Emphasis on free-trade deals has increased access for Korean exportsPresident Lee Myung-bak’s emphasis on business diplomacy for the past three years has been catapulted Korea to the forefront of free trade and international global coordination that helped the world tide over the worst downturn since the Great Depression. Korea’s first CEO-turned-president is praised for pulling the country out of

Feb. 27, 2011

During his three years in office, President Lee Myung-bak is praised for achieving a rapid recovery from the financial crisis and boosting Korea’s economic clout in the world.His government has widened Korea’s free trade relations with major economies, mediated conflicts between traditional and emerging powers as the first host of G20 Summit and pulled off 6.1 percent growth last year to rank seco

Feb. 24, 2011

The state-run Industrial Bank of Korea led Korean lenders in terms of labor productivity last year, government data showed Monday.According to the Financial Supervision Service, the IBK recorded 181 million won ($163,107) in profit per employee. Shinhan scored the second with 154 million won.Employees at Hana Bank came third with 118 million won and the state-run Woori Bank came fourth with 80 mil

Industry Feb. 21, 2011

The government faces an uphill battle to legislate tax benefits for Islamic bond investors at a parliamentary session starting Friday amid sturdy objections from opposition politicians and churches.The Finance Ministry is pushing for a bill on Islamic bonds, or sukuk, that would grant tax exemption on profits earned by bondholders in a bid to widen Korea’s access to increasing Middle Eastern oil m

Feb. 17, 2011

Global stock exchange tie-ups to reduce trading options for Korea ExchangeA fresh wave of international stock exchange integration poses a bigger challenge to Korea Exchange lagging behind in trading infrastructure and networks with major global players, analysts said.Three major alliances are under way among top bourses in the U.S. and Europe representing more than 40 percent of the world’s trade

Feb. 15, 2011

  Korean political parties on Saturday hailed the toppling of Egyptian President Hosni Mubarak as a victory for the Egyptian people toward democracy.  Mubarak's three-decade reign ended earlier Saturday, Korean time, after the besieged ruler decided to comply with protesters' requests for him to step down.  A junta of military commanders will now assume power in a culmination of the 18-day uprisin

National Feb. 12, 2011

Currency appreciation would improve supply of imports, reduce currency volatility, economists sayA stronger won could help tame the country’s inflationary pressure, as a tool to ease the burden of surging import prices, economists said Thursday.Although tolerating a more expensive won would hurt exporters, the move will ease some supply shortage, they said. They predicted that further appreciation

Feb. 10, 2011

Analysts’ views were mixed on the prospect of an interest rate hike ahead of the monetary policy committee’s monthly meeting for benchmark interest rate-setting slated for Friday. This reflects the Bank of Korea’s dilemma of containing rising prices while keeping growth on track. Inflation driven by fresh food prices and commodities abroad is pressuring the central bank to raise the key rate for t

Feb. 9, 2011