Some sectors of South Korea’s business industry will be allowed to resume trading with Iran as policymakers have decided to partly lift a ban on exports to the Middle Eastern country on March 17.The Finance Ministry said Tuesday that it decided on the policy ― restrictive and will apply only for some service industries ― following the U.S. administration’s recent easing of economic sanctions on Iran for six months between Jan. 20 and July 20 this year.The ministry said the beneficiaries of the c

March 11, 2014

The conglomerate sector is expected to raise its vigilance level against a possible veto by the state-controlled pension fund during an upcoming annual general meeting of shareholders in the wake of a case at Mando Corp., a subsidiary of Halla Group.During Mando’s shareholder meeting on Friday, the National Pension Service, the second-largest shareholder of Mando, voted against the proposal to reappoint company CEO Shin Sa-hyeon to the post for another term. In a statement, the NPS argued that S

March 7, 2014

Hiring of new employees by big businesses this year is expected to be on par with or exceed numbers reached in 2013, industry sources said Wednesday.The forecast comes as conglomerates open their hiring season for the first half that usually sets the tone for job market conditions throughout the year.Family-run conglomerates like Samsung, Hyundai Motor, SK and LG all plan to start their hiring process this month.The government predicted earlier in the year that Asia’s fourth-largest economy woul

Industry March 5, 2014

Hyundai Motor Co.’s brand-new Sonata sedan has received a modest bump in price over the outgoing model that reflects various updates in handling and safety, the carmaker said Wednesday.The price for the base 2.0-liter-engine Sonata LF with a continuously variable valve lift has been set at 22.7 million won ($21,000), a gain of 600,000 won from the current sixth-generation Sonata YF that has been in production since 2009.It said for the highest trim level, the new car’s price goes up to 28.8 mill

March 5, 2014

South Korean households’ savings increased at the slowest pace in six years in 2013 as they struggled to meet spending commitments and sought after investment vehicles offering higher returns amid low interest rates, data showed on Tuesday.Households’ deposits at banks stood at 501.7 trillion won ($469 billion) at the end of last year, up 6.6 percent from a year earlier, according to the data compiled by the Bank of Korea.Of them, savings deposits, which earn interests for a relatively long peri

March 5, 2014

Unionized workers of the Korea Exchange on Wednesday filed a complaint against Deputy Prime Minister and Finance Minister Hyun Oh-seok with the prosecution for abuse of authority and neglect of duties.The KRX union continuously criticized the Finance Ministry’s recent decision not to privatize the main bourse and to maintain it in the public agency list. “It was a practice going against the law and principles,” the union said in a statement. The workers argued that the government is hampering gl

March 5, 2014

The majority of South Korean small and medium enterprises expect sales to rise in 2014 compared with the year before as the global economy improves and the government lifts unnecessary red tape, a poll showed Monday.According to the Center for Large and Small Business Cooperation under the Federation of Korean Industries, 54.8 percent, or 190, of the 347 SMEs polled said they are forecasting a rise in sales.Another 30.3 percent of the companies expected sales numbers to be on par with 2013, with

Industry March 3, 2014

GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., started receiving preorders for its new Malibu diesel midsize sedan on Monday.The country’s third-largest original equipment manufacturer said the new model will take on European imports that have expanded their market presence in the country in recent years, thanks largely to their competitiveness in diesel engines. The cars are expected to go on sale later this month.The car, to be officially unveiled on Thursday, will h

Industry March 3, 2014

South Korea’s international traders organization said Monday that it will provide 80 billion won ($74.7 million) in export marketing support to small and medium enterprises this year to help them expand overseas.The money will come from a designated trade support fund and provided to companies that reported exports of less than $10 million last year, with up to 200 million won for each company, the Korea International Trade Association said.It said the annual interest rate for the fund has been

Industry March 3, 2014

The banking sector saw its bad loan ratio rise to its highest level in three years in 2013 due mainly to insolvency in some manufacturing segments including shipbuilding and construction.According to the Financial Supervisory Service, the bad loan ratio at 18 first-tier banks in Korea posted 1.77 percent last year, marking the highest since it reached 1.9 percent in 2010. The figures for 2011 and 2012 were 1.36 percent and 1.33 percent, respectively.“While delinquent bank or credit card loans to

Feb. 28, 2014

South Korean stocks closed almost flat Friday as investors had mixed reactions to remarks by U.S. Fed Chair Janet Yellen, analysts said. The Korean won closed higher against the greenback.The benchmark Korea Composite Stock Price Index edged up 1.56 points, or 0.08 percent, to 1,979.99. Trading volume was low at 247.1 million shares worth 4.8 trillion won ($4.51 billion), with gainers outpacing losers 414 to 394.Analysts said hopeful remarks by Yellen, who attributed the latest weak U.S. data to

Feb. 28, 2014