[Graphic News] Coal consumption rises 11% 2010-2015

Korea’s coal consumption rose 11 percent over the five years from 2010 to 2015, in contrast to the U.S. and U.K., which have reduced use of the fuel by nearly 25 percent, a recent study shows. China saw a 10.2 percent increase in the cited period, while India logged a 39 percent jump, according to the BP Statistical Review of World Energy. In 2010, Korea consumed 75.9 million tons of coal, which peaked at 84.6 million in 2014, falling slightly to 84.5 million in 2015. That accounted for 2.2 perc

June 20, 2016

Korean producers say they're helpless against Chinese plagiarisms

Ahn In-bae, the head of a South Korean production company, says he has trouble sleeping because of a very common problem his peers are facing: Chinese networks that plagiarize, and massively benefit from, their shows."In plain sight, they're stealing my ideas, but there's nothing I can do to stop or punish them," the CEO of Koen Group, the creator of the popular South Korean reality series "The Return of Superman," said in an interview with Yonhap News Agency on Sunday. Still from the "Return of

June 20, 2016

M&A deals reshape local brokerage industry landscape

[THE INVESTOR] Mergers and acquisitions among midsized brokerages will continue to shape the securities industry in the second half of 2016, following mega deals signed by top local players earlier.After the big merger deals of Daewoo Securities and Hyundai Securities earlier this year and last year, M&A activities in the industry are expected to pick up due to deteriorating balance sheets. “Brokerage houses will come under growing pressure to drive growth through M&As as their growth woe worsen

June 20, 2016

ICT minister to publicize 'creative economy' in OECD session

South Korea's minister on ICT policy will brief the international community this week on the nation's digital vision and its efforts to foster a "creative economy," his ministry said Monday.Choi Yang-hee, minister of science, ICT and future planning, is scheduled to attend an OECD Ministerial Meeting on the Digital Economy, and deliver a speech.Under the theme of "Innovation, Growth and Social Prosperity," it will open in Cancun, Mexico, on Wednesday for a two-day run. The upcoming session will

June 20, 2016

KFS strives for greener Korea with urban forests

The Park Geun-hye administration opened the 2016 Government 3.0 Fair for a three-day run in Coex in southern Seoul on Monday, as part of its efforts to enhance communication between government agencies and the public.With the slogan “Government at Your Fingertips,” the fair is displaying 100 booths in seven different categories, exhibiting various services provided by government ministries and agencies to widen public access to administrative data to improve people’s daily lives, officials said.

June 20, 2016

Saenuri floor leader vows to promote fair competition to Korean economy

South Korea's ruling Saenuri Party said Monday it will make efforts to bring fair competition to the country's business realm, adding it will also root out irregularities among conglomerates."A country that is not run fairly cannot stand up straight,"said Chung Jin-suk, the floor leader of Saenuri, adding the country must make efforts to withhold unnecessary privileges from the high-income bracket.The lawmaker claimed South Korea's economy is effectively run by the upper 10 percent. He said this

June 20, 2016

Number of stamp collectors dips in digital era

In the 1960s and '70s, stamp collecting was arguably the most popular hobby among adolescents in South Korea. When new stamps went on sale, hundreds of students formed long queues in front of post offices in large cities from the early morning hours, prompting even police to send officers to maintain order. Scores of students got called on the carpet for being late.However, South Korea's oldest hobby related to information and communications has become "an endangered interest" as the advent of t

June 20, 2016

Antigraft act will cause US$10b loss per year: think tank

[THE INVESTOR] The new anticorruption act set to take effect in September will cost local businesses 11.6 trillion won (US$9.96 billion) on an annual basis, a think tank claimed.Commonly known as the Kim Young-ran act, it will place a ceiling on the value of gifts -- cash and goods -- and meals individuals in selected professions can have in their professional capacities. The government announced its enforcement in May. According to a report compiled by the Korea Economic Research Institute, if

June 20, 2016

Ratio of income tax revenue to GDP rising fast: report

South Korea's ratio of income tax revenue to gross domestic product has been rising at a fast pace over the past years due largely to the increased number of taxpayers, a report showed Monday.The country's revenue from earned income and global income taxes came to 36.8 trillion won ($31.4 billion) in 2014, accounting for 2.48 percent of the overall tax revenue of 1,485.1 trillion won, according to the report based on data from the finance ministry and the National Tax Service. National Tax Servi

June 20, 2016

Producer prices drop on decline in farm goods in May

South Korea's producer prices dropped slightly from a year earlier in May on a large cut in prices of agricultural and fishery products, central bank data showed Monday.The producer price index for May came to 98.68, down 3.1 percent from the same month last year, according to preliminary data from the Bank of Korea.The May index marked a slight increase from a revised 98.67 in the previous month.May marked the second consecutive month of an on-month gain following eight straight months of decli

