South Korea’s retirement income system is among the worst in the world, according to data released by an Australian research center on Sunday. The Australian Center for Financial Studies’ October 2012 Melbourne Mercer Global Pension Index showed that Korea ranks 16th among 18 researched countries in terms of the retirement income system, marking an overall index value of 44.7. Denmark topped the list with 82.9 points. China came in 15th with 45.4 points, Japan 17th with 44.4 points and India 18t

The Chinese government ordered a recall of six types of South Korean instant noodles Friday that were found to contain benzopyrene, a substance classified as a carcinogen.China’s General Administration of Quality Supervision, Inspection and Quarantine announced on its website that it had ordered importers to immediately recall the noodles. It also directed its affiliated agencies to strengthen inspections to keep the products out. “The KFDA confirmed the detection of benzopyrene in the six (type

Experts say growth will continue to be lethargic unless external factors improve

The U.S. government has set tough fuel economy standards for cars and trucks, and Detroit’s automakers couldn’t be happier.What mad world is this? The famously balky industry that once swore people could never afford cars with crazy technology like air bags has taken a leap of faith in its ability to invent and innovate.“They’re aggressive standards, but the industry wouldn’t have bought in if they weren’t achievable,” said Chris Theodore, engineering consultant and former Ford and Chrysler prod

South Korea might need 10 more years to see its per-capita income exceed US$30,000 as an elongated low growth trend and other economic structural problems are dimming the overall outlooks, a private think tank said Sunday.South Korea's per-capita income seems to be "trapped" in the $20,000 range five years after it surpassed the mark for the first time in 2007, as the growth rate has remained stagnant over the past years, according to a report by the Hyundai Research Institute.From 2007 to 2011,

South Korea will post about 20 trillion won ($18.2 billion) in fiscal deficit every year until 2016, a parliamentary office said Sunday, casting doubt over the government's push to achieve a balanced budget in a couple of years.According to data provided by the National Assembly Budget Office, South Korea will post about 18.5 trillion won in fiscal deficit next year, far higher than the government's deficit forecast of 4.8 trillion won.The larger-than-expected shortfalls come mainly from the off

The Australian unit of South Korea's top steelmaker POSCO is still in talks to buy Australian miner and steelmaker Arrium Ltd., which recently rejected a takeover offer, its head said.In early October, Arrium rebuffed a takeover bid by a consortium including POSCO Australia Pty and Noble Group Ltd. valued at A$1.01 billion ($1.04 billion)."The consortium continues to have talks with Arrium," Shin Soo-cheol, managing-director of POSCO Australia, told reporters on Friday."We are discussing the iss

The South Korean stock market may gain ground next week, but advances are not likely to be large amid nagging concerns about the global economy, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,891.43 this week, down 2.7 percent from a week earlier, beset by the eurozone debt problems and weak corporate earnings results.The KOSPI fell below the 1,900-point for the first time in more than one month Friday after the central bank said that Korea's third-quarter g

Korea Southern Power Co., a unit of the nation's monopoly power distributor, is in talks to buy a stake in a British carbon-capture project that may cost 5 billion pounds ($8 billion) to develop, people familiar with the discussions said.The level of Korean equity ownership in the project owned by 2Co Energy Ltd. would be determined after 2Co determines how much funding it can obtain from European investors, said the people who asked not to be named because the discussions are confidential. One