Minister of Gender Equality and Family Cho Yoon-sun visited the headquarters of SK Innovation in Jung-gu, Seoul, on Wednesday as part of her initiative to promote family-friendly working environments and also to repay a visit by the energy firm’s vice chairman and CEO Koo Ja-young.“A family-friendly work environment is important not only for corporations but also for the nation to maintain sustainable development and be prepared for the low birthrate and aging society,” the minister said. She br

Hyundai Motor Group said Wednesday that its Hyundai and Kia brand cars have won their best ratings in a recent initial quality study by the U.S. marketing firm J.D. Power and Associates.In the study, which serves as the auto industry’s benchmark for new-vehicle quality, the Korean auto giant was ranked fifth among 21 car brands studied, with three models becoming segment winners. Hyundai Motor’s Genesis took the top spot in the midsize luxury car category, while Kia Motors’ Seoul and Sportage R

Qualcomm, the world’s leading designer and supplier of telecommunication chips, on Wednesday lost a lawsuit it had filed with Korea’s Fair Trade Commission. The U.S.-based chipmaker had previously requested the court to turn around an FTC order for issuing fines for its alleged antitrust activities. A higher Seoul court said it found Qualcomm to have interfered with fair trade practices by collecting differentiated royalty fees and offering different rates of discounts to partner firms by abusin

The first fisheries college is expected to open in Korea as soon as 2015.The Ministry of Oceans and Fisheries said Wednesday that it will establish a special fisheries college here, jointly with the United Nations-affiliated Food and Agricultural Organization.The goal is to help developing countries achieve sustainable growth by promoting their fisheries industries, according to officials.The curricula will include fisheries policy, ocean resource management, sea farming skills and international

South Korean stocks closed 0.65 percent lower Wednesday, as investors took to the sidelines on anxiety that the U.S. Federal Reserve may do little to reassure them about maintaining the monetary easing, analysts said. Thelocal currency inched up against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) retreated 12.31 points to finish at 1,888.31. Trading volume was light at 276.2 million shares worth 3.26 trillion won (US$2.87 billion) with decliners outnumbering gainer

Debt snowballed to over 900 trillion won during Lee administration, BOK says

South Korean stocks traded 0.83 percent lower late Wednesday morning, led by losses in builders and shipbuilders, analysts said.   The benchmark Korea Composite Stock Price index (KOSPI) fell 15.23 points to 1,885.39 as of 11:20 a.m.    Top builder Hyundai Engineering & Construction dropped nearly 3 percent and heavy equipment maker Doosan Heavy Industries slid 1.4 percent.   Top-cap Samsung Electronics kept its losing binge, sinking 1.3 percent.   The local currency was changing hands at 1,133.

Samsung Group, the country's top conglomerate, has expanded its overseas operations aggressively in the past four years with the number of its affiliates in overseas markets surging 58 percent, data showed on Wednesday.The number of Samsung's overseas affiliates stood at 446 at the end of last year, compared with 281 at the end of 2008, according to the data compiled on the basis of regulatory filings.Samsung Group had the largest number of its operations in China with 79 affiliates at the end o

South Korean stocks got off to a weak start Wednesday, dampened by the improved Japanese trade balance, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.96 points, or 0.42 percent to 1,892.66 in the first 15 minutes of trading. Top-listed exporters dropped, with market bellwether Samsung Electronics falling 0.6 percent and steelmaker POSCO sliding 0.8 percent. Tokyo posted a trade deficit of 993.9 billion yen ($10.4 illion) in May, narrower than the market consensus

FTC, NTS, KCS urged to keep potential side effects in check

Korea’s chief financial regulator Choi Soo-hyun reiterated that enhanced consumer protection in the insurance industry would guarantee insurers a brighter future.Insurance companies may see consumer protection as yet another cost to their business, said Financial Supervisory Service Gov. Choi in his keynote address during the 49th annual seminar of the International Insurance Society in Seoul on Tuesday.“But, from a long-term perspective, strong consumer protection means strong consumer confiden