Korean antitrust regulator advises firms to be prudentKorean companies in the United States have paid about 1.7 trillion won ($1.6 billion) in fines for price-fixing and four out of the top 10 highest-paying companies were from Korea, a ranking official of the state-run antitrust regulator said Wednesday.The Fair Trade Commission on Wednesday explained the business environment of the U.S. on collu

BC Card Co., a local payment services provider, is stepping up its offensive against Visa, condemning the global credit card giant for pressing unfair business activities onto its Korean partners.On Monday, BC Card filed a report with the Fair Trade Commission over the U.S.-based company’s overseas fee system. “Visa is conducting illegal activities against the Monopoly Regulation and Fair Trade Ac

South Korea is basking in the triumph of PyeongChang’s 2018 bid. Thousands people in Pyeong-Chang, Gangwon Province, chanted, danced and cried tears of joy when the International Olympic Committee declared Wednesday the Korean city as the host of 2018 Winter Games. It was the moment that PyeongChang had waited for a decade after its two previous failures. And it was also the moment that Korea had

The Ministry of National Defense has drawn up a 33.48 trillion won ($32.43 billion) budget plan for next year with a focus on making the military “truly combat-ready.”The ministry submitted its budget proposal to the Finance Ministry on June 30. The planned budget is 6.6 percent higher than the 2011 budget of 31.4 trillion won.“In broad terms, we can say that we have significantly increased the bu

Foreign reports have described PyeongChang’s selection Wednesday to host the 2018 Winter Olympics as a “crushing victory.” International media noted that Korea’s “dreams came true,” after a decade of trying to win the right to host the games, and remarked on the large portion of votes the country received from IOC members. The Associated Press noted that it is “the first time an Olympic bid race w

Apple Inc. has filed a complaint with the U.S. International Trade Commission to block U.S. sales of Samsung Electronics Co.’s smartphones and tablet PCs, escalating the legal tussle between the two mobile giants. Apple’s ITC filing comes less than one week after Samsung filed a similar complaint with the federal agency, seeking to block Apple from importing the iPhone, iPad and iPod Touch product

POSCO announced Thursday that it signed a share purchase agreement to acquire controlling stakes in the Thai stainless steel maker ThaiNox.ThaiNox is Southeast Asia’s largest stainless steel maker and currently produces about 240,000 metric tons of cold rolled stainless steel on an annual basis.POSCO currently holds a 15 percent stake in the company, and the latest deal will see the steel giant ac