Most Popular
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Seoul blanketed by heaviest Nov. snow, with more expected
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NewJeans to terminate contract with Ador
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NewJeans terminates contract with Ador, embarks on new journey
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Seoul snowfall now third heaviest on record
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Korean Air gets European nod to become Northeast Asia’s largest airline
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Samsung shakes up management, commits to reviving chip business
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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Chaos unfolds as rare November snowstorm grips Korea for 2nd day
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S. Korea forecast to grow at 2 pct range next year
The South Korean economy is projected to expand at the 2-percent range in 2013 from this year, dampened by exhausted global stimulus measures and unabating eurozone debt troubles, foreign investment banks (IBs) said Tuesday. As of end-November, 10 global IBs, including Nomura and UBS, estimated the growth rate for Asia's fourth-largest economy to average 3 percent for 2013 and 2.3 percent this year, according to their data compiled by the Korea Center for International Finance (KCIF). Korea mark
Dec. 4, 2012
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Seoul shares open lower on pessimism
South Korean stocks opened lower Tuesday as poor U.S. data stoked growing concerns about a lackluster recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.41 percent, or 7.96 points, to 1,932.06 in the first 15 minutes of trading.Most shares traded in negative territory, with market bellwether Samsung Electronics falling 0.7 percent and top air carrier Korean Air dipping 0.23 percent.The Dow Jones industrial average closed down 0.46 percent after U.S. manufactur
Dec. 4, 2012
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Consumer inflation slows on food price stability
Consumer inflation slightly slowed in November to 1.6 percent on-year, dipping below 2 percent for the first time in three months. On a monthly basis, the consumer price index dropped another 0.4 percent in November after shedding 0.1 percent in October as prices of vegetables and fruits stabilized after a jump in September due to a typhoon. The Finance Ministry forecast an annual inflation in the low 2 percent range, provided that prices maintain the current stability. The slowing inflation can
Dec. 3, 2012
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Workers oppose CCTV use in nuke plant control rooms
A plan to install CCTV in the main control rooms of nuclear power plants across the nation is facing opposition from workers concerned about privacy.“We are reviewing the policy in a bid to reduce human errors in the main control room, which will help to rebuild public trust in nuclear power plants,” an official from the Korea Hydro & Nuclear Power said.CCTV has already been adopted in many areas of power plants except for their main control rooms, where workers oversee the operations. The offic
Dec. 3, 2012
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Winter energy-saving campaign kicks off
The government launched an energy-saving campaign for the winter season with related public and private organizations, including the Korea NGO’s Energy Network, on Monday. The launch of the campaign was noticed in advance as a series of breakdowns of nuclear power plants due to different reasons triggered concerns of a power shortage during the winter. The campaign, which will last until Feb. 22, 2013, targets both citizens and large-sized office buildings. For citizens, the campaign will advise
Dec. 3, 2012
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Seoul shares open higher on positive economic data
South Korean stocks began higher Monday as positive economic data from South Korea and China offset nagging concerns over the U.S. budget impasse, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.44 percent, or 8.53 points, to 1,941.43 in the first 15 minutes of trading.South Korea's trade surplus widened in November from a month earlier, while China saw its manufacturing purchasing managers' index data rise to a 7-month high.Key exporters led the gain, with market b
Dec. 3, 2012
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S. Korea's consumer prices grow 1.6 pct on-year in Nov.
South Korea's consumer prices grew at the slowest pace in three months in November, indicating that the country managed to keep inflation under control, a government report showed Monday.The country's consumer prices index rose 1.6 percent in November from a year earlier, compared with a 2.1 percent on-year gain in the previous month, according to the report by Statistics Korea. From a year earlier, it dropped 0.4 percent.The core inflation, which excludes volatile oil and food prices, increased
Dec. 3, 2012
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Trade surplus widens to $4.48b in November
South Korea’s trade surplus widened in November from the previous month as exports posted positive growth on the back of steady global demand, the government said Saturday.The country’s trade surplus came to $4.48 billion in November, compared with the surplus of $3.7 billion the previous month, according to the Ministry of Knowledge Economy. The country’s exports grew 3.9 percent from the same month last year to $47.79 billion with imports gaining 0.7 percent on-year to $43.32 billion.The expor
Dec. 2, 2012
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Sale of KAI may be delayed to next year
The sale of Korea Aerospace Industries is expected to be delayed to next year as the two leading presidential candidates both came out against the “hasty” privatization of the nation’s sole aircraft maker, industry sources said on Sunday. The likelihood of a delay increased after the state-run Korea Finance Corp., which has led the sale of a 41.75 percent stake in KAI, announced last week that it would extend the due diligence period to Dec. 7 from the original deadline of Nov. 29. The decision
Dec. 2, 2012
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Female CEOs still tiny minority
Despite the continued rise in the number of female executives in recent years, it is still hard to find a female chief executive officer in male-dominant South Korean big companies, data showed on Sunday. CEO Score, an online corporate management evaluator, said its recent survey of the top 1,000 Korean companies by revenue found that only eight companies are led by a woman CEO. Furthermore, most of the female CEOs were found to be a family member of the company’s owner. The Shilla Seoul, one of
Dec. 2, 2012
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Default-prone household debts reach 25.6 tln won: data
The amount of mortgages in South Korea at risk of turning sour reached 25.6 trillion won ($236.3million) in September, with the majority being owed to non-banking firms that charge higher interest rates, the financial regulator said Sunday.The figure represents 230,000 out of a total of 5.35 million mortgage borrowers here, accounting for 4.8 percent of the total home-backed loans extended by local financial institutions, according to the Financial Supervisory Service (FSS). "The percentage itse
Dec. 2, 2012
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S. Korea's trade surplus widens to $4.48 bln in Nov.
