South Korean stocks reversed early morning losses to close up 0.67 percent on Thursday, as institutions snapped up battered stocks following a plunge in the previous session, analysts said. The local currency slumped against the U.S. dollar.The benchmark KOSPI rose 11.96 points to 1,795.06. Trading volume was moderate at 275.6 million shares worth 4.08 trillion won ($3.52 billion), with gainers slightly outnumbering decliners 432 to 412.“Institutions went hunting for bargains after the KOSPI dro

The possibility of a last-minute agreement between the terrestrial broadcasters and cable TV operators is gaining increased attention as the two sides made last-ditch efforts over the broadcasts of public channels on Thursday.“The two groups are currently engaged in negotiations without putting a stop to airing programs of terrestrial broadcasters, a measure devised not to cause any inconvenience to cable TV watchers,” said Kim Jun-sang, director-general of the broadcasting policy bureau at the

FSC official says the U.S. fund was ‘financial investor’ between 2003 and 2006The Supreme Court ordered the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank on Thursday.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago. The FSC and the Financial Supervisory Service are poised to clarify their stance on Lon

   HONG KONG, (Yonhap) -- Moody's Investors Service said Wednesday that it has cut its outlook on Hyundai Steel Co. to negative from stable, citing increased challenges surrounding the regional steel industry and the company's more aggressive investment strategy.   Last December,

Hyundai Group on Wednesday filed a lawsuit against creditors of Hyundai Engineering & Construction, the country’s biggest builder, over the conglomerate’s lost case to acquire a controlling stake in the builder last year. “We’re claiming a total of 325.5 billion won against the creditor group for damages caused after they deprived the Hyundai Group of the right to negotiate primarily with Hyundai E&C last year,” Min Byung-hoon, the group’s lawyer, told reporters at a press conference. Hyundai Gr

FSC might be ordered to decide on the fund’s shareholder eligibilityThe Supreme Court will deliver a verdict on a key issue regarding Lone Star Funds on Thursday, possibly forcing the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago.Before the suit, the reg

Regulator expected to be ordered to reveal the fund’s bank shareholder eligibilityThe Supreme Court will deliver a verdict on a key issue regarding Lone Star Funds on Thursday, possibly forcing the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago.Before the

South Korean stocks retreated 2.36 percent to close at a six-week low on Wednesday, as investors offloaded shares of big caps amid concerns over U.S. economic growth data, analysts said. The local currency dropped against the U.S. dollar.The benchmark KOSPI plunged 43.18 points to 1,783.1, closing below the 1,800 mark for the first time since Oct. 11. Trading volume was moderate at 406.8 million shares worth 4.59 trillion won ($3.99 billion), with decliners far outnumbering gainers 678 to 174.“D

Thailand’s ex-premier Thaksin Shinawatra said Wednesday he has taken lessons from Korea’s mega river project as a benchmark for his own country’s flood prevention mechanism. The 62-year-old fugitive former leader embarked on a two-day tour on Tuesday to sites that have been refurbished under the 22 trillion won ($19.1 billion) program to ratchet up water security, flood control and beauty in the basins of Korea’s four main rivers – the Han, Geum, Yeongsan and Nakdong.His visit coincides with the

POSCO on Wednesday signed a memorandum of understanding with Google Inc. to share the U.S. search engine company’s technologies to improve its operations and corporate values.The partnership was built upon POSCO chairman Chung Joon-yang’s proposal during Google executive chairman Eric Schmidt’s visit to Korea early this month.Chung and Schmidt discussed how to use Google’s corporate service and future business opportunities, POSCO said.Under the MOU, the steelmaker plans to establish a new manag

The Korea Communications Commission granted KT Corp. permission to end its feature phone service beginning on Dec. 8.The state telecom regulator said KT will have two weeks to inform its existing 159,000 feature phone users by at least two different methods ― including mail ― that they will need to change to smartphones running on third generation (3G) networks or choose other mobile service operators.This indicates that KT will begin building ground to launch its fourth generation (4G) network