Sales at department stores, discount outlet chains drop in Dec.: data

Sales at South Korea's department stores and discount chains continued to shrink from a year earlier in December but at a slower rate, preliminary government data showed Friday.According to the data from the Ministry of Strategy and Finance, discount chain sales dropped 3.6 percent on-year last month while discount chain sales slipped 0.3 percent.This marked the fourth straight month of decline."Department store and discount chain sales continued to shrink, but the rate of the decline slowed fro

Jan. 9, 2015

S. Korea, Japan hold high-ranking talks on economy

South Korea and Japan held regular high-level talks in Seoul Thursday to discuss key bilateral economic issues such as an import ban on Japanese seafood and Tokyo's monetary easing.Ahn Chong-ghee, deputy foreign minister for economic affairs, headed the South Korean side at the 13th South Korea-Japan high-level economy consultative meeting, with the Japanese side represented by Deputy Foreign Minister Yasumasa Nagamine.The two neighbors have regularly held the consultative meeting since its ince

Jan. 8, 2015

Oil extends gains in Asia

Oil extended gains in Asia Thursday following a drop in US crude stockpiles that indicate stronger demand in the world's biggest economy, but analysts said prices remain under pressure due to a global supply glut.US benchmark West Texas Intermediate for February delivery was up 38 cents at $49.03 a barrel in afternoon trade and Brent crude for February gained 27 cents to $51.42. Brent on Wednesday briefly slipped below $50 for the first time since 2009.Prices got a boost from data showing US sto

Jan. 8, 2015

Samsung chief still undergoing rehabilitation: spokesman

South Korea’s top conglomerate Samsung Group said Wednesday its head Lee Kun-hee, recuperating from a heart attack last May, is still undergoing rehabilitation without any marked change in health condition.“The chairman’s health has not seen any significant changes in the new year, and there is nothing to explain,” said Lee Jun, the top communications official of Samsung Group.Lee was rushed to a hospital near his home in Seoul on May 10 after experiencing difficulty breathing and was later conf

Jan. 7, 2015

4 foreign carmakers fined for inflating gas efficiency

The Korean government has imposed fines on four foreign automakers, including German automaker Audi and Chrysler of the United States, for inflating the fuel efficiency of their vehicles sold here, an official said Wednesday.“The government imposed a fine of between 3 million won and 4 million won ($2,720-$3,630) late last year on the four automakers,” an official from the Ministry of Trade, Industry and Energy told Yonhap.The four automakers include Germany’s Volkswagen and BMW.The fines are ba

Jan. 7, 2015

Seoul shares rebound on auto, tech gains

South Korean stocks slightly rebounded from their 16-month low on Wednesday, aided by gains in autos, utility and tech shares as investors saw recent sell-offs on the local bourse as excessive, analysts said. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.38 points, or 0.07 percent, to 1,883.83, snapping a seven day loss. Trading volume was moderate at 277 million shares worth 3.69 trillion won (US$3.36 billion), with losers beati

Jan. 7, 2015

Drop in oil prices an opportunity for S. Korean economy: finance minister

The recent plunge in global oil prices will have a positive impact on the local economy and help boost South Korea's exports, the finance minister said Wednesday, dismissing concerns about deflation and further weakening of demand."There are various analyses about the impact of a cut in oil prices, but it is clearly a huge opportunity for our economy," Choi Kyung-hwan said at an economy-related ministers' meeting in Seoul. "Still, we must gather and utilize the wisdom of all government ministrie

Jan. 7, 2015

S. Korea's corporate bill default rate hits 13-year high

The default rate of corporate bills in South Korea worsened to the highest level in 13 years last year due mainly to cash-squeezed conglomerates and sluggish economic conditions for local companies.The average annual corporate bill default rate reached 0.19 percent last year, hitting the highest level since 0.38 percent in 2001, according to the data by the Bank of Korea and the Korea Financial Telecommunications & Clearings Institute.The figure had soared to 0.52 percent in 1997 from 0.17 perce

Jan. 7, 2015

S. Korea to invest $400 mln in development of new growth engines

South Korea will invest over US$400 million this year to help develop new and indigenous products and technologies that will help boost the country's economy and exports, the government said Tuesday.The Ministry of Trade, Industry and Energy said the government seeks to develop 13 new industrial growth engines that include smart wearable devices, self-driving vehicles and a high-speed unmanned aerial vehicle that can take off and land vertically.For their development, the government will invest

Jan. 6, 2015

Large firms plan to increase hiring this year: poll

A majority of South Korea's large corporations plan to increase hirings this year while nearly half of them also plan to expand capital investment, a survey showed Tuesday.Some 77 percent of the respondents said they plan to increase employment this year, slightly falling from 78.4 percent a year earlier, according to the survey, carried out by the Hyundai Research Institute, of the country's 100 biggest firms in 10 industries in terms of sales.While the figure dipped, the percentage of companie

Jan. 6, 2015

Over half of Japanese firms in S. Korea to expand biz: survey

More than half of Japanese companies operating in South Korea plan to expand their business in the near future on expectations of more demand, a survey showed Tuesday.According to the survey of 231 Japanese companies doing business in Korea, 52.8 percent said that they plan to expand their businesses here "within one or two years." The survey conducted by the Japan External Trade Organization, however, showed that the ratio was 7.6 percentage points down from the same poll conducted a year earli

Jan. 6, 2015

FDI in Korea reaches record high in 2014

New foreign direct investment pledged to South Korea surged over 30 percent from a year earlier to a record high in 2014, with the amount that has arrived also climbing to a new high, the government said Monday.The new FDI committed to the country came to $19 billion last year, up 30.6 percent from 2013, according to the Ministry of Trade, Industry and Energy. The 2014 figure also marked a 16.6 percent spike from the previous record of $16.29 billion in 2012.“Posting a record amount of FDI despi

Jan. 5, 2015

VIP shoppers prop up weak growth at department stores

Sales by VIP customers were a rare source of growth last year for South Korean department stores that are losing shoppers to mobile and overseas channels, data showed Monday.Sales generated by customers who spend more than 20 million won (US$18,025) a year jumped 21 percent on-year in the January-November period, according to the data from Galleria, a high-end Gangnam department store that sells mostly luxury brands.Lotte Department Store, the flagship of retail giant Lotte, also saw sales by it

Jan. 5, 2015