South Korea’s free economic zone committee on Friday approved FEZ incentives for Hyundai Cummins Engine Co. that will offer various tax incentives to the joint venture for up to 15 years.Under the decision, the company will be completely exempt from the corporate tax for five years following the start of its business here, and then be given a two-year grace period during which it will have to pay only half of its corporate tax. It will also have its acquisition and property taxes exempt or reduc

A French national has been indicted on charges of manipulating stock prices and inflicting losses of nearly $9 million on hundreds of South Korean investors, prosecutors said Friday.According to the prosecution, the employee at the Hong Kong branch of a French investment bank is accused of rigging the price of a South Korean telecommunications company in June 2008 in a bid to block the early redemption of equity-linked securities sold to local investors.ELS refers to hybrid debt securities whose

Samsung Electronics Co. is set to add a wireless charging feature to the Galaxy S4, its latest flagship device waiting to be launched later this month, a company official said.The Galaxy S4 is set to use Qi wireless technology, a standard approved by the Wireless Power Consortium for inductive electrical power transfer over distances up to 4 centimeters.Samsung Electronics is a member of the consortium on wireless charging technology, which includes over 100 manufacturers such as South Korea’s L

South Korean stocks closed 1.31 percent lower Friday due to the rising concerns over listed firms' first-quarter earnings, analysts said. The local currency closed flat against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) shed 25.57 points to finish at 1,924.23. Trading volume was moderate at 399.7 million shares worth 4.9 trillion won ($4.34 billion) with decliners outpacing gainers 417 to 393."The local stock market lost ground due to the rising concerns over the first

South Korean stocks traded 0.32 percent lower late Friday morning, led by losses in autos and logistics firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 6.22 points to 1,943.58 as of 11:20 a.m.Carmakers traded lower, with No. 1 player Hyundai Motor falling 1.5 percent and its smaller affiliate Kia Motors losing 0.56 percent. Top auto parts maker Hyundai Mobis shed 5.95 percent.Logistics firms also lost ground, with Hyundai Glovis falling 1.16 percent and CJ Korea

South Korean stocks opened higher on Friday, following an overnight Wall Street rally fueled by growing anticipation of an economic recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.85 points, or 0.2 percent, to 1,953.65 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.52 percent and top shipbuilder Hyundai Heavy Industries adding 0.5 percent. NHN, the operator of South Korea's m

Big businesses are expected to face stringent tax audits and probes by the country’s tax agency following a state auditor’s demand for strengthened tax regulations.The National Tax Service said that it plans to boost its tax inspections on companies with sales of more than 50 billion won ($44.2 million), which amounts to about 1,170 enterprises in the country, as well as increase the duration of its regular audits to six to eight months from the current three to four months. The tax collecting a

GS Engineering & Construction, the nation’s No. 4 builder, recorded a huge deficit in the first quarter, raising further concerns on the future of the struggling construction industry.The first quarterly operating loss of GS E&C came to 535.5 billion won ($474 million), officials said Wednesday. Also, the yearly loss is estimated to reach 798.8 billion won, with 684.4 billion won during the first half of the year.The company, however, said that its profit level will recover by the end of the yea