Woulfe Mining, a Canada-based mining company, is near finalizing a deal to invest some 300 billion won ($260 million) to finance the redevelopment of Sangdong tungsten mine in Yeongwol, Gangwon Province, said a source familiar with the situation.The investment would also include building a processing plant in the region, with Woulfe’s strategic partner TaeguTec securing a long-term supply of the rare metal materials used for the production of its special industrial tools.This could be the bigges

ESG to be key indicator for stock investment, CEO says

Indian software tycoon Azim Premji said Saturday he has given $2.3 billion to an education charity that he controls, reportedly the biggest charitable donation in the country‘s recent history.It is his second recent big donation after giving almost $2 billion to the charity in 2010, and came shortly after he joined the Giving Pledge club set up by Microsoft co-founder Bill Gates and billionaire investor Warren Buffet.In Saturday’s donation, the chairman of software firm Wipro transferred shares

South Korean stocks are expected to trade higher next week on the back of rising hopes for the country's economy following the upcoming inauguration of President-elect Park Geun-hye, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed up 37.71 points, or 1.9 percent, to 2,018.89 on Friday from the previous week.Earlier this week, the KOSPI moved up as the investor sentiment was heightened by a G20 meeting of finance ministers and central bankers, where officials raised

SAN FRANCISCO (AFP) -- Microsoft joined Facebook and Apple on Friday on the list of US technology titans targeted in recent cyberattacks."As reported by Facebook and Apple, Microsoft can confirm that we also recently experienced a similar security intrusion," Trustworthy Computing team general manager Matt Thomlinson said in a blog post."During our investigation, we found a small number of computers, including some in our Mac business unit, that were infected by malicious software using techniqu

The Financial Services Commission said Friday that it has endorsed the establishment of JB Financial Group, which will be headquartered in North Jeolla Province.The financial group will act as the parent unit of Jeonju City-based Jeonbuk Bank. Jeonbuk Bank had said it was considering a transformation into a financial holding company in a bid to boost its competitiveness through more integrated business of affiliates.The provincial bank also said it was reviewing the shift for the long haul in a

A Seoul court on Friday gave the green light to a self-rescue plan proposed by Woongjin Holdings Co., clearing the way for the cash-strapped mid-sized group to make a fresh start.Under the approved plan, Woongjin Holdings, which owes about 1.57 trillion won ($1.5 billion) to its creditor banks, said it will pay off its debts with proceeds from its stake sale of several subsidiaries.The group will first sell its stake in its chemical unit, Woogjin Chemical Co.; its food unit, Woongjin Foods Co.;

Apple Inc. and Samsung Electronics Co. must narrow their patent-infringement lawsuit case scheduled for trial in 2014, a judge ruled.U.S. District Judge Lucy Koh in San Jose, California, Friday told lawyers from both companies that they must “focus and streamline” their cases to 25 patent claims, or elements of the patents at issue, and 25 accused products.Koh made the request from the bench Friday in the latest of two related patent cases. The lawsuit was filed last year and covers technology i

The coming Park Geun-hye government is expected to take a two-track policy of promoting exports of nuclear power plants while curbing expansion of the industry at home. The outline of 140 major projects that the presidential transition committee unveiled on Thursday said the new government will support exports of nuclear plants in an attempt to boost the economy. But it didn’t present a clear direction on the increase of nuclear reactors at home. The president-elect has continued to stress the s

The Financial Supervisory Service is considering taking punitive measures against Ergo Daum Direct, an online auto insurance firm, for fabricating the ratio of insurance payouts to premiums ― also called loss ratio.Though FSS officials said they have yet to decide on the sanction level, there is a high possibility that the insurance firm will be issued an institutional “warning” or “caution” by the regulator.But the punishment is not expected to deal a heavy blow to the insurance firm’s business

Debt rescheduling requests filed by South Koreans in their 20s surged last year largely due to heavy financial burdens from repaying loans for school fees and living expenses amid low employment, data showed Friday.The number of applicants aged 29 or below for a personal debt rescheduling program stood at 6,809 last year, up 4.2 percent from 6,535 the previous year, according to the data by the Credit Counseling and Recovering Service. In South Korea, a borrower who is three months or more behin

South Korean stocks closed almost flat on Friday as investors set on the sidelines ahead of major events around the globe, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.18 percent, or 3.67 points, to 2018.89. Trading volume was moderate at 403.2 million shares worth 3.9 trillion won (US$3.66 billion) with gainers outpacing losers 422 to 375."The stock market moved in a narrow range as investors took a wait-and-