Hynix Semiconductor posted 2.55 trillion won ($2.27 billion) in total sales and an operating loss of 167 billion won in the final quarter of last year, triggered by the dampened global economy and the weak demand for PC memory chips.The world’s second-largest memory chipmaker said its sales from October-December dropped 7 percent year-on-year and the net loss recorded 240 billion won, a slight improvement from the previous quarter.The consolidated sales for 2011 reached 10.4 trillion won, a 14 p

On the first page in its Nov. 30, 2011 edition, The Korea Herald, citing financial sources, reported that Financial Services Commission (FSC) chief Kim Seok-dong pushed ahead with the decision to impose a “mild sanction” on Lone Star Funds despite some working-level officials’ resistance.But it was not confirmed that FSC chief Kim pushed ahead with the decision and that there was resistance from working-level officials. We hereby correct the article. This correction was mediated by The Press Arb

The Ministry of National Defense handed over the remains of a U.S. soldier killed during the 1950-53 Korean War to the U.S. on Thursday.The remains, found near Gaemi Hill in South Chungcheong Province in June last year, were identified through a joint Korea-U.S. investigation. The ministry said that its Agency for KIA Recovery and Identification and the U.S. Joint POW/MIA Accounting Command have been working together after initial investigations showed that the remains were likely to have belong

Ministry received lowest grade in anti-corruption commission’s transparency evaluationApparently appalled by the scandal over a diplomat’s alleged stock-rigging attempts, the Ministry of Foreign Affairs and Trade has begun tightening discipline, especially on diplomats working overseas.The Foreign Ministry on Thursday said it has recently summoned a consul general from Wuhan in central China over opaque accounting practices. The ministry has been internally auditing the case after the diplomat w

Rep. Lee Sang-deuk denies bribery, but faces interrogationRep. Lee Sang-deuk, elder brother of President Lee Myung-bak, said Thursday that 700 million won ($626,000) in his secretary’s bank account belongs to him. The six-term lawmaker denied that the money was a slush fund or political kickback, claiming it to be his personal property. Still, he is likely to be questioned over the money.According to Seoul Central District Prosecutors’ Office, Lee submitted a document purporting to prove his own

Korea’s two main parties have drawn up conflicting bills to revise the law against the distribution of false information during election campaigns.The main opposition Democratic United Party seeks to loosen the regulations and to expand freedom of speech. The ruling Saenuri Party ― which changed its name from Grand National Party on Thursday ― is considering a revision bill to reinforce punishment standards.The DUP’s Supreme Council member Rep. Park Young-sun, together with fellow lawmakers, sub

The prosecution’s credibility has been questioned as a suspect in the alleged vote-buying scheme in the Democratic United Party’s leadership election is believed to have been handing out invitations to an event, not cash.On Thursday the prosecutors looking into the alleged vote-buying attempt at a DUP leadership primary on Dec. 26 said that the suspect Kim Gyeong-hyup did not distribute money. Kim is a well-known Bucheon-based labor activist who served as a secretary for social affairs during th

Korea’s five automakers led by market leader Hyundai Motor Co. on Wednesday reported a 1.7 percent drop in January sales due to a slump in domestic demand.The combined sales of the carmakers came to 617,506 vehicles in January, compared with 626,806 units sold a year earlier, according to data released by the companies.Their domestic shipments reached a combined 96,448 units last month, down 20 percent from 120,557 a year earlier. Overseas sales, however, including cars exported from South Korea

WASHINGTON (AFP) ― A U.S. industry and union coalition accused China Tuesday of sweeping illegal subsidies to its auto-parts sector that threaten to destroy more than a million U.S. jobs.Launching a campaign to press for trade action against Beijing, the Alliance for American Manufacturing and senior politicians said the Chinese subsidies threaten to reverse the comeback of the U.S. auto industry.The AAM ― which brings together the U.S. steel industry and the United Steelworkers union ― said all