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December, 3, 2016

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Business > Asia > Korea
South Korea fines, halts sales of VW cars for forged tests
South Korea has fined Volkswagen 17.8 billion won ($16 million) and suspended sales of 80 VW models, alleging the German carmaker fabricated documents on emissions or noise level tests.
Tens of thousands of South Korean auto and shipbuilding workers are set to launch partial strikes this week after negotiations over wage increases stalled.
South Korea's central bank on Thursday cut the country's growth outlook and kept the key interest rate unchanged at a record low as exports sputters and demand slumps.
Bitter legacy after shock closure of rival Koreas' Kaesong experiment
Five months after Seoul shut down a jointly run industrial park in North Korea, South Korean factory owners are still waging a defiant campaign to reopen what was the last major symbol of inter-Korean cooperation.
South Korean TV brands have made a U-turn on strategy and shifted orders in 2016 from domestic panels to ones from Taiwan and mainland China, according to the latest report from WitsView, a division of the market research institute named TrendForce.
South Korea's government lowered growth outlook for Asia's fourth-largest economy and planned a supplementary budget for a second year in a row as the global economy faces heightened uncertainty.
S. Korea cuts interest rate before expected amid slow recovery
The Bank of Korea unexpectedly lowered its key interest rate to a record low on Thursday as policymakers worry that corporate restructuring and sluggish global trade will further drag on South Korea's economic recovery.
South Korea's economy grew just 0.5 percent in the first quarter, the Bank of Korea said Thursday -- a shade higher than originally estimated but weighed down by an extended export slump.
South Korea's central bank on Friday kept its record-low interest rate unchanged for an 11th straight month, despite a slowdown in economic growth.
A group of Taiwanese companies are showcasing a wide range of products from fish floss to pearl milk tea and pineapple cakes at this year's Seoul Food exhibition that opened in the Korea International Exhibition Center in Goyang on Tuesday.
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