South Korean stocks closed almost flat Monday as investors took to the sidelines amid the prolonged concerns about the U.S. fiscal cliff, analysts said. The local currency inched up against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged up 0.07 percent, or 1.40 points, to finish at 1,981.82. Trading volume was low at 343 million shares worth 3.2 trillion won ($2.98 billion) with gainers outstripping losers 398 to 391. “Local shares traded almost flat as the rising uncertai

Jin Air Co., an affiliate of South Korea’s largest airline Korean Air Lines Co., said Monday it has launched a regular flight to the southern Japanese city of Okinawa.The debut service departed from Incheon International Airport, west of Seoul, at 10:35 a.m. on Monday and landed in Okinawa at 12:45 p.m.The carrier said it will offer daily morning flights connecting the two cities with the 180-seat B737-800 passenger jet.The latest move raised the number of routes operated by Jin Air to 12 destin

Hollys Coffee Co., a South Korean coffee shop chain, said Monday it will open 100 shops in China within the next two years as part of its efforts to expand its overseas business.Hollys Coffee said it has signed a franchise rights contract with Dongling Group to open a coffee shop in Shenzhen, southern China, in May next year. It is the third Hollys coffee shop in China and the first in collaboration with the Chinese firm.“We seek to open 100 shops in China in cooperation with Dongling Group by 2

Hyundai Rotem Co., a South Korean tank and train maker, said Monday that it has clinched a US$353 million order to supply railcars to Egypt.The order was placed by the National Authority for Tunnels, which is responsible for building metro systems and road tunnels in Egypt. The railcars will be delivered, beginning in early 2015, Hyundai Rotem said.The South Korean company also said it secured a separate $502 million deal to supply railcars to the government-owned Hong Kong Mass Transit Railway

South Korea’s government debt neared 470 trillion won ($437.2 billion) in 2011 under new accounting rules adopted to reflect international norms, government data showed Monday.According to the data offered by the finance ministry, South Korea’s ordinary government debt came to 468.6 trillion won last year. The ratio of the debt to the country’s gross domestic product stood at 37.9 percent.The figures were calculated on an accrual basis, different from the existing cash basis accounting rules und

FSS trying to talk Park’s team into not splitting agency

The number of newborns in October has risen for the sixth straight month on the back of more marriages in the year of the Golden Pig, according to government figures on Monday. Statistics Korea said that in that month, the birth of newborns rose by 9.1 percent from the same period last year to reach 41,900 babies born. The clip was the largest since January 2011, when the number grew by 10.8 percent on-year.“The so-called ‘Echo Boom Generation,’ indicating the generation born to the baby boomers

Credit cards issued by foreign banks are expected to lose many benefits they used to offer customers, industry sources and banks said this week. Standard Chartered Korea and Citibank, two of the top foreign banks in Korea, said they would be reducing credit card benefits by up to 50 percent starting next year. The reduced benefits will be mostly in the form of exempting fewer customers from membership fees and offering fewer discounts or card points. The move comes on the heels of the local cred

Unionized workers of ING Life Korea were to put an end to their near five-month strike later on Monday as KB Financial Group Inc., South Korea’s No. 2 banking group, withdrew its plan to acquire the local unit of ING Group, sources said.ING Life Korea workers started an indefinite strike in July, calling for better working conditions, which include job guarantees after a possible acquisition.The end came as the board of KB Financial Group turned down a company plan to take over the local life in

Korea Gas Corp., the state-run natural gas importer and supplier, had the best-performing stock of the year, according to a report by Daeshin Securities on Monday. In a survey of stock gains between Jan. 2 and Dec. 18 on the top 100 stocks by market value, shares of KOGAS, the world’s largest liquefied natural gas importer, gained the most, rising 82.3 percent. Shares of Amore Pacific, the nation’s largest cosmetics brand, and Orion, the second-largest confectionery company in Korea, followed, u

South Korea's government debt neared 470 trillion won (US$437.2 billion) in 2011 under new accounting rules adopted to reflect international norms, government data showed Monday.According to the data offered by the finance ministry, South Korea's ordinary government debt came to 468.6 trillion won last year. The ratio of the debt to the country's gross domestic product stood at 37.9 percent.The figures were calculated on an accrual basis, different from the existing cash basis accounting rules u