China's government has promised sweeping changes to its state-run banking industry, including allowing the creation of private lenders, to support struggling private companies and curb what regulators worry are growing financial risks.The changes announced Friday would tighten controls on some bank activities while also increasing lending to credit-starved private businesses.The new leadership that took power last year has pledged to support entrepreneurs who generate China's new jobs and wealth

Samsung Group and Hyundai Motor Group on Friday confirmed that they would each be acquiring a new business jet for their top management, including the founding families of the Lees and the Chungs. Samsung has already purchased Boeing’s 737-700, which is to enter the country in October, according to Samsung sources including Samsung Techwin which deals in digital surveillance equipment and weapons technology. Samsung currently already operates two jets.“The airports are impossible to get through

The state-run power supplier Korea Midland Power Corporation will build a new thermal power generation plant in northern Seoul, which is to become the world’s first-ever urban underground power facility, officials said.On Friday, KOMIPO and Doosan Heavy Industries & Construction signed a contract for the latter to supply key parts for two new complex fuel generators to be built in the subterranean space of the Seoul Thermal Power Plant in Mapo.The generators, worth 1.18 trillion won ($1 billion)

A nuclear reactor at South Korea’s Hanwool Nuclear Power Plant stopped operating Friday due to what appears to be a technical problem, plant operators said.An investigation was underway to find the exact cause of the problem, but the state-run Korea Hydro and Nuclear Power Co. said there were no immediate safety threats.The reactor at the power plant, previously called the Uljin Nuclear Power Plant, halted operations at 3:36 p.m.The shutdown of the reactor with a generation capacity of 1 million

Hyundai Motor’s HCD-14 Genesis has earned the 2013 “Concept Car of the Year” award and the “Most Significant Concept Vehicle of the Year” title in North America, according to the carmaker’s U.S. sales arm.The concept car beat out the Honda EV-STER and the Toyota Corolla Furia, among others, in the 12th annual North American Concept Vehicle of the Year Awards that recognize vehicles most likely to shape the future of the automobile industry, Hyundai Motor America said.“Hyundai’s HCD-14 introduces

HSBC Holdings Plc said Friday it has decided to pull its retail banking out of South Korea and focus on the corporate banking service here.The British banking group said that it plans to close down its retail and wealth management services in South Korea next week and instead focus on the corporate banking business.The British banking giant said that it will seek regulatory approval to close down 10 of its 11 branches in Korea.“HSBC remains committed to South Korea where it is uniquely positione

To the disappointment of many, and not to mention contrary to previous media reports, barbecuing at Hangang River parks will still be banned, according to the Ministry of Land, Infrastructure and Transport.“According to the Urban Park Act, Hangang River parks are classified as river districts, not as urban parks,” the ministry said Friday through a statement. “Grilling and barbecuing by the river will thus continue to be forbidden, regardless of the revision of the park law.”The ministry issued

A nuclear reactor at South Korea's Hanwool Nuclear Power Plant stopped operating Friday due to what appears to be a technical problem, plant operators said.An investigation was underway to find the exact cause of the problem, but the state-run Korea Hydro and Nuclear Power Co. said there were no immediate safety threats.The reactor at the power plant, previously called the Uljin Nuclear Power Plant, halted operations at 3:36 p.m.The shutdown of the reactor with a generation capacity of 1 million

South Korean stocks closed 0.32 percent lower Friday due to Samsung Electronics' lower-than-expected earnings estimate for the second quarter, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 5.83 points to close at 1,833.31. Trading volume was low at 280 million shares worth 3.72 trillion won ($3.27 billion) with gainers outpacing losers 434 to 351.Analysts said the decline came as Samsung Electronics, the world's

South Korean stocks traded almost flat late Friday morning amid abated woes over the eurozone's economic stimulus moves and Samsung Electronics' lower-than-expected earnings report, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.72 points, or 0.04 percent, to 1,839.86 as of 11:20 a.m.Carmakers traded bullish, with No. 1 player Hyundai Motor moving up 0.23 percent and its smaller affiliate Kia Motors adding 2.04 percent.Retailers also traded higher, with Hyundai Me

South Korean stocks opened higher Friday as the overnight European Central Bank meeting implied that the eurozone plans to maintain its economic stimulus moves down the road, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.08 points, or 0.49 percent, to 1,848.22 in the first 15 minutes of trading.Shares gathered ground across the board, with top chipmaker SK hynix adding 0.52 percent and No. 1 carmaker Hyundai Motor rising 1.87 percent. Leading steelmaker POSCO gai

Foreigners' net selling of local stocks hit a nearly two-year high last month, as the U.S. Federal Reserve's signal to gradually end its easy-money policy prompted them to leave the Seoul market, the financial regulator said Friday.Overseas investors sold off a net 5.14 trillion won (US$4.51 billion) worth of local equities in June, a turnaround from the 300 billion won net purchase the previous month, according to the Financial Supervisory Service (FSS).The June figure is the largest net sellin

Korea’s minimum hourly wage will rise 7.2 percent to 5,210 won ($4.57) next year, a three-party council of government, labor and business representatives said Friday.Under the agreement, the minimum wage of laborers working 209 hours a month will be increased to 1.08 million won. About 2.56 million workers will benefit from the deal, it added.“Diverse factors including economic growth rate, price inflation and wage increase rates of other income groups have been reflected in the 7.2 percent (wag