Asia Top News and Analysis South Korea

  • Prosecutors demanded a six-year prison term for Hyundai Motor Chairman Chung Mong-koo on Tuesday in his appeal trial against a three-year sentence handed down in February for embezzlement.

  • Singapore's DBS Group Holdings, Southeast Asia's largest bank, said on Monday it has ended talks with Lone Star about buying a stake in South Korean lender Korea Exchange Bank.

  • Shares of LG.Philips LCD jumped more than 5% on Friday on market talk that stakeholder Philips could sell 14% of the South Korean flat-screen maker to Japan's Toshiba.

  • South Korean exports in May rose at a faster-than-expected pace, data showed on Friday, reinforcing expectations for a pickup in growth in Asia's fourth-largest economy.

  • South Korean chip makers rallied on Friday, with Samsung Electronics up as much as 4.5%, on market talk spot prices for DRAM memory chips had rebounded, sparking speculation prices may have bottomed.

  • Universal Studios said on Tuesday it has agreed to open its latest Asian theme park in South Korea by 2012, seeking to expand in Asia's burgeoning theme park industry.

  • Fund manager Franklin Templeton is opening five new funds in South Korea later this month which will be registered in the country, accept won investments and hold overseas assets, country head Andrew Ashton told Reuters.

  • aderans_wig.jpg

    The world's largest wigmaker, Aderans, is in Japan. But now the rug is being pulled out from under the domestic toupee market, as more Japanese men reportedly "bare all" up top. Aderans is so afraid of a hostile takeover it's seeking a sort of "poison pill" defense, an effort being fought by its largest shareholder, American investment fund Steel Partners. Steel Partners says the plan isn't good for growth, and a hairy shareholder vote is looming.

  • Viacom's Paramount Pictures will build a $1 billion entertainment theme park in South Korea jointly with Daewoo Motor Sales, Daewoo said on Thursday.

  • Goldman Sachs said on Monday it has agreed to acquire a South Korean asset management firm, majority owned by Australia's Macquarie Bank, marking its first entry into the country's retail fund business.

  • Bilateral free trade agreements do not contradict efforts to forge a multilateral deal under the World Trade Organization but instead help fill key gaps, the European Union trade chief said Sunday in announcing the start of two-way negotiations with South Korea.

  • Strong domestic demand helped South Korea's economy grow 4% on year in the first quarter, steady from the annual growth rate set in the fourth quarter of 2006, meeting analysts expectations.

  • Shares of SK Corp., South Korea's biggest refiner, surged to a record high on Thursday as its plan to restructure into a holding company is expected to increase transparency in theconglomerate.

  • A major trade deal between the U.S. and South Korea received a mixed response as some business leaders and politicians complained it fell short on boosting U.S. auto and agriculture exports. 

  • "Nineteen minutes to spare": A dramatic last-minute victory united America and South Korea Monday, as the two countries arrived at a historic economic agreement. Ambassador Susan Schwab, U.S. trade representative, joined CNBC's Erin Burnett to describe the "ambitious outcome."

  • With just minutes to spare on Monday, the United States and South Korea agreed the biggest U.S. trade pact for 15 years, officials said.

  • DBS Group Holdings, Southeast Asia's largest lender, is contacting investors to form a multinational consortium to buy Korea Exchange Bank from U.S. fund Lone Star, the Chosun Ilbo reported on Wednesday, citing unnamed sources.

  • South Korea's current account swung to the second-biggest surplus in 16 months in February from a deficit in January, central bank data showed on Wednesday, providing a potential boost to the won.

  • Growth in Asia's developing economies should ease to 7.6% in 2007 from last year's 11-year peak as expansion in industrialized nations slows, the Asian Development Bank (ADB) said on Tuesday.

  • Arcelor Mittal, the world's biggest steel maker, could be interested in making a hostile takeover of South Korean steel maker POSCO, the Korea Economic Daily said on Friday.