Korea’s foreign exchange reserves shrank in May from the previous month as a stronger U.S. dollar reduced the conversion value of assets in other currencies, the central bank said Thursday.The country’s foreign reserves reached $305.08 billion as of the end of May, down $2.12 billion from April’s record high of $307.2 billion, according to the Bank of Korea. It was the first monthly decline since

Global corporations should pursue revenue opportunities in such clean technologies as solar cells and smart-grids to keep up with the trend toward a low-carbon economy, said Gil Forer, the head of Ernst & Young’s global cleantech unit.Forer said corporations should take advantage of transformational opportunities and adopt clean technologies.“A number of factors including the growth in world popul

Koo tells staff to ceaselessly search for new opportunitiesLG Group chairman Koo Bon-moo touted the importance of creation and innovation, as the single most effective way to lead the market, the Seoul-based company said Thursday.“Constantly creating new things is the only way we can lead the markets,” Koo said at LG’s 19th session of the company’s gathering to spearhead innovative business held M

British American Tobacco Korea announced Thursday that it will introduce “Dunhill SWITCH” cigarettes on the local market on June 7.The Dunhill SWITCH, which will be priced at 3,000 won ($2.8), comes in packaging with the “RELOC” inner wrapping, the company said.According to the company, which holds the patent on the inner wrapping method, RELOC is a re-sealable double cover that provides additiona

White House touts value of emergency loans to GM and ChryslerWASHINGTON (AP) ― Taxpayers will lose about $14 billion in the government’s $80 billion bailout of Chrysler and GM, the White House said Wednesday, portraying the outcome as good news since the losses are far lower than originally anticipated.Seizing on the figures, the Obama administration took credit for the resurgence of the U.S. auto

POSCO has named its first female group leader, setting a new precedent at the male-dominated steelmaker.Of POSCO’s over 16,000 employees, 3.5 percent, or 568, are female. On Monday, the company appointed general manager Liang Ho-young to lead the Stainless Hot-rolled Product Sales Group comprised of four teams and 19 individuals.Liang, who was became POSCO’s first female team leader in 2006, will

Philip Morris International Inc., the multinational tobacco group, said Wednesday it has appointed Chong Il-woo as managing director for the Korean unit.Chong, 49, will oversee management and orchestrate the unit’s strategy and business, the company said. Chong Il-wooPrior to the new post, Chong headed the Malaysia, Singapore, Thailand and Indochina operation for the U.S.-based conglomerate. He st

Hwang Sok-yong said his new novel “Familiar World” has broken new ground in his 50-year literary career at a press conference in Lijiang, Yunnan Province in China Wednesday.Hwang said he found the 700-year-old town of Lijang last year when he was looking for somewhere “in which time has stopped” while preparing for the novel. Hwang Sok-yong aims to break new literary ground with his latest novel,

Actress Nam Sang-mi, 27, revealed she’s dating co-star Lee Sang-yoon, 30. Nam, who has been dubbed as “original beauty,” told her fans at a cable channel talk show Tuesday that she was in a romantic relationship with her partner from the SBS drama “Life is Beautiful.” Lee Sang-yoon, known for his smart image as he attends Seoul National University in Korea, played Nam’s husband in the drama.