Korea’s foreign exchange reserves shrank in May from the previous month as a stronger U.S. dollar reduced the conversion value of assets in other currencies, the central bank said Thursday.The country’s foreign reserves reached $305.08 billion as of the end of May, down $2.12 billion from April’s record high of $307.2 billion, according to the Bank of Korea. It was the first monthly decline since

Korean stocks sank 1.27 percent on Thursday as investor sentiment was dented by downbeat U.S. economic data and a cut in Greece’s credit rating, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index tumbled 27.14 points to 2,114.2. Trading volume was moderate at 245.9 billion shares worth 7.19 trillion won ($6.7 billion), with losers outnumb

POSCO has named its first female group leader, setting a new precedent at the male-dominated steelmaker.Of POSCO’s over 16,000 employees, 3.5 percent, or 568, are female. On Monday, the company appointed general manager Liang Ho-young to lead the Stainless Hot-rolled Product Sales Group comprised of four teams and 19 individuals.Liang, who was became POSCO’s first female team leader in 2006, will

Korea's food safety watchdog said Wednesday that it banned imports of Taiwanese products suspected of containing an environmental hormone, following reports that some Taiwanese firms are under investigation for using the potentially cancer-causing material.   The temporary import ban will be applied to beverage products, jams, syrups, jellies and other food products suspected of containing DEHP, a

Global investment banks forecast Korea’s consumer prices to increase more than 4 percent this year, citing sustained economic growth and high oil prices, data showed Wednesday.The average of inflation projections made in May by nine foreign investment banks, including Barclays Capital, rose to 4.1 percent from the 3.9 percent predicted in the previous month, according to the data provided by the K

Korean stocks finished nearly unchanged on Wednesday as losses among automakers outweighed bank gains, analysts said. The local currency climbed against the U.S. dollar.After opening slightly higher, the benchmark KOSPI shed 0.05 percent, or 1.13 points to 2,141.34. Trading volume was moderate at 289 million shares worth 8.02 trillion won ($7.44 billion) with losers leading gainers 437 to 382. “Th

Korea’s trade surplus shrank sharply in May from the previous month as imports grew at a faster clip than exports due to high international energy prices, a government report showed Wednesday.The country’s trade surplus reached $2.75 billion in May, compared with a $5.14 billion surplus in April, according to the report by the Ministry of Knowledge Economy. Exports rose 23.5 percent on-year to $48

Samsung Electronics Co. and LG Electronics Inc. will take part in a government-private research program to develop next-generation thin-film solar cells, officials said Tuesday.The program is one of the five research and development efforts to be pursued by the government and private sector up until 2013 at a cost of 700 billion won ($648 million), the Ministry of Knowledge Economy said.Samsung an

Korea’s industrial output continued to grow in April, but its expansion pace slowed, raising concerns the nation’s economic recovery may be losing momentum, a government report showed Tuesday.According to the report by Statistics Korea, production in the mining and manufacturing industries rose 6.9 percent last month from a year earlier, decelerating from a revised 9 percent growth in March.On-yea

The union members of the Standard Chartered First Bank Korea ended Monday their one-day strike in protest of the management’s proposal to adopt a performance-based pay system.The union said it decided to return to work from Tuesday, adding that it would push for a meeting with the management to settle the labor dispute. “But if the negotiation makes little progress, we will go into another strike,

The Fair Trade Commission imposed a combined 3 billion won ($2.78 million) in fines on nine pharmaceutical companies for unfair trade practices, including the provision of illegal rebates to doctors and wholesalers, it said Sunday.The toughest punishment of 753 million won was slapped on Pacific Pharma Corp., for paying kickbacks to doctors in forms of gift cards, golf tours and cash.Those involve

Hyundai Engineering and Construction is looking to boost efficiency and cut costs by using aluminum cables in place of copper ones.According to the company, it has been working with a cable manufacturer to develop aluminum cables for low voltages that meet Korean standards since last year. The company was able secure a source of aluminum cables that passed Korea Electrical Safety Corp.’s safety st

The Korean stock market is forecast to maintain its upward momentum this week, but the growth pace may be slow due to lingering concerns about the global recovery, analysts said.The benchmark KOSPI wrapped up last week at 2,100.24, down 0.53 percent from a week earlier.The KOSPI lost ground earlier last week as weaker U.S. economic data and the eurozone debt crisis raised concerns about the global

Korea’s major companies remain positive about their business conditions for June on expectations of growing exports and improving economic conditions, a poll showed Sunday.The monthly Business Survey Index for the upcoming month came in at 104.3, unchanged from May when the reading turned positive after it dipped to 98.4 the previous month, according to the Federation of Korean Industries, the cou

Top Korean firms see surge in foreign customers here The loan default rate of KoreanThe number of foreigners subscribed to insurance in Korea last year doubled from 2005, mainly due to relaxed application procedures and the rising number of international marriages, industry sources said Sunday.The number of foreigners who have subscribed to insurance offered by the country’s top three insurance fi

MUMBAI (AFP) ― India’s top vehicle maker Tata Motors on Thursday reported a nearly fourfold increase in annual profit, boosted by booming sales and strong demand for British brands Jaguar and Land Rover.Net profit was 92.7 billion rupees ($2.04 billion) for the year to the end of March 2011, up from 25.7 billion rupees in the previous year, the company said in a statement to the Bombay Stock Excha

Koreans’ love for labels keeps used-goods industry bustlingKim Hae-mi had been more than a little doubtful as to whether it was a good idea to pick out the first Chanel bag of her life from a second-hand store. She recalled how unenthusiastic she was when she made the trip to Myeong-dong, a popular local shopping district in downtown Seoul dotted with the second-hand and consignment shops. But she

Samsung Electronics Co., the world’s top memory chip maker, will unload its solar battery business to its affiliate Samsung SDI Co. for 160.8 billion won ($147.6 million), the companies said Friday, in an apparent bid to revitalize the team’s disappointing performance, The boards of the two companies each approved the plan, which calls for Samsung Electronics to hand over its solar battery workfor

Korea’s consumer confidence rose for the second straight month in May, aided by optimism about the economic recovery, the central bank said Thursday.The consumer sentiment index ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― stood at 104 for May, up from 100 in April, the Bank of Korea said in a monthly report. It marked the highest level since February w

LG Uplus Corp., Korea’s smallest mobile carrier, said Thursday that it plans to begin a nationwide long term evolution service by mid-2012, moving up its schedule for the fourth-generation mobile service on booming smartphone demand. LG Uplus will begin offering the service in 82 cities around the country before the end of this year and complete its nationwide 4G network in July next year, the com