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South Korea

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  • SEOUL, July 3- South Korea's Hanwha Chemical Corp said there had been an explosion at one of its plastic production plants, leaving five dead and one person missing. The explosion occurred during welding work to expand a waste water disposal facility at its No.2 plant, located in Ulsan, about 300 kilometers southeast of Seoul, the company said in a statement on...

  • SEJONG, South Korea, July 3- South Korea proposed on Friday a stimulus package worth 16.1 trillion won to jump-start Asia's fourth-largest economy as it fights to overcome the twin challenges of weak domestic and global demand. The government set an 11.8 trillion won supplementary budget, which included new spending plans of 6.2 trillion won, and 5.6 trillion...

  • SEOUL, South Korea— Global stocks were higher on Thursday as expectations for solid U.S. jobs data overshadowed worries about Greek debt. Britain's FTSE 100 was up 1.3 percent to 6,607.79 and France's CAC 40 jumped 2 percent to 4,885.45. The Institute for Supply Management, a trade group of purchasing managers, said its manufacturing index rose to the highest...

  • SEOUL/ HONG KONG, July 2- Carlyle Group and MBK Partners are among the shortlisted bidders for Tesco PLC's South Korea business which is valued at about $6 billion, people familiar with the matter told Reuters on Thursday. Goldman Sachs' private equity arm and Affinity Equity Partners were also on the list, the people added, declining to be named due to the...

  • South Korea turns to cheap spot crudes as glut grows Thursday, 2 Jul 2015 | 1:05 AM ET

    SEOUL, July 2- Refiners in South Korea, the world's fifth-largest crude oil importer, have stepped up spot purchases this year, buying at prices depressed by an oil glut as they run their plants at high rates to catch strong processing margins. "Refining margins are firm thanks to rising demand triggered by weak oil prices, which has supported higher throughput...

  • July 1- Asia's largest economies showed hints of healing last month but euro zone factory growth remained tepid as Greek debt talks, and the country's possible departure from the bloc, dominated debate in Europe. Speculation Athens would fail to make June 30' s 1.6 billion euro repayment to the International Monetary Fund, heightening expectations Greece...

  • *Exports to U.S., China up, those to EU fall. SEOUL, July 1- South Korean exports declined for a sixth straight month in June, keeping policymakers under pressure as they sought to inject billions of dollars of fresh stimulus into an economy reeling from a one-two punch of weak domestic and global demand. "We'll keep seeing falls in exports throughout the third quarter...

  • *China activity surveys hint at some leveling out, no rebound. SYDNEY, July 1- Growth in China's services sector picked up in June while big Japanese companies planned to ramp up spending at the fastest pace in a decade, offering hope that prospects are improving for Asia's largest economies despite sluggish factory growth. Wednesday's data fueled expectations...

  • The Seoul Central District Court said the proposed takeover of Samsung C&T by Cheil Industries is legal and fair, clearing ways for Samsung to put the merger to a shareholder vote on July 17. Samsung said in May Cheil will take over Samsung C&T because construction and trading businesses needed new revenue sources, while Cheil, which operates businesses in...

  • SEOUL, South Korea— South Korea said Tuesday that it has decided to buy four military airborne refueling tankers from European aerospace giant Airbus Defense and Space for $1.3 billion. Airbus edged out bids from the U.S. Boeing Co. and Israel Aerospace Industries in the competition to provide South Korea its first such tanker aircraft, Seoul's Defense...

  • *Jan-May imports from Iran slightly over 1 mln bpd. A deal between Iran and six world powers would resolve a 12- year standoff over the Islamic nation's nuclear work in exchange for relief from sanctions, which could eventually send millions of barrels flooding into an already saturated market. Iran, the United States, Britain, France, Germany, Russia and China...

  • SEOUL, June 30- U.S. chipmaker Qualcomm Inc has no plans to spin off its chips business at present, Executive Chairman Paul Jacobs said on Tuesday, despite recent investor pressure to do so amid intensifying industry competition. Hedge fund Jana Partners said in April Qualcomm should spin off the chip business from its patent-licensing business to improve...

  • POLL-Asia stock rally hopes rest on more rate cuts Monday, 29 Jun 2015 | 1:00 AM ET

    *Shanghai, Seoul shares to rise in 2015. Still, China's stock market has more than doubled over the past year. The People's Bank of China cut interest rates and reserve requirements for some banks simultaneously over the weekend, after the poll data were finalized on Friday.

  • Asian stock markets sink after Greece closes banks Sunday, 28 Jun 2015 | 11:21 PM ET

    BEIJING— Asian stock markets sank Monday after Greece closed its banks and imposed capital controls in a dramatic turn in its struggle with heavy debts. Tokyo's Nikkei 225 index fell 2 percent to 20,283.98 points. Market benchmarks in Taiwan, Singapore and New Zealand also fell sharply.

  • South Korea cuts growth forecast as MERS saps spending Thursday, 25 Jun 2015 | 2:32 AM ET

    SEOUL, South Korea— South Korea's finance ministry said Thursday that economic growth will slow this year as the outbreak of Middle East respiratory syndrome saps spending and tourism. The ministry cut its forecast for South Korea's growth to 3.1 percent from 3.8 percent. The outbreak that began last month is having a bigger effect on South Korea's economy...

  • *Supplementary budget to be handed to parliament early July. SEOUL, June 25- South Korea announced a financial package of more than 15 trillion won on Thursday, including a supplementary budget, designed to boost growth as a deadly outbreak of the MERS virus adds pressure on the already shaky economy. Finance Minister Choi Kyung- hwan said although there were...

  • SEOUL, June 25- South Korea announced a stimulus package of more than 15 trillion won on Thursday, including a supplementary budget, and slashed its economic growth forecast for the year as a deadly outbreak of the MERS virus added to pressure on the already shaky economy. "I am concerned growth will lag below 1 percent for a fifth straight quarter into the second...

  • SEOUL, June 25- South Korea's finance minister said on Thursday he was worried quarterly growth would be lower than 1 percent over the April-June period, against a backdrop of an outbreak of Middle East Respiratory Syndrome and an economic slump. "I am concerned growth will lag below 1 percent for a fifth straight quarter into the second quarter, and the current...

  • South Korea cuts growth forecast as MERS saps spending Wednesday, 24 Jun 2015 | 10:56 PM ET

    SEOUL, South Korea— South Korea's finance ministry said Thursday that economic growth will slow this year as the outbreak of Middle East respiratory syndrome saps spending and tourism. The ministry cut its forecast for South Korea's growth to 3.1 percent from 3.8 percent. The outbreak that began last month is having a bigger effect on South Korea's economy...

  • Foreign fund's fight with Samsung galvanizes shareholders Wednesday, 24 Jun 2015 | 3:09 AM ET

    At stake: Billions of dollars for the Lee family that founded Samsung and South Korea's image as a fair place for investors, big and small. Last month, Samsung announced that its defacto holding company Cheil Industries, which operates fashion, catering and theme park businesses, will take over Samsung C&T, a builder of skyscrapers and trader of goods.