South Korea's central bank froze the key interest rate for the third straight month on Friday amid signs of some improvements in the global economy.Bank of Korea (BOK) Gov. Kim Choong-soo and his six fellow policymakers held the benchmark 7-day repo rate steady at 2.75 percent for January. The central bank cut the rate in July and October to prop up the slowing economy.The decision was widely anticipated as 15 out of 21 analysts forecast the rate freeze in a survey by Yonhap Infomax, the financi

Jan. 11, 2013

South Korean stocks opened higher Friday on improved economic data from China and the eurozone, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 7.39 points, or 0.37 percent, to trade at 2014.19 in the first 15 minutes of trading.Tech blue chips led the market gain, with industry leader Samsung Electronics moving up 0.72 percent and its smaller rival LG Electronics climbing 0.66 percent. Top chipmaker SK hynix edged up 0.56 percent.Logistics shares also gathered gr

Jan. 11, 2013

Economic-related ministries and agencies are preparing for their policy briefings to President-elect Park Geun-hye, starting with the Small and Medium Business Administration on Friday.Next in line will be the National Tax Service, which is expected to brief and make suggestions on taming and regulating the underground economy, or the black market.It has been conventional for the Ministry of Strategy of Finance to brief the team before the NTS.Political analysts observed that the tax agency has

Jan. 10, 2013

The nation’s 14 leading business associations, including the Korea Chamber of Commerce and Industry and the Korean Iron and Steel Industry Association, issued a joint statement on Thursday against a sudden increase of industrial electricity prices, and sent it to key governmental agencies and the presidential transition committee.In the statement, they said the recent hike of the industrial electricity price by the Ministry of Knowledge Economy is stringent and the measure could hamper competiti

Jan. 10, 2013

South Korea staged a rare nationwide emergency drill for a possible power shortage Thursday as unusual cold spells are threatening to deplete its electricity reserves.The drill was held from 10 a.m. for 20 minutes with power supplies cut off to eight government complexes throughout the country temporarily. It was in part intended to test the country’s response measures in case of a power shortage, but also to encourage people to cut electricity use during peak hours.The Korea Power Exchange, the

Jan. 10, 2013

South Korean builder Daelim Industrial Co. said Thursday it has won a $295 million order to build a large petrochemical plant in Saudi Arabia.Under the deal with Saudi Butanol Co., Daelim Industrial will build the plant at the Al Jubail industrial complex on the Persian Gulf coast to produce 350,000 tons of butanol per year and 28,400 cubic meters of synthesis gas per hour, said the company.Saudi Butanol is a joint venture established by big name companies in the Middle East country, including s

Jan. 10, 2013

Samsung Heavy Industries Co., a South Korean shipbuilder, said Thursday that it aims to clinch orders worth $14.2 billion this year.In a regulatory filing, the shipbuilder also said it aims to log 14.9 trillion won in sales this year. Samsung Heavy did not release comparable figures for last year.Samsung Heavy is believed to have received orders valued at $9.6 billion last year, falling short of its yearly target of $12.5 billion, as demand for new ships dropped amid the protracted economic slum

Jan. 10, 2013

South Korea's import prices declined by the most in more than three years in December on a fall in global oil prices and a strong local currency, the central bank said Thursday. In local currency terms, the country's import prices dropped 8.8 percent last month from a year earlier, compared with a 7.6 percent on-year fall in November, according to the Bank of Korea (BOK). The figure declined for all of the second half of last year, except in August, as the Korean won's appreciation against the U

Jan. 10, 2013

The government will seek to convert irregular workers in the public sector into employees on regular working contracts as part of its efforts to make sure they have better job security, sources said Thursday. According to the finance ministry sources, the ministry is expected to report the plan to the presidential transition committee in a briefing on its 2013 policymaking scheduled for Sunday.The plan seems to be in line with the campaign pledge of President-elect Park Geun-hye that she will co

Jan. 10, 2013

A nationwide drill to prepare for a possible power blackout will start at 10 a.m. for 20 minutes on Thursday, the government said.The Ministry of Knowledge Economy, which is responsible for the nation’s energy policy, said the drill was aimed at raising the public’s awareness about a possible blackout. “The training session will start with the sound of siren at 10 a.m. nationwide and it will run under a mock scenario that power reserves fall below 2 million kilowatts,” a ministry official said.

Jan. 9, 2013

South Korean stocks finished 0.31 percent lower on Wednesday as investor sentiment was dented by concerns over weak corporate earnings for the fourth quarter of 2012, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index slid 6.13 points to 1991.81. Trading volume was heavy at 598 million shares worth 3.95 trillion won (US$3.71 billion) with losers outnumbering gainers 428 to 376.“Local listed firms are estimated to have remaine

Jan. 9, 2013

As President-elect Park Geun-hye vowed to be the president for the low and middle-income groups, one of the key economic policies her administration plans to implement involves consumer protection and micro credit financing.In her broader economic democratization agenda that aims for equality of opportunity irrespective of economic status, Park sets out to create a control tower, or an executive branch of sorts, to focus on supporting and protecting the middle class.Various policy suggestions ma

Jan. 9, 2013

South Korea's jobless rate remained under 3 percent for the fourth straight month in December, but job growth sharply slowed down, suggesting the labor market conditions remain tough for many job seekers, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 2.9 percent last month, slightly up from the previous month's 2.8 percent. The rate has been in the 2-percent range since September.The number of jobs added to the economy, however, decli

Jan. 9, 2013

The government announced a set of measures Tuesday to overhaul the country’s state-run nuclear power plant operator that seeks to enhance the safety of nuclear reactors and public confidence.The move comes as public confidence over the safety of nuclear power plants plunged from 71 percent in January 2010 to only 34.8 percent at the end of last year, according to the Ministry of Knowledge Economy, which oversees the country’s energy affairs.Such a large drop was largely caused by a nuclear accid

Jan. 8, 2013

South Korean conglomerate Dongbu Group signed a contract to take over Daewoo Electronics Corp. on Tuesday, ending a decade-long search for a buyer for the country’s No. 3 electronics firm.The group said its consortium inked the deal with Daewoo Electronics creditors to purchase the appliance maker for 272.6 billion won ($256.4 million).The move comes five months after Dongbu Group was tapped as the preferred bidder of Daewoo Electronics, a former unit of Daewoo Group, one of South Korea’s larges

Jan. 8, 2013