Monthly household income grew 2.9% in Q3

Monthly household income in South Korea grew 2.9 percent on-year during the third quarter amid signs the economy is recovering from a prolonged slump, government data showed Friday.The income of households consisting of two members or more averaged 4.26 million won ($4,012) per month during the July-September period, up from 4.14 million won tallied a year earlier, according to the data provided by Statistics Korea. If adjusted for inflation, income also grew 1.6 percent.The income growth rate i

Nov. 22, 2013

KT provides relief for victims of typhoon Haiyan

KT Corp., the nation’s second-largest mobile carrier, and KTSAT, its affiliate specializing in satellites, together donated $200,000 in relief funds for the victims of typhoon Haiyan in the Philippines, the company said in a press release Friday.The donation will be used mainly to provide the victims with relief goods and aid the restoration of damaged areas.KTSAT also provided a free emergency satellite communications network.“I hope that the Filipino victims who are suffering from the horrendo

Nov. 22, 2013

Latest round of S. Korea-China FTA ends after 'good start'

The latest round of negotiations for a bilateral free trade agreement (FTA) between South Korea and China ended Friday after the countries exchanged their initial offers for the level of liberalization for goods, marking what South Korean officials called a good start.The latest round of South Korea-China FTA negotiations, the eighth of its kind, had been held since Monday in South Korea's western port city of Incheon."In the latest round of negotiations, the two sides began discussions for a ro

Nov. 22, 2013

Global inspection finds no major problems at Korean power plants

An international inspection of South Korea’s nuclear power plants and its state-run operator has identified nearly 200 minor problems, though they do not warrant any immediate safety concerns, the country’s nuclear commission said Wednesday.According to the Nuclear Safety and Security Commission, the special inspection by Germany’s TUV SUD concluded that South Korea’s nuclear power generation system is largely immune to any immediate threat, while identifying 35 findings, along with 145 recommen

Nov. 20, 2013

S. Korea's short-term foreign debt hits 7-year low in Q3

South Korea's short-term foreign debt declined to its lowest level in seven years in the third quarter on a fall in banks' overseas borrowing, the central bank said Wednesday.The country's short-term external debt totaled US$111.5 billion as of end-September, down $8.1 billion from three months earlier, according to the Bank of Korea (BOK).It marked the lowest level since the third quarter of 2006 when short-term foreign debts hit $107.4 billion.The third-quarter data also marked the fifth strai

Nov. 20, 2013

Household debt in S. Korea grows 6.8 percent

The average household debt in South Korea grew 6.8 percent over the past year, a report showed Tuesday, spawning concerns about households' debt-servicing capacity amid weak income growth.Korean households held an average of 58.18 million won ($55,116) in debt as of end-March, up from 54.50 million won the previous year, according to the report jointly made by Statistics Korea, the Financial Supervisory Service and the Bank of Korea.Household debt here refers to financial debt and key money for

Nov. 19, 2013

Report foresees 5 percent growth for Korea despite aging population

South Korea's economy is expected to tide over its aging demographic and post an annual growth of 5 percent down the road on its rising working population, a report showed Tuesday."The Asian Tigers were named for their strong growth from the 1960s to the 1990s. But they have slowed down, (as) their last 5-year real gross domestic product (GDP) growth average of nearly 3 percent is a third of the near 9 percent growth average over 1960-1980," said Amlan Roy, a researcher at Credit Suisse.The term

Nov. 19, 2013

Hyundai to build Korea’s 2nd research base in Antarctic

About 140 South Koreans left for Antarctic from New Zealand over the weekend to complete a second research station in the frozen continent by early next year, company officials said Monday.The South Koreans will handle exterior and interior work of the research base, named Jang Bogo, in Terra Nova Bay near the Ross Sea on the southeastern tip of the Antarctic, said officials of Hyundai Engineering & Construction Co.Hyundai E&C said it plans to complete the second phase of construction by March.

Nov. 18, 2013

Korea's economic growth to outperform Japan's growth for 15th year in 2013

South Korea's economic growth is expected to outperform Japan's growth for the 15th straight year in 2013 amid doubts whether Japan's Abenomics will pay off, data showed Monday.Abenomics refers to a mixture of aggressive monetary and fiscal policies preached by Japan's Prime Minister Shinzo Abe.The world's third-largest economy may grow at an average of 1.8 percent this year, according to growth estimates compiled by the Japan Center for Economic Research. In 2012, the Japanese economy grew 1.9

Nov. 18, 2013

Korea's producer prices fall for 13th straight month in Oct.

South Korea's producer prices declined for the 13th straight month in October as oil prices fell and the local currency strengthened against the U.S. dollar, the central bank said Monday.The producer price index, a barometer of future consumer inflation, slid 1.4 percent in October from a year earlier, compared with a 1.8 percent on-year decline in September, according to the Bank of Korea (BOK).On an annual basis, the producer prices have fallen every month since October 2012, when such prices

Nov. 18, 2013

Korea’s rice production grows 5.6% in 2013

South Korea’s rice production grew 5.6 percent on-year in 2013 as favorable weather conditions and little damage from typhoons led to a bumper harvest, government data showed Friday.According to the data by Statistics Korea, South Korea produced a total of 4.23 million tons of rice this year, up from 4.01 million tons tallied a year earlier. This represented the first on-year output growth since 2009.The hike is attributable to favorable weather conditions and little damage from typhoons. Last y

Nov. 15, 2013

BOK head's misleading gaffe confuses market watchers

The head of South Korea's central bank made a misleading gaffe earlier this week concerning the country's trade with the United States, sparking concerns over his capacity to lead.Bank of Korea (BOK) Gov. Kim Choong-soo said in a meeting with reporters Thursday that South Korea's current account surplus is mainly attributable to shipments heading to emerging markets, adding the country logged an account deficit with the U.S. over the recent period.The blunder confused market watchers as the U.S.

Nov. 15, 2013

Korea logs trade surplus for 21st straight month

South Korea logged a trade surplus for the 21st straight month in October thanks to relatively robust exports growth, customs data showed Thursday.South Korea‘s exports came to $50.5 billion last month, up 7.2 percent from the same month a year earlier, while imports grew 5.2 percent on-year to $45.6 billion, according to the data provided by the Korea Customs Service. As a result, Korea logged $4.9 billion in trade surplus last month, marking the 21st month of a surplus in a row since February

Nov. 14, 2013

Samsung dominates global NAND flash memory market

Samsung Electronics Co., the world’s largest computer memory chipmaker, maintained its status as the world’s top NAND flash memory chipmaker in the third quarter, data showed Thursday.Samsung sold $2.41 billion worth of NAND flash memory chips in the July-September period, accounting for 38.4 percent of the global market, according to the data compiled by market researcher DRAMeXchange.The third-quarter market share compares with 37.8 percent from the previous quarter, the data showed.NAND flash

Nov. 14, 2013

Complaints growing over quality of imported tents

Some high-priced foreign-brand tents are suffering from a spate of consumer complaints about their quality in the South Korean outdoor goods market, industry sources said Thursday.According to the sources, the WeatherMaster Wide 2 Room COCOON, a premium tent released this year by U.S. camping gear maker Coleman, received complaints that its color became mottled. The problem was revealed in the tent priced at nearly 2 million won ($1,875), made mainly by the company‘s plant in China, the sources

Nov. 14, 2013