The Korea Herald

Lunar New Year gift sets see wide price gaps

As South Korea’s biggest national holiday, Lunar New Year, fast approaches, retail stores are busy piling up gift sets. But a recent survey showed that there is a wide gap in prices, with some stores charging twice as much for the same product.The Korea Consumer Agency released its research on Wednesday comparing price ranges on 20 popular gift sets among 36 retailers including department stores, large supermarkets and online shopping malls across the nation. The country’s consumer watchdog age

Feb. 6, 2013

Lunar New Year gift sets see wide price gaps

S. Korean won hits 18-month high to U.S. dollar in Jan.

The South Korean currency hit an 18-month high against the U.S. dollar last month following monetary easing by economic powerhouses, data showed Wednesday, sparking concern over exporters' profitability.The local currency changed hands at an average of 1,066.54 won against the greenback in January, the highest since July 2011, according to the data by the Korea Center for International Finance. Its previous monthly high against the dollar was 1,047.11 won quoted in August 2008. The won gained 8.

Feb. 6, 2013

Foreign IBs cut 2013 growth outlook for S. Korea

Major foreign investment banks' average growth outlook for the South Korean economy has been downgraded to the 2 percent range for 2013 as growth momentum remains weak amid the global downturn, a report showed Wednesday.A total of 10 investment banks forecast that Asia's fourth-largest economy will grow an average of 2.9 percent as of the end of January, down from a 3 percent estimate made in the previous month, according to a report by the Korea Center for International Finance.Their outlooks c

Feb. 6, 2013

K-water closer to winning Thai water control project

K-water closer to winning Thai water control projectBy Seo Jee-yeonA South Korean consortium led by Korea Water Resources Corp. neared Tuesday to win Thailand’s mammoth water management project estimated to be worth around 12 trillion won (about $11 billion). K-water officials said the consortium was chosen as a priority negotiation partner for all 10 major projects to improve water resources infrastructure and to prevent flooding. Another preferred bidder for the Thai projects is ITD-Power Chin

Feb. 5, 2013

Visitors from China overtake Japanese

Visitors from mainland China, Taiwan and Hong Kong topped tourist numbers to Korea last year, surpassing Japanese tourists for the first time, Ministry of Culture, Tourism and Sports officials said Tuesday. The number of Chinese visitors rose 27.8 percent to 3.75 million in 2012 from the previous year, while the number of Japanese visitors grew just 7 percent to 2.84 million in the same period due to the weak yen. Chinese visitors took 33.6 percent of the nation’s inbound tourism market, followe

Feb. 5, 2013

Services sector growth outperforms manufacturing

Korea’s services sector growth outpaced the manufacturing sector last year, another sign of a sluggish economy continuing.The manufacturing sector expanded 2.2 percent in 2012, slower than the 2.4 percent growth in the services sector, according to the Bank of Korea.This is the first time in 11 years that the services sector has grown more than manufacturing, which has traditionally been the main driver of exports, Korea’s main source of growth.Data also showed that the services sector contribut

Feb. 5, 2013

Things we need to be aware of when investing in Myanmar

South Korea’s National Assembly Speaker Kang Chang-hee paid a courtesy visit to the President of Myanmar, Thein Sein, recently. The two sides discussed ways to deepen the two countries’ ties, and agreed to boost a wide range of areas including cooperation in trade and politics. The visit reinforces how much South Korea values Myanmar as a strategic center for increasing opportunities for South Korean businesses. Presently, more and more Korean companies are looking to establish a presence in My

Feb. 5, 2013

Things we need to be aware of when investing in Myanmar

S. Korea's manufacturing sector growth falters last year

South Korea's manufacturing sector growth lagged behind that of the service sector for the first time in three years in 2012 as exports were hurt by the global economic downturn, data showed Tuesday.The country's manufacturing sector grew 2.2 percent on-year in 2012, compared with a 2.4 percent on-year gain logged by the service industry, according to data by the central bank.The 2012 data marked the first time since 2009 that the growth of the service sector outpaced that of the manufacturing i

Feb. 5, 2013

S. Korean Cabinet to approve free trade deal with Colombia

The South Korean Cabinet plans to approve a free trade deal with Colombia on Tuesday as part of efforts to boost bilateral trade and pave the way to tap deeper into the South American market, officials said.After rounds of talks since late 2009, Seoul and Bogota concluded the deal in June last year, and initialed the pact two months later."Upon the Cabinet approval, the two countries are expected to formally sign the deal within this month, and to seek a legislative approval from each parliament

Feb. 5, 2013

Newlyweds reluctant to have babies

More and more Koreans are getting married, but they still seem reluctant to have children due to rising living costs and education expenses.Korea ranks third with a marriage rate of 7.13 per 1,000 people among the Organization for Economic Cooperation and Development members in 2009, according to its data.Korea follows Turkey, which has a marriage rate of 9.04, and the U.S., which has a rate of 7.31.Meanwhile, Korea continues to rank the lowest in fertility rate at 1.23 per woman in 2010, follow

