Finance minister nominee Bahk Jae-wan said the fight against inflation will stay as the priority with focus on flexible macroeconomic measures, revealing his intention to maintain the policy stance currently in place.Answering questions at the parliamentary confirmation hearing on Wednesday, Bahk said he will try to make people in the middle class and low-income brackets feel the improving busines

The government is mulling tariffs on rice imports from next year, possibly expediting the process previously scheduled for 2015, the Agricultural Ministry said Tuesday.The early imposition of tariffs on rice imports is to reduce growing stockpiles of rice, a problem that has been deepening under the current system where Seoul has to import a specified amount of foreign rice. The Ministry of Food,

KOFIA chairman becomes head of International Council of Securities AssociationHwang Kun-ho, chairman of the Korea Financial Investment Association, was elected to head the International Council of Securities Association, the local body announced Tuesday.Hwang became the first Asian chief of the international body of practitioners promoting the common interest of securities companies worldwide.“I h

The government is considering raising public utility prices in the coming months to correct the growing deficit by major public corporations plagued by rising raw material and production costs.Burdened by rising prices in grain, sugar, corn and wheat, food makers are also expected to raise the prices of processed foods in the second half. Seoul is mulling raising subway fares by 300 to 400 won aft

A special train carrying North Korean leader Kim Jong-il arrived in Yangzhou in eastern China for a visit that a top Beijing official said is aimed at helpingPyongyang learn about Chinese economic development.   Kim arrived at Yangzhou Station in Jiangsu Province at 7:54 p.m. on the third day of his secretive Chinese visit after departing from Changchun in northeastern China on Saturday.   Contrar

China-owned Volvo Cars on Thursday said it was back in the black in 2010 following an 11.6 percent rise in sales over the previous year.“During 2010, we witnessed a turn-around in the car market and we have now returned to profitability,” chief executive Stefan Jacoby said in a statement.Volvo Cars said its operating EBIT (earnings before interest and taxes) was $361 million.It added it sold about

Audi Korea, the local importer of luxury German car brand Audi, said it launched an iPad application for customers to view Audi magazine. The free application allows iPad users to keep up with the latest news about the German cars and promotional offers.Audi magazine, sent to its customers on a quarterly basis, not only covers Audi products but also contains exclusive interviews with sports stars

Jaguar Land Rover said it is offering wedding cars for couples who have their marriage ceremony at the Shilla Hotel in Seoul. An all new XJ, the British carmaker’s flagship model, will be offered to Shilla customers on their way to their honeymoon, the company said.“Young couples nowadays are looking for unique wedding experiences and their taste for wedding cars has been changing fast too. We hop

The local unit of German carmaker BMW Group said it will offer a 20 percent discount on repairs for its older sedans and convertibles, including the M3, X3, Z3 and Z4.The “refresh” campaign will be available for BMW customers whose cars have been registered before April 30, 2006. The offer will be available until June 3 at the company’s official service centers across the country. BMW Korea launch

Renault SA aims to sell 100,000 cars a year in India by the end of 2013, as the French automaker introduces its first model in the Asian country since exiting a joint venture with Mahindra & Mahindra Ltd. last year.The carmaker will introduce the Fluence sedan May 23 in New Delhi and plans to sell as many as five models by December 2012, when it expects to have 100 dealers across the country, Marc

Rising gas prices may be inconvenient but they make scooters and motorbikes better options, especially with summer just around the corner. Compact motorbikes have been gaining popularity among riders, particularly those in their 20s and 30s looking to add style to their riding experience. Scooters and motorbikes come with fuel efficiency of at least 30km per liter, making them especially attractiv

Getting married is becoming increasingly popular among the elderly. Over 18,791 couples aged 50 years old or more got married last year alone, the highest figure on record. According to Statistics Korea, The number is 3.7 times increase from 1990 when only 5,014 couples in the same age group chose to wed their partner. It is also almost double the 8,928 newly married elderly couples in 2000.“The p

Hana Fnancial Group chairman Kim Seung-yu said Friday that his company would be able to agree with the U.S. Lone Star Funds to extend the deadline for the takeover of Korea Exchange Bank. “We can draw a conclusion by next weekend,” Kim told The Herald Business, the sister paper of The Korea Herald.The two sides are in talks to extend their May 24 deadline. Kim reportedly flew to Tokyo on Wednesday

Analyst says extended FSC deadlock especially damaging for KEBThe financial regulator’s delay in approving Hana Financial Group’s bid of Korea Exchange Bank is credit negative for both lenders but especially for the lender long been put up for sale, credit rating agency Moody’s said Thursday. “We gave an A2 to KEB because one, their performance was good and two, we expected it to be sold over to H

Bancorp CEO says new rules would be desirable for megabanks in KoreaBetsy Cohen, founder and CEO of U.S. internet retail bank Bancorp Inc., said tightening capital and liquidity rules should come before the creation of the megabank due to be formed by the privatization of Woori Financial Holdings.“Size is not protected easily. Activities of large institutions carry a great deal of risk for a wider

By Cynthia J. KimKorea’s rating in the World Competitiveness Yearbook by a Switzerland business school rose by one place to No. 22 this year, the highest level the country has reached since joining the list in 1997.The annual report of the world’s 59 most competitive countries by the International Institution for Management Development ranked Korea higher on government and business efficiency, rai

Korean bourse says it will tighten supervision of stock trades made on mobile devicesStock trading through smartphones, tablet computers and other wireless devices is expected to exceed 150 trillion won ($138 billion) this year amid growing concerns about network security, market watchers said on Wednesday.The Korea Exchange said the amount of stock trading done using wireless mobile devices toppe

Lotte Mart has begun selling bargain chicken priced at 7,000 won ($6.42), reigniting controversy over fair competition between large retailers and smaller eateries.The black garlic flavored chicken has been on sale since Thursday at the retailer’s 88 stores across the country at a price 2,000 won cheaper than its earlier chicken release in December. As sales of its earlier product, dubbed ultra ch

The Korea Customs Service will add an electronic tracking system on goods to tighten supervision on transshipment while enhancing custom procedures for an economy increasingly opening up to free trade agreements, the state agency said Tuesday.In a proposal outlining the agency’s medium-term goals, the KCS said it will adopt the new inspection system that applies minimal customs procedure for hones

College graduates took up a bigger portion of the country’s workforce than high school graduates for the first time, Statistics Korea said Tuesday.Jobs taken by graduates from universities and vocational colleges totaled 9.54 million as of March, exceeding those taken by high school graduates, 9.5 million.The trend continued through April, with college graduates topping the figure by 25,000 at 9.5