Level 2 warning for power shortage issued

With the sudden suspension of another nuclear reactor, authorities issued a level-two warning on the nation’s electric power supply, for the fourth time this summer.The Korea Power Exchange raised the “attention” warning at 1:37 p.m. on Thursday as the quick-start reserve fell below the 3.5-million-kilowatt level, officials said.This caused tension in the power supply control towers as the alarm came some 20 minutes sooner than expected.The Ministry of Trade, Industry and Energy claimed late las

Aug. 22, 2013

Sales at discount outlets, department stores fall in July

Sales at South Korea’s major discount outlet chains and department stores declined in July from a year earlier as the prolonged rainy season curbed retail sales, the government said Thursday.According to the Ministry of Trade, Industry and Energy, combined sales of three major discount outlet chains here fell 4.9 percent in July from a year earlier, a turnaround from a 4.2 percent on-year gain in June. The three discount outlet chains are Lotte Mart, E-Mart and Homeplus.The government said that

Aug. 22, 2013

K-sure seeks to aid shipbuilding with new bond insurance plan

Aiming to boost the competitiveness of local shipbuilders, the state-run Korea Trade Insurance Corp., or K-sure, has launched the K-sure Covered Bond Program to provide easier funding for shipowners, officials said Thursday.The idea is to encourage foreign ship owners to place orders with Korean shipbuilders by offering them low-interest bond funds as an alternative to conventional bank loans.“Major ship owners have been faced with financial obstacles over recent years as the European banks, ami

Aug. 22, 2013

Nuke reactor in Yeonggwang halted

The Hanbit Nuclear Reactor 6, located in Yeonggwang, South Jeolla Province, suddenly halted operations on Wednesday afternoon due to mechanical failure, adding to the concerns on electricity shortage.“The reactor suddenly went out of order and had to be suspended at 2:44 p.m.,” said an official of the Korea Hydro & Nuclear Power Corporation.As a result, the nation’s backup power level dropped from the 4.5 million kilowatt level to 3.7 million kilowatts as of 3 p.m., which triggered the phase 3 a

Aug. 21, 2013

Nation on alert against blackout in September

The worst of the summer heat may be over, but the nation is still on guard for a potential blackout next month as several thermoelectric and nuclear power plants face temporary shutdowns for repairs and maintenance. Regional power suppliers are currently planning to halt the operation of some 14 or more steam power plants consecutively for maintenance reasons, according to the Ministry of Trade, Industry and Energy.Two nuclear power plants will also follow suit, in which case seven out of 23 nuc

Aug. 21, 2013

S. Korea's short-term debt hits over 6-year low in Q2

South Korea's short-term foreign debt declined to its lowest level in more than six years in the second quarter, the central bank said Wednesday, helping improve the country's capacity to service external debt.The country's short-term external debt totaled $119.6 billion as of the end of June, down $2.6 billion from three months earlier, according to the Bank of Korea (BOK).It marked the lowest level since the fourth quarter of 2006 when short-term foreign debts hit $113.7 billion.The second-qua

Aug. 21, 2013

Seoul turns to ICT to manage power shortages

After unprecedented electric power shortages this summer, the government said on Monday it would renovate the nation’s electricity management system by applying advanced information communication technology. The Ministry of Trade, Industry and Energy announced a new energy management plan to help improve energy efficiency as a part of the government’s creative economy drive. The ministry’s objective is to operate a comprehensive energy management and energy storage system so that companies may g

Aug. 19, 2013

6 in 10 unwilling to pay more taxes for welfare

Six out of 10 South Koreans are unwilling to pay more taxes to increase spending on welfare, a poll showed Monday, in the latest sign of lukewarm public reaction to shouldering extra tax burdens.The poll, which surveyed 1,000 adults across the country in December, found that 26 percent said the government should lower taxes even if it means that welfare benefits are cut.It also showed that 25.4 percent said current taxes and welfare spending were appropriate while 8.6 percent of respondents said

Aug. 19, 2013

English book on FX policies to be published

An English-language book on South Korea’s foreign exchange policies written by a former veteran central banker will be released next week, shedding light on the country’s experience in overcoming the global financial crisis, the publisher said Friday.In the book titled “Exchange Rate and Foreign Exchange Policies in Korea,” Ahn Byungchan, a former director general at the Bank of Korea, stressed the need to thoroughly manage the foreign reserves and improve macroprudential soundness to prevent th

Aug. 16, 2013

S. Korea's producer prices fall for 10th straight month in July

South Korea's producer prices fell for the 10th straight month in July as the local currency's gain to the U.S. dollar helped offset higher oil costs, the central bank said Friday.The producer price index, a barometer of future consumer inflation, slid 0.9 percent in July from a year earlier, compared with a 1.4 percent on-year decline in June, according to the Bank of Korea (BOK).On a yearly basis, the producer prices have fallen every month since October 2012 when such prices fell 0.5 percent

Aug. 16, 2013

Top biz groups pay less tax on low earnings

The nation’s top 10 industrial groups paid significantly less in income taxes mostly on the back of lackluster earnings amid a sluggish economy, figures showed on Thursday.This, in turn, indicates that the government will earn less in taxes from the corporate sector. The Park Geun-hye administration is currently struggling for more tax revenue as it seeks to uphold its welfare pledges. Tax revenues for the first half of this year tumbled to the lowest in three years to 96.7 trillion won. A year

Aug. 15, 2013