Registered executives of South Korea’s top 100 conglomerates received an average of 1 billion won ($943,000) in annual salary in 2012 with C-suite members at Samsung Electronics Co. topping the annual paycheck list, data showed Tuesday.According to the data compiled by market research service firm CXO Institute, 334 board members of the top 100 local companies in terms of sales received 1.09 billion won in yearly salary last year.Three registered executives at Samsung Electronics, the world’s to

Dec. 3, 2013

South Korea recorded a deficit in tourism balance in October, extending its losing streak to 17 months since June last year, data showed Tuesday.According to the data by the Korea Culture & Tourism Institute, the country's tourism deficit came to $94 million in October. The spending by foreign tourists visiting the country came to $1.448 billion in October, while South Korean tourists' overseas spending reached $1.542 billion. Foreign tourist arrivals stood at 1.09 million in the same month, up

Dec. 3, 2013

The Korean government has “expressed interest” in joining the U.S.-led Trans-Pacific Partnership, but experts still debate whether or not its much-delayed decision will indeed be beneficial for the nation’s economy.Optimists claim that the mega-sized economic deal will offer Korea leverage in the Asia-Pacific, whereas opponents say that it may bring about few benefits and even deter other trade pacts, including the top-priority Korea-China Free Trade Agreement still under negotiation.The TPP cou

Dec. 2, 2013

South Korea is expected to post a record-high trade surplus with the United States this year, customs sources said Monday, sparking woes that Washington may take action to narrow its deficit.The outlook came as South Korea has posted a trade surplus of $18.1 billion as of Nov. 20, already hovering above a record-breaking annual surplus of $15.2 billion posted in 2012, according to related data released earlier from the Ministry of Trade, Industry and Energy.It also marked a sharp increase from t

Dec. 2, 2013

Ireland, which has made large strides in recovering from a financial crisis, seeks to emerge as a favorable investment destination for Seoul-based firms, a chief investment official from the country said Monday."Ireland is one of the most globalized economies in the world," said Barry O'Leary, the head of IDA Ireland, which stands for the Industrial Development Authority. "Ireland is interested in bringing businesses that will bring clear substance," said O'Leary.The remark came as the IDA Irela

Dec. 2, 2013

South Korea's consumer price growth stayed below 1 percent in November, aided by falls in costs of farming products, but quickened slightly from the previous month, a government report showed Monday.The country's consumer price index rose 0.9 percent on-year in November, accelerating from a 0.7 percent on-year gain tallied in the previous month, according to the report by Statistics Korea.The October figure marked the slowest on-year consumer price growth since July 1999 when it increased 0.3 pe

Dec. 2, 2013

As Black Friday kicked off the Christmas shopping season in the U.S., consumers in South Korea joined the retail frenzy through online stores. A growing number of consumers here recognize and show interest in Black Friday, the day after Thanksgiving in the U.S. that kicks off a sale season that lasts until January. A survey of 1,400 consumers by local online shopping mall 11street found that 40 percent of respondents had purchased products in previous years’ Black Friday sales. Some consumers di

Dec. 1, 2013

SEOUL, South Korea (AP) – South Korea said Friday it will start negotiations to join a U.S.-led trade pact covering a dozen Pacific and Asian nations.The finance ministry said in a statement that officials will explore the possibility of joining the Trans-Pacific Partnership through the preliminary negotiations.The move is a first step and doesn't commit South Korea to becoming part of the agreement but the trade ministry has been talking up its benefits for the economy.Joining the trade bloc of

Nov. 29, 2013

The latest round of talks with Japan and China for a trilateral free trade agreement has ended after productive discussions and working group meetings on the specifics of the proposed deal, the Seoul government said Friday.The four-day talks have been held in Tokyo since Tuesday, according to the Ministry of Trade, Industry and Energy.“At this round of negotiations, the sides held discussions on the modality (guidelines) for negotiations in the area of products, the scope of negotiations and the

Nov. 29, 2013

South Korea's industrial output grew at the fastest pace in 11 months in October, raising hopes that the economy might be picking up its recovery momentum, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries gained 1.8 percent last month from a month earlier. This marked the fastest growth since November of last year when it increased 2.1 percent. It also represented a turnaround from a revised 2.3

Nov. 29, 2013

The Park Geun-hye administration is considering easing a set of business regulations on medical institutions and schools in free economic zones nationwide.During a policy briefing to the president on Thursday, the National Economic Advisory Council unveiled a vision to develop the service industry by lifting outdated barriers in terms of attracting foreign capital to the FEZs in Incheon and other regions. For the medical sector, the NEAC recommended eliminating the requirements that foreign hosp

Nov. 28, 2013

Six in 10 restaurants in South Korea suffered a decline in their revenues after an indoor smoking ban was imposed nationwide in July, a survey showed Thursday. According to the survey of restaurant owners, nearly 59.3 percent of respondents said their revenues had fallen as a result of the new smoking regulations and the average reported fall in revenues was 17.6 percent. The smoking ban went into effect on July 1, affecting certain restaurants based on their size. But all restaurants will be sm

Nov. 28, 2013

South Korea's current account surplus hit a record high in October on the back of brisk exports of cars, chips and tech products, the central bank said Thursday.The current account surplus reached US$9.51 billion in October, up from a revised $6.54 billion in the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The October data marked the highest level since January 1980 when the BOK began to compile related data.Korea posted

Nov. 28, 2013

The government is seeking to raise the admissions cap for local students in international schools in free economic zones, officials said Wednesday.The move is in line with its efforts to attract a wider spectrum of students and resolve persistent financial difficulties facing international schools in Korea.The Ministry of Education is to hold an open forum this week on ways to reform the current regulations on education, medical services and manufacturing industries, and then deliver the results

Nov. 27, 2013