Antitrust regulator considers probe into alleged price-fixingRetail prices of imported whisky from Europe have not dropped but climbed in the local market despite the Korea-EU Free Trade Agreement which took effect in July 1, 2011, according to the antitrust regulator.The Fair Trade Commission said Sunday that import prices of European-made whisky products rose by 1.41 percent during the first quarter of 2012, compared to the same period last year.Among the products whose import prices surpassed

South Korean credit card companies saw their default rates increase in the first quarter from three months earlier amid falling earnings, the financial regulator said Sunday.The average delinquency rate of seven credit card companies reached 2.09 percent as of the end of March, up 0.18 percentage point from the end of last year, according to the Financial Supervisory Service.The watchdog said the rate rose due to an increase in fresh defaults, which was related to clear signs of the country’s ec

South Korean stocks will likely be exposed to volatility ahead of crucial Greek parliamentary elections that will determine the future of the eurozone, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,835.64 points on Friday, up just 0.06 percent or 1.13 points from a week earlier.The weak gains came as the local bourse lost ground in the face of persistent debt and financial sector problems in the European Union and disappointments caused by the U.S. Federal Re

Automaker struggles to find breakthrough in sagging sales of gasoline-powered carsHit by a prolonged slump in vehicle sales, Renault Samsung Motors seems to be staking all on its mass production of electric cars from early next year to jockey for the nascent market in Korea. The automaker showcased high-end technologies in its first electric car model ― the SM3 Z.E. ― during the 2012 Busan International Motor Show, which was held from May 24-June 3.Renault Samsung, which is offering test drives

Hyundai Group will complete the process of acquiring Banyan Tree Club & Spa Seoul, one of the nation’s three six-star hotels, in the coming days.An industry source said Wednesday that “Hyundai Group is about to launch its hotel business by becoming the biggest shareholder of Banyan Tree Club & Spa Seoul” after it was picked as the preferred bidder for the resort last January.The conglomerate has proposed a bid of 160 billion won ($140 million) to acquire the shares on the condition that the grou

Early retirement plan comes amid rumors on relocation of production basesGM Korea’s recent policy to downsize its manpower structure via a voluntary redundancy program has been inviting backlash from the carmaker’s labor union.Unionized workers at the automaker are set to stage a series of protests against the early retirement scheme, which has allegedly been initiated by new GM Korea CEO Sergio Rocha, according to sources.The Korean unit of U.S.-based General Motors is considering reducing the

Korean won continues to lose ground against U.S. dollarThe eurozone fiscal crisis is likely to deal a severe blow to Korea’s export-oriented industries such as shipbuilding, automobile and information technology, local think tanks forecasted.In particular, the nation’s shipbuilding companies’ exports to the European Union are equivalent to 19.7 percent of their total production, according to a report of the Hyundai Research Institute.Exports account for about 85 percent of the total sales for th

Import car brands broke the all-time high record in vehicle sales for the third consecutive month so far this year.After attaining record figures in March and again in April, foreign carmakers saw their combined sales come to a fresh high of 11,708 units in May, the Korea Automobile Importers and Distributors Association said Tuesday.“The record-breaking streak for three months in a row is noteworthy because the former record before March 2012 was the figure posted a year before (10,290 units in

Kumho Asiana Group’s unit has undergone tough restructuring for more than 2 yearsCreditors of Kumho Industrial Co. will soon finalize the takeover deal under which a consortium led by IBK Securities is set to acquire a large portion of Kumho Asiana Group’s transportation unit.The imminent sale comes more than two years after Kumho Industrial was placed under joint-management by creditors including Woori Bank for business normalization in late 2009.Both sides are likely to reach a final consensus

British American Tobacco has released the spearmint-flavored “Dunhill Switch Black” in the local market.“The new product offers consumers the choice to appreciate the smooth taste of Dunhill, followed by a sweet and minty spearmint flavor, which is distinct from regular menthol cigarettes,” a company spokesman said.He added the premium feel of Dunhill is driven in part by the black packaging which is highlighted also by blue to connote the refreshing aftertaste.The stylish packaging is marked by

