South Korea’s STX Offshore & Shipbuilding Co. said Monday its Canadian unit will participate in an Ottawa government-led 36 trillion won ($32.7 billion) project to build a large fleet of ships.STX Canada Marine Inc. will sign a formal contract with Canada’s Seaspan Corp. to jointly build non-combat ships including support ships, ice breakers and sea exploration vessels, STX Offshore & Shipbuilding said.The construction of the non-combat vessels is estimated to be worth 9 trillion won, but STX Of

The use of Internet banking in South Korea accelerated in the third quarter from three months earlier as more people conducted financial transactions online, the central bank said Monday.Online banking transactions reached an average of 38.7 million per day in the July-September period, up 1.4 percent from the previous quarter, according to the Bank of Korea.The third-quarter data valued at 32 trillion won ($29.1 billion) quickened from a 0.8 percent expansion tallied in the second quarter. The

South Korean manufacturers’ business confidence for November fell to an over 2-year low as dimmer global economic prospects heightened uncertainty, the central bank said Monday.The index of manufacturers’ outlook on business conditions reached 82 for November, down from 86 tallied for October, according to the Bank of Korea. The index measures manufacturers’ expectations for the coming month.The November outlook marked the lowest level since the index came in at 80 for August 2009.A reading belo

Renegotiating the Korea-U.S. Free Trade Agreement is impossible and the investor-state dispute or ISD settlement clause is a long-standing international practice, Trade Minister Kim Jong-hoon said Monday, rejecting the opposition parties’ call for the clause to be removed from the accord.Speaking on a local radio station, Kim said Korea has been including ISD settlement clauses in agreements with other nations since 1976 and that the clause has not proved damaging to Korea since.The “ISD clause

Hyundai Motor and its affiliate Kia Motors ranked No. 2 in sales of small vehicles in China during the first nine months of 2011, automotive data showed.It said the two carmakers saw their ranking climb by four notches on a year-on-year basis by grabbing 10.9 percent of the Chinese market. They placed sixth during the same period last year.The data showed that Hyundai-Kia sold a combined 162,472 units in the compact car segment between January and September.The companies saw their sales jump 52.

South Korean stocks finished 1.06 percent lower Monday as institutional investors reduced shares in banks and manufacturers after their gains last week, analysts said.The local currency fell against the U.S. dollar. Snapping a three-day winning streak, the benchmark KOSPI lost 20.45 points to 1,909.03.Trading volume was moderate at 387 million shares worth 6.3 trillion won ($5.71 billion) with losers leading gainers 535 to 291. “Investors locked in profit after short-term surges,” said Lee Jae-m

The Fair Trade Commission said Monday that it has imposed 5.08 billion won ($4.59 million) in fines on SK Group for violating a law banning a holding company from possessing a financial unit. Under the current antitrust law, a holding company with 100 billion won or more in assets is not allowed to own a financial affiliate. When SK turned into a holding company in March 2007, the group’s trading arm SK Networks should have dumped its 22.7 percent share of SK Securities, its “daughter company.”

South Korea announced a package of measures Monday to support the renewable energy industry, pledging to expand export financing for companies, boost investment in research and development and relax regulations.The Presidential Committee on Green Growth unveiled the measures during a meeting presided over by President Lee Myung-bak, saying South Korea should increase government support for the sector to strengthen its position in the global renewable energy industry.Under the plan, the governmen

Financial authorities are considering instructing securities firms to slash service fees, including those on transactions for stocks and equity funds.Over the past five years, the local brokerage sector has enjoyed huge gains ranging between 6 trillion won ($5.2 billion) and 9 trillion won per annum by charging financial consumers a variety of fees.“We plan to review the service charge structure of the overall brokerage sector. Then, we will map out guidelines (to cut the fees),” said an officia

SEOUL, Oct. 31 (Yonhap) -- Samsung Electronics Co. and LG Electronics Inc. clinched a combined 50 percent share of the U.S. TV market in the July-September period, an industry report showed Monday, thanks to strong demand for their premium TVs with 3D features and Web connectivity.  It marked t