South Korean stocks finished 0.32 percent higher on Tuesday as shipbuilders pushed the market slightly higher, despite a bleak forecast of Samsung Electronics’ fourth-quarter earnings. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 6.16 points, or 0.32 percent, to close at 1959.44. Trading volume was light at 190.8 million shares worth 3.6 trillion won ($3.4 billion), with gainers outpacing losers 511 to 275.“Gains in shipbuilders by invest

South Korea will unveil its three-year economic innovation plan next month with a focus on rectifying the “imbalance” in the country’s economy, the finance minister said Tuesday.The plan was first mentioned by President Park Geun-hye on Monday during her news conference marking the new year. Park said that with the plan, the country’s growth potential is expected to grow to around 4 percent and the annual per-capita income level to exceed $30,000 and move toward $40,000.“As President Park said d

President pledges to reform public firms, spur growth

Land, housing, infrastructure and transport-related public enterprises, including the Land and Housing Corp., Korea Railroad Corp. and K-water, were urged to launch aggressive reform plan to improve their financial health and management efficiency, the Ministry of Land, Infrastructure and Transport said Monday. The request was made during a meeting on normalizing operations of 14 public firms under the ministry. The meeting, presided over by Minister Seo Seoung-hwan at the Sejong government comp

South Korea’s exports will continue to grow this year on a global economic recovery with outbound shipments of most key export items expected to rise, the government said Monday.“The global economic recovery based on improvements in advanced countries, including the United States, is expected to be a positive element for the country’s own economic recovery while helping to expand the country’s exports and imports,” the Ministry of Trade, Industry and Energy said in a press release.The ministry,

South Korea's exports will continue to grow this year on a global economic recovery with outbound shipments of most key export items expected to rise, the government said Monday."The global economic recovery based on improvements in advanced countries, including the United States, is expected to be a positive element for the country's own economic recovery while helping to expand the country's exports and imports," the Ministry of Trade, Industry and Energy said in a press release.The ministry,

Debt held by the self-employed grew about 9 percent last year as their income declined amid the economic slowdown, spawning concerns about their capacity to service debt, data showed Monday.Bank loans extended to the self-employed amounted to 105.6 trillion won ($100 billion) as of end-2012, up 8.5 percent from the previous year, according to data provided by four major local banks.Local banks have increased loans to the self-employed as the financial regulator is seeking to curb the growth of h

KORAIL’s new subsidiary that will run the country’s second bullet-train, the Korea Train Express line departing from Suseo in southeast Seoul, will officially launch this week, with a line-up for top management, according to the Ministry of Land, Infrastructure and Transport on Sunday. The state-run railway operator appointed Kim Bok-hwan, who had led the corporate affairs unit, as the new head for its new affiliate, which is poised soon to bring competition into the railway industry. The plan h

About 90 of fines levied on conglomerates by the financial regulator were later canceled by the courts last year despite initial rulings that sided with the regulator, data compiled by the Fair Trade Commission showed Sunday.The FTC’s records showed it has won 14 of the 21 lower court cases on corporate fines last year, a success rate in the upper 60 percent. The results are better, at over 80 percent, when smaller companies and individuals are also considered.“The FTC fines amounted to 4 trilli

Ecton Park has long been a favored stallion among Korean racehorse breeders. He was the winner of the Super Derby and Jim Dandy Stakes thoroughbred horse races in the United States. After retiring from racing, he was purchased by Korea’s nonprofit Isidore farm to breed at Jejudo Island in 2009. The state-run Korea Racing Authority has bought good-quality stallions since the 1990s. It then lets them cross with female horses free of charge. However, in recent years, an increasing number of private