Korea’s industrial output kept growing for the 23rd straight month in May, raising hopes the nation’s economic recovery is gaining momentum, a government report showed Thursday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 8.3 percent last month from a year earlier, quickening from 6.9 percent growth in April.On-year production has expa

SEOUL, June 30 (Yonhap) -- Samsung Electronics Co., the world's second-biggest maker of mobile phones, said Thursday that it has filed a complaint with the U.S. International Trade Commission (ITC) against Apple Inc., seeking import bans on six Apple products, including the iPhone, the iPad and the iPod. Apple violated five patents of Samsung, including wireless communications technology and techn

Three private equity funds have submitted letters of intent to take over Woori Financial Group while no financial group will participate in the M&A competition.The Public Fund Oversight Committee, which closed the receiving of LOIs on Wednesday, said the potential buyers are MBK Partners, Vogo Investment, and TStone Partners.The committee, under the wing of the Financial Services Commission, plans

Korea’s leading automaker Hyundai Motor Co. said Wednesday that its executives will take part in a White House policy meeting aimed at improving the fuel economy of cars sold in the United States.The company said Ron Bloom, senior counselor for manufacturing policy to President Barack Obama, and Gary Guzy, deputy director of the Office of Environmental Quality, will be present at the meeting sched

Samsung Engineering Co. Ltd., Korea’s largest industrial plant builder, said Wednesday that it has won a $230 million order to build a petrochemical plant in western India.Under the deal with ONGC Petro-additions Ltd., a unit of India’s state-run Oil & Natural Gas Corporation Ltd., Samsung Engineering will complete the plant by July 2013 with an annual production capacity of 340,000 tons of high-d

The state-run Korea Tourism Organization said Wednesday that it has secured a sea route linking the southern port city of Yeosu to Fukuoka, southwestern Japan, in preparation of next year’s Yeosu World Expo.The organization, together with the South Jeolla provincial government and the Yeosu city government, has arranged for a chartered ferry service by Japan’s Kyushu Railway Co. (JR Kyushu) over t

Korea held an emergency meeting with major banks Wednesday to express its concern over growing short-term debt held by financial institutions here, the Finance Ministry said.The meeting was held earlier in the day at the government’s complex building in Gwacheon, south of Seoul, with officials of nine banks, including three foreign institutions, in attendance, according to the Ministry of Strategy

Korea has found rare earths reserves in the North Chungcheong and Gangwon provinces, with a sufficient supply for the next 50 years, a state-run think tank said Wednesday.The deposit in Chungju, 147 kilometers southeast of Seoul, contains 71,500 metric tons of rare earths. The one in Hongcheon in the country’s east has about 76,000 metric tons, the Korea Institute of Geoscience and Mineral Resourc