An expo for South Korean products will be held in the United Arab Emirates next year as both nations seek to step up business and economic cooperation, the finance ministry said Friday.The “Made In Korea 2012” expo will be the first of its kind to be held in the Middle East region for Korean products. It will be held in Abu Dhabi in May, according to the ministry.The expo will be sponsored by commerce and tourism agencies of the UAE, the ministry said. The organizers seek to attract around 300 K

South Korean households’ monthly income grew 6.5 percent on-year in the third quarter thanks to improving employment conditions, a government report showed Friday. According to the report by Statistics Korea, households’ monthly income averaged 3.89 million won ($3,413) in the July-September period. Inflation-adjusted household income also rose 1.6 percent from a year earlier.The disposable income of households grew 6.3 percent on-year to a monthly average of 3.15 million won, the report said.“H

Limkwang Engineering & Construction’s application for court receivership Thursday sent jitters across similar-sized builders in a liquidity crisis due to excessive project financing amid a prolonged property market slump.A reduction in public construction orders and the inability to redeem project financing loans have pushed scores of construction companies to the verge of bankruptcy.Pressed by surety obligations on project financing loans and a lack of new orders, Limkwang, ranked 40th in the c

South Korean stocks closed 2 percent lower on Friday as rising borrowing costs in Spain fueled fears that the eurozone debt crisis is spreading, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 37.5 points to close at 1,839.17. Trading volume was moderate at 328 million shares worth 4.71 trillion won ($4.14 billion) with losers outpacing gainers 631 to 206.“Jitters about the eurozone debt turmoil battered investor sentime

Amazon, which began shipping a tablet computer this week, may be eyeing the smartphone market.Citigroup said in a research note published on Thursday that it believes the Seattle-based online retail giant plans to launch a smartphone next year."Based on our supply chain channel checks in Asia led by

LOS ANGELES (AP) -- Google unveiled its much-anticipated digital music store Wednesday, opening a new front in its battle with Apple to provide services over mobile devices.For the first time, Google Inc. will sell songs on the Android Market, its online store for apps, movies and books. The service

Attention focused on whether stern measures will hit U.S. buyout fundThe nine-member panel of the Financial Services Commission is scheduled to unveil its measures against Lone Star Funds, convicted of stock rigging, on Friday.The members include FSC Chairman Kim Seok-dong, Financial Supervisory Service Gov. Kwon Hyouk-se, FSC Vice Chairman Choo Kyung-ho, Vice Finance Minister Shin Je-yoon, Korea Deposit Insurance Corp. president Lee Seung-woo, and Bank of Korea senior deputy Gov. Lee Ju-yeol. F

Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Thursday that it has won a US$500 million deal to build two ships.Under the contract in a joint venture with Brazil’s Odebrecht and France’s Technip, Daewoo Shipbuilding will deliver pipe-laying support vessels by August 2014, the company said in a statement.The vessels will be chartered to Petroleo Brasileiro SA for deep-water oil explorations, according to Daewoo Shipbuilding.Daewoo Shipbuilding has won deals valued

The number of self-employed people in their 50s or older in South Korea reached an all-time high in October, as baby boomers tended to start their own companies after retiring from other careers, data showed Thursday.According to the data provided by Statistics Korea and the labor ministry, the number of self-employed people in their 50s or older totaled 3.1 million last month, up 169,000 from the same month a year earlier. This marked the highest count ever, and compared with 2.42 million talli

Sales at South Korea’s major discount chains and department stores rose in October from a year earlier on growing demand, a government report showed Thursday. Combined sales by the country’s three major discount chains rose 5.5 percent last month from a year earlier, a turnaround from the previous month’s 1.1 percent shrinkage, according to the report by the Ministry of Knowledge Economy. Sales at the discount chains grew across the board. Sports items, food products, household necessities and c

The issuance of asset-backed securities in South Korea slipped 5.6 percent in the third quarter from a year earlier, led mostly by state-run firms, the financial regulator said Thursday.ABS sales by local financial firms and mortgage agencies totaled 6.53 trillion won ($5.77 billion) in the July-September period, compared with 6.91 trillion won the previous year, according to the Financial Supervisory Service.The decline came as public firm Korea Housing Finance Corp. scaled back issuances of mo

South Korea’s economic chief urged businesses Thursday to keep up efforts to lower production costs and minimize marketing expenses in a bid to help stabilize consumer prices.Finance Minister Bahk Jae-wan noted that the government will do its part in stabilizing prices by improving the distribution structure, easing regulations and lowering import duties on raw materials.“Companies need to absorb price-raising factors as much as possible by cutting production costs and minimizing marketing expen