South Korea's corporate watchdog said Wednesday it imposed a total of 803.6 billion won $707.8 million) in fines last year to punish unfair trade practices such as price rigging.The Fair Trade Commission said it handled 3,885 cases in 2016, down 11 percent from 4,367 a year earlier, with 3,802 new cases reported to the agency. (Yonhap)Out of the total, 111 cases were slapped with financial penalties, nearly halving from the previous year's 202 cases, with the amount of fines jumping 36.5 percent

Industry May 10, 2017

Lotte Chemical Corp., a major chemicals firm here, said Wednesday that it plans to spend 370 billion won ($326 million) in expanding facilities in the country, to better meet demand and strengthen its product portfolio.Lotte Chemical decided to expand the output at its domestic plant that produces meta xylene, a material for purified isophthalic acid, which is a substance that stiffens PET in the production of bottles.(Yonhap)Lotte Chemical, the No. 1 PIA producer in the world, has been sufferin

Industry May 10, 2017

South Korea's main stock index swung between gains and losses late Wednesday morning as investors try to digest the policies of new President Moon Jae-in. The benchmark Korea Composite Stock Price Index rose 2.98 points, or 0.13 percent, to 2,295.74 as of 11:20 a.m. It hit a new intra-day record of 2,323.32 points at one point, but backtracked to 2,290.08 at another point. Large caps traded mixed with market kingpin Samsung Electronics falling 1.15 percent, and global chipmaker SK hynix up

Market May 10, 2017

Hancom Inc., a South Korean software maker, said Wednesday that its sales for the first quarter came to a record-high of 26.7 billion won ($23.5 million).The homegrown software firm said its quarterly sales jumped 5.9 percent on-year during the January-March period. Operating profit also surged 22.7 percent on-year to 9.4 billion won.(Yonhap)Hancom, well-known among South Koreans for its mainstay word processing software based on the Korean language, has steadily improved its operating performan

Industry May 10, 2017

After winning yet another start on Tuesday, Kia Tigers' left-hander Yang Hyeon-jong is in hot pursuit of multiple pitching records in South Korean baseball.Yang improved to 7-0 in the 2017 Korea Baseball Organization season after holding the KT Wiz to three runs over six innings of work in the Tigers' 9-4 victory. Yang Hyeon-jong of the Kia Tigers throws a pitch against the Nexen Heroes in their Korea Baseball Organization game at Gocheok Sky Dome in Seoul on May 3, 2017. (Yonhap)Yang, 29, is le

Baseball May 10, 2017

South Korean shipyards came in first in terms of new orders secured in April, with their order backlog continuing to slip, industry data showed on Wednesday.According to the data compiled by global research firm Clarkson Research Institute, Korean shipyards clinched new orders worth a combined 340,000 compensated gross tons last month to build 12 ships, trailed by Chinese rivals with 260,000 CGTs or 13 ships.(Yonhap)Japanese shipyards' orders came to nil.In April alone, a total of 750,000 CGTs w

Industry May 10, 2017

Salaried workers are spending less on their lunches, as a growing number of them are grabbing a quick bite at convenience stores instead of restaurants, a recent survey said Wednesday. (Yonhap)The survey by Job Korea, a leading job portal site, on 899 office workers showed that their daily average lunch money was 6,100 won ($5.38), down from 6,370 won in the same poll last year. As for places where they eat, 44.8 percent answered they eat at a restaurant near their office, while another 33.6 per

Industry May 10, 2017

Demand for imported Chinese vehicles in South Korea is on the rise due mainly to their price competitiveness, a local importer said Wednesday."To meet growing local demand for Chinese vehicles, we are planning to import an additional 320 KENBO 600 sport-utility vehicles by the end of June," a spokesman for Zhonghan Automotive Co. said. (Yonhap)The 1.5-liter gasoline-powered SUV model sells for between 19.9 million won and 20.99 million won ($17,500-$18,500) in the local market, the company said.

Mobility May 10, 2017

South Korean shares opened higher Wednesday as political uncertainties eased with liberal former human rights lawyer Moon Jae-in beginning his five-year term as president. The benchmark Korea Composite Stock Price Index gained 16.71 points, or 0.73 percent, to set a new intra-day high of 2,309.47 in the first 15 minutes of trading.Most large caps traded mixed with market kingpin Samsung Electronics falling 1.36 percent.Top automaker Hyundai Motor remained flat, and top steelmaker Posco rose 1.86

Market May 10, 2017

Leaders of South Korean sports on Wednesday urged new President Moon Jae-in to help ensure the successful staging of the country's first Winter Olympics next year.The preparations for the 2018 PyeongChang Winter Games weren't immune from the massive political scandal that led to the ouster and arrest of former President Park Geun-hye, and to the earlier-than-expected presidential election to vote on the next chief executive. Soohorang (left) and Bandabi, the official mascots of the 2018 PyeongCh

Sports May 10, 2017

If history is any guide, South Korea's stock market is likely to extend its rally after voters cast their ballots to choose the country's next president. Based on market data on the bourse's performance during the first year of office of the last six presidents, market watchers expect solid gains for the benchmark Korea Composite Stock Price Index going forward.On average local stock prices gained 23.18 percent after a new chief executive was sworn into office, although in some instances the mar

Market May 9, 2017

FIFA President Gianni Infantino on Tuesday congratulated South Korean football chief Chung Mong-gyu on earning a position at the global football body.Chung, head of the Korea Football Association, was elected by acclamation to the FIFA Council on Monday at the Asian Football Confederation Congress in Manama, Bahrain. He will serve a two-year term through 2019. This image, provided by the Korea Football Association on May 9, 2017, shows the congratulatory letter sent by FIFA President Gianni Infa

Soccer May 9, 2017

Choo Shin-soo of the Texas Rangers has hit his 150th career major league home run.Choo launched a solo shot off Brad Hand of the San Diego Padres at Petco Park in San Diego on Monday (local time) in the top of the seventh inning. The blast cut the Rangers' deficit to 4-1 but the Padres added a run in the bottom half of that inning to take the interleague game 5-1. In this Associated Press photo, Choo Shin-soo of the Texas Rangers watches his solo home run against the San Diego Padres in their ma

Baseball May 9, 2017

Transactions by South Korea's private equity firms slipped 30.4 percent on year in 2016 amid a lack of mega buyout deals, government data showed Tuesday. Local private equity groups invested a total of 8.9 trillion won ($7.8 billion) last year, compared with deals worth 12.8 trillion won in 2016, according to the data by the Financial Supervisory Service.  In a statement, the financial regulator attributed the sharp decline to a lack of big merger deals last year. In 2015, local private equ

Market May 9, 2017

The International Monetary Fund kept its forecast for South Korea's economic growth for this year on hold at 2.7 percent, despite signs of a recovery in the country's exports.The projection by the IMF is slightly higher than a 2.6 percent growth forecast by the Bank of Korea. South Korea's economy grew 2.8 percent last year.  In a report, the IMF cited "political uncertainty" stemming from the ouster of former President Park Geun-hye over a corruption and influence-peddling scanda

Economy May 9, 2017