Korean Air submits bid for Czech Airlines

Korean Air Lines Co., South Korea’s top air carrier, has submitted a bid for a 44 percent stake in the troubled Czech Airlines as part of efforts to strengthen its network in Europe, a company official said Tuesday.Korean Air has said it plans to spend “several million dollars” to acquire the stake, though it will not include managerial control of the Czech Republic’s flag carrier.“We submitted a letter of intent earlier in March,” the Korean Air official said. He did not elaborate and asked not

March 5, 2013

Park government to ‘preemptively counter’ FX volatility

Following is the fifth and last in a series of stories featuring economic issues facing the Park Geun-hye government that was inaugurated on Feb. 25. ― Ed.When executives of Korean exporters shared their concern with President Park Geun-hye over the volatility of the Korean won during the transition period, the nation’s 18th chief executive said then that her government will aim to maintain foreign exchange stability through “preemptive measures.”The president said she was well aware that Korea

March 5, 2013

Korea becomes world’s eighth-biggest trader

Korea became the eighth-largest trading country last year, but exports by small and medium-sized companies are on the decline, according to the Ministry of Knowledge Economy. The country’s imports and exports amounted to $1.07 trillion last year and were ranked eighth in the world, the ministry said Monday, citing a report by the World Trade Organization.Though the figure was a 1.1 percent fall from the previous year, it surpassed that of Italy for the first time, the report showed.Also, Korea’s

March 4, 2013

Domestic-focused companies’ profit growth outpaces exporters

Profit growth of domestic-oriented companies in South Korea has far outpaced that of exporters, as a strong local currency helped them reduce costs and gave them an advantage in price-setting, data showed Monday. The combined net profit of 25 major domestic-focused firms here is estimated at 1.81 trillion won ($1.67 billion) in the fourth quarter of 2012, up 104.3 percent from 888.5 billion a year earlier, according to the data by local financial information provider FnGuide Inc. The correspondi

March 4, 2013

S. Korea's consumer prices grow 1.4 pct on-year in Feb.

South Korea's consumer prices increased at a slower pace in February, with the growth rate staying in the 1-percent range for the fourth straight month, a government report showed Monday.The country's consumer prices index rose 1.4 percent on-year in February, compared with a 1.5 percent on-year advance in the previous month, according to the report by Statistics Korea. From a month earlier, it grew 0.3 percent.The on-year figure marked the fourth straight month that the price growth has remaine

March 4, 2013

Park to grapple with record household debt

Following is the third in a series of stories featuring economic issues facing the Park Geun-hye government which was inaugurated on Feb. 25. ― Ed.South Korea saw its ratio of household debt to gross domestic product exceed the average held by the Organization for Economic Cooperation and Development member countries last year.The nation’s household debt-to-GDP ratio reached 81 percent, exceeding the 73 percent OECD average, according to the Korea Chamber of Commerce and Industry.Considering Pre

March 3, 2013

S. Korea's exports to ASEAN on the rise

The Association of Southeast Asian Nations has replaced the United States and Europe as South Korea's biggest export market for the second month in a row in January, government data showed Sunday.   ASEAN's 10 member countries accounted for 14.5 percent of South Korea's exports in January, compared with 12.4 percent for Europe and 11.6 percent for North America, according to the Korea International Trade Association.   South Korea's exports to the ASEAN nations have been on the rise since its po

March 3, 2013

Asia stocks muted as China manufacturing weakens

TOKYO (AP) -- Stock markets in Asia were mixed Friday as China's manufacturing waned and many investors watched for progress on resolving an impasse that could bring on drastic spending cuts by the U.S. government.China's manufacturing grew at its weakest rate in five months in February as demand faltered and factories shut down for the Lunar New Year holiday. Economic data from Japan showed a slight improvement in unemployment but a plunge in business investment and persisting deflation. That d

March 1, 2013

S. Korea logs trade surplus for 13 straight months in Feb.

South Korea's trade balance posted a surplus last month, continuing to stay in the black for the 13 consecutive month, as a drop in imports outstripped a fall in exports, the government said Friday.The country's exports came to US$42.32 billion in February, down 8.6 percent from a year earlier, according to the Ministry of Knowledge Economy. Imports sank 10.7 percent on-year to $40.26 billion, leaving a $2.06 billion trade surplus.Last month's fall contrasts with the on-year growth in both expor

March 1, 2013

One in five men to die single: data

Men have a greater chance of dying single than women, with one in five men born in 2010 estimated to be single at the end of their lives.About 79 percent of men born in 2010 are likely to succeed in marriage in their lifetime, compared with 85 percent for women. These are predictions based on current trends, according to a survey of marriage, divorce and birth data between 2000 and 2010 by Statistics Korea.More than 20 percent of men will pass away single, compared to 15 percent of women, accord

Feb. 28, 2013

Korea may cut tax exemptions to fund welfare

Following is the second in a series of stories featuring economic issues facing the Park Geun-hye government which was inaugurated on Feb. 25. ― Ed.With President Park Geun-hye sworn in as the country’s 18th chief executive Monday, her administration’s first economic task as important as the North Korean nuclear issue in diplomacy is restructuring the tax system to secure a budget to finance welfare.As pledged during her campaign as well as during her inauguration speech where she said she aims

Feb. 28, 2013

Government to focus on stabilizing costs of daily life

SEJONG (Yonhap News) ― The government will work hard to maintain the current stabilizing trend of inflation in a bid to help the livelihoods of ordinary working people struggling with the rising cost of daily life, the Finance Ministry said Thursday.Thanks to the government’s efforts to keep inflation under control, the country’s consumer prices have stayed in the 2 percent range but the costs of daily life for low and middle income earners remain relatively high, the ministry said in a report a

Feb. 28, 2013

S. Korea's industrial output drops 1.5 pct on-month in Jan.

South Korea's industrial output shrank for the first time in five months in January amid worries that industrial activities might be slowing amid toughened economic conditions, a government report showed Thursday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries dropped 1.5 percent last month from a month earlier. It is the first on-month output contraction since August.The output still expanded 7.3 percent compared with a year e

Feb. 28, 2013

Korea maintains current account surplus for a year

Korea maintained a current account surplus for the 12th consecutive month thanks to increased exports, despite foreign exchange volatility due to currency wars ignited by Japan’s weak yen policy.The Bank of Korea said Wednesday that the current account, the broadest measure of the country’s foreign trade, recorded a surplus of $2.25 billion in January, with exports reaching $47.1 billion.This is mostly in part due to increased outbound shipments of telecommunication products, petrochemicals and

Feb. 27, 2013