Major foreign investment banks expect South Korea to cut its key interest rate one more time within the year to buttress the faltering economy weighed down by the eurozone jitters, a report showed Friday.Foreign IBs, including Nomura and HSBC, predict the central bank to slash the benchmark rate by 0.25 percentage point to 2.75 percent as early as September or by the end of this year at the latest, according to the report by the Korea Center for International Finance.The Bank of Korea on Thursda

Sales of cars fueled by liquefied petroleum gas surged 20 percent in the first five months of this year mainly due to high gasoline prices, a report showed Friday.According to the Korea LPG Association report, sales of cars that run on the liquefied mixture of propane, butane and other chemicals, reached 76,209 units in the cited period, up from 63,303 an year earlier.In contrast, sales of gasoline-powered cars dropped 15 percent on-year to 286,922 units, while diesel car sales remained virtuall

Ssangyong Motor dismissed the allegation that the company sought to lay off a group of employees by rigging its financial statements in 2009.In a statement on Friday, the automaker said financial regulators had already completed their probe into the allegation of fraudulent accounting, which had been raised by some lawmakers.“The Financial Supervisory Service has also notified us that it has not found any critical misstatements in our accounting books,” a Ssangyong spokesman said.He said the FSS

Public companies providing exclusive services should be cautious when making price hike decisions and consider possible effects such action could have on inflation and the overall economy, South Korea’s top economic policymaker said Friday.“Public companies, unlike private ones, usually provide exclusive services. They have to make decisions (on prices) by taking into consideration their ripple effect on the whole economy,” Finance Minister Bahk Jae-wan told an anti-inflation meeting.He admitted

South Korean stocks jumped 1.54 percent on Friday as investors were relieved by China’s not-so-bad economic data and optimistic about a further rebound, analysts said. The local currency gained ground against the U.S. dollar.The Korea Composite Stock Price Index climbed 27.5 points to finish at 1,812.89, snapping a five-day decline. The main bourse plunged more than 40 points during the previous session.Trading volume was moderate at 344.2 million shares worth 4.67 trillion won ($4.06 billion),

The nation’s chief antitrust regulator reiterated his stance of skepticism toward calls for the revival of a ceiling on equity investment by big business groups at a forum in Seoul on Thursday.The remarks of Fair Trade Commission chairman Kim Dong-soo come while a group of opposition lawmakers are issuing the necessity of more rigidly regulating the conglomerate sector by reintroducing the equity investment ceiling.While some lawmakers argue the government should restrict conglomerates from inve

South Korean stocks plunged 2.24 percent on Thursday as investors were not cheered by the central bank’s rate cut and foreigners dumped local stocks upon a futures and option expiry, analysts said. The local currency tumbled against the U.S. dollar.After starting 0.08 percent higher, the Korea Composite Stock Price Index dived 41 points to finish at 1,785.39, falling below the 1,800 level for the first time in more than a month.Trading volume was light at 314.5 million shares worth 4.24 trillion

Experts predict sentiment will worsen in latter half: KCCI surveyMore than half of Seoulites and the people residing in satellite cities said vitalization of the real estate market is necessary, a survey showed on Thursday.According to a poll by the Korea Chamber of Commerce and Industry, 54 percent of the 500 adults and 88 property experts said a boom in the real estate market is needed.About 20 percent of the respondents said vitalization is unnecessary while 25 percent of them did not pick ei

The government may reconsider its plan to resume whaling if there are other means to study marine mammals in Korean waters, officials said on Wednesday.Amid mounting criticism from conservationists, the Ministry for Food, Agriculture, Forestry and Fisheries announced that it will decide whether to push for the project after consulting with members of the International Whaling Commission.While the Fisheries Ministry had sought to tender a plan on whaling to the IWC scientific subcommittee this No

South Korean stocks edged down 0.17 percent on Wednesday as investors remained jittery over a global economic slowdown, analysts said. The local currency gained against the U.S. dollar.The Korea Composite Stock Price Index lost 3.06 points to finish at 1,826.39. Trading volume was light at 329.9 million shares worth 3.24 trillion won ($2.84 billion), with losers just outpacing gainers 393 to 388.“The latest decisions made by European political leaders failed to stimulate the market,” said analys

Sector accounts for 13.5% of Korea’s total exports in first halfThe automobile sector has led the nation’s exports during the first half of the year, offsetting worries over a sluggish performance amid the eurozone debt crisis.According to the Korea Automobile Manufacturers Association, the nation’s vehicle exports increased by 15.7 percent in the first half over the same period last year, marking the highest growth among the overall industries.In addition, the ratio of vehicles to total exports

More and more local enterprises are actively liquidating their assets to secure cash as much as possible, as economic uncertainties drag on from the eurozone debt crisis.According to the Financial Supervisory Service, the amount of assets Korean firms sold during the first half nearly doubled from the previous year.The regulatory data showed that local firms sold a total of 780.7 billion won ($690 million) worth of tangible assets in the six-month period, compared with 404.8 billion won over the

Sales of cars made by South Korea’s Hyundai Motor Co. and Kia Motors Corp. surged 16.6 percent on-year in the first half of 2012 in Britain, due to the popularity of new models, company sources Sunday.Sources said data by the U.K.’s Society of Motor Manufacturers and Traders, showed combined sales reaching 68,646 units in the six-month period, with the two companies’ market share hitting 6.5 percent for a gain of 0.8 percentage point from the year before.Hyundai and Kia are flagship companies of