BRUSSELS (AFP) ― Leaders of the 17-nation eurozone are to hold a special summit in mid-March to draft a plan of action to avoid a replay of the debt crises that shook the single currency last year.The 17 heads of state and government will meet in “mid-March,” the president of the European Union, Herman Van Rompuy, said in a speech to the European parliament.Earlier a source close to the talks told AFP that the eurozone summit had been agreed for Sunday, March 13. But a major member state later i

The Financial Services Commission unveiled a comprehensive package to curb excessive competition among credit card companies on Wednesday, a precautionary measure to prevent another liquidity crunch amid growing risks of reckless card and loan issuance. The financial regulator said it plans to induce issuers to offer reasonable supplementary services that would not harm their profitability and con

Samsung Mobile Display is reportedly poised to supply liquid-crystal display panels for the next version of Apple’s iPad, industry sources said on Wednesday.According to sources, the company, established in January 2009, is in the final stage of talks on supplying its latest LCD panels for Apple’s iPad 2, which is expected to be released later this year.In response to such reports, a spokesman at

Policymakers, refiners argue over whether the cause is tax or profit marginsThe average price of regular unleaded gasoline in Seoul broke through the 2,000-won level for the first time in more than 30 months on Wednesday, despite the government’s recent efforts to control the country’s rising fuel prices.According to state-run Korea National Oil Corp., the price of regular unleaded gasoline on Tue

Analysts’ views were mixed on the prospect of an interest rate hike ahead of the monetary policy committee’s monthly meeting for benchmark interest rate-setting slated for Friday. This reflects the Bank of Korea’s dilemma of containing rising prices while keeping growth on track. Inflation driven by fresh food prices and commodities abroad is pressuring the central bank to raise the key rate for t

Manpower Inc., U.S.-based employment agency, said on Jan. 27 at the World Economic Forum in Davos, Switzerland, that the world had entered a new era: The Human Age. The concept was introduced by Manpower CEO Jeffrey Joerres in his presentation “Entering the Human Age –- unleashing and leveraging human potential in the new reality” at the forum. Manpower says this new age has significant implicatio

Woori, Shinhan, KDB to select new heads in March amid looming industry consolidationVeteran bankers and former bureaucrats are jockeying in several races for top financial business posts dogged by alleged political pressure, in-house power struggles and procedural disputes.Woori Finance Holdings and Shinhan Financial Group plan to select their new heads next month. Hana and KDB groups are also set

Korea’s exports of IT-related products jumped 16.3 percent in January from a year earlier on strong global demand for semiconductors, displays and mobile phones, the government said Tuesday.The country shipped $12.83 billion worth of IT products abroad, marking the 15th month in a row that exports grew at a double-digit rate, the Ministry of Knowledge Economy said in a monthly report.Exports of se

Toyota Motor Corp., a Japanese carmaking giant, will recall 2,459 vehicles sold in Korea due to manufacturing defects that could lead to oil leakage, Seoul’s transportation ministry said Tuesday.Subject to the recall are the Lexus IS250 model produced and sold between Sept. 3, 2007 and Dec. 3, 2008, according to the Ministry of Land, Transport and Maritime Affairs. The luxury passenger cars were f

The number of passengers using international ferry services in and out of Korea rose to a record high last year, bolstered by rebounding economic conditions, the government said Tuesday.International ferry passengers totaled 2.77 million last year, up 32.6 percent from a year earlier, according to the Ministry of Land, Transport and Maritime Affairs. The figure was the highest ever, exceeding the