The number of Korean travelers going overseas rose 4.7 percent in the first four months of 2011 from a year earlier despite a recent earthquake and tsunami that hit Japan, the top destination for outbound tourists, data showed Friday.According to the data released by the Justice Ministry and the Korea Tourism Organization, the number of Koreans going overseas came to 4.09 million in the January-Ap

Foreign investors have apparently been banned from participating in the coming bidding for Woori Financial Group, the nation’s largest financial company by assets.Financial Services Commission chairman Kim Seok-dong clarified Friday that the authorities will hand over the state-run financial group to a Korean bidder.His remarks came during the FSC’s report to the National Assembly on the financial

  South Korea's current account surplus rose to the highest level in four months in April as robust exports overshadowed an increase in dividend payouts by local firms to foreign investors, the central bank said Friday.   The current account surplus reached US$1.88 billion in April, up from a revised $1.33 billion the previous month, according to the Bank of Korea (BOK). The current account is the

The Fair Trade Commission said Thursday that it imposed 434.8 billion won ($402.5 million) in fines on four major oil refineries for anticompetitive practices and referred three of them ― SK Energy, Hyundai Oilbank, and GS Caltex ― to prosecutors for investigation. The corporate watchdog said it found evidence of the four colluding to prevent oil supplies to gas stations held by their competitors,

The U.S. media has highlighted health risks related to excessive exposure to 3-D television at home, warning that it could negatively impact eyesight, especially among children.Citing expert opinions, NBC said kids’ eyes continue to develop until the age of 10, meaning the way their eyes learn to focus could be altered by too much 3-D vision. Another issue was the difference in the 3-D technology

The government is delaying its announcement of a telecom fees discount plan until next week after fierce opposition from political circles early this week.According to the draft plan, prepared following talks between a state taskforce and local telecoms, mobile carriers are to offer 50 more free text messages every month and subscription costs for mobile phone services are to be halved for teenage

LG Uplus Corp., Korea’s smallest mobile carrier, said Thursday that it plans to begin a nationwide long term evolution service by mid-2012, moving up its schedule for the fourth-generation mobile service on booming smartphone demand. LG Uplus will begin offering the service in 82 cities around the country before the end of this year and complete its nationwide 4G network in July next year, the com

U.S. Lone Star Funds has been suspected of omitting a significant document when it made a report to Korea’s financial regulator in March, an opposition lawmaker alleged.Rep. Lim Young-ho of the Liberty Forward Party said a unit of Lone Star owns 130 golf courses worth about 3.7 trillion won ($3.36 billion) in Japan, demanding regulatory sanction against the buyout fund.He called for the Financial