FTC to help Korean companies act within tighter U.S., EU regulationsThe Fair Trade Commission on Tuesday cautioned local companies over increasingly tougher anti-trust regulations and surveillance in Europe and the U.S. after Korean companies were slapped with billions of dollars in fines for collusion overseas. The regulator said it will step up efforts to help Korean companies to trade within th

March 8, 2011

China’s new drive for sustainable growth raised expectations of bigger opportunities for Korean exporters, with some advising more aggressive investment to target mainland consumers.Chinese Prime Minister Wen Jiabao on Saturday pledged to make the country’s growth more sustainable over the next five years with a lower GDP target of 7 percent, a sign Beijing intends to fight inflation and strengthe

March 7, 2011

Tax, customs and financial authorities plan to set up a joint task force to better crack down on offshore tax evasion, sources said Monday.The new body will be established within this year with officials from the National Tax Service, Financial Supervisory Service and Korea Financial Intelligence Unit, they said.The government is seeking to strengthen its fight against tax offenders as a way of in

March 7, 2011

Major companies are devising plans to support their suppliers in line with a government-led campaign for “shared growth” between large and small firms.A range of companies are coming up with plans to help their smaller partners with financing, research and materials procurement despite a recent feud with the government over the profit sharing scheme. The push on big businesses to extend their prof

March 6, 2011

A ratification motion for the free trade agreement between South Korea and the European Union will be presented to a parliamentary committee on Thursday for approval, lawmakers said.   The ruling Grand National Party aims to pass the Korea-EU FTA motion through the National Assembly Committee on Foreign Affairs, Trade and Unification next Wednesday after two days of intensive discussion at its leg

March 3, 2011

Chasing their first Olympic medal on tracks, South Korean cyclists have recruited help of a former world champion French cyclist.   The Korea Cycling Federation announced Thursday that Frederic Magne will visit South Korea next Wednesday to discuss training regimens with local officials. Magne will also give a lecture in Seoul on the state of today's world cycling.  "Magne will provide strong supp

More Sports March 3, 2011

South Korea's industrial output grew for the 19th straight month in January, a strong indication that the national economy is continuing to expand, a government report showed Thursday.   According to the report by Statistics Korea, production in the mining and manufacturing industries rose 13.7 percent last month from the same month a year earlier. The output has increased since July 2009.   Outpu

March 3, 2011

South Korea's foreign exchange reserves climbed to a new high in February as a weaker U.S. dollar boosted the conversion value of assets in other currencies, the central bank said Thursday.   The country's foreign reserves reached US$297.67 billion as of the end of February, up $1.71 billion from the previous month, according to the Bank of Korea.   The reserves rose for the third consecutive mont

March 3, 2011

South Korean stocks got off to a strong start on Thursday, fueled by advances in shares of automakers and technology firms, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) rose17.37 points, or 0.9 percent, to 1,945.61 in the first 15 minutes of trading.   Autos propped up the KOSPI with Kia Motors rising more than 2 percent and Hyundai Mobis, the country's largest auto par

March 3, 2011

Critics accuse former Prime Minister Chung of ignoring market economics A government-led initiative for profit sharing between large and small firms has sparked fury among conglomerates, politicians and academics who call it a “radical leftist” attempt to encroach on the free market economics.Chung Un-chan, a former prime minister who now heads the semi-official commission for “shared growth,” ann

March 1, 2011

Korea’s recent failure to legislate tax benefits for sukuk, or Islamic bonds, is seen to begin taking a toll on the country’s access to one of the world’s fastest growing financial sources. The Malaysian government is said to have declined requests by Korean companies to grant issuance of corporate bonds in the country, spurring concerns that it may be the first reaction to Korea’s reluctance to g

Feb. 28, 2011