BMW Korea is recalling nearly 19,800 cars due to flawed battery cables that could cause fires, the country’s Transportation Ministry said Thursday.The recall applies to 17 models of its 5 Series and two each from the 6 Series and M Series manufactured between April 2003 and March 2010, according to the local unit of the world’s largest premium automaker.The announcement comes on the heels of the Munich-based group’s largest-ever recall in late March involving about 1.3 million vehicles for a pot

Philip Morris International Korea said Thursday it plans to lower the prices of its Virginia Slims brand by almost 14 percent to better compete with other superslim cigarettes. Starting April 23, the Virginia Slims will be sold at 2,500 won ($2.20) a pack, down from the current 2,900 won, the Korean unit of the U.S. tobacco giant said. The Esse, the top-selling ultraslim cigarettes by KT&G Corp., also has the same price tag. Its 17 varieties together control about 80 percent in the segment here

Daewoo Shipbuilding & Marine Engineering Co. expects to boost offshore equipment contracts 34 percent this year and is in talks for its first order for a floating liquefied natural gas plant.The world’s third-biggest shipbuilder may win the order early as next month, senior executive vice president Ryu Wan-soo said in an April 9 interview in Seoul, without elaboration. The shipyard said in February that it was in talks to build the plant for Petroliam Nasional Bhd.Daewoo may also get a separate

Korea’s oil spot market hit a snag just two weeks after its launch as refiners, traders and vendors appear lukewarm about the electronic bourse aimed at boosting transparency and competition in the local petrol market. Since March 30, a mere 10 transactions have been at the Korea Exchange, the completed country’s bourse operator, with trading volumes staying at 300,000 liters. Only 120,000 liters of gasoline was sold via four deals, which were initiated by importers. The trading scheme is the la

Both ruling and opposition parties pledge rate reduction to court voter supportA mobile rate cut is a campaign promise made by political parties every election year. Regardless of their political ideology, parties pledge rate cuts to lure voters in a nation where the penetration rate of smartphones is nearing 50 percent. This year’s parliamentary election to form the National Assembly ended Wednesday and the presidential election will take place in December. Apparently mindful of the elections,

South Korean banks’ household loans contracted in March from the previous month as people borrowed less money using their overdraft accounts, the central bank said Thursday. Local banks’ household loans, including home-backed loans and credit loans, reached 452.3 trillion won ($393.6 billion) as of the end of March, down 413.9 billion won from a month earlier, according to the Bank of Korea. Lenders’ household loans fell last month after rising by 464.8 billion won in February, as loans secured

South Korea’s jobless rate decelerated in March thanks mainly to a rise in jobs in the service sector, a government report showed Thursday.The jobless rate stood at 3.7 percent last month, down from 4.2 percent in February, according to the report by Statistics Korea. A total of 419,000 jobs were added to payrolls in March with 24.26 million people employed in the country, the report showed.The employment rate edged up 0.3 percentage points to 58.6 percent, although the number of jobs created fe

South Korea’s money supply rose 0.7 percent in February from the previous month on the rise of short-term savings at banks, the central bank said Thursday. The country’s M2, a narrow measure of the money supply, reached a seasonally adjusted 1,768.3 trillion won ($1.54 trillion) in February, compared with 1,756.1 trillion won in the previous month, according to the Bank of Korea. Compared with a year earlier, the M2 also expanded 5.3 percent in the month. Since January, the central bank began re

Election results could also be boon to KDB privatization, secondary banking sectorThe ruling Saenuri Party’s winning of a majority in the National Assembly is expected to accelerate economic policymakers’ project for sale of public funds-injected Woori Financial Group.There had been predictions that the stalled plan for Woori Financial privatization would not be feasible during the incumbent Lee Myung-bak administration.Financial regulators seemingly welcomed the results of the April 11 parliame

Seven global companies showcase new technologies, offer vision for futureSeven major Korean companies are preparing to open their own pavilions at the Expo 2012 Yeosu which runs from May 12 through August 12. The individual corporate pavilions will be packed with fun yet educational experience-oriented contents that present cutting-edge technologies and insights for the future, say the firms.Hyundai Motor Group is seeking to express its new corporate vision “Together for a better future” at its

Major listed companies belonging to South Korea’s top 10 conglomerates saw their operating profits inch down in 2011 from a year earlier on global economic woes, data showed Thursday.The combined operating profit of the 73 companies reached 73.89 trillion won ($64.7 billion) last year, down 1.04 percent from the previous year, according to the Korea Exchange, the nation’s bourse operator.Of the conglomerates, only four posted gains in operating profits with the remainder suffering declines.SK Gr