Electronic cigarette manufacturers were punished and forced to make changes to their misleading advertisements, the nation’s antitrust watchdog said on Monday. The Fair Trade Commission said that electronic cigarette firms have falsely advertised that replacing regular cigarettes with electric cigarettes is effective in quitting smoking. Although the health-improving effect and safety of electric cigarettes have long been disputed, the public can easily conceive the wrong impression of electroni

Hyundai Motor Co., South Korea’s leading automaker, said Monday that sales of its leading midsize sedan, YF Sonata, are expected to reach a record high in the United States this year on the back of its good performance and design.In the first nine months of the year, a total of 175,436 YF Sonata sedans were sold in the U.S., up 0.3 percent from a year earlier, according to Hyundai Motor.Hyundai Motor sold 225,961 YF Sonata sedans in 2011 following sales of 170,224 units in 2010. “Demand for the

South Korean stocks closed 0.12 percent lower on Monday as investors were disheartened by a recent European Union summit and downbeat earnings from U.S. firms, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slipped 2.25 points to 1,941.59 in the first 15 minutes of trading. Trading volume was moderate at 453.8 million shares worth 3.8 trillion won ($3.4 billion), with decliners outnumbering gainers 444 to 369.“The EU policy event di

Hana-SK Card, the smallest player among local credit card companies, is not so little when it comes to mobile cards, as proven by its recent record-breaking card issuance numbers. Hana-SK became the first in the industry to issue more than 500,000 mobile cards as of September this year, industry sources said on Monday. The figure is also a record-breaker in the global credit card industry, they said.Hana-SK’s feat comes as existing plastic credit cards are expected to be largely replaced by mobi

Presidents of large discount store chains such as E-Mart, Lotte Mart and Homeplus agreed to refrain from opening new stores and to voluntarily close on Sundays in a bid to support small retailers and mom-and-pop shops.Chiefs of the retail giants also agreed with associations of merchants and small supermarkets during a meeting on Monday to organize a consultative body to discuss the current law that requires large outlets to close every other Sunday and measures to support small and medium-sized

LG Chem on Monday denied news reports that operations have stopped at its overseas battery plant in Holland, Michigan, stating that it was never officially activated.The plant, designed to produce batteries for electric vehicles, has curtailed its operations to 75 percent and has deferred the date to put the factory in full operation mode as the firm is waiting until the market condition turns favorable for electric cars, according to company officials. It now employs about 200 workers.“Some for

South Korean conglomerates’ average dividend payouts to investors hovered below the market average last year, data showed Monday, raising concerns over family-owned firms taking excessive profits.The average dividend yield ratio came to 1.09 percent for 83 affiliates of the top 10 conglomerates listed on the main bourse, according to market researcher Corporate Governance Service.The number lags behind the market average of 1.42 percent tallied by 710 listed firms on the main bourse, the CGS dat

South Korea should intensify its efforts to integrate economies in the Asia-Pacific region to better capitalize on what many see as the newly-emerging center of the global market, the country's top economic policymaker said Monday."We should keep our policy focus on the Asia-Pacific region, which is emerging as the nucleus of the global economy, so we can spearhead regional economic integration," Finance Minister Bahk Jae-wan told a meeting with other key policymakers.He said the government has

LG Chem Ltd., the world's largest battery maker, on Monday denied reports by U.S. media outlets that it has delayed starting commercial operation of its American lithium-ion battery plant, thus failing to create jobs and leaving about 200 workers idle. U.S. media outlets including Fox News and Wood TV have reported the factory built using US$150 million of taxpayer funds is putting workers on furlough before a single battery has been produced. "The report is not true," LG Chem said in a statemen

South Korean stocks got off to a weak start Monday as investor sentiment was dampened by losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.12 points, or 1.24 percent, to trade at 1,919.72 in the first 15 minutes of trading.Shares lost ground across the board, with market bellwether Samsung Electronics falling 1.54 percent and leading carmaker Hyundai Motor decreasing 1.1 percent. Top steelmaker POSCO shed 1.12 percent.U.S. stocks ended lower on