Boeing named Korean Air as its best supplier in the “pathfinder” category for its notable progress in manufacturing aircraft components.The world’s largest aircraft manufacturer gave the top award to Korean Air at the annual “Supplier of the Year” award ceremony held in San Diego on Thursday.Starting with wing parts for Boeing 747 in 1986, Korean Air has been producing components for Boeing’s 717, 737, 767, 777, 787 and 747-8 aircraft.Korean Air also received the award in 2001 and 2007.Boeing aw

The extra budget that the government recently drew up will likely delay achieving a fiscal balance until 2016 due to increased spending coupled with less-than-expected tax revenues, a government report showed Friday.The government earlier unveiled a 17.3 trillion won ($15.4 billion) extra budget aimed at boosting the country’s slowing economic growth. This was the second largest since 2009 when it announced 28.4 trillion won in extra spending in response to the fallout from the global financial

LG Chem, a leading Korean chemicals and rechargeable battery maker, said Friday that its operating profit in the first quarter of this year fell 8.5 percent to 408.9 billion won ($366.4 million) compared with the same period a year ago due to the continued minus growth in its battery business. The company said its sales and net profit also dropped 0.6 percent to 5.7 trillion won ($5.1 billion) and 10.6 percent to 340.4 billion won ($350 million), respectively.Operating profit of two other busine

The board of KB Financial Group Inc. on Friday approved the group’s move to raise its stake in its life insurance unit, making it a fully-owned unit.The board of South Korea’s No. 2 banking group said it gave the green light to the motion earlier in the day to buy the remaining 49 percent stake in KB Life Insurance Co. held by ING Group, without dissenting votes, a deal estimated at around 170 billion won ($152 million).KB Life Insurance was established in 2004 as a joint venture between Kookmin

South Korean stocks closed 0.35 percent higher Friday, as gains from non-ferrous metals and financial firms overshadowed concerns over worsening quarterly earnings, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index added 6.69 points to finish at 1,906.75. Trading volume was moderate at 324.8 million shares worth 4.37 trillion won ($3.91 billion), but decliners outnumbered gainers 422 to 379. “Those that have dipped in the past several

Ministry plans to set up maritime police station on Ulleung Island to strengthen security for Dokdo

Singapore Airlines’ Scoot has joined the heated competition among budget carriers in Korea, announcing Tuesday that it would start the first low-cost services connecting Incheon and Singapore from June 12. Even though the company didn’t disclose its detailed pricing policy, the round-trip fares to Singapore were expected to be as much as 40 percent cheaper than other full-service carriers. “Our exceptional value airfares offer the people of Korea even more reasons to visit Taiwan, Singapore or a

South Korean stocks closed 0.35 percent higher Friday, as gains from non-ferrous metals and financial firms overshadowed concerns over worsening quarterly earnings, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 6.69 points to finish at 1,906.75. Trading volume was moderate at 324.8 million shares worth 4.37 trillion won ($3.91 billion), but decliners outnumbered gainers 422 to 379. "Those that have dipped in the past

President Park Geun-hye's nominee for chief of the nation's antitrust watchdog won parliamentary approval Friday following a confirmation hearing that tested his suitability for the job.Noh Dae-lae, a former senior finance ministry official and former head of the state arms procurement agency, was tapped by the president last month to lead the Fair Trade Commission after Park's first nominee resigned over allegations that he kept secret overseas bank accounts in order to evade taxes.In Thursday'

The extra budget that the government recently drew up will likely delay achieving a fiscal balance until 2016 due to increased spending coupled with less-than-expected tax revenues, a government report showed Friday.The government earlier unveiled a 17.3 trillion won ($15.4 billion) extra budget aimed at boosting the country's slowing economic growth. This was the second largest since 2009 when it announced 28.4 trillion won in extra spending in response to the fallout from the global financial

Samsung Electronics Co., the world's top maker of smartphones, memory chips and flat-panel TVs, joined the elite 25 companies on the annual Global 2000 list of biggest publicly traded companies released by Forbes, ranking 20th this year, up six notches from last year.Hyundai Motor Co., South Korea's leading automaker, ranked 89th, also up from last year's 96th spot, according to the list on the Forbes' Web site on Friday.A total of 65 South Korean firms, including POSCO (184th), Shinhan Financia

South Korean stocks got off to a weak start Friday, dented by blue-chip losses amid lackluster corporate earnings here and abroad, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.75 points, or 0.3 percent to 1,894.31 in the first 15 minutes of trading. Market bellwether Samsung Electronics slid 1.6 percent, with second-largest listed firm Hyundai Motor retreating more than 2 percent. Major banking groups also trended lower, with No. 3 Hana Financial dropping 1.3 per