The chief financial regulator pledged to improve Korea’s supervisory systems to promote a level playing field for local and foreign players.At a forum for foreign financial firms in Seoul, Friday, Financial Supervisory Service Gov. Kwon Hyouk-se stressed the necessity of bolstering regulatory transparency in “the era of free trade pacts.”His promise came during his speech at the 4th annual event, dubbed “FSS Speaks,” on the nation’s regulatory policy directions.“One (policy) is steps we are taki

One in four households has just one occupant; companies shiftattention to their potentialThe number of Korean households with only one occupant is on the rise, and local companies are taking increasing notice of their significant purchasing power. Compared with married people, those who live alone tend to eat out in restaurants, enjoy time at cafes, take various hobbyist classes and go to the gym. The demographic’s distinctive preferences for certain goods and services is now generating interest

South Korea’s producer price growth accelerated in February from the previous month because of a rise in oil prices and public service charges, the central bank said Friday.The producer price index, a barometer of future consumer inflation, gained 3.5 percent in February from a year ago, accelerating from a 3.4 percent on-year growth in the previous month, according to the Bank of Korea. The January figure marked the slowest growth pace in 17 months.The on-year gain was largely attributed to an

Korean reactor models demonstrate upgraded safety featuresThe Seoul Nuclear Security Summit on March 26 and 27, which will be preceded by a nuclear industry conference three days earlier, is expected to be an opportunity to show off the technological excellence and safety of Korean atomic power plants.The Korean standard nuclear power plant, which is 95 percent technologically self-sufficient, has risen as a major export item in the country after semiconductors, cars, mobile phones and ships.Sta

LG Uplus Co., South Korea’s smallest mobile carrier, said Thursday that it plans to start voice over long-term evolution service late this year that will enable smartphone users to access better data and voice services.The LTE service, or the fourth-generation wireless technology, enables customers to access a stream of data faster than the current 3G network and download and watch movies more quickly. The VoLTE technology allows users to enjoy high quality voice services as well. “We are aiming

LG Group chairman Koo Bon-moo urged its flagship electronics arm to secure the lead in the organic light-emitting diode television market by rolling out the TV sets earlier than scheduled.During his visit with its affiliates’ chief executives to the group’s research and development conference in Daejeon on Wednesday, he requested an early release of the 55-inch OLED TV, which is currently set to be launched in the latter half of this year.He also asked LG Display to speed up the development of p

Rising oil prices feared to add to inflationary pressureThe Bank of Korea held the benchmark rate unchanged at 3.25 percent, extending the stand-pat streak to a ninth month, as its policy-decision panel sees no other enticing option. Korea’s consumer prices rose 3.1 percent on-year in February, within the target band of the central bank, but went up 0.4 percent from the previous month amid growing concerns that inflationary pressure is already building up. The central bank’s policymakers seemed

South Korea’s top trade official on Thursday said it would be impossible to scrap a free trade pact with the U.S., stressing that the accord will help South Korea’s economic growth.The trade pact signed in 2007 is set to go into effect on March 15. South Korea’s parliament approved the free trade pact in November last year despite vehement protests from opposition lawmakers. The deal was approved by the U.S. Congress in October.The scheduled implementation of the free trade pact will come amid g