June 20, 2016

3 in 4 exporters see benefits of 'hallyu' in overseas sales: survey

Nearly three out of every four South Korean exporters believe their overseas sales have been boosted by the growing popularity of the country's pop culture in other countries, a survey showed Sunday.In a recent poll conducted by the Korea International Trade Association on its member companies, 74.6 percent of the 807 firms surveyed said the Korean Wave, or "hallyu" in Korean, had positive effects on their overseas marketing efforts.For instance, a local sunglasses manufacturer's sales spiked fr

June 19, 2016

Bank deposits on rise despite record low interest rates

Deposits at South Korea's major commercial banks grew at a fast clip last week despite significant cuts in interest rates paid by local banks following a rate cut by the central bank, market data showed Sunday.Outstanding deposits held by the country's five major lenders gained over 10 trillion won ($8.52 billion) in just one week after the Bank of Korea slashed its key interest rate to a record low of 1.25 percent on June 9, according to the data.Following the rate cut, some local banks have re

June 19, 2016

Korea's agricultural exports to U.S. jump nearly 10%

South Korea's agricultural and fisheries exports to the United States are on a steep increase, data showed Saturday, an apparent indication of the benefits from the bilateral free trade agreement between the two countries that went into effect four years ago.In the first four months of the year, shipments of South Korean agricultural and fisheries goods to the U.S. came to 310 million, up 9.8 percent from the same period last year, according to the data from the Los Angeles branch of the state-r

June 19, 2016

Korean banks' short-term foreign liabilities surpass 40 tln won

 The net short-term foreign liabilities of major South Korean lenders have surpassed 40 trillion won ($34.09 billion), market sources noted Sunday, a potential threat to the banks' foreign currency soundness, especially following what many see as an imminent U.S. rate hike.According to the sources, the combined foreign liabilities of the country's six major banks that will mature in less than two years stood at 37.11 trillion won as of last week.The total owed by all local lenders currently stan

June 19, 2016

Korean builders seek new owner after court receivership

[THE INVESTOR] A handful of Korean companies, which have put under court-led restructuring programs, are seeking out new buyers, sources said on June 17. Financially troubled firms, mainly builders, are putting themselves on the mergers and acquisitions market after the Seoul Central District Court helps them to clean up their balance sheet during the debt workout scheme. “The local M&A market is expected to be packed by firms that underwent court-led revamp as more companies rely on the court a

June 17, 2016

Woori Bank to be put up for sale again

[THE INVESTOR] The government plans to make its fifth attempt to sell Woori Bank in August at the earliest, a key official overseeing the sale process said on June 17. “The success of Woori Bank sale can’t be guaranteed as market sentiment can shrink due to variables like Brexit but we are considering giving a public notice of the disposal between August and September,” said Yoon Chang-hyun, chairman of Public Fund Management Committee of Financial Services Commission. Woori Bank, the country’s

June 17, 2016

Finance minister sees difficult H2 for Korea

[THE INVESTOR] The Korean economy will continue to face tough internal and external conditions, the country’s top economic policymaker said on June 17. Speaking at a conference with think tanks, Deputy Prime Minister and Minister of Strategy and Finance Yoo Il-ho said that difficult conditions will continue and that the government will roll out necessary counter measures. Deputy Prime Minister Yoo Il-ho(second from right) is speaking at a conference with think tanks.“Internal and external condit

June 17, 2016

Korea’s trade with China, US declines

 [THE INVESTOR] Korea’s current account surplus with China fell nearly 20 percent last year due to the sluggish growth of the world’s second largest economy, central bank data showed June 17.The current account surplus with China came to $45.14 billion in 2015, a 19.5 percent decline from the previous year’s $56.06 billion, according to data from the Bank of Korea. The figure decreased for two straight years since 2013 when it reached $56.69 billion. Busan PortThe central bank cited a drop in ex

June 17, 2016

Korean shares up in late morning trading

South Korean shares traded 0.47 percent higher late Friday morning on eased worries over a British exit from the European Union after Britain suspended a campaign following a lawmaker's death. The benchmark Korea Composite Stock Price Index advanced 9.27 points to 1,961.26 as of 11:20 a.m.Market kingpin Samsung Electronics gained 1.35 percent, and Korea Electric Power Corp., the state-run power provider, rose 0.69 percent. Auto shares were down, with industry leader Hyundai Motor declining 0.37

June 17, 2016