South Korean stocks fell 0.65 percent to below the 2,000-point mark Thursday as investors sat on the sidelines ahead of key policy decisions in Europe and U.S. economic data. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index, after being closed for the local elections on Wednesday, started on the minus side and settled at 1,995.48, down 13.08 points from the previous session. The reading below the psychologically important 2,000 mark was the first s

South Korean stocks finished 0.33 percent higher to reverse an earlier choppy session Tuesday as investor sentiment was buoyed on news of Samsung Everland’s plans to go public in the first quarter of next year. The South Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index finished at 2,008.56, up 6.56 points from Monday’s close after moving in a tight range. Trading volume was moderate at 241.84 million shares worth 4.49 trillion won ($4.38 billion), with dec

The nation appears to still be reeling after the staggering salaries received by executives at local conglomerates were revealed.The companies recently reported on the annual salaries paid to these executives based on laws calling for disclosure for those who are registered on the corporate board and receiving 500 million won ($481,000) or more.Most of the population seemed to think that these executives were getting paid too much. This is likely because most felt deprived vis-a-vis the hefty pa

Samsung C&T Corporation, the constructor of domestic “Raemian” brand apartments, topped this year’s National Customer Satisfaction Index, the Korea Productivity Center said. Top hotels and general hospitals also have managed to satisfy their users despite the sluggish economy, but the agency said it was not yet time to be complacent, stressing that businesses will have to find a unique approach to seek out more customers in the future. The NCSI is an economic indicator that measures consumer sat

Kazakhstan’s top diplomat here is celebrating his country’s 22nd Independence Day on Monday after a milestone three-day visit by the country’s new prime minister, Serik Akhmetov.That visit, a first for a sitting prime minister, could very well underscore the nature of two-way ties between South Korea and the Central Asian behemoth over the past few years. Kazakhstan is twice the size of the other four “stans” combined, and hugely wealthy in oil, gas and uranium. Although the country needs South

Seoul’s rapid growth has driven the development of its public transport system, especially the subway, which has evolved into one of the world’s most extensive networks in less than four decades.Owing to the network’s intricate structure and rapid growth, Korean subway constructors and operators acquired engineering technologies, which went on to boost the nation’s exports. “Seoul is one of the few cities in the world which has as many as nine subway lines, together with several intercity railro

Top conglomerates made considerable profits in overseas natural resource development last year, in clear contrast to public corporations that recorded huge deficits.The 84 overseas resource development branches of the country’s top 10 conglomerates achieved 3.5 trillion won ($3.1 billion) in sales and 322.6 billion won in net profit last year, according to Chaebul.com, a website tracking the nation’s family-run conglomerates.Their net profit rate per sales reached 9.3 percent, higher than the ge

The state-run Korea Water Resources Corp., or K-water, has become a preferred bidder for water management projects in Thailand worth 6 trillion won ($5.3 billion).Thailand’s Water Resources and Flood Management Commission on Monday selected the Korean state-run company as the top bidder for the A-5 and A-3 project sectors, according to the Ministry of Land, Infrastructure and Transport.The corresponding projects, the former to build floodways and the latter to build reservoirs, are part of the S

Doubts about whether Thailand’s $12 billion water-related project will proceed as planned are rising among Korean builders.The Thai government is scheduled to select preferred bidders for the nine project modules on Tuesday, but Korean participating firms believe that the announcement will be delayed without a fixed deadline due to differences over price. “We expect the announcement to be made around June 11, but we haven’t received any official notice from the Thai government on the adjusted ti

Eight large companies including Homeplus, CJ O Shopping and STX Heavy Industries have received failing marks in promoting shared growth with smaller partner firms.The National Commission for Corporate Partnership, which grades large businesses based on their efforts to seek coprosperity with small firms, announced on Monday the scores for 73 companies belonging to the country’s major conglomerates. Kolon Global, Hyundai Homeshopping, Hyundai Department Store, KCC and LSIS also failed in the annu

The following is a message from Pakistani Ambassador Shaukat Ali Mukadam on the occasion of Pakistan Day, which fell on March 23. ― Ed.Every year Pakistanis celebrate Pakistan Day to commemorate the auspicious day of March 23, 1940, when we resolved to be an independent country from colonial rule and ultimately after a valiant struggle, we achieved independence on Aug. 14, 1947. The year 2013 is of special significance as Korea and Pakistan celebrate 45 years of the establishment of diplomatic r

KORAIL resolved to resuscitate the moribund Yongsan redevelopment project within the month by injecting 260 billion won ($234 million) and scaling back the construction.With the amended blueprint, which hopefully will take effect on April 1, KORAIL is to temporarily operate a special countermeasure task force, jointly with the Seoul Housing Corporation and private investor representatives.The state-run rail operator that is the majority shareholder on Friday summoned all 30 private investor firm

A company involved in South Korea's largest-ever urban development project failed to pay back debts worth 5.9 billion won ($5.3 million), company officials said Wednesday, raising concerns over the collapse of the 30-trillion-won project.Yongsan Development Co., the asset manager of Dreamhub Project Financing Vehicle Co. which was created for the development project, was required to pay the debts of an interest of asset-backed commercial papers worth about 200 billion won, by 9 a.m. Wednesday, s

The massive Yongsan development project came on the verge of bankruptcy as its developer is facing default under severe financial difficulties.The Dream Hub failed to the meet the deadline of payment of 5.9 billion won ($5.4 million) in interest on its asset-backed commercial paper as of 6:00 p.m.The developer would head toward bankruptcy if it could not repay its debt by Tuesday. KORAIL, the state-run rail operator and largest shareholder, had earlier pledged to inject 6.4 billion won in an eff

Kazakhstan’s new first deputy prime minister, Bakytzhan Sagintayev, thinks of himself less as a politician, and more as a civil servant.“I am first a civil servant, and then a politician,” said Sagintayev, who stepped into his role as first deputy prime minister and as minister of regional development on Jan. 16. Although such modesty might be uncommon among political figures, it illustrates a characteristic that could be called an essential aspect of today’s Kazakhstan. Sagintayev, the country’