A Netherlands-based company threatened to sue the South Korean government for inflicting more than 183 billion won in losses through double taxation during its sale of Hyundai Oilbank shares five years ago, it was revealed Saturday.If a lawsuit is filed, it will mark the second time for South Korea to face international arbitration under a process known as “investor-state dispute settlement.”According to the Kyunghyang Newspaper, Hanocal Holdings in late 2014 sent a letter notifying President Pa

May 3, 2015

The average daily turnover in the South Korean stock market topped 10 trillion won ($9.31 billion) in April for the first time in nearly four years as investors flocked to riskier assets from low-yielding bank deposits, data showed Sunday. The average turnover on the benchmark KOSPI and the tech-rich KOSDAQ markets amounted to 10.87 trillion won per day last month, according to the data compiled by the local bourse operator Korea Exchange. The last time the comparable figure touched the 10 trill

May 3, 2015

The South Korean government said Sunday it will buy 77,000 tons of locally produced rice to help stabilize local prices. With the latest purchase plan, the amount of fresh crop acquired by the government will reach 240,000 tons, equivalent to last year's excess rice harvests compared with demand, according to the Ministry of Agriculture, Food and Rural Affairs. The government decided to liberalize the rice market for the first time in its history in 2014. Apart from preventing an inflow of cheap

May 3, 2015

The popularity of Korean pop culture abroad helped increase production of the country's cosmetics, gaming, tourism and beverages industries by billions of won in 2014, data showed Sunday.The growing popularity of hallyu, or the Korean wave, the name for Asianwide popularity of Korean pop culture, has been making inroads into other parts of the globe in recent years to help increase sales of Korean products abroad.The production inducement was estimated at 12.5 trillion won ($11.6 billion) last y

May 3, 2015

Hyundai Motor Group, the world's No. 5 auto giant, said Sunday its April sales in the United States grew1.3 percent on-year, with its flagship Hyundai Motor Co. posting its best sales record for the month. Hyundai Motor sold 68,009 units in the U.S. last month, its largest April tally ever, the automotive group said. The figure also represents a 2.9 percent increase from a year earlier. The rise in U.S. sales was driven by stronger demand for the Accent subcompact and the Genesis sedan. Sales of

May 3, 2015

More than a third of South Korea's listed companies experienced earnings surprises in the first quarter on the back of improved results among large firms, data showed Sunday. A total of 31 out of 100 listed firms that filed earnings reports for the January-March period as of April 30 posted better-than-expected operating profits, according to the data compiled by market tracker FN Guide based on an assessment of 100 listed firms on the benchmark KOSPI and tech-laden KOSDAQ markets. Brokerages ge

May 3, 2015

South Korea's exports shrank for the fourth consecutive month in April but its trade surplus hit a new high as imports dropped at a faster clip than exports, the government said Friday.The country's overall outbound shipments came to US$46.22 billion last month, down 8.1 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.Still, the country posted a record trade surplus of $8.49 billion as imports plunged 17.8 percent on-year to $37.73 billion.April als

May 1, 2015

The volume of South Korea's energy imports inched up on-year in the first quarter of 2015, but its value dropped sharply due mainly to weak international crude oil prices, customs data showed Friday.According to the data by the Korea Customs Service (KCS), South Korea imported 78.24 million tons of energy products, including crude oil, coal and natural gas, during the January-March period, up 1.4 percent from a year earlier.The value of the imports, however, plunged 39.9 percent on-year to US$24

May 1, 2015

South Korea's consumer prices grew at less than 1 percent for the fifth month in a row in April, a government report showed Friday, fueling worries of deflation.The country's consumer price index inched up just 0.4 percent last month from a year earlier, well below the government's 2 percent growth target for 2015, the report by Statistics Korea showed. Last month's number is unchanged from the 0.4 percent growth tallied for March, which was the lowest increase since July 1999, when consumer pri

May 1, 2015

South Korea will work to develop and improve new products using nanotechnology, such as wearable devices, as part of efforts to take global leadership in a market that is expected to reach $3 trillion in 2020, the government said Thursday.Nanotechnology refers to the technology of dividing any material into nanometers to create more a stable or precise material that also often comes with new and better characteristics.One nanometer is equal to one-billionth of a meter.South Korea is already one

April 30, 2015

South Korea will soon announce the start of negotiations for free trade agreements with Ecuador and other Central American countries as part of a plan to expand its presence in the region, the government said Wednesday.  "The government has completed all domestic procedures for the start of FTA negotiations with Ecuador and a group of six Central American countries, and will seek to launch such negotiations at an appropriate time," the Ministry of Trade, Industry and Energy said in a press relea

April 29, 2015

South Korea's top mobile carrier SK Telecom saw its market share hover below 50 percent for the second consecutive month in March, data showed Tuesday, as smaller rivals continued to expand grounds through budget smartphones.According to data compiled by the Ministry of Science, ICT and Future Planning, SK Telecom had 49.5 percent of the market in March with 28.3 million users, including those from mobile virtual network operators (MVNOs) that rent SK's networks.The figure marks a 0.1 percentage

April 28, 2015

The global economy is turning unfavorable to South Korea as four major economies ― the U.S., China, the eurozone and Japan ― are showing worse-than-expected performance indicators.Korean policymakers recently bolstered their monitoring of the global market amid the concern that a continued slowdown in the global economy could deal a blow to Korea.According to London-based financial information & services firm Markit, the four major economies saw their Purchasing Manager’s Index, an indicator of

April 28, 2015

South Korea is working to officially sign its bilateral free trade agreement with China in May, a ranking government official said Monday.  The move comes as the government seeks to implement the free trade pact before the end of the year.  "After the FTA is officially signed, the government plans to submit a ratification bill to the National Assembly before the end of the first half," Deputy Trade Minister Woo Tae-hee told a regular press briefing.  Implementing the FTA before the year's end is

April 27, 2015

South Korea needs to offer foreign visitors more than a world-class shopping experience and its pop culture to attract more tourists from abroad over the long haul, the nation's economic czar said Friday.In a meeting with people in the tourism industry on the southernmost resort island of Jeju, Finance Minister Choi Kyung-hwan said that foreigners, especially Chinese tourists, are currently coming to South Korea for shopping and to see firsthand Korean pop culture, or "hallyu," that has made a c

April 24, 2015