LG Electronics Inc. said Thursday it plans to roll out the Optimus G Pro in Japan this week, kicking off its global drive for the premium smartphone.LG Electronics said it plans to release the full HD smartphone via Japan’s largest mobile operator NTT DoCoMo, roughly two months after the Optimus G Pro hit local shelves. In February, the South Korean smartphone maker rolled out the 5.5-inch Optimus G Pro, a follow-up model of its flagship smartphone Optimus G, through the country’s three mobile o

Combined debt owed by South Korea’s seven largest shipyards spiked 44 percent last year as shipbuilders sought more loans from banks and debt sales to cope with falling demand, industry data showed Thursday.According to the data, Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and five other shipyards held a combined 21 trillion won ($18.8 billion) in debt at the end of 2012, compared with 14.6 trillion won a year earlier.The debt includes bank loans and proceeds from sales of corpor

The Korea Consumer Agency on Thursday listed a number of vacuum cleaners ranging from premium to low- and mid-cost products to better inform consumers of their efficiency relative to their price.Premium brands such as Nilfisk’s X300C, Dyson’s DC37 and Siemens’ VSZ61240 cost more than 700,000 won with a wide range of functions, but they lack efficiency in terms of suction power and noise when compared with Samsung Electronics’ VC-UBJ937, which costs around 382,000 won, or other lower-cost brands,

The National Tax Service said Thursday that it has launched a full-fledged investigation into 224 figures including private moneylenders on allegations of tax evasion.The 224 targets are composed of 117 private moneylenders, 51 entrepreneurs in the conglomerate sector, 48 individuals on suspicion of offshore tax-dodging and eight purchasing agents of overseas goods.The tax agency clarified that the probe is aimed at securing a base to levy taxes on dubious profit-makers in the underground econom

South Korea's financial regulator said Thursday it tapped an economics professor who was an aide to President Park Geun-hye to head state-run KDB Financial Group Co., following the former president's resignation amid a big government shake-up of banking chiefs.The Financial Services Commission said Hong Ki-taek, who teaches economics at Chungang University, will preside over KDB Financial Group and its banking unit Korea Development Bank.The KDB Financial chief was appointed by the president on

Foreign investment banks (IBs) don't expect South Korea's property market to get a boost from the government's new housing policy in the short term largely because anticipations of an increase in home prices remain weak, a report showed Thursday.On Monday, the government announced a set of measures aimed at boosting the country's sluggish real estate market. It included tax breaks for first-time homeowners and a cut in the supply of new homes to keep prices from falling further. According to the

The world’s fifth-largest automaker Hyundai Motor and its sister company Kia Motors will be recalling 1.9 million vehicles in the United States for malfunctioning brake light switches and airbags, the companies said on Thursday.There were no accidents or injuries due to the defects, but Hyundai said it is conducting the recall to ensure customer safety.“We hope to resolve the issue as soon as possible,” said Chung Jin-haeng, the Hyundai CEO. “We’ll do our best to prevent the situation from escal

 DETROIT -- Korean automakers Hyundai and Kia are recalling almost 1.9 million vehicles to fix problems with air bags and brake light switches.   The brake light recall covers the Hyundai Accent, Elantra, Genesis Coupe, Santa Fe, Sonata, Tucson and Veracruz. Also affected are Kia's Optima, Rondo, Sedona, Sorento, Soul and Sportage. The vehicles are from the 2007 through 2011 model years.   U.S. safety regulators say a faulty switch can stop the brake lights from illuminating when drivers press t

Finance Ministry reveals plans to secure tax income; FSC seeks to punish bank CEOs for network paralysis

Land Ministry instructs rail operator to open exclusive account on defaulted business