South Korea's largest automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. will implement a massive recall of their vehicles in South Korea and the United States, the companies and U.S. regulators said Tuesday.Hyundai said it is set to begin recalling 81,000 Tucson vehicles on July 15 in the U.S. to replace the secondary hood latch. A separate recall is also scheduled for 62,000 units in South Korea later this month.The recall affects Tucson vehicles built in South Korea from M

Korean institutions bought overseas real estate to the tune of 8 trillion won ($6.8 billion) to rake in stable gains as an alternative to investments in bonds and stocks during a sluggish domestic economy last year, according to CBRE Korea, a global real estate agency, Tuesday. The investments recorded in 2015 are 25 times higher than those of eight years ago when Korean institutions invested 327.6 billion won in 2007. The Korean economy grew by 2.6 percent in 2015, which was a decrease from a 3

The ratio of female workers in South Korea's 600 largest companies by revenue has been on the rise in recent years, data showed Tuesday, as South Korea is pushing to bring more women into the nation's workforce.The number of female employees at the 600 firms stood at 235,171 last year, accounting for 21.6 percent of their total workforce. The figures represent a gradual increase from 207,941, or 20.6 percent, in 2011, according to data compiled by the Federation of Korean Industries that speaks

[THE INVESTOR] Cheil Worldwide, an advertising unit of Samsung Group, said on June 13 that talks to sell a controlling stake to French ad giant Publicis Groupe have failed. In a regulatory filing, the nation’s No. 1 ad agency said it was not in talks with any other firm.“Talks between main stakeholders and the global advertising agency ended without a specific conclusion,” the company said. Over the past week, media reports have speculated that Cheil was discussing stake sales with other compani

South Korea and Azerbaijan agreed on Tuesday to expand bilateral economic cooperation in the infrastructure and industrial plant sectors, the trade ministry here said.The two sides held the first round of economic talks in Seoul to discuss ways to bolster trade and investment and help more South Korean firms participate in infrastructure projects in the Central Asian country, according to the Ministry of Trade, Industry and Infrastructure.Azerbaijan, located along the Caspian Sea, is known for i

President Park Geun-hye on Tuesday called for continued effort to revamp the public sector, reiterating that it is the "starting point" for inducing reform in the private sector. During a meeting with government ministers, heads of state-run firms and public organizations, Park also urged them to make an "all-out" effort to establish a performance-focused work environment that moves away from the deep-rooted culture favoring seniority, and retool their organizations to focus on key functions."(I

South Korean institutions invested more than 8 trillion won ($6.8 billion) in overseas properties last year as they sought stable investment gains away from low growth and rates at home, a global real estate consultancy said Tuesday.In 2015, institutional investors spent a combined 8.27 trillion won on stakes in real estate outside the country, up sharply from 327.6 billion won in 2007, according to CBRE Korea, the Korean operations of Los Angeles real estate services firm CBRE Group Inc. "Insti

South Korea's home transactions continued to shrink from a year earlier in May, the government said Tuesday, in an apparent sign of a slowdown in the property market.The number of home transactions came to 89,267 last month, down 18.8 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.May marked the sixth consecutive month of on-year drop following a 28.4 percent plunge in the previous month.The May tally, however, marks a 3.4-percent rise from

South Korea is sparing no effort to put its stock market back on global index provider MSCI's review list of developed market index candidates, which could help lure more foreign investment, financial officials said Tuesday.The Geneva-based MSCI, or Morgan Stanley Capital International, is scheduled to announce its review results for candidates on Wednesday. It categorizes 78 countries into three benchmark indices -- developed, emerging and frontier markets. According to the officials, a governm

Whether to increase corporate taxes is shaping up as a key issue of contention between major political parties in the new parliament that began its inaugural session Monday.The chief policymaker of the liberal main opposition Minjoo Party of Korea last week reaffirmed the party would soon submit a tax code revision bill to raise the maximum corporate tax rate, which would be applied to companies with annual profits exceeding 50 billion won ($42.6 million), to 25 percent from the current 22 perce

South Korean stocks dipped by almost 2 percent to a two-week low on Monday as investors scrambled for safe havens ahead of the Federal Reserve meeting slated this week and rising concerns over Britain's exit from the European Union.The Korean won sharply lost against the U.S. dollar.The benchmark Korea Composite Stock Price Index plunged 38.57 points, or 1.91 percent, to close at 1,979.06, marking the biggest intraday loss in four months. Trade volume was moderate at 437.22 million shares worth

The newly established Korea-Senegal Commerce, Industry and Culture Association held its first meeting at the Korea-Africa Center in Seoul on May 26.The KOSECICA was established to strengthen ties between Korea and Senegal by promoting economic, social, cultural and educational cooperation between the two countries. Former Korean Ambassador to Senegal and first KOSECICA president Choi Dong-hwan revealed during the meeting that the association planned to especially put an emphasis on bolstering in