S. Korea's trade surplus narrows to $2 billion in Dec.

South Korea's trade surplus shrank from a year earlier as exports dropped at a faster rate than imports, the government said Tuesday.The country's trade surplus came to about US$2.03 billion last month, compared with a $4.48-billion surplus in November and $3.8-billion surplus in October.The drop comes mainly from a large reduction in exports, which dropped 5.5 percent from that of December 2011 to some $45.1 billion. Imports shrank 5.3 percent on-year to $43.07 billion, according to the Ministr

Jan. 1, 2013

Yahoo exits S. Korea, halts service

U.S. Internet company Yahoo Inc. on Monday halted its South Korean service, pulling out of one of the world's most wired countries after 15 years.Yahoo will halt all products, services and content of Yahoo Korea starting Dec. 31 in addition to ending customer support in Korea on the same day, the company wrote on its Korean Web site.In October, Yahoo announced a plan to pull out of South Korea as chief executive officer Marissa Mayer focuses more on stronger markets."The decision is part of Yaho

TechnologyDec. 31, 2012

Local stock market ranks 15th worldwide in market cap

The combined market capitalization of South Korean firms listed on the main and secondary bourse ranks 15th among global peers by claiming 2.15 percent of the total, data showed Monday.The combined market cap of the world's 20 major stock markets reached US$52.7 trillion as of the end of November, increasing 9.56 percent from end of 2011, according to data by the bourse operator Korea Exchange.The KRX, which operates the benchmark Korea Composite Stock Price Index and the tech-heavy KOSDAQ marke

Dec. 31, 2012

S. Korea's consumer prices grow 1.4 pct on-year in Dec.

South Korea's consumer prices grew at the slowest pace in four months in December, indicating that the country is keeping inflationary pressure under control, a government report showed Monday.The country's consumer prices index rose 1.4 percent in December from a year earlier, slowing from a 1.6 percent on-year gain in the previous month, according to the report by Statistics Korea. From a month earlier, it grew 0.2 percent.The on-year figure marked the slowest growth since August when the inde

IndustryDec. 31, 2012

Overseas construction orders up 10% in 2012

Overseas orders clinched by South Korean builders rose almost 10 percent this year from the previous year, but they missed the government’s target of $70 billion, a report showed Sunday.Local builders won overseas orders worth $64.9 billion in 2012, up 9.8 percent from a year earlier, according to the Ministry of Land, Transport and Maritime Affairs. But the volume was lower than the government-set target of $70 billion, it added.The government said that the eurozone debt crisis led local builde

Dec. 30, 2012

2012 per-capita GDP estimated to stay almost flat

South Korea’s per-capita gross domestic product is estimated to only marginally inch up in 2012 compared with the previous year due to the slowing economy, a report showed Sunday.Korea’s per-capita GDP is estimated to reach $22,705 in 2012, up 1.3 percent from a year earlier, according to a report by Korea Investment & Securities Co.In calculating the figures, the full-year economic growth rate was estimated at 2.3 percent and the local currency was set at an average of 1,127.1 against the dolla

Dec. 30, 2012

Shares to waver in choppy trading this week

South Korea’s stock market will likely remain choppy with no clear direction this week amid mounting concerns over corporate earnings in the fourth quarter of this year, analysts said.Earnings estimates are expected to come down for the fourth-quarter, Park Jung-sup, an analyst at Daishin Securities.FnGuide Inc., a financial information provider, has said 114 major listed companies are forecast to report a combined operating profit of 30.4 trillion won ($28 billion) for the October-December peri

Dec. 30, 2012

Hyundai-Kia expand presence in Mideast, Africa

Hyundai and Kia brand vehicles are accelerating expansion in emerging markets such as the Middle East and Africa. According to Hyundai Motor Group on Sunday, Hyundai Motor and its affiliate Kia Motors saw record sales in the Middle East last year, selling 278,515 and 186,504 vehicles, respectively, in the first 11 months.Hyundai’s car sales are expected to surpass the 300,000 mark there for the first time, while Kia seeks to achieve a record sale of some 200,000 units.Hyundai has already become

IndustryDec. 30, 2012

Nation enters new digital TV era

The era of digital television has opened following the government’s shutting down of analog broadcasts at 4 a.m. on Monday.The Korea Communications Commission said that all programs have been converted into digital format for better picture and sound quality.Digital TV also provides multiple programming choices, also known as multicasting, along with interactive capabilities.All-digital broadcasts also free up parts of the broadcast spectrum for enhanced efficiency and relocation of channels by

IndustryDec. 30, 2012

Watchdog fines steelmakers for price fixing

The nation’s state-run antitrust watchdog said Sunday it has imposed a combined fine of almost 300 billion won ($281 million) on seven steelmakers for fixing prices of their steel products. Companies subject to the fine worth 291.8 billion won include POSCO, POSCO C&C, Union Steel, Dongbu Steel, Hyundai Hysco, Seah Steel and Seil Steel, according to the Fair Trade Commission.Seven companies are said to have been involved in separate price-collusion cases between 2004 and 2010 through shady meeti

IndustryDec. 30, 2012

Park to keep conglomerates in check

Following is the 10th in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. President-elect Park Geun-hye rubbed shoulders with the nation’s corporate sector last week, in a crucial meeting which many said was held in a tense atmosphere due to her economic democratization pledges.For the corporate world, especially the big-scale conglomerates, it is good news that Park will be the next president rather than her liberal rival Moon Jae-in, who pledged tighter reins on chae

Dec. 30, 2012

Apple will drop Galaxy S3 mini from Samsung patent suit

Apple Inc. agreed to drop Samsung Electronics Co.’s Galaxy S III mini from a patent-infringement lawsuit against the South Korea-based company, according to court records.Apple said it agreed to withdraw the smartphone from its case because Samsung assured the court the phone won’t be sold in the U.S., according to a filing Friday in federal court in San Jose, California. The filing, which follows an August verdict in the same court in Apple’s favor on other infringement claims, comes in a secon

TechnologyDec. 30, 2012

Foreign firms spend less on charity, but more on environment, study says

Foreign-invested firms in Korea spend less money on the social contributions to the local community but spare more money on environment-friendly management, a study showed last week.According to joint research conducted by the Korea University Institute for Business Research & Education and the Korea Economic Daily, foreign-invested firms in Korea spent only one-quarter the amount Korean firms did for corporate social responsibility operations in 2011. The research is the first of its kind to ev

Dec. 30, 2012

Watchdog fines 7 steelmakers for price fixing

South Korea's antitrust watchdog said Sunday it has decided to fine top steelmaker POSCO and six other industry players a combined 291.7 billion won ($273.5 million) for colluding to fix prices of some steel products.The Fair Trade Commission also said it plans to lodge a complaint with the prosecution against six steelmakers, including POSCO and Hyundai Hysco.According to the FTC, they colluded to fix prices of cold-rolled plates, galvanized steel sheets and color steel sheets between 2004 and

IndustryDec. 30, 2012