Feb. 4, 2013

Panel suggests further hike in electricity rates

A presidential panel suggested Monday that South Korea further raise electricity rates, saying they are too low for a country that relies on imports for most of its energy needs.The suggestion, along with a hike in tap water charges, was among the 10 major tasks the Presidential Committee on Green Growth put forward to make South Korea a global “green power” during a reporting session to President Lee Myung-bak.The committee said that South Korea has had a policy of setting electricity price art

Feb. 4, 2013

Forest goods exports hit $310m last year

Last year’s exports of forest products recorded $310 million, exceeding the original target by 11 percent, according to the Korea Forest Service on Monday.The growth was most conspicuous in raw chestnuts, potted plants and fiberboard, officials said.Exports of raw chestnuts totaled $28 million and saw a 47 percent rise from the previous year, though its local productivity fell due to climate change, drought and typhoons. This was the result of the KFS’ active export policies, such as offering ex

Feb. 4, 2013

Forest goods exports hit $310m last year

KOTRA opens global M&A center

The Korea Trade-Investment Promotion Agency opened a global center to support the merger and acquisitions of small and medium-sized companies.KOTRA held the opening ceremony of its Global M&A Support Center at the Invest Korea Plaza on Monday, according to officials.“We shall support M&A deals of Korean firms to help them gain a foothold in the overseas market,” said Oh Young-ho, president of the state-run company.“Our prime focus will be the small and medium-sized firms which face difficulties

Feb. 4, 2013

Seoul designates two new free economic zones

South Korea on Monday designated two new free economic zones as part of efforts to further attract foreign investment to the country, a government committee said.The two new areas ― one in the eastern province of Gangwon and the other in the central region of North Chungcheong Province ― were named candidate sites in September last year, according to the FEZ Planning Office governed by the Ministry of Knowledge Economy.“Since their designation as candidate sites, the office has been working clos

Feb. 4, 2013

Koreans in 20s eat least

South Korean 20-somethings were found to eat the least among all age groups in 2012, Statistics Korea said on Sunday.A survey of meal consumption by age group in 2012 found that those aged between 25 and 29 skipped 3.8 meals per month on average, followed by those aged 20 to 24 skipping 3.7 meals. Considering gender, females in their late 20s skipped the most meals, at 4.5 meals per month on average, the governmental agency said.“Meal consumption correlates with income level,” Kim Mi-sook from T

Feb. 3, 2013

Rice consumption halves

The nation’s annual consumption of rice in 2012 was half of what it was three decades ago, the state-run Statistics Korea said. Compared to 2011, the 2012 consumption also fell about 2.0 percent, from 71.2 kilograms to 69.8 kilograms per capita. The data reveals that in 2012, Koreans consumed about 191 grams of rice, or less than one and a half bowls, per day on average. “The rice consumption in households has been dropping largely due to increasing demand for alternatives to rice and instant fo

Feb. 3, 2013

Overseas travelers spike on strong local currency

The number of South Koreans traveling overseas in January spiked, mostly driven by the local currency’s steep ascent, which is giving them more price incentives to go abroad, industry data showed Sunday.Hanatour Service Inc., the largest local travel company, said that overseas travelers using its service jumped 30.7 percent on-year in January to about 185,000. This is the monthly record high for the company, surpassing the 159,000 registered in August last year. Of the total, 48.5 percent chose

Feb. 3, 2013

Time for next level in Korea-Arab ties: expert

Relations between Korea and the Arab world are too heavily skewed toward economic cooperation and it’s time now to create the right balance by taking them to the next level, according to a top Middle East expert.“If the two partners are to maintain and develop their intimate economic ties, they must first learn to truly understand the other,” Chung Yong-chil, secretary-general of the Korea-Arab Society, told The Korea Herald in an interview.The nonprofit organization was established in 2008 unde

Feb. 1, 2013

Time for next level in Korea-Arab ties: expert

S. Korea's consumer prices grow 1.5 pct on-year in Jan.

South Korea's consumer prices grew at a faster pace in January from a month earlier, but the gain remained in the 1-percentage range for the third straight month, a government report showed Friday.The country's consumer prices index rose 1.5 percent in January from a year earlier, compared with a 1.4 percent on-year gain in December, according to the report by Statistics Korea. From a month earlier, it grew 0.6 percent.The on-year figure marked the third straight month that the price growth has

Feb. 1, 2013

[Newsmaker] Naro launch paves way for economic upgrade

The successful launch on Wednesday of the Korea Space Launch Vehicle-1, or the Naro, has brought South Korea, as Education, Science and Technology Minister Lee Joo-ho put it, a “step forward” in advancing its space technology.This was Korea’s latest and third launch of a rocket carrying a science satellite into space.Experts, however, said the mission to see large economic returns in space development was only half-complete, given that the Naro was a “joint-venture” rocket with key engine techno

Jan. 31, 2013

[Newsmaker] Naro launch paves way for economic upgrade