One out of two workplaces that employ foreign workers said the government must increase its quota for the foreign workforce, according to a recent survey conducted by the Korean chamber on Thursday.The Korean Chamber of Commerce and Industry said that 53.8 percent of the firms requested an increase in the foreign worker quota and 49.5 percent said they need a greater number of foreign workers. The survey was responded to by 303 companies that employ foreign workers.When asked why they are hiring

Korean society will retain a high degree of social polarization and income immobility until 2020, sociology experts predicted in a report, citing the country’s strong tendency to value academic cliques and corruption among its leaders.The research of 19 sociology academics hired by the Finance Ministry said the level of equal opportunity to education in 2020 will reach only 5.12 points on the 10-point scale, growing only slightly fairer from the current 4.67. “Big gaps in income levels allow onl

Companies and workers in the U.S. will increasingly lose out to competition from overseas during the next three years, according to a survey of Harvard Business School alumni. More than two-thirds of about 10,000 graduates of the school in Boston, said that U.S. companies will become less able to co

Korea Customs Service confirmed Wednesday it had ordered Diageo Korea last year to pay 216.7 billion won ($189.8 million) for having underreported prices when importing liquor over three years.The KCS confirmed the imposition, which would be the largest of its kind in amount levied on a business. The customs office said Diageo Korea’s transfer prices had stayed significantly lower than those of other liquor importers.“The import prices Diageo Korea reported were considerably lower than those rep

Foreign investment banks have contrasting opinions on the course of Korea’s policy rate as some bet on a rate freeze while others expect a rate cut, citing growing uncertainties stemming from eurozone risks, a report showed Wednesday.Korea’s benchmark seven-day repo rate currently stands at 3.25 percent after the Bank of Korea froze the rate for the seventh straight month in January.Four of 10 tallied investment banks, including Barclays Capital and Citigroup, said the BOK is expected to leave t

Korea’s central bank said Wednesday that it has won approval from China to invest in yuan-denominated stocks and bonds, joining a string of local financial institutions seeking direct investment in the world’s No. 2 economy. The Bank of Korea received the qualified foreign institutional investor license from the China Securities Regulatory Commission, which allows the central bank to invest in stocks and bonds traded in Shanghai and Shenzen stock markets, it said in a statement. The license allo

Samsung Electronics Co., the world’s largest maker of smartphones, said Tuesday that it does not have any interest in taking over Research In Motion Ltd., the BlackBerry maker.The Boy Genius Report, a tech blog, said that RIM is pushing to sell part of its divisions or even the whole company. It said that RIM’s co-chief executive Jim Balsillie has been actively contacting companies and Samsung is the most likely to be interested in the takeover.“The report is groundless, and we’ve not considered

Apple Inc. filed another suit in Germany, seeking to ban sales of Samsung Electronics Co.’s smartphones, including the Galaxy S Plus and the S II, extending the global legal dispute between the two companies.The action targeting 10 smartphone models was filed in the Dusseldorf Regional Court and is based on Apple’s design rights, court spokesman Peter Schuetz said by phone Tuesday. Apple also started a separate suit against five Samsung tablet computers related to a September ruling banning the

Financial regulators filed a complaint against the chief of CNK International and three other persons with the prosecution in connection with a growing financial scandal. The Securities & Futures Commission said it took the measure as they are suspected of having engaged in unfair stock trading practices.The SFC said it also informed the prosecution of the alleged wrongdoings of a former diplomat and minister for the Prime Minister’s Office Cho Joong-pyo and five other persons. After he retired

Korean stocks closed 0.02 percent lower on Wednesday as investors turned gun-shy following the previous session’s rally, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 0.35 points to 1,892.39, after jumping 1.8 percent on Tuesday.Trading volume was moderate at 421.6 million shares worth 5.95 trillion won ($5.21 billion), with losers outnumbering gainers 461 to 362.“It seems the KOSPI is testing technical resistance a

Koreans are enjoying the second-lowest electricity rates among Organization for Economic Cooperation and Development member countries, a report said Wednesday. Prices of electricity for industrial and residential use in Korea stood at 5.8 cents per kilowatt-hour and 7.7 cent kilowatt-hour in 2009, making them lower than in all OECD nations except for Canada, according to the Korean Social Trends report by Statistics Korea. “The cost of electricity for residential purposes here is about 1.5 times

Daewoo International Corp. on Wednesday posted record revenue and a more than seven-fold surge in net profit for last year, prompted by robust overseas business and increased sales channels linked with its top stakeholder POSCO.Sales soared 20 percent on-year to nearly 18.8 trillion won ($16.5 billion) in 2011, according to a regulatory filing. Operating profit more than quintupled to 238.8 billion won, while net income topped 160 billion won.The upbeat results drove up Daewoo shares by 3.13 per