Global finance chiefs must work together to make sure the end of Federal Reserve bond buying does not weaken economic recovery in other nations, South Korean Finance Minister Hyun Oh-seok said.The Group of 20 needs to coordinate how to handle scaled- back monetary stimulus from the U.S. once its recovery is secure, Hyun said in an interview in Moscow. If not handled carefully, a Fed move away from quantitative easing threatens to slow growth in other nations, which in turn would damp U.S. expans

All passengers will be required to wear seat belts at all times starting in 2015, the government said Friday, as part of measures aimed at improving the country’s road safety.Currently, only drivers and front seat passengers are required to wear seat belts with back seat passengers only required to fasten safety belts when on expressways.Starting from 2015, all passengers will be required to wear their seat belts on any type of road, the Ministry of Land, Infrastructure and Transport said in a p

South Korea’s financial watchdog said Friday it will tighten its surveillance on illegal online-based brokerages in a move to stem unlawful acts that can hurt individual investors.The Financial Supervisory Service said it plans to launch a tougher probe into Gosu (www.gosu777.com), which is presumed to be the largest illegal Web-based brokerage house in the country.Such illegal brokerage houses induce individuals to make risky investments on futures, options, exchange-traded funds and other fina

Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Friday that it has clinched a 665 billion won ($591 million) deal to build a drill ship for a U.S. firm.Daewoo Shipbuilding will deliver the vessel used to search for oil and gas wells in deep waters by August 2015, the company said in a regulatory filing.The shipbuilder did not reveal the name of the buyer.Last month, Daewoo Shipbuilding secured a similar deal valued at $570 million to build a drill ship.A drill ship

KT Corp., struggling to regain momentum amid a rapidly saturating mobile market, on Friday signed up with Lyon to export its smart technology to the French city."It is a great opportunity for us to reinforce our European presence by starting collaboration with metropolises. The deal with Lyon is a starting point for our smart city strategy," said Bahk Jun-sick who leads KT Global Business Unit.Earlier, KT held a meeting with the Lyon mayor Gerard Collomb at its Gwanghwamun headquarters to sign a

South Korean stocks closed 0.22 percent lower Friday as investors sat on the sidelines due to jitters over the listed firms' second quarter earnings, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.07 points to close at 1,871.41. Trading volume was moderate at 315 million shares worth 3.54 trillion won (US$3.16 billion), with gainers outpacing losers 418 to 378."Seoul shares traded flat despite that the U.S. stock ma

South Korean stocks traded 0.15 percent lower late Friday morning, led by losses in techs and builders, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 2.88 points to 1,872.60 as of 11:20 a.m.Market behemoth Samsung Electronics lost 1.39 percent, and top chipmaker SK hynix shed 1.37 percent. Top flat panel maker LG Display moved down 0.19 percent.Builders also traded bearish, with Hyundai Engineering & Construction losing 2.11 percent and Daewoo Engineering & Const

About a dozen employees of vehicle importer Audi Volkswagen Korea Ltd. quit their jobs in recent months despite strong sales in South Korea, an industry official said Friday.The official said 11 out of the 118 employees have left the company since late last year when the local importer of German vehicles replaced its senior management positions.The development comes as Audi Volkswagen Korea posted an operating profit of 52.2 billion won ($46 million) in 2012. It became the No. 1 local vehicle im

South Korean stocks opened slightly higher Friday, buoyed by overnight gains on Wall Street on the improved U.S. jobs data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.49 points, or 0.08 percent, to 1,876.97 in the first 15 minutes of trading. Carmakers traded higher, with No. 1 Hyundai Motor rising 0.9 percent and its auto parts affiliate Hyundai Mobis adding 0.97 percent. Top shipbuilder Hyundai Heavy Industries gained 0.51 percent.In contrast, tech shares tr

SKT, KT, LG Uplus sanctioned for ‘excessive’ subsidies