Trade surplus widens to $3.8b in Oct.

South Korea’s trade surplus more than doubled in October from a year earlier as exports posted positive growth, ending their three-month losing streak, the government said Thursday.The country’s trade surplus is estimated to have reached $3.8 billion in October, compared with $1.44 billion in the same month last year, according to the Ministry of Knowledge Economy. The figure also marks a slight growth from the trade surplus of $3.15 billion in the previous month.The country’s exports are estima

Nov. 1, 2012

Shares dip on autos, shipbuilders

South Korean stocks sank 0.71 percent Thursday as investors dumped auto shares on a dim industry outlook in addition to the recent appreciation of the local currency. The Korean won lost against the U.S. dollar. The benchmark Korea Composite Stock Price Index retreated 13.62 points to finish at 1,898.44. Trading volume was moderate at 395.6 million shares worth 5.17 trillion won ($4.74 billion) with decliners outpacing gainers 505 to 305. “There are growing negative market prospects about auto s

Nov. 1, 2012

Consumer prices gain 2.1% on-year in Oct.

South Korea’s consumer prices grew at the fastest pace in four months in October on higher prices of farm products, but they remained within the central bank’s inflation target band, a government report showed Thursday.The country’s consumer prices index rose 2.1 percent in October from a year earlier, compared with a 2 percent on-year gain in the previous month, according to the report by Statistics Korea. The index fell 0.1 percent from September when the consumer prices rose 0.7 percent on-mo

Nov. 1, 2012

Samsung Engineering wins $2.4b UAE order

Samsung Engineering Co., South Korea’s largest industrial plant builder, said Thursday that it has won a $2.4 billion order to build carbon black and delayed coker units in the United Arab Emirates.Under the deal with Abu Dhabi Oil Refining Co., the state-run company known as Takreer, on Wednesday, Samsung Engineering will build the units in the refining complex in Ruwais, west of Abu Dhabi, by January 2016.The units, when completed, can produce 40,000 tons of carbon black per year and 30,000 ba

Nov. 1, 2012

Samsung Heavy Q3 net more than doubles

South Korean shipbuilder Samsung Heavy Industries Co. said Thursday that its third-quarter earnings more than doubled from a year earlier on increased orders for offshore facilities.Net profit reached 277 billion won ($254 million) on a consolidated basis in the July-September period, compared with a profit of 111 billion won a year earlier, the company said.Sales rose 19 percent on-year to 4.06 trillion won over the cited period, and operating income surged 39.2 percent to 324 billion won.In th

Nov. 1, 2012

Korea, China end FTA talks with little progress

Korea and China ended their fourth round of negotiations for a free trade agreement on Thursday with little progress.But the two sides reached an agreement to include intellectual property in items to be discussed in negotiations.Trade Ministry officials in Seoul said the FTA talks held in Gyeongju, North Gyeongsang Province, did not yield specific results, expressing hope that the two countries would reach a consensus in the next negotiation talks in China.“The Korean government will seek to pr

Nov. 1, 2012

Hyundai Motor sales hit monthly high

Hyundai Motor, the nation’s largest carmaker, logged its best monthly sales in October, with its global sales increasing by 13.9 percent to reach 412,189 vehicles. It was the first time that the Korean auto giant has ever seen its monthly sales exceed the 400,000 mark, officials said. The record sales came as Hyundai’s overseas production succeeded in meeting the growing demand globally, while the domestic car market also showed some sign of recovery. In Korea, the company sold 61,486 vehicles,

IndustryNov. 1, 2012

Japanese cans face antidumping duties from Korea

South Korea is moving to freshly impose antidumping tariffs on Japanese aluminium bottle cans, the government said Thursday.Following a yearlong investigation that began at the request of a local manufacturer, TechPack Solutions Inc., the Korea Trade Commission concluded that Japanese products were effectively damaging local manufacturers by preventing them from establishing firm ground for their business here.“The commission’s decision is the first of its kind in which the commission applied an

Nov. 1, 2012

Income inequality in rural Korea hits record high

Income inequality in rural South Korea reached its worst level in 2011 due largely to the government’s misguided agricultural policies, a report showed Thursday.The top 20 percent of the rural households earned an average of 74.62 million won ($68,400) in 2011, a whopping 12.3 times the 6.09 million won for the bottom 20 percent, according to the report released by Rep. Hwang Ju-hong of the main opposition Democratic United Party.The income gap between the two brackets was much larger than 9.7 t

Nov. 1, 2012

Parental stress linked to child obesity

Stressed-out parents are more likely to have obese children, U.S. researchers suggest. "Stress in parents may be an important risk factor for child obesity and related behaviors," Dr. Elizabeth Prout-Parks, a nutrition specialist at The Children's Hospital of Philadelphia who was the study leader, said in a statement. "The severity and number of stressors are important."Among the parental stressors associated with childhood obesity were poor physical and mental health, financial strain and leadi

TechnologyNov. 1, 2012

In-flight magazine to go digital, wireless

A Norwegian airline and an in-flight magazine publisher say they will use WiFi to bring airline passengers new options in in-flight entertainment.Norwegian Air Shuttle and Ink, which provides magazines for about 30 airlines around the world, said they would debut the new system next year, The New York Times reported.Using Norwegian Air Shuttle's free WiFi service, passengers will be able to access content including music, video and travel articles from the carrier's in-flight magazine on their s

IndustryNov. 1, 2012

Korea's consumer prices gain 2.1 pct on-year in Oct.

South Korea's consumer prices grew at the fastest pace in four months in October due mainly to an increase in prices of farm products, a government report showed Thursday.The country's consumer prices index rose 2.1 percent in October from a year earlier, compared with a 2 percent on-year gain in the previous month, according to the report by Statistics Korea. The index fell 0.1 percent from September when the consumer prices rose 0.7 percent on-month.The so-called core inflation, which excludes

Nov. 1, 2012

Korean passengers too pampered?

AirAsia, the world’s largest budget carrier, recently launched a new route connecting Incheon and Narita, offering a special price for a one-way ticket at 30,000 won (less than $28) with all taxes included. The 4,000 prepared tickets sold out immediately via the company’s website between Oct. 11-17. But intense competition aside, some complaints surfaced even among the lucky customers who purchased the tickets. They didn’t know that they could be charged to use additional services like a meal on

IndustryOct. 31, 2012

KEPCO unit wins $1b deal from Jordan

KEPCO Plant Service & Engineering Co., a South Korean industrial plant builder, said Wednesday that it has signed a $1 billion deal for the operation and maintenance of a power plant in Amman, the capital of Jordan. Under the deal with Amman Asia Electric Power Company, KPS said it will operate and maintain the power plant for 25 years and six months for the AAEPC.KPS is a subsidiary of Korea Electric Power Corp., South Korea’s state-run power provider. The power plant is located in an area 30 k

IndustryOct. 31, 2012