FTAs to create jobs and accelerate growth: minister

South Korea should actively pursue free trade agreements (FTAs) with other countries to help create more jobs and spur growth as its domestic market remains relatively small, the country's top economic policymaker said Monday.   "As Korea's domestic market size is limited, we must make the

March 12, 2012

S. Korea's exports fall after FTA with EU: report

South Korea's exports to the European Union (EU) fell after the implementation of the Seoul-Brussels free trade deal due to the region's deepening debt crisis, a report showed Monday.According to the report by the Korea International Trade Association (KITA), South Korea's shipments to the EU in the

March 12, 2012

Lee Kun-hee’s stock value hits record high

The value of securities held by Samsung Electronics chairman Lee Kun-hee has exceeded the 10 trillion won ($8.9 billion) mark for the first time, setting a new record in Korea’s stock market.According to Chaebul.com on Sunday, stakes held by the nation’s richest entrepreneur came in at 10.1 trillion won at Friday’s close, largely driven by the strong performance of Samsung-affiliated companies. The figure is a 13.7 percent surge from 8.88 trillion won earlier this year, after Lee’s stakes exceed

IndustryMarch 11, 2012

Large firms set to scale back capital spending this year

Korea’s large firms are expected to spend less on their facility expansion than last year due mainly to continued economic uncertainties, a report showed on Sunday.According to the report compiled by the Hyundai Research Institute, the nation’s large companies are likely to reduce their capital spending by 2 percent this year.The nation’s 30 largest conglomerates earlier announced that they will invest a combined 150 trillion won ($134 billion) in 2012, up 12.3 percent from the previous year.Of

March 11, 2012

Seoul to increase support for Middle East work experience

The government said Sunday it will support more than 1,200 young adults in finding work and volunteer opportunities in the Middle East on the back of the region’s construction and investment boom.Under the program aimed at raising “young global leaders,” a total of 1,247 individuals 18 or over will be able to land jobs, internships or volunteer work in the region in 2012, according to the Prime Minister’s Office.This year’s number is more than double last year’s 563, and about 10 percent of this

March 11, 2012

Korea, Turkey strike deal on key issues in free-trade talks

Korea and Turkey agreed on key issues such as tariff concessions and dispute settlement schemes in their free trade talks, Seoul’s trade ministry said Sunday, raising the prospect of the two countries soon concluding their free trade negotiations.During the four-day meeting in Seoul that started on Wednesday, both countries reached an agreement on tariff concessions and other key issues, while negotiations for service and investment are going to continue, the ministry said.“The agreement at the

March 11, 2012

Homeplus targets sales of 12.2 trillion won this year

Homeplus Co., the South Korean unit of British retail giant Tesco Plc, said Sunday that it is targeting12.2 trillion won ($10.9 billion) in sales this year, up 6.2 percent from a year earlier. Homeplus will also hire 1,000 recruits, the company said in a statement. In an effort to achieve its goal, the discount chain will go ahead with business projects like the opening of a distribution center for fresh food and enhancing its online business.Homeplus is the second-largest discount store chain i

IndustryMarch 11, 2012

NTS to get increased surveillance powers to combat black market

The National Tax Service is set to gain access to information about all suspicious financial transactions from a state-run financial investigative agency starting late this month, better equipping it to find cheats in the underground economy. The National Assembly in February passed a bill allowing information sharing between the NTS and Financial Intelligence Unit, an investigative arm under the Financial Services Commission, to crack down on employers who pay their workers cash under the table

March 11, 2012

Price-fixing cases surged in 2011: FTC

Price-fixing cases detected by the Fair Trade Commission surged last year, data released by the nation’s antitrust watchdog showed Sunday. According to antitrust authorities, a total of 96 cases of price-fixing were found in 2011, a 41.2 percent increase from 68 cases in the previous year. They said they have filed charges in 23 severe cases, with the figure surpassing the combined number of 19 cases charged over the past four years. The number of cases had decreased in recent years, with seven

IndustryMarch 11, 2012

Household non-consumption expenditures surge

The portion of taxes, insurance payments and financial costs against South Korean household income reached a record high last year due mainly to increased debts and social insurance contributions, data showed on Sunday.According to data compiled by Statistics Korea, South Korean households with two or more members spent a monthly average of 722,000 won ($645) on taxes, interest payments and insurance payments last year, which accounted for 18.8 percent of their monthly average income of 3.84 mil

March 11, 2012

Bourse likely to trade in tight range this week

Korean stocks are projected to move in a narrow range this week, with a global oil price hike and a weak yen to remain as wary factors that may weigh on the key index, analysts said. The benchmark Korea Composite Stock Price Index shed 0.80 percent to close at 2,018.30 last week from a week earlier, as investor sentiment was dampened by China’s lower growth target at 7.5 percent for this year. The KOSPI had dropped as much as to the 1,970 range after the private creditors in Greece were reported

March 11, 2012

Samsung Life, KB may seek alliance to buy ING unit

Samsung targets Asian markets; KB seeks growth at homeSamsung Life and KB Financial Group may seek to form a strategic alliance if ING Group’s Asia-Pacific unit goes up for sale, market observers said.Analysts have said the two financial companies are not competitors as Samsung and KB target different units ― overseas and local, respectively.ING Group’s project to sell its Asia-Pacific operations coincides with Samsung Life Insurance’s strategies for global expansion.Under the reported instructi

March 11, 2012

Automakers snazz up small cars to lure wary buyers

The small cars premiering at the Geneva Motor Show last week were not the boxy fuel-savers of yesteryear.European automakers have downsized SUVs and put all the luxury they can into premium subcompacts as they seek to dazzle consumers back into confidence after years of crisis.European manufacturers are facing one of their toughest seasons yet. Unemployment and austerity measures have made consumers in Europe skittish, factories are idle, and yet there is little automakers can do to close plants

MobilityMarch 11, 2012

Mercedes-Benz reveals design revamp with new A-Class

Mercedes-Benz unveiled a radical redesign of its A-Class vehicles on Tuesday, the first in a series of facelifts for the German luxury automaker’s fleet. The sleek, sporty look of the new A-Class contrasts sharply with its dowdy predecessor, favored by the over-50s since it was launched more than a decade ago. “We’re looking for younger and more female customers,” said Dr Dieter Zetsche, the chief executive officer of Mercedes’ parent company Daimler. The customer reaction so far had been positi

MobilityMarch 11, 2012