Oil dives to fresh 12-year low under $27

Oil plunged to fresh 12-year lows under $27 on Wednesday, slammed by gloomy economic forecasts, China's slowdown and abundant crude supplies.In late afternoon deals, US benchmark West Texas Intermediate for February delivery tanked to $26.30 per barrel, a level last seen in early May 2003.The contract later stood at $26.50, down $1.96 from Tuesday's closing level.The global oil market has collapsed further since the International Energy Agency warned Tuesday that the oil market could "drown in o

Jan. 21, 2016

Inter-Korean trade hits record high in 2015 despite shaky ties

Trade volume between South and North Korea reached an all-time high in 2015 despite strained inter-Korean ties over the North's pursuit of nuclear weapons, a trade association here said Thursday.Trade between the two Koreas came to $2.71 billion last year, up 15.8 percent from a year earlier, according to the data provided by the Korea International Trade Association. The figure was the largest ever on record. South Korea's shipments to the North grew 11 percent on-year to $1.26 billion, while i

Jan. 21, 2016

Four in 10 Korean households unprepared for old age: report

Approximately four in 10 South Korean households have no concrete plans to cope with life after retirement, a report showed Thursday.The report by the Korea Institute for Health and Social Affairs on circumstances facing senior citizens showed 38.5 percent of local households are unprepared for old age, while those who claim they are ready expect difficulties in maintaining current living standards."Many South Koreans don't have plans for life after retirement because they have to educate their

Jan. 21, 2016

Inter-Korean trade hits record high in 2015

Trade between the two Koreas hit an all-time high in 2015 despite tension over Pyongyang’s nuclear weapons, a local trade association said Thursday.North Korean workers are seen on duty at the Gaeseong industrial complex. (Yonhap)The volume reached $2.71 billion last year, up 15.8 percent from a year earlier, according to the data from the Korea International Trade Association. The figure was the largest ever on record. South Korea’s shipments to the North grew 11 percent on-year to $1.26 billio

Jan. 21, 2016

Elderly households become key factor in domestic consumption

With the aged population growing rapidly in the country, it is becoming an increasingly urgent policy task to increase spending by elderly households while preventing them from falling below the poverty line.According to a study by the Hyundai Research Institute, a private think tank, the proportion of householders aged 60 and older is projected to rise from 28.1 percent in 2014 to 35.2 percent in 2020 and 46.9 percent in 2030. In contrast, the corresponding figure for those in their 30s-50s is

Jan. 20, 2016

Imported coffee, wine, beer more expensive in Korea

The price of some imported items such as wine, coffee and fruit were higher in South Korea than in a dozen other countries, according to data compiled by a local civic group. For instance, a tall size Starbucks cup of coffee, a piece of U.S. steak, a bunch of bananas, one grapefruit and a 1.5-liter bottle of Coca Cola, among other imported goods, were the second-most expensive here out of a total of 13 nations surveyed by Consumers Korea.Heineken beer imported from the Netherlands was being sold

Jan. 20, 2016

MERS cause duty-free sales to foreigners to decline in 2015

The outbreak of Middle East Respiratory Syndrome in South Korea last year caused duty-free purchases made by foreigners to decline, despite overall sales going up thanks to solid rise in outbound travelers, data showed Wednesday.Sales to foreigners inched down 0.6 percent on-year to US$5.41 billion, the Korea Duty Free Association  said."The MERS outbreak hurt shopping by foreign travelers," it said, adding that last year marked the first time duty-free sales by foreign travelers have retreated

Jan. 20, 2016

Korea trading firms turn eyes to post-sanctions Iran

South Korean general trading companies are turning their eyes to a potentially big Iranian market following the lifting of economic sanctions on the Middle Eastern country, industry sources said Wednesday.South Korea's five leading GTCs, including Daewoo International, are moving to restore ties with their former trading partners in Iran and consider various ways to explore new business opportunities there.In particular, the companies are considering participating in such businesses as energy, m

Jan. 20, 2016

China 2015 growth slows to weakest for 25 years

 China's GDP grew at its slowest in a quarter of a century last year, creating pressure for more stimulus policies to ensure a soft landing for the economy that is a crucial driver of global growth.The 6.9 percent figure was the slowest in the People's Republic since the 3.8 percent of 1990, a year after the bloody Tiananmen Square crackdown rocked the country and isolated it internationally.But while the outcome is much smaller than the double-digit rates seen before the financial crisis, it is

Jan. 20, 2016

Seoul shares open lower

South Korean share prices opened weaker on Wednesday on account of steep losses in tech and other blue chip stocks. An investor walks past an electronic board displaying South Korean share prices. (Yonhap)The benchmark Korea Composite Stock Price Index shed 9.24 points, or 0.49 percent, to 1,880.40 in the first 15 minutes of trading.The index was trading at 1869.34, down more than 1 percent as of around 10:36 a.m. Tech shares led the decline, with market heavyweight Samsung Electronics losing 1.

Jan. 20, 2016

Japan slips to 5th-largest export market for S. Korea

Japan was the fifth-largest export market for South Korea in 2015, slipping a notch from the previous year, according to trade data on Wednesday. Containers are waiting for shipment at a dock near Tokyo. (Yonhap)Exports to Tokyo also took up a record-low portion in Seoul’s outbound shipments on a weak yen.At the same time, China emerged as South Korea’s No. 1 trading partner, said the Korea International Trade Association.South Korea’s shipments to Japan reached $25.6 billion last year, accounti

Jan. 20, 2016