The U.S. Commerce Department announced Wednesday that it has reached a final decision to slap heavy anti-dumping duties on South Korean-made washing machines.In a ruling described by the American firm Whirlpool Corp., the department determined that LG, Samsung and Daewoo have sold large washers in the U.S. at "dumping margins of 9.29 percent to 82.41 percent."The anti-dumping duties for the two leading South Korean makers of electronics products -- LG and Samsung -- were set at 13.02 percent and

Industry Dec. 20, 2012

A key figure in the reform process is likely to be former independent candidate Ahn Cheol-soo, who dropped out of the race last month after negotiations to merge candidacies with Moon fell through.Ahn, the 50-year-old founder of South Korea's largest anti-virus software firm, AhnLab, had advocated political reform and a break away from the old-style party-centered politics that had lost the confidence of many South Korean voters.He resisted the DUP's calls to join the party and instead ran as an

Politics Dec. 20, 2012

U.N. Secretary-General Ban Ki-moon expressed hope Wednesday that South Korea's incoming Park Geun-hye administration will take a role in the U.N.'s initiative to address global challenges."The Republic of Korea is a highly valued and steadfast partner of the United Nations in the work for international peace and security, development and human rights," Ban said in a statement issued by his spokesperson, using South Korea's formal name.Ban, formerly South Korea's foreign minister, said he hopes f

Politics Dec. 20, 2012

U.S. President Barack Obama said Wednesday that he would work closely with President-elect Park Geun-hye of South Korea on issues of mutual concern."I look forward to working closely with the Park administration to further enhance our extensive cooperation with the Republic of Korea on a wide range of important bilateral, regional and global issues," Obama said in his congratulatory message.Hours earlier, Park of the conservative ruling party was declared the winner of South Korea's presidential

Politics Dec. 20, 2012

President Lee Myung-bak congratulated ruling party presidential candidate Park Geun-hye on her certain victory in the tightly contested South Korean election Wednesday, his office said."Congratulations on your victory. You went through a lot of trouble," presidential spokesman Park Jung-ha quoted Lee as saying in a two-minute phone conversation with the candidate.Lee called the 60-year-old candidate of the conservative Saenuri Party at around 9:40 p.m. as the official vote count showed Park woul

Politics Dec. 20, 2012

When Park Geun-hye last lived in the presidential Blue House more than 30 years ago, she was a young, stand-in first lady, serving after the assassination of her mother and before the killing of her dictator father.After defeating Moon Jae-in in elections Wednesday, she will return to her childhood home as the first female president of a country where women continue to face widespread sexism, huge income gaps with men doing the same work and few opportunities to rise to the top in business, poli

Politics Dec. 20, 2012

U.S. House Speaker John Boehner unveiled his "Plan B" on Tuesday as Republican lawmakers wrangled with Democratic President Barack Obama over how to steer the economy past the so-called fiscal cliff.Boehner, whose party holds a majority in the lower house, said he was now prepared to countenance a tax rise for Americans earning more than $1 million per year, a concession but one that falls short of Obama's demands.The president wants to raise taxes on those earning more than $400,000, and Boehne

World Business Dec. 19, 2012

Israel's prime minister on Tuesday rejected international criticism of plans to build thousands more Jewish homes in east Jerusalem, insisting that construction will move forward.Prime Minister Benjamin Netanyahu issued the tough response as European diplomats were discussing plans to condemn Israel in the U.N. Security Council. A U.N. resolution would be the latest in a wave of angry international reactions to Israeli plans to build in areas the Palestinians claim for a future state.“Jerusalem

World News Dec. 19, 2012

The U.S. current account trade deficit narrowed in the July-September quarter to the smallest level since late 2010, but the improvement may not last.The deficit fell to $107.5 billion in the third quarter, down 9 percent from the second quarter imbalance of $118.1 billion, the Commerce Department reported Tuesday. It was the lowest trade gap since the final three months of 2010.The current account is the broadest measure of trade. It tracks the sale of merchandise and services between nations a

World Business Dec. 19, 2012

Iraqi President Jalal Talabani has suffered a stroke and was in intensive care at a Baghdad hospital Tuesday, injecting new uncertainty into the country's political future a year after the U.S. military left.Although his official powers are limited, Talabani, 79, is respected by many Iraqis as a rare unifying figure seen as able to rise above the ethnic and sectarian rifts that still divide the country. Known for his joking manner and walrus-like moustache, Talabani has been actively involved in

World News Dec. 19, 2012

Some U.S. Republicans now say they're willing to discuss the politically treacherous issue of gun control, along with mental health issues and violent video games, while President Barack Obama said he supports efforts in Congress to reinstate an assault weapons ban in the wake of last week's Connecticut school shooting.Republicans in the House of Representatives discussed the gun issue at their regular closed-door meeting Tuesday, and at least some were willing to consider gun control as part of

World News Dec. 19, 2012