S. Korea aims to export $7.7 bln worth of agricultural goods in 2015

South Korea aims to export $7.7 billion worth of agricultural goods this year by expanding presence in China, Southeast Asia and the Muslim Halal food market, the government said Wednesday.The goal represents more than a 24.4 percent increase compared to $6.19 billion worth of farm goods shipped out in 2014, the Ministry of Agriculture, Food and Rural Affairs said.Last year's farm exports grew by 8.1 percent on-year, far outpacing the country's overall export growth of 2.4 percent, according to

Jan. 14, 2015

Household loans up 7.5 tln won in Nov.

Household loans extended by South Korean financial institutions rose by 7.5 trillion won ($6.9 billion) in November, slightly slowing from the previous month's record gain but still marking a substantial increase, data showed Tuesday.Outstanding household lending by local lenders and non-banking institutions reached 738.2 trillion won in November, compared with 730.7 trillion won a month earlier, according to the data by the Bank of Korea.The on-month gain is slightly less than the record 7.8 tr

Jan. 13, 2015

Gov't to revitalize economy by boosting consumption, investment

The government said Tuesday it will seek to revamp the local economy by boosting investment and domestic consumption and help improve the livelihoods of ordinary citizens.In a joint report to President Park Geun-hye in Sejong on the government's economic policy goals for this year, six economy-related ministries led by the Ministry of Strategy and Finance emphasized a "healthy" economy supported by domestic demand and exports."The government's economic policy for 2015 focuses on organic connecti

Jan. 13, 2015

S. Korea's import prices fall in Dec.

South Korea's import prices again fell in December from a year ago as global oil prices continued to slide, central bank data showed Tuesday.In local currency terms, import prices tumbled 13 percent on-year last month, quickening from a revised 8 percent fall in November, according to the preliminary data from the Bank of Korea. It marks 28 straight months of an on-year fall in import prices.From a month earlier, import prices fell 5.1 percent in the cited period, also picking up from a 0.9 perc

Jan. 13, 2015

Oil falls further in Asian trade

Oil fell further in Asia Monday, with weak demand and a supply glut putting relentless pressure on prices already at their lowest in five and a half years, analysts said.US benchmark West Texas Intermediate for February delivery was down 84 cents at $47.52 a barrel in afternoon trade and Brent crude for February dropped 81 cents to 49.30."The fundamental factors have not changed much. There is an oversupply and demand is weak," said Daniel Ang, an investment analyst with Phillip Futures in Singa

Jan. 12, 2015

Trade deficit with EU tops US$10 bln in 2014

South Korea's trade deficit with the European Union (EU) topped the US$10-billion mark last year, largely due to a slump in the shipbuilding sector and European carmakers' expanded presence here following the implementation of the bilateral free trade agreement in 2011, industry data showed on Monday.According to the data, South Korea's exports to the world's single largest economic bloc gained 5.5 percent through Dec. 20 last year to $50.04 billion, while imports from the eurozone countries sur

Jan. 12, 2015

KOGAS chief resigns over bribery charges

Jang Seok-hyo, president and CEO of Korea Gas Corporation, on Sunday offered to resign, following prosecutors’ indictment over alleged bribery and breach of trust. The announcement came two days after Energy Minister Yoon Sang-jik urged for his dismissal. Jang was indicted without detention last month on suspicion that he had received some 280 million won ($255,000) from an LNG tug boat company since July 2013. He is also suspected of having misappropriated 3 billion won company fund and overpai

Jan. 11, 2015

Home sales hit 8-year high in 2014

South Korea’s home sales reached an 8-year high in 2014, the government said Sunday, apparently bolstered by a series of government measures to revitalize the property market. The number of home transactions surged 18 percent on-year to 1,005,173 last year, the largest annual tally since 2006, according to the Ministry of Land, Infrastructure and Transport. It also marks the first time since 2006 that the annual figure has surpassed the 1 million mark. Home transactions in Seoul soared 32.5 perc

Jan. 11, 2015

S. Korea's 2015 tax deficit to be higher than expected: report

South Korea's budget deficit is expected to be higher than expected to surpass an earlier estimate of 3.4 trillion won (US$3.1 billion) this year due to lower-than-predicted economic growth and inflation, a parliamentary report said Sunday. The National Assembly Budget Office (NABO) in October forecast the government to collect 218.2 trillion won in taxes based on a 5.6 percent nominal growth rate, expecting a tax revenue shortfall of over 3 trillion won of this year.In the latest report, the NA

