The American Chamber of Commerce in Korea will examine regulatory reform and foreign direct investment inducement and aftercare services during their first networking luncheon of the year next week, officials said.The meeting is scheduled to be held on Jan. 19 at the Grand Hyatt Hotel on Namsan. The luncheon includes a speech by Ahn Choong-yong, chairman of the Regulatory Reform Committee and foreign investment ombudsman at Korea Trade-Investment Promotion Agency.“The recent passing of the KORUS

The Park Hyatt Seoul has appointed Frederic Boulin as general manager of the hotel. “As the hotel’s new general manager, I will forge ahead with our partners and our talented, devoted team to bring out the unique luxury positioning of the Park Hyatt Seoul,” he said.Boulin has extensive experience in Asia, most notably as executive assistant manager of food and beverages at the Grand Hyatt Seoul in 2002, and with the Grand Hyatt Hong Kong and Shanghai working in the Food and Beverage Development

Chamber advises SMEs to enter Korean marketsGermany is benefiting from the Korea-EU FTA that went into effect in July as its exports to Korea are increasing, a top German chamber official said.“We have already seen some positive effects but not as spectacular as some people might have thought,” said Korean-German Chamber of Commerce and Industry Secretary General Jurgen Wohler.One reason for the not-so-spectacular expectations is the European debt crisis, which is hampering Korean exports to the

South Korean consumers are likely to spend less or limit buying to last year’s level during the upcoming Lunar New Year holidays, mainly due to higher prices and economic concerns, a local poll showed Monday.The poll, conducted by the Korea Chamber of Commerce and Industry on 600 housewives in Seoul and the Gyeonggi region, showed 92.5 percent saying they will cut down or control their spending in the next few weeks.Of the total, 40.6 percent said they will reduce purchases, with 51.9 percent sa

The number of serious crimes in South Korea’s financial sector increased last year, data showed Monday, raising the need to bolster countermeasures to prevent investment losses.Of the 209 cases probed for unfair trade practices in 2011, 72.7 percent were referred to the state prosecutors’ office for criminal investigation, according to data by the Financial Supervisory Service. The number represents a gain from 63.3 percent in 2007.The increase was largely led by sharp gains in unfair trading in

Lotte and Shinsegae hinted at fiercer competition in the retail sector this year as they announced plans for more investment and job creation despite economic uncertainties globally. Lotte Group, the nation’s No. 1 retail conglomerate, will invest 6.73 trillion won ($5.78 billion) and hire 13,500 workers this year to continue last year’s sales momentum. Lotte recorded 73 trillion won in sales last year, up 19 percent compared to 2010. This year’s investment increased almost 50 percent from 2011.

Strong smartphone business expected to help Samsung overtake Intel in operating profitSamsung Electronics, Asia’s biggest technology company, is set to post a record profit on strong sales of smartphones, brokerages said Monday. Local securities houses said Samsung is expected to solidify its global market position as a leading provider of smartphones and tablet computers, both of which are enjoying stronger sales worldwide. Daewoo Securities said Samsung’s revenue and operating profit this year

South Korean stocks closed 0.9 percent lower on Monday as investors kept a wary eye on the debt-saddled eurozone while reacting cooly to improved U.S. data, analysts said. The local currency fell against the U.S. dollar.Moving in a tight range, the benchmark KOSPI fell 16.65 points to 1,826.49. Trading volume was moderate at 388.1 million shares worth 4.14 trillion won ($3.5 billion), with decliners outnumbering gainers 514 to 316.“Investors have nothing to anticipate from the U.S. data as they’

TOKYO (AP) ― Japan says it will soon require atomic reactors to be shut down after 40 years of use to improve safety following the nuclear crisis set off by last year’s tsunami.Concern about aging reactors has been growing because the three units at the Fukushima Daiichi plant in northeastern Japan that went into meltdown following the tsunami in March were built starting in 1967. Among other reactors at least 40 years old are those at the Tsuruga and Mihama plants in central Japan, which were b