Korean stocks closed 0.65 percent lower on Tuesday as oil refiners and auto companies tumbled on economic slowdown fears and concerns over oil price falls, analysts said. The local currency lost ground against the U.S. dollar.The benchmark KOSPI skidded 13.76 points to 2,099.71, extending its losing run to a fourth straight session. Trading volume was light at 243.8 million shares, worth 6.1 trill

June 7, 2011

Korea’s central bank may leave the key rate unchanged for the third straight month for June in the face of lingering economic uncertainty, including the eurozone debt woes, a poll showed Tuesday.Nine out of 15 economists forecast that the Bank of Korea will freeze the benchmark seven-day repo rate at 3 percent on Friday, according to the survey by Yonhap Infomax, the financial news arm of Yonhap N

June 7, 2011

Korean stocks are expected to continue their upward trend this week on a series of events that may keep market sentiments afloat, analysts said.The benchmark Korea Composite Stock Price Index closed this week at 2,113.47, up 0.63 percent from a week earlier.The KOSPI lost ground at the beginning of last week, dipping to 2,093.79 on program and foreign sell-offs. The index rebounded to the 2,100 le

June 6, 2011

Korea’s food and agricultural exports surged 34.3 percent on-year in the first five months of 2011 mainly due to a rise in demand from Japan and other Asian countries, the government said Monday.The Ministry for Food, Agriculture, Forestry and Fisheries said outbound shipments reached $2.82 billion in the cited period, fueled by solid overseas demand for such goods as ginseng, processed food and v

June 6, 2011

Korea’s smaller-sized budget carriers may start flight operations to Vietnam under a new arrangement reached between Seoul and Hanoi, the government said Monday.The Ministry of Land, Transport and Maritime Affairs said that under the new pact, both countries will abolish restrictions imposed on how many carriers can offer flight services.The two countries signed a so-called open skies accord in 20

June 6, 2011

Local food product costs rose twice as fast as national consumer prices in May, fueling inflationary concerns that could exert a negative influence on economic growth, a government report showed Monday.The joint report by the Bank of Korea and Statistics Korea showed prices of 38 staples such as pork fat back cuts, various traditional stews and noodles shot up by more 8 percent last month compared

June 6, 2011

The emergence of BRICS economies in recent years poses both opportunities and risks for the global economy, which needs to be carefully monitored, a government report said Monday.The report by the finance ministry said the economies of Brazil, Russia, India and China as well as South Africa, which joined the ranks of the other large, rapidly growing countries this year, have contributed to a surge

June 6, 2011

A European Union delegation focusing on construction, building technologies, environment and energy-related technologies is in town until June 10.The Gateway Program is comprised of 51 specially selected European small- and medium-sized enterprises.“Participating European companies possess outstanding technologies and products in their field and receive comprehensive support aimed at developing bu

June 6, 2011

U.S. investment banking giant Goldman Sachs said Thursday that Korea’s household debt figures are exaggerated, and a liquidity crunch among indebted households is unlikely to occur, thanks to the country’s foreign exchange system.“We think that widely quoted household debt figures are overstated in Korea. ... The numbers, widely quoted by the press, overstate the extent of household indebtedness s

June 2, 2011

Korean stocks sank 1.27 percent on Thursday as investor sentiment was dented by downbeat U.S. economic data and a cut in Greece’s credit rating, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index tumbled 27.14 points to 2,114.2. Trading volume was moderate at 245.9 billion shares worth 7.19 trillion won ($6.7 billion), with losers outnumb

June 2, 2011

Korea's food safety watchdog said Wednesday that it banned imports of Taiwanese products suspected of containing an environmental hormone, following reports that some Taiwanese firms are under investigation for using the potentially cancer-causing material.   The temporary import ban will be applied to beverage products, jams, syrups, jellies and other food products suspected of containing DEHP, a

June 1, 2011