won't interfere. “America is, as the expression goes, putting our money where our mouth is with respect to this part of the world _ and will continue to do so,” Gates told Asia's premier secu

Foreign Affairs June 4, 2011

South Korea’s defense minister has warned that his country would respond very strongly to any future attacks by North Korea.Kim Kwan Jin said at a regional security conference in Singapore on Saturday that his government must react with stiffer responses than in the past because North Korean provocations are becoming increasingly bold.Kim said North Korea has been insincere in previous talks and m

Defense June 4, 2011

Prosecutors on Saturday are going all out to reject lawmakers' plans to abolish a key investigation unit of the state prosecution as part of their judicial reform efforts.A subpanel of the special legislative committee on judicial reform announced on Friday that it agreed to press ahead with its legislation plan to scrap the central investigation unit of the Supreme Prosecutors' Office despite str

Social Affairs June 4, 2011

Kia Motors Corp., South Korea’s second-largest automaker, announced plans this week to raise output at its Georgia plant by 20 percent, underscoring the U.S. industry’s biggest market-share gain this year.Kia, an affiliate of Hyundai Motor Co., raised its U.S. share 0.8 percentage point to 3.8 percent through May, topping gains of 0.7 point for General Motors Co. and 0.6 point for Hyundai, accordi

Industry June 4, 2011

A classified government document, containing telephone conversations between South Korean and U.S. presidents, was leaked by Chinese hackers, an opposition lawmaker said Saturday. "I received a report from the National Intelligence Service that a secret document written by the South Korean foreign ministry ahead of the Group of 20 (G-20) Summit in London in April 2009 was leaked to China," Rep. Sh

Foreign Affairs June 4, 2011

Responding to North Korea's fresh military threats against South Korea, the United States called on the communist nation Friday to improve inter-Korean ties.Earlier in the day, the North's military issued a statement vowing to launch “retaliatory military attacks” against South Korea because its reserve forces used photos of North Korean leaders for target practice.The threats were the latest in a

North Korea June 4, 2011

KDB Financial Group on Thursday expressed its wish not to merge the Korea Development Bank and Woori Bank for years even if it acquires Woori Financial Group.A group executive said, “a dual bank system on a long-term basis will be adopted under the scenario of the merger between KDB Financial and Woori Financial.”He dismissed the speculation that Woori Bank would be absorbed into the state-run KDB

June 2, 2011

Hyundai Motor said that it would develop a mid-sized sedan aimed at mostly Chinese customers by 2013.The project to launch a China-oriented sedan came as the automaker anticipates that the sales of middle-class sedans will surge in coming years in the Asian superpower, a Hyundai spokesman said Wednesday.“The China-oriented sedan will not be a remodeled car,” he said. “A new model which would under

Mobility June 1, 2011

FSC hints at ruling against Lone Star ownershipHana Financial Group is striving to maintain its position as the provisional acquirer of Korea Exchange Bank after the preliminary deal with the bank’s biggest shareholder expired a week ago.Though Hana Financial officials had said the group would soon announce the extension of the deal with U.S.-based Lone Star Funds, which holds a 51 percent stake i

June 1, 2011