Mercedes-Benz Korea is recalling over 400 diesel vehicles in South Korea for a defective air hose that could crack, causing the vehicle’s engine to stop operation, the Transportation Ministry said Monday.The recall affects 181 units of the C220 CDI and 244 units of the E220 CDI, both produced between Aug. 20, 2011 and Dec. 12, 2011, according to the Ministry of Land, Transport and Maritime Affairs.The ministry said the vehicles’ air intake hose may crack, which could limit the engine’s output or

Siemens Seoul promoted more than 200 employees including seven of the company’s top executive positions, the company said on Monday.Jrn Elbracht, head of the company’s legal and compliance department, was promoted to executive managing director, while six managing directors including Ahn Young-keun of the company’s infrastructure and cities department and Lee Dong-ki of the strategy and business development department, were promoted to managing director posts. In total, 26 executives were promot

South Korean stocks rose 0.52 percent Monday but gains were capped as a weaker Japanese currency kept investors wary about making more bets on local shares, analysts said. The Korean won lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 10.37 points to finish at 2,007.04. Trading volume was moderate at 441.5 million shares worth 4.07 trillion won (US$3.84 billion) with gainers outstripping losers 419 to 378. "A weaker Japanese yen has become a

With the U.S. national debt standing at more than $16 trillion, the White House says it absolutely cannot spend $850 quadrillion on a "Star Wars"-inspired "Death Star" super-weapon.Sensing a chance to show off its lighter side, the Obama administration paid tribute to legions of "Star Wars" fans with its playful rejection of the "Death Star" proposal submitted on its "We the People" petitions website."The administration does not support blowing up planets," wrote Paul Shawcross, an adviser on sc

South Korean stocks reverted to gain 0.21 percent late Monday morning after opening lower, led by bullish telecom and utilities shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.22 points to 2,000.89 as of 11:20 a.m.Leading mobile carrier SK Telecom surged more than 5 percent, with state-run electricity provider Korea Electric Power Corp. umping nearly 3 percent. In contrast, chemical companies and brokerages trended downward. LG Chem lost about 2 percent and

South Korean exporters will likely continue to face growing protectionism this year as major economies struggle to create jobs and shield their local industries from a prolonged economic slowdown, a report said Monday.According to the report compiled by the Korea Trade-Investment Promotion Agency (KOTRA), China, South Korea's top trading partner, is imposing anti-dumping tariffs on 16 South Korean products such as synthetic rubber as of December.The neighboring country is also considering raisin

　South Korean stocks opened 0.16 percent lower Monday as investors were jittery over future corporate performances due to a strong local currency and the Japanese yen‘s weakness, analysts said.　The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.16 points to 1,993.51 in the first 15 minutes of trading. 　Auto and tech shares lost ground, with No. 2 automaker Kia Motors shedding more than 1.5 percent and market bellwether Samsung Electronics falling 0.13 percent. 　The local currency was

Despite Chinese manufacturers’ aggressive push amid a global economic recession, most high-tech products at Korean exporters have maintained their leadership status, industry sources and the Korea International Trade Association said on Sunday.Korea had a total of 45 exported items that enjoyed the world’s largest market share for two consecutive years since 2010. Semiconductors, steel, shipbuilding, petrochemicals and auto parts are among this list. Adding to this feat, in 2011, over a dozen ex

Rights offerings by South Korea’s listed companies plunged 40.6 percent in 2012 from a year earlier mainly due to the protracted global economic slowdown, the securities depository agency said Sunday.The value of rights issues by 189 listed firms reached 7.7 trillion won ($7.3 billion) last year, compared to 13 trillion won from a year earlier, according to the data by the Korea Securities Depository.The decrease came as the prolonged economic slowdown, including the eurozone fiscal crisis, made