Korea’s coffee imports jumped to a record high this year as specialty coffee consumption spreads among younger consumers, Korea International Trade Association said Sunday. Korea imported a record $508 million worth of coffee between January and October, a surge from $307 million last year, the state-run trade agency said. The import figures have continued to grow here since 2000, hitting the $300 million mark for the first time last year. Coffee imports from Brazil accounted for the largest amo

IndustryDec. 18, 2011

South Korean shares are expected to suffer volatility this week as the eurozone fiscal debt problems will likely continue to weigh on investors sentiment, analysts said Saturday.The KOSPI dropped 1.8 percent last week to close at 1,839.96 on Friday. The index fell below 1,820 at one point amid worsened market sentiment after credit ratings on European banks were downgraded. Market watchers worry that sentiment could further freeze if credit ratings agencies lower sovereign ratings on European co

Dec. 18, 2011

The list of the nation’s first homegrown hedge funds will be unveiled this week.More than 10 “Korean-style” hedge funds are expected to make their historic debut on Dec. 23, according to the Financial Services Commission and the Korea Financial Investment Association.Over the past few weeks, the FSC has looked into the eligibility of 13 asset management companies, which applied for the homegrown hedge fund business.Most of them are set to introduce one hedge fund product late this month or early

Dec. 18, 2011

The international news and current affairs television channel France 24 is now broadcasting in English in Korea through CJ’s portal TVing.Launched on Dec. 6, the 24-hour channel’s mission is to cover international current events from a French perspective and to convey French values.Funded by the French government and based near Paris, the channel offers variants in English and Arabic in addition to French to overseas markets.TVing is the first TV portal in Korea; created one year ago, it feature

IndustryDec. 18, 2011

Bank loans taken out by self-employed business owners reached a record high last month, as local lenders were in a fierce competition to extend loans to retired people, industry data said Sunday.Outstanding loans extended by the country’s five major banks, including Kookmin Bank and Shinhan Bank, to self-employed people reached 102.8 trillion won ($88.8 billion) at the end of last month, compared with 92.8 trillion won at the end of last year, according to the data.The increase in such loans in

Dec. 18, 2011

The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or more is estimated to have reached some 130,000, according to Mirae Asset Global Investments Co.A financial portfolio includes deposits, insurances and stocks.Mirae Asset classifies people with bank depo

Dec. 18, 2011

Korea’s six non-life insurance companies saw their earnings in overseas markets drop by 52.2 percent on a year-on-year basis, due mainly to natural disasters and lax risk management.Overseas operations of three companies have led the fall in net profit. They were Samsung Fire & Marine, Korea Re and LIG Insurance, according to the Financial Supervisory Service.Samsung Fire & Marine’s overseas unit reported a net profit of $5.43 million during the April and September period, a drop of $3.91 millio

Dec. 18, 2011

Kia Motors Corp. captured its highest share of the Chinese market in six years in November, gaining momentum in the world’s most populous market, company officials said Friday, Kia posted a China market share of 4.1 percent last month, the largest since October 2005 when it reached 4.7 percent.Kia achieved record China sales of 45,768 units last month with the newly launched mid-sized sedan K2 leading the way, the officials said. The K2, also known as the Rio in the U.S. and European markets, hi

MobilityDec. 18, 2011

The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or mo

Dec. 18, 2011

MOSCOW (AP) -- A Russian spacecraft bound for a moon of Mars and stuck in Earth's orbit will come crashing back next month, but its toxic fuel and radioactive material on board will pose no danger of contamination, the Russian space agency said Friday.Between 20 and 30 fragments of the probe with a

TechnologyDec. 18, 2011

WASHINGTON (AFP) - Amazon said Thursday that it is selling more than one million Kindles a week and the new Kindle Fire tablet computer is its top-selling item."Kindle Fire is the most successful product we've ever launched -- it's the best-selling product across all of Amazon for 11 straight weeks,

TechnologyDec. 18, 2011

Park Tae-Joon, the late founder and honorary chairman of South Korea's top steelmaker POSCO, was buried at the country's National Cemetery in Seoul on Saturday.The funeral service was attended by over 600 people, including top political and government figures such as National Assembly Speaker Park H

IndustryDec. 17, 2011