Number of accounting firms more than triples in 10 years as demand growsThe nation’s accounting transparency is approaching international standards after years of effort by financial regulators and businesses.Shoddy bookkeeping by large companies has been partly blamed for the economic crisis that hit the nation in the late 1990s and for the so-called Korea Discount ― referring to undervaluation o

Samsung Electronics Co. said Wednesday that it has succeeded in developing the world's first full-color display using quantum dots, paving the way for producing large displays that are brighter, cheaper and more advanced.The South Korean tech giant said that its researchers made a prototype of a four-inch, full-color display through a new way of display patterning, which will enable producing a la

South Korean stocks started lower on Wednesday as investor sentiment remained fragile amid concerns that political turmoil in Libya would jack up oil prices, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.99 points, or 0.15 percent, to trade at 1,966.93 in the first 15 minutes of trading.Already-rising oil prices, sparked by the economic recovery and money printing by

The Financial Services Commission said it has suspended Domin Mutual Savings & Finance, based in Chuncheon, Gangwon Province, saying that the bank’s capital shortages were excessive.The latest suspension of the bank came after the financial regulator forced six savings banks to halt their business last week, as their asset erosion and capital shortages triggered jittery depositors to withdraw thei

Korean banks and currency dealers are keeping close tabs on whether the parliament will approve a bill to introduce a bank levy that could cut the inflow of dollars, market sources said Tuesday.In a bid to stem excessive foreign capital flows, the government is seeking to introduce a bank levy that will be imposed on non-core foreign currency borrowing in the second half. The National Assembly, no

Hyundai Group plans to cancel filing a law suit on the failed purchase of Hyundai Engineering & Construction Co., the group said Tuesday. Hyundai Group hopes a compromise plan will come from Hyundai Motor Group, which was chosen by the builder’s shareholders as a preferred bidder, according to the statement.Hyundai Motor Group signed a memorandum of understanding with creditors of the builder last

Deposit withdrawals from secondary banks sharply reduce as officials work to calm marketThe government and financial institutions were trying to calm savings banks’ jitters on Tuesday, pledging fresh support for troubled secondary banks hit by toxic property loans.Concerns over an industry crisis showed signs of subsiding as deposit withdrawals across the country nearly halved from the previous da

  South Korea's imports of U.S. beef nearly doubled in 2010 from a year earlier due largely to dwindling concerns over its safety here, the government said Tuesday.   The farm ministry said the country imported 125,681 tons of beef from the U.S. last year, up 97 percent from 63,817 tons tallied in 2009.   The total effectively exceeded amounts imported by Seoul before the U.S. beef import ban went

Daewoo to build giant ships for Denmark