South Korea’s watchdog said Thursday that it will delay loan repayments by subcontractors of big firms under debt rescheduling for nearly four months starting this month in a bid to help the small firms avoid cash shortages.The Financial Supervisory Service said it will have creditor banks defer debt repayments by a subcontractor for up to 130 days if its prime contractor company is under a restructuring process. The measure is set to take effect from May 20. “Prime contractors’ debt reschedulin

Car sales in April showed mixed results across the nation’s five carmakers, with Hyundai and Kia leading the pack, largely boosted by their newest models. Hyundai Motor sold 407,666 vehicles globally in April, including 58,365 in Korea and 349,301 in overseas markets, up 9.7 percent from the same period last year. Despite reduced production following the union’s refusal to work on weekends, sport utility vehicles, such as the Santa Fe and Maxcruze, saw 5.2 percent growth in domestic sales. In ov

South Korean baby boomers’ quality of life apparently deteriorated in 2012 from two years earlier, as they were forced to spend more on health care and children’s education despite decrease in income, data showed Thursday.According to the data by MetLife Mature Market Institute and Seoul National University, the baby boomers’ expenditures on children education jumped 27.2 percent over the cited period, while they spent 14.6 percent less on leisure activities.In contrast, their average monthly in

LG Chem’s chief executive Park Jin-soo on Thursday emphasized the company’s core values of a safe corporate environment, fair trade and mutual growth with smaller players.“In creating a safe working environment, (achieving) 99.9 percent is meaningless,” Park said at a quarterly executive meeting at the company’s headquarters in Yeouido, Seoul. “In this case, minus one does not equal 99, but zero. That’s how important a safe environment is.” The same priority applies to the corporate principles o

Hyundai Motor Group chairman Chung Mong-koo said Thursday that he agrees with the “general frame” of the government’s economic democratization initiative, hinting that Hyundai is playing its part well.“We know the direction where Hyundai should be headed,” Chung told reporters ahead of a dinner he hosted for Prime Minister Chung Hong-won and the Federation of Korean Industries, the mouthpiece for local conglomerates. Hyundai recently decided to add more small and mid-sized suppliers to its list

South Korean stocks closed 0.34 percent lower Thursday, tracking its U.S. peers overnight as disappointing economic data in major countries dampened investor appetite, analysts said. The local currency edged down against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) retreated 6.74 points to finish at 1,957.21. Trading volume was moderate at 342.2 million shares worth 4.05 trillion won (US$3.67 billion) with decliners outpacing gainers 485 to 315.   "U.S. markets saw

Three people were injured Thursday after a toxic gas leaked again at Samsung Electronics Co.’s chip plant in Hwaseong, Gyeongggi Province, the company said.In January, one worker was killed and several others injured after they were exposed to poisonous hydrofluoric acid gas. At 11:30 on Thursday, a small amount of the gas leaked while the workers were replacing a pipeline inside the Central Chemical Supply System.They were slightly injured and treated at a nearby hospital, according to the comp

South Korean stocks traded 0.39 percent lower late Thursday morning, as major banking firms and oil refiners widened losses, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) slid 7.67 points to 1,956.28 as of 11:20 a.m.   Shinhan Financial Group, the 10th largest company by market cap, sank 2.4 percent, with leading oil refiner SK Innovation slumping 3 percent.  In contrast, tech giant Samsung Electronics edged up 0.3 percent, with auto parts maker Hyundai Mobis gaining 1

South Korean stocks opened a tad lower Thursday as weak economic indicators from the United States and China renewed worries over the global slowdown, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.1 points, or 0.06 percent, to 1,962.85 in the first 15 minutes of trading. Financial firms and steelmakers drove the shares down. No. 2 lender KB Financial Group shed nearly 1 percent and Dongkuk Steel Mill dropped more than 2 percent. The latest U.S. payroll data fell s

The nation’s financial authorities said on Wednesday that expatriates are equally eligible for the application for the “National Happiness Fund” recently set up to rescue individual credit defaulters.The relief plan is by principle entitled to all borrowers and lenders of this country, officials at the Financial Services Commission said. “When a foreign worker here loses his job, relies on debt, and his credit falls, he will need a debt relief plan, too,” said a FSC spokesperson. News reports sa