The government plans to bolster domestic consumption and fuel the country’s overall economic buoyancy to cope with mounting global market uncertainties, the finance ministry said Tuesday.In its monthly “green book” report, the Ministry of Strategy and Finance said that economic data in such areas as industrial production, retails, business investment and construction all backtracked in March.Industrial production, a key barometer of economic health, contracted 3.1 percent in the cited month from

HONG KONG (Yonhap News) ― South Korea’s trade with China lagged behind Japan in the first quarter of this year due to fierce competition from a rival exporting country in the world’s most populous market, a Chinese government report showed Tuesday. Trade between South Korea and China reached $60.3 billion in the January-March period, compared with Tokyo’s trade volume of $79.4 billion with Beijing, according to the report by the Chinese Ministry of Commerce.Taiwan, the majority of whose exports

South Korea’s car export growth slowed in April as overseas sales by smaller local carmakers contracted from a year earlier, a government report showed Tuesday.Overseas vehicle shipments reached 276,639 units last month, up a modest 3.9 percent gain from 264,934 units sold a year earlier, the report by the Ministry of Knowledge Economy said.The latest tally marks the second month in a row export growth numbers fell compared to the previous month, it said.In February, exports surged 51.2 percent

The combined investment of the nation’s 600 major enterprises is projected to reach an all-time high this year despite uncertainties surrounding the business environment at home and abroad.According to a survey by the Federation of Korean Industries, local enterprises including Samsung Electronics and Hyundai Motor plan to invest 140.7 trillion won ($124.5 billion) ― the largest scale in history ― in 2012, up 12.1 percent a year earlier.“The survey shows that uncertainties like the eurozone debt

Joint project to develop device that charges remotelySamsung Electronics said Tuesday it has joined forces with other IT giants like Qualcomm and SK Telecom to develop a different wireless charger from the current device-on-pad method.The world’s largest maker of smartphones said it has formed a group called the Alliance for Wireless Power (A4WP) to introduce the resonant wireless battery charger. Members include Germany’s Peiker Acustic, U.S.-based accessory firm Ever Win International, furnitu

South Korean stocks closed 0.54 percent higher Tuesday as investor sentiment got a boost from gains in U.S. and European markets, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI moved up 10.57 points to 1,967.01, a turnaround from a three-session losing streak. Trading volume was moderate at 484 million shares worth 4.10 trillion won ($3.61 billion), with gainers outpacing losers 544 to 276.Market watchers said investors were buoyed by overall gains in the U.S.

The issuance of asset-backed securities in South Korea surged 63.8 percent in the first quarter from a year earlier, led mostly by state-run firms, the country’s financial regulator said Tuesday.ABS sales by local financial firms and mortgage agencies totaled 8.94 trillion won ($7.86 billion) in the January-March period, compared with 5.46 trillion won the previous year, according to the Financial Supervisory Service.The spike came as public firm Korea Land and Housing Corp. and Korea Housing Fi

A team of government agencies will monitor for exorbitant accommodation prices during the EXPO 2012 Yeosu Korea, which kicks off its three-month run on Saturday. Eight governmental organizations, including the Fair Trade Commission, Yeosu City and the National Tax Service, formed an inspection team which checked on Wednesday and Friday accommodation throughout Yeosu City, announced The Ministry of Land, Transport and Maritime Affaires on Tuesday. The team examined the sanitary conditions of 50 l

Retail rivals mulling takeover of electronic goods chainLotte Shopping and E-mart revealed on Tuesday intentions to buy ET Land, an electronic goods retail chain. Lotte Shopping said that it is examining the takeover but nothing is decided yet, following Korea Exchange’s call to confirm the spreading market speculation. “Detailed decisions will be made public within a month regarding the buy,” said the company. Shinsegae Group, which was also rumored to be eying ET Land, answered that the story

SAN FRANCISCO (AP) ― Yahoo CEO Scott Thompson is sorry for allowing an inaccuracy about his education to appear in his official biography, but not remorseful enough to heed calls for him to resign.Thompson apologized for the uproar caused by the misinformation in a memo sent Monday to the troubled Internet company’s employees. Yahoo Inc. provided a copy of the memo to the Associated Press.The memo didn’t offer any explanation why Thompson’s bio has periodically listed a bachelor’s degree in comp