Watchdog likely to suspend around three more savings banksFinancial regulators plan to launch fresh investigations into 10 more savings banks that survived the probe earlier this year, brewing another round of major upheaval in the country’s scandal-ridden secondary banking sector.A taskforce of auditors from three state agencies ― Financial Supervisory Service, Financial Services Commission and K

May 29, 2011

South Korea has no intention of sacrificing its "principle" for an apology fromNorth Korea for last year's deadly attacks for the sake of the resumption of inter-Korean dialogue, Seoul's point man on cross-border affairs said Saturday.   Tensions persist on the Korean Peninsula after North Korea continues to ignore the South's demand for an apology for two deadly military attacks -- the March 2010

North Korea May 28, 2011

A U.S. government team led by Robert King left North Korea on Saturday, the North's state media said, after winning the release of an American citizen detained in the reclusive state for the past six months.   King, the U.S. special envoy for North Korean human rights, left North Korea "by air after visiting the DPRK (North Korea) to consult humanitarian issues between the DPRK and the U.S.," the

North Korea May 28, 2011

The Fair Trade Commission said Thursday that it imposed 434.8 billion won ($402.5 million) in fines on four major oil refineries for anticompetitive practices and referred three of them ― SK Energy, Hyundai Oilbank, and GS Caltex ― to prosecutors for investigation. The corporate watchdog said it found evidence of the four colluding to prevent oil supplies to gas stations held by their competitors,

Industry May 26, 2011

The government is mulling tariffs on rice imports from next year, possibly expediting the process previously scheduled for 2015, the Agricultural Ministry said Tuesday.The early imposition of tariffs on rice imports is to reduce growing stockpiles of rice, a problem that has been deepening under the current system where Seoul has to import a specified amount of foreign rice. The Ministry of Food,

Industry May 24, 2011

The government is considering raising public utility prices in the coming months to correct the growing deficit by major public corporations plagued by rising raw material and production costs.Burdened by rising prices in grain, sugar, corn and wheat, food makers are also expected to raise the prices of processed foods in the second half. Seoul is mulling raising subway fares by 300 to 400 won aft

May 23, 2011

A special train carrying North Korean leader Kim Jong-il arrived in Yangzhou in eastern China for a visit that a top Beijing official said is aimed at helpingPyongyang learn about Chinese economic development.   Kim arrived at Yangzhou Station in Jiangsu Province at 7:54 p.m. on the third day of his secretive Chinese visit after departing from Changchun in northeastern China on Saturday.   Contrar

National May 22, 2011

China-owned Volvo Cars on Thursday said it was back in the black in 2010 following an 11.6 percent rise in sales over the previous year.“During 2010, we witnessed a turn-around in the car market and we have now returned to profitability,” chief executive Stefan Jacoby said in a statement.Volvo Cars said its operating EBIT (earnings before interest and taxes) was $361 million.It added it sold about

Mobility May 22, 2011