Upgraded Sorento R, Equus, K3, Tucson ix to debut in second halfHyundai Motor and Kia Motors will continue to push for releases of new vehicle models during the latter half of this year, following their strategies in the first half.They will collectively launch at least four new models ― the Sorento R, Equus, Tucson ix, and K3, according to executives of the affiliated automakers.As their first event for the second half, Kia Motors is poised to unveil the facelift model of the Sorento R, the com

The antitrust regulator is set to take disciplinary action against a group of major builders for cartel activities during their participation in the Lee Myung-bak administration-led project to refurbish the country’s four major rivers.The Fair Trade Commission is considering fines for about 20 construction companies and filing a complaint with the prosecution against some executives of several large firms.It is alleged that some of the 20 companies took the initiative in bidding-price rigging or

Five players strive to attract consumers at home amid ongoing weak demandAutomakers saw their vehicle sales at home inch up in May on a year-on-year basis after several months of weak domestic demand.Hyundai Motor said Friday that it posted sales of 58,050 units in the local market, up 0.6 percent from 57,694 units a year earlier.It was the first time the nation’s largest automaker reported an increase in year-on-year sales at home since last February.Excluding February, Hyundai Motor’s domestic

The Fair Trade Commission investigated Google Korea this week by sending its inspectors to the headquarters, marking the fourth antitrust investigation including a raid last September.While the regulator’s raid on Google’s Korean unit in southern Seoul was the result of a joint-complaint by local Internet portals it is alleged the U.S.-based tech giant hindered the FTC from conducting an ordinary probe.The allegation of obstructing civil servants’ on-the-spot investigation could yield an intensi

Hanwha Group has signed an $8 billion contract to build a housing complex in a new town of Iraq, the conglomerate said in a statement Thursday.A formal contract was signed at a state-run office in Iraq on Wednesday, with group chairman Kim Seung-youn taking part in the event, a Hanwha spokesman said. “Its scale will mark the largest-ever in history in Korea’s overseas construction projects,” he said. The Iraqi government recently endorsed the business deal under which Hanwha Engineering & Constr

The business sector said Wednesday that it would carry out a full-fledged to save electricity to support the government’s recent policy toward energy conservation.About 140,000 member firms of the Korea Chamber of Commerce and Industry will participate in the electricity-saving campaign, KCCI vice chairman Lee Dong-keun said at a news briefing.“Our members save large amounts of electricity, benchmarking the case of Japan,” he said.To prevent power shortages during the summer, the government rece

The nation’s five major business lobbies urged lawmakers for the 19th National Assembly, which was inaugurated Wednesday, make efforts to boost the economy.Chiefs of the five organizations in the business sector held a congratulatory reception for both ruling and opposition lawmakers, whose terms run through May 2016, in Yeouido, Seoul. “We hope that the 19th National Assembly will lead the integration and development of society,” said Huh Chang-soo, chairman of the Federation of Korean Industri

Hyundai Group chairwoman Hyun Jeong-eun has been striving to find new growth engines for the conglomerate amid the stalled inter-Korean business led by its tourism unit Hyundai Asan.Following its takeover of Banyan Tree Club & Spa Seoul, a six-star luxury resort in Seoul, early this year, Hyundai Group ― in particular ― is seeking to expand its financial business, based upon its brokerage unit.According to financial industry sources, Hyundai Securities, which acquired the debt-saddled Daeyeong S

Mando Corp., one of South Korea’s leading auto parts manufacturers, said Friday that it completed construction of a plant in Brazil that will allow it to make inroads into the South American market.It said the plant located in Limeira, in the eastern part of the Brazilian state of Sao Paulo, has been built on 55,000 square-meters of land and has a factory floor space of 13,000 square meters.The company said it invested $50 million into the plant, which will hire around 100 local employees and ma

South Korea’s growth target for 2012 remains achievable despite mounting downside risks triggered by persistent eurozone woes, the country’s top economic policymaker said Friday.In a press conference, Finance Minister Bahk Jae-wan said the developments taking place in the European Union pose greater challenges, but data indicates there may not be any need to change Seoul’s 3.7 percent growth forecast for this year.He stressed that the government is not considering artificial measures to bolster