Regulatory approval for Hana Financial Group Inc.’s acquisition of Korea Exchange Bank may come later than expected, which could push up the group’s cost for the takeover deal, sources said Thursday.Hana Financial expected to receive regulatory approval around February for its Nov. 25 contract with U.S. buyout firm Lone Star Funds to take over a 51.02 percent stake in KEB for 4.69 trillion won ($4

Consilience and platforms act as foundation for knowledge connection and integrationThis is the 41st in a series of articles introducing the Korean government’s R&D policies. Researchers at the Science & Technology Policy Institute will explain Korea’s R&D initiatives aimed at addressing major socioeconomic problems facing the nation. ― Ed.As the knowledge-based economy intensifies, knowledge exch

Korea’s economy added jobs in December at the fastest rate for seven months as manufacturers boosted hiring amid strong exports, official figures showed Wednesday.The number of employed people stood at 23.68 million last month, up 455,000 from a year earlier. It was the largest year-on-year increase in jobs since 586,000 in May.The unemployment rate of 3.5 percent last month was unchanged from Dec

LG Electronics Inc. said Wednesday it aims to post $10 billion in global air conditioner sales in 2013, a goal that is forecast to propel the consumer electronics giant’s growth in the international market.“LG Electronics hopes to post $10 billion in global air conditioner sales in 2013,” said Nho Hwan-yong, head of the air conditioner business, in a press conference.The company also aims to sell

HONG KONG (Yonhap News) ― Korea has come up against a dilemma as its export-led economy grows more dependent on China, which poses both opportunities and risks at the same time, experts say.China’s influence on the Korean economy is ever more visible as the world’s second-largest economy has become the largest destination of its products. For China, Korea is its third-largest trading partner after

DETROIT (AFP) ― Hyundai is ramping up production in the face of growing U.S. demand but will likely not be able to build enough vehicles to satisfy all prospective buyers, the head of U.S. operations told AFP.“Our challenge is going to be can our plants supply what we think will be a remarkable consumer demand,” John Krafcik, president and chief executive officer of Hyundai Motor America, said Mon

The cost of issuing Korea’s sovereign debt declined in December as market jitters eased over geopolitical tensions prompted by North Korea’s latest provocations, data showed Wednesday.The spread on dollar-denominated currency stabilization bonds dropped to 90 basis points last month, down from 114 basis points reported in November, according to the data provided by the Finance Ministry.The decreas

LG Electronics said Tuesday it would seek to consolidate its status as one of the world’s largest home appliance makers by 2014 by taking advantage of “smart” technology.The firm said in a statement it would target double-digit sales growth from its home appliance business this year and was aiming for sales of $20 billion from the sector in 2014.“This year will be the beginning of a new era of hom

NEW YORK (AP) -- When the personal computer revolution began decades ago, Latinos and blacks were much less likely to use one of the marvelous new machines. Then, when the Internet began to change life as we know it, these groups had less access to the Web and slower online connections placing them on the wrong side of the ``digital divide.‘’Today, as mobile technology puts computers in our pocket

LAS VEGAS, Nevada (AFP) – Apple snubbed the big Consumer Electronics Show but vendors of accessories for its hot devices turned out in force.Dozens of manufacturers of covers, stands, headsets, speakers and other items for the iPad, iPod and iPhone crammed an “iLounge” on the Las Vegas Conventer Center floor dedicated solely to Apple accessories.Scott Sternick, owner of a sports bars in New York‘s

The government plans to step up its price monitoring of 22 food items and public services as part of its ongoing efforts to keep inflation under control ahead of the upcoming Lunar New Year holiday, the finance ministry said Tuesday.The government will also provide around 21 trillion won ($18.65 billion) worth of loans and guarantees for small and medium-sized companies in a bid to help support fi

Korea’s annual producer inflation hit a two-year high in December, central bank data showed on Monday, adding to evidence of rising consumer inflationary pressure around the region.The producer price index in December rose 5.3 percent from a year earlier, the Bank of Korea said in a statement.It marked the fastest growth since December 2008, led by food and raw material prices.The data comes after

Korea has ordered the culling of 1.34 million livestock since late November to stem its severest foot-and-mouth disease outbreak in history, the government said Monday.The Ministry for Food, Agriculture, Forestry and Fisheries said quarantine officials ordered the culling of 107,500 heads of cattle, just under 1.23 million pigs and over 3,700 goats and deer on 3,300 farms in the past 40 days.The e

Korea’s low-cost airlines showed improved performances last year thanks to a surge in demand for air travel and expanded routes, industry data showed Monday.The country’s biggest discount carrier Jeju Air Co. posted 158 billion won ($143 million) in sales last year, up 80 percent from a year earlier, data showed. It did not post its operating profit, but its operating loss came to a smaller-than-e

Korean stocks finished 0.26 percent lower on Monday as investors stepped to the sidelines amid jitters over fourth-quarter corporate earnings and the expiry of options later this week, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 5.39 points to 2,080.81, after setting a fresh record close of 2,086.2 on Friday. Trading volume wa

Korea’s financial regulator said it plans to tighten inspections of capital flows this year to improve the soundness of its foreign-currency market.“There are persisting destabilizing factors in the global financial markets following the Group of 20 meeting, such as volatile capital movements and currency wars among major countries,” the Financial Supervisory Service said Monday in an e-mailed sta

Korea Express Co., Korea’s largest logistics firm, said Monday that it is seeking to post 2.35 trillion won ($2.09 billion) in sales this year, up around 10 percent from last year.The company is also targeting an operating income of 157 billion won in 2011.Last year, Korea Express was estimated to have logged an operating income of 130 billion won on sales of 2.16 trillion won.Major shareholders o

LAS VEGAS ― Samsung Electronics’ heir apparent Lee Jae-yong on Friday strongly supported his father Lee Kun-hee’s drive for challenge and change. “(Chairman Lee) is someone who is constantly mounts new challenges,” Lee said from Las Vegas where he was attending the Consumer Electronics Show, the largest electronics tradeshow in the world. “Also, the chairman has DNA that makes it unbearable for hi

Koo pledges to create ‘tougher work culture’LAS VEGAS ― Koo Bon-joon’s distress over his new charge, LG Electronics, was palpable throughout the brisk speech he delivered on the sidelines of the world’s largest electronics fair. “Our basics have been significantly undermined,” Koo, vice chairman of the company, said at a briefing to the Korean press while attending the Consumer Electronics Show. R

LG Chem Ltd. said on Sunday that its battery technology was not part of information suspected to have been leaked by Renault SA officials. An official at the Korean company said that the three officials at the French carmaker who are accused of leaking Renault's secrets didn't have access to LG Chem's battery technology.  "The officials are not involved in the LG Chem-related business and Renault'