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KB heads receive light punishment

Lim Young-rokThe nation’s financial watchdog on Friday imposed light punishments on the chairman of KB Financial Group and the head of its flagship Kookmin Bank over managerial errors. The Financial ...

Updated : 2014.08.22 20:47

Hyundai fears output loss from partial strikes

Union workers at Hyundai Motor’s Ulsan plant staged four-hour partial strikes on Friday amid their stalled talks with management over considering bonuses part of regular wages. With the union planning to refuse overtime work on the weekend, South Korea’s largest carmaker is expected to s...

Updated : 2014.08.22 20:45

KEPCO to lay Korea-Japan undersea power grid

South Korea’s state-run utility giant Korea Electric Power Corp. is pushing ahead with an undersea power grid project between South Korea and Japan in an effort to export electricity to the neighboring country, according to a local media report on Friday. The project aims to connect South...

Updated : 2014.08.22 20:44

Seoul shares close higher ahead of Fed speech

South Korean stocks closed 0.61 percent higher Friday as investor sentiment was lifted by upbeat U.S. data ahead of a key U.S. Federal Reserve event, analysts said.The local currency gained ground against the U.S. greenback. The benchmark Korea Composite Stock Price Index rose 12.49 points...

Updated : 2014.08.22 20:44

Samsung tops NAND flash market in Q2

Samsung Electronics topped the global NAND flash market in the second quarter of 2014, data showed Friday, on the back of increased demand from Chinese smartphone makers who have been raising their profiles in the global market.The market share for the South Korean electronics giant in NAN...

Updated : 2014.08.22 20:44

KT ordered to pay data-leak victims

KT Corp., the nation’s second-largest mobile carrier, was ordered by a local district court Friday to pay 100,000 won ($97) in compensation to each customer who had personal data leaked in 2012. The Seoul Central District Court’s ruling came after some 28,000 KT users filed a lawsuit aga...

Updated : 2014.08.22 20:43

BMW Driving Center open to public

BMW opened its first driving center in Asia, located on Yeongjongdo Island, some 40 kilometers west of Seoul, to the public on Friday, officials said. The BMW complex consists of a 2.6 kilometer racetrack; a BMW car gallery; a restaurant; the Junior Campus, an education program for childre...

Updated : 2014.08.22 20:43

Household income grows 2.8% in Q2

Monthly household income in South Korea grew 2.8 percent on-year during the second quarter, thanks in part to improving labor market conditions that resulted in more employment, a government report said Friday.The income of households consisting of two members or more averaged 4.15 million...

Updated : 2014.08.22 20:43

CES organizer hopeful of first Asia version in China

The Consumer Electronics Association, the organizer of the world’s largest consumer electronics trade show, International CES, is on track with its preparations for hosting the Asian version of the e...

Updated : 2014.08.22 20:42

Hyundai, Kia's strike to cost 65 bln won: sources

Workers at South Korea's two top carmakers went on a partial strike Friday for the first time this year, with industry watchers saying it may cause up to 65 billion won (US$63.8 million) in combined losses.Unionists at Hyundai Motor Co. and its sister company Kia Motors Corp. were to parti...

Updated : 2014.08.22 14:33

KT ordered to pay 100,000 won each to data-leak victims

South Korea's No. 2 mobile carrier KT Corp. was ordered by a local district court Friday to pay 100,000 won (US$97) in compensation to each customer who had personal data leaked in 2012.The Seoul Central District Court's ruling came after some 28,000 KT users filed a lawsuit against the mo...

Updated : 2014.08.22 12:18

Watchdog backs off heavy punishment for bank heads

 The South Korean financial watchdog on Friday reprimanded the heads of KB Financial Group Inc. and its flagship Kookmin Bank for management failures, concluding an investigation that dragged on for two months with a much lighter punishment than earlier indicated. The Financial Superviso...

Updated : 2014.08.22 11:16

Mobile carriers fined for subsidies

The Korea Communications Commission on Thursday imposed fines of some 58 billion won ($57 million) against the country’s three mobile carriers for offering illegal subsidies to smartphone buyers.Sout...

Updated : 2014.08.21 20:52

[Graphic News] More drivers embrace hybrid and electric cars

Global sales of hybrid and electric cars have more than tripled to 3.49 million in 2013 from 1 million in 2011. The eco-friendly car market is expected to continue the recent momentum in the coming ye...

Updated : 2014.08.21 20:47

Big firms keep up in-group deals

More than 12 percent of business deals among large conglomerates in South Korea were so-called intragroup transactions taking place among affiliates, government data showed Thursday.According to data from the Fair Trade Commission, intragroup transactions accounted for 12.46 percent of bus...

Updated : 2014.08.21 20:43