South Korea's trade surplus widened in November from the previous month as exports posted positive growth on the back of steady global demand, the government said Saturday.The country's trade surplus came to $4.48 billion in November, compared with the surplus of $3.7 billion the previous month, according to the Ministry of Knowledge Economy. The country's exports grew 3.9 percent from the same month last year to $47.79 billion with imports gaining 0.7 percent on-year to $43.32 billion.The expor
Dec. 1, 2012
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Korea eases visa issuance for foreign buyers
The South Korean government has eased visa regulations on foreign buyers in order to help local small and mid-size firms do business and boost foreign trade, a trade association said Friday.According to the Korea International Trade Association, the Justice Ministry will review a list of local firms made by KITA and grant visas within three days to foreign businesspeople who get invitations from the firms after proper identification checks.The fast-track visa issuance system started last month a
Nov. 30, 2012
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Shares inch down on U.S. budget talks
South Korean stocks slipped 0.1 percent Friday as investors took a wait-and-see stance to watch U.S. budget talks, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index dipped 1.95 points to 1,932.9. Trading volume was moderate at 330.3 million shares worth 4.43 trillion won ($4.09 billion), with gainers outnumbering decliners 410 to 367.“The fiscal cliff woes have widely dominated the stock market and investors want clearer signs of U.S.
Nov. 30, 2012
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Shares inch down on U.S. budget talks
South Korean stocks slipped 0.1 percent Friday as investors took a wait-and-see stance to watch U.S. budget talks, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index dipped 1.95 points to 1,932.9. Trading volume was moderate at 330.3 million shares worth 4.43 trillion won ($4.09 billion), with gainers outnumbering decliners 410 to 367.“The fiscal cliff woes have widely dominated the stock market and investors want clearer signs of U.S.
Nov. 30, 2012
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Businesses pledge more jobs, investment
The nation’s five leading business organizations vowed Friday to take the lead in revitalizing the sluggish economy by boosting exports and investment, while making efforts to create more jobs. “Despite difficulties due to the prolonged global economic downturn and slump in local consumption, the business community will make efforts to lift the economy, ” they said in a joint resolution. “Businesses, big or small, will drive to boost exports by tapping new markets and focus on facility investmen
Nov. 30, 2012
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Apple’s iPhone 5 to hit Korea next week
Korea’s two biggest mobile carriers ― SK Telecom Co. and KT Corp. ― said Friday they plan to release the long-awaited iPhone 5 in the local market next week. SK Telecom and KT tweeted they plan to start receiving pre-orders for the Apple device starting at 10 p.m. and officially launch the phone on Dec. 7.The move comes nearly three months after the U.S. smartphone maker, which is facing off against Samsung Electronics Co. in a global patent war, unveiled its first smartphone that runs on the fo
Nov. 30, 2012
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Seoul shares open lower on U.S. fiscal cliff woes
South Korean stocks opened lower Friday as investor sentiment was dented by rising concerns on the U.S. fiscal cliff issue, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.3 percent, or 5.76 points, to 1,929.09 in the first 15 minutes of trading. Carmakers led the decline, with No.1 player Hyundai Motor falling 0.22 percent, while its smaller auto parts affiliate Hyundai Wia moved down 0.84 percent.Brokerages also fell, with Samsung Securities losing 0.61 percent, wh
Nov. 30, 2012
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SMBA supports SMEs’ innovative design
The following is an introduction of some of the firms that participated in a joint program to support small and medium-sized companies pushed by the Small and Medium Business Administration (SMBA) and the Korea Institute of Design Promotion.The program included support for training employees, improving product design, conducting overseas marketing research, searching for buyers and participating in overseas exhibitions for the SME sector.The centerpiece of the program was helping SMEs redesign t
Nov. 29, 2012
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HSBC mulls shutdown of retail banking in S. Korea
HSBC Holdings Plc. is considering pulling its retail banking out of South Korea, industry sources said Thursday. The British banking giant has apparently been looking into closing down the retail banking section, after its botched attempt to sell 11 local branches to state-run KDB Financial Group Inc. in July, according to the sources and the Financial Services Commission. “We’re looking at all available options,” a HSBC spokeswoman said over the phone. She declined to elaborate further on the m
Nov. 29, 2012
