Chung Mong-koo, chairman of Hyundai Motor Group, said Wednesday his company plans to invest about 12 trillion won ($ 10.64 billion) this year, up 15 percent from last year.The nation‘s second-largest conglomerate also plans to employ “a large number of staff” this year when its steel-making unit, Hyundai Steel, is set to complete its third blast furnace, Chung said in a New Year meeting of financi

Industry Jan. 5, 2011

Korean stocks finished 0.12 percent lower on Wednesday as investors sat on the sidelines following recent rallies that had set fresh record highs, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 2.59 points to 2,082.55 after reaching a new intra-day high of 2,087.14 at one point. Trading volume was moderate at 379.1 million shares

Jan. 5, 2011

Daewoo International Corp., a Korean trading firm, said Tuesday that it has signed a $30 million deal to supply buses powered by compressed natural gas to Bangladesh.Under the deal with the Bangladesh Road Transport Corporation, Daewoo International will ship 255 CNG buses and necessary spare parts by July.The deal was partly financed by Korea’s Economic Development Cooperation Fund, the trading c

Industry Jan. 4, 2011

NEW YORK (AP) ― What do you call it when you have 120,000 people and an elephant in the room?The International Consumer Electronics Show, which kicks off this week in Las Vegas.The elephant is Apple Inc. It won’t be at the show this year, but its tablet computer, the iPad, is the most important new product for an industry that needs to once again excite consumers. Sales of the iPad have been stron

Technology Jan. 4, 2011

National Pension Service, Korea’s biggest investor, may set up a private equity fund with the nation’s business groups, including Samsung Group and Hyundai Motor Group, to invest in overseas resource development. SK Group, GS Group and KT Corp. may also join the plan, Kim Seok-joo, a spokesman for the pension fund, said by phone Tuesday. The timing and size of the fund have yet to be decided, he s

Jan. 4, 2011

Korea will seek to secure more rights to rare earth element deposits in the new year to counter moves by China to reduce its export quota for the vital resource, the government said Tuesday.The Ministry of Knowledge Economy said action must be taken to deal with potential shortfalls in supply that could have a serious industrial impact.Rare earth elements, deposits of which are centered in only a

Jan. 4, 2011

Korea decided Monday to greatly expand animal vaccinations to stem outbreaks of foot-and-mouth disease, which continues to spread throughout the country despite nationwide quarantine efforts, the government said.Farm Minister Yoo Jeong-bok said in a news briefing that shots will be administered to all animals in Gyeonggi Province surrounding Seoul and large parts of Chungcheong in the country’s ce

Jan. 3, 2011

Three new policymakers join Lee's economic teamThe stalled consolidation of the financial industry is likely to gain momentum this year under new top regulator Kim Seok-dong, renowned for drive and problem-solving ability. President Lee Myung-bak on Friday named Kim, 57, chairman of the Financial Services Commission. He will take office on Monday. As a former director general and vice chairman of

Jan. 2, 2011

Korea’s trade surplus reached a record $41.7 billion in 2010 as locally made products made solid inroads into overseas markets, a government report showed Saturday.The annual tally showed exports surging 28.6 percent on-year to $467.4 billion, with imports moving up 31.8 percent to $425.7 billion, the Ministry of Knowledge Economy said. The favorable trade balance for last year surpasses the previ

Jan. 2, 2011