South Korean inspectors sent to the United States to check the safety of beef failed to visit a cattle farm in central California that reported the latest case of bovine spongiform encephalopathy, an official source said Friday.Joo E-suk, head of the inspection team, said indirect contact was made with the owner of the farm through a local veterinarian.He did not elaborate on details but said the team did not visit the farm.Others said inspectors asked the veterinarian to pose questions to the o

May 6, 2012

Ferrari SpA said it expects South Korea’s economic growth to make the country a standout for sports car demand, and Vietnam may be next.“A surprise over the next five years will be South Korea,” Herbert Appleroth, Ferrari’s Asia Pacific chief executive officer, said in an interview. “It has an abundance of wealth and economic prosperity, and there is appreciation for supercars. I think you will see very strong growth.”Appleroth’s projections point to the next pockets of growth for luxury carmake

Mobility May 6, 2012

Chrysler Group LLC led the five largest automakers by U.S. sales in exceeding analysts’ estimates for April as the industry’s increased production drove expansion in the manufacturing sector.Chrysler sales climbed 20 percent to 141,165 light vehicles and Toyota Motor Corp.’s deliveries rose 12 percent to 178,044, according to company statements. Those results beat eight analysts’ average estimate for increases of 16 percent and 10 percent. General Motors Co., Ford Motor Co. and Honda Motor Co. s

Mobility May 6, 2012

The Financial Supervisory Service recently asked the prosecution to investigate four debt-saddled savings banks for alleged embezzlement or breach of duties, officials said Thursday.The four troubled savings banks are Solomon, Korea, Hyundai Swiss and Mirae, according to regulatory officials at the FSS.Solomon Savings Bank is the largest player in the secondary banking sector, and the combined assets of the four lenders hover at 10 trillion won ($8.84 billion).As the FSS is also considering susp

May 3, 2012

The foreign business community expressed uneasiness through a survey about the nation’s taxation policies, despite Korean tax authorities’ recent promise of fewer and easier audits on foreign firms.In March, the National Tax Service said it would reduce the frequency and scope of tax audits on foreign companies doing business here in a bid to attract more long-term investment.But in a survey conducted by the Federation of Korean Industries on 150 foreign firms operating in Korea, 72 percent of t

May 3, 2012

South Korean stocks closed 0.20 percent lower on Thursday on weaker than expected U.S. economic data and lingering eurozone woes, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 3.96 points to close at 1,995.11, the first drop in five sessions.Trading volume was heavy at 677 million shares worth 4.57 trillion won ($4.03 billion), with gainers outpacing losers 442 to 378.“Lower than expected job gains in the United States and oth

May 3, 2012

Companies claim they followed price guidelines from Finance MinistryKorean noodle makers are considering legal action against the Fair Trade Commission over sanctions it imposed on them.The companies producing ramen include Nongshim, which holds the dominant position in the industry.The FTC fined Nongshim and three other players 135.4 billion won ($120 million) for collusion in fixing prices.The regulator said that Nongshim, Samyang, Ottogi and Korea Yakult sought to rig prices on six different

Industry May 2, 2012

Regulators vow more stern actions on practices burdening borrowersFinancial regulators plan to take disciplinary measures against a group of banks for engaging in irregular lending practices, based on a year-long investigation.A number of retail customers in the banking sector will face punitive measures for their urging of customers to purchase financial products such as deposits and insurance products in return for having their loan applications approved, officials at the Financial Services Se

May 2, 2012

Korea, China and Japan and 10 Southeast Asian countries are poised to become more aggressive in their joint action in response to possible currency volatility.The ASEAN Plus Three group plans to endorse an increase in their access to a regional fund during the meeting of finance ministers and central bank governors, slated for May 3 in Manila, according to Bank of Korea officials.Participants are expected to approve a proposal approved by their deputies who earlier agreed to double the size of t

May 1, 2012