South Korea's antitrust watchdog said Wednesday that it has fined Daewoo Shipbuilding & Marine Engineering Co. 10.8 billion won (US$9.6 million) for violating laws on subcontracting as it referred the company to prosecutors for further investigation.The world's second-biggest shipbuilder by
The state-run Korea Development Bank (KDB) completed injecting US$750 million into the South Korean unit of General Motors Co. on Wednesday, after it backed a plan by GM Korea to spin off the carmaker's research unit.The KDB and GM signed a deal in May on the rescue package for GM Korea. Under t
Real estate experts forecast a market downturn throughout the country next year, although some see a chance of an increase in prices in the capital area, a survey showed Wednesday.According to a report from KB Financial Group's research institute, 70.5 percent of 112 people specialized in the pr
Franchisees on average shuttered their businesses in just over four years, government data showed Monday, in the latest sign of troubles facing small entrepreneurs.The 2015 data compiled by Statistics Korea showed that franchisees ran their stores for 52 months before closing them. By sector
The government has extended a subscription for individual savings accounts (ISAs), or a tax-exempt savings scheme, by three years to the end of 2021, as it seeks to promote the scheme, a financial market source said Monday.ISAs were introduced in March 2016 as part of the government's efforts to
Self-employed shop owners and small merchants will get 1.8 trillion won (US$1.6 billion) worth of loans with lower interest rates next year as the government seeks to support their businesses, officials said Tuesday.Small merchants have been grappling with rising hiring costs and higher rental fees
Loan guarantees among affiliates of South Korea's large business groups fell 9.1 percent in 2018 from a year earlier, the country's corporate watchdog said Wednesday.The combined corporate debt payment guarantees made among units of eight conglomerates reached 267.8 billion won (US$238 milli
Hyundai Mipo Dockyard Co., a midsized shipbuilder, said Monday it has received a 208 billion won (US$185 million) order to build six petrochemicals carriers.Under the deal with an unidentified customer, Hyundai Mipo will deliver the 25,000-ton vessels by the end of January, 2021, the company said in
South Korean stocks ended lower Monday as individual investors dumped large-cap shares amid worries over political instability in the United States, analysts said. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.48 points, or 0.31 perc
Jeju Air Co., South Korea's biggest low-cost carrier, said Sunday that it opened a new route to the Philippines to meet greater passenger traffic.The daily service that began Saturday will connect Incheon, South Korea's main air hub, with Clark International Airport, some 80 kilometers north
The pace of recovery for small and medium enterprises (SMEs) is expected to slow in the new year, with hiring of workers likely to take a hit amid challenging conditions, a local think tank said Sunday.According to the Korea Small Business Institute (KOSBI), industrial output gains will wane, with j
Sales of cold weather products increased in South Korea apparently as more people purchased goods to keep themselves warm during various year-end events, industry data showed Monday.According to major online shopping mall Gmarket, the sales of products designed to keep people warm, such as jackets o
South Korea's transportation ministry on Monday fined BMW 11.2 billion won (US$9.93 million) for allegedly trying to hide faulty parts and belatedly recalling its vehicles after some engines caught fire.About 40 engines of BMW vehicles caught fire earlier this year, prompting the German luxury c
U.S. information technology giant IBM Corp. said Friday that South Korean chipmaker Samsung Electronics Co. will manufacture 7-nanometer (nm) microprocessors for its CPUs.According to IBM, Samsung will manufacture 7nm Power processors for IBM Power Systems, IBM Z and IBM LinuxONE high-performance co
Hyundai Motor Group, the world's fifth-biggest carmaker by sales, said Thursday it is bracing for weak sales in three major markets next year due to the slowing global economy, trade disputes and rising lending rates.In a seminar held at the carmaker's headquarters in southern Seoul, the Glo
Incheon International Airport Corp. said Thursday it will invest 4.2 trillion won (US$3.7 billion) to build a fourth runway and expand facilities by 2023.The airport began operations in 2001 and opened its second terminal in January to meet rapid air passenger growth. It currently handles 72 million
South Korea will make thorough preparations for any destabilizing factors after the U.S. raised interest rates, a senior official said Thursday.Lee Ho-seung, the first vice minister of economy and finance, also said in a meeting with relevant officials in Seoul that a possible hike in market rates i
The financial watchdog said Thursday it has revised its guidelines to allow borrowers to make online requests to banks for lower loan rates starting in 2019.Currently, borrowers with a good credit score must visit a physical bank branch to ask a bank to cut their loan rate. From Jan. 4 next year, ho
Samsung Electronics Co. said Thursday it will use the New Bixby artificial intelligence platform in devices released before its Galaxy Note 9 flagship smartphone and invite more users to use the latest system.The South Korean tech giant, which launched New Bixby in August alongside its latest high-e
Exports of instant noodles, or "ramyeon," are sure to exceed US$400 million this year, a state food agency said on Dec. 19, 2018.Shipments of ramyeon totaled $385 million as of the end of November, up 11.2 percent from the same period last year, according to the Korea Agro-Fisheries & Food Trade C