Jan. 11, 2015

S. Korea's home sales hit 8-year high in 2014

South Korea's home sales reached an 8-year high in 2014, the government said Sunday, apparently bolstered by a series of government measures to revitalize the property market.The number of home transactions surged 18 percent on-year to 1,005,173 last year, the largest annual tally since 2006, according to the Ministry of Land, Infrastructure and Transport. It also marks the first time since 2006 that the annual figure has surpassed the 1 million mark.Home transactions in Seoul soared 32.5 percen

Jan. 11, 2015

LG G Flex 2 smartphone wins awards at CES

South Korea’s No. 2 tech giant, LG Electronics Inc., said Friday it has received positive responses for its new curved-style handset G Flex 2 at the International ECS underway in the U.S., winning much media recognition.The handset, unveiled at the show, was chosen for the CES Editors’ Choice Award by Reviewed.com, the company said. It was also on Digital Trends’ Top Tech of CES list and a CES Staff Pick by TechRadar, it said.TechRadar reviewed the new smartphone as “more likely to be picked up

Jan. 9, 2015

Korean shipbuilders’ orders fall 36%

The number of orders won by South Korean shipbuilders fell 36 percent last year as global demand for new ships shrank due to a tumble in oil prices, industry data showed Friday.The data by global market researcher Clarkson Research Services said South Korean shipbuilding companies took orders totaling 11.78 million compensated gross tons, or 305 ships, ranking it second in the industry for the fifth consecutive year. China retained its top ranking for the same period. The plunge in oil prices ca

Jan. 9, 2015

Asian markets mostly up after US gains

Asian shares mostly climbed for a third straight day Friday following more advances on Wall Street, while bargain-buying helped oil recover slightly from its latest sell-off.The euro edged up but struggled to make sizeable gains against the dollar, with the European Central Bank expected to unleash a vast easing programme at the same time as the US Federal Reserve plots an interest rate hike.Tokyo gave back most of its early gains but ended marginally higher, adding 0.18 percent, or 30.63 points

Jan. 9, 2015

Seoul shares up 1 pct on Wall Street gains

South Korean stocks soared on Friday, extending their gains for a third consecutive session on overnight gains on Wall Street and growing expectations of stimulus in the eurozone, analysts said. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.05 points, or 1.05 percent, to 1,924.70. Trading volume was moderate at 305 million shares worth 4.25 trillion won (US$3.89 billion), with gainers beating losers 530 to 283."Samsung's fourth-

Jan. 9, 2015

Foreign currency deposits dip in Dec.

Foreign currency-denominated deposits at banks in South Korea slipped in December from the previous month as the value of both U.S. dollar deposits and Chinese yuan deposits fell, data showed Friday.Foreign currency deposits held by residents reached US$61.1 billion as of the end of December, down $2.7 billion from the previous month, according to the Bank of Korea.Residents cover local citizens, foreign companies and foreigners staying here for more than six months. The data excludes inter-bank

Jan. 9, 2015

Bankruptcy by self-employed seniors on rise: data

The portion of self-employed seniors who have gone bankrupt is trending higher due to excessive competition, data showed Friday, raising alarm as a growing number of babyboomers among them are opting to start their own businesses after retirement.Some 75.3 percent of self-employed businesses that went belly up last year were run by those aged over 50, compared with 70.6 percent in 2011, according to the data by the Korea Financial Telecommunications & Clearings Institute.Of the total, those aged

Jan. 9, 2015

Seoul shares sharply up in late morning trade

South Korean stocks traded sharply higher late Friday morning, with most market heavyweights remaining in positive terrain on overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.48 points, or 1.23 percent, to 1,928.13 as of 11:20 a.m.Tech and auto shares led the overall market advance.Top market cap Samsung Electronics climbed 0.3 percent after its estimated fourth-quarter operating income beat market expectations at 5.2 trillion won (US$

Jan. 9, 2015

S. Korean shipbuilders' orders fall as global market shrinks on oil price drop

The number of orders won by South Korean shipbuilders fell 36 percent last year as global demand for new ships shrank due to a tumble in oil prices, industry data showed Friday.The data by global market researcher Clarkson Research Services said South Korean shipbuilding companies took orders totaling 11.78 million compensated gross tons (CGTs), or 305 ships, ranking it second in the industry for the fifth consecutive year. China retained its top ranking for the same period.The plunge in oil pri

Jan. 9, 2015