Korea and China have agreed to make efforts for a bilateral free trade agreement to boost trade and further deepen economic ties, the Trade Ministry in Seoul said Thursday.The agreement came at Wednesday’s high-level talks held on Korea’s southernmost resort island of Jeju, in which both sides shared views that a bilateral free trade pact will solidify their economic and trade relations, according

June 16, 2011

Woori Finance Holdings Co.’s deal to buy a Los Angeles-based bank has fallen through due to regulatory hurdles, sources said Thursday, casting a shadow on its ambition to strengthen its footing in the United States.In May last year, Woori Finance, Korea’s No. 2 banking group, agreed to buy a controlling stake in Hanmi Bank, the flagship of Hanmi Financial Corp., for $240 million in a bid to expand

June 16, 2011

Korean stocks ended 1.91 percent lower on Thursday as investor sentiment was frozen by concerns about the escalating Greece debt crisis and the pace of the global recovery, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI tumbled 39.9 points to 2,046.63. Trading volume was light at 231.1 million shares worth 5.76 trillion won ($5.28 billion) with losers outpacing

June 16, 2011

Household loans extended by Korean financial firms grew by the largest amount in four months in April on a sustained increase in home-backed lending, the central bank said Thursday.Household lending handled by local banks and non-bank institutions totaled an outstanding 606.9 trillion won ($558.2 billion) as of the end of April, up 4.6 trillion won from the previous month, according to the Bank of

June 16, 2011

Robert Taylor, an American entrepreneur living in Seoul, clearly remembers one of his earliest attempts to pitch his life coaching services to a marketing director at a big Korean firm. “For 45 minutes, we sat there while he told me why my business wouldn’t work,” said Taylor. “He assured me that cold calling simply couldn’t succeed in Korea, because everything is based on relationships.”Fortunate

June 16, 2011

Korean stocks ended 1.37 percent higher on Tuesday as institutional investors scooped up carmakers and financial shares, overshadowing concerns over the eurzone debt crisis, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 28.09 points to 2,076.83, the second straight session of gains.Trading volume was light at 207 million shar

June 14, 2011

Korea posted a record current account surplus with China in 2010 as exports to the world’s fastest-growing economy hit an all-time high, the central bank said Tuesday.Korea’s current account surplus with China reached $52.8 billion last year, compared with a $37.9 billion surplus in 2009, according to the Bank of Korea.It marked the largest surplus since 1998 when the BOK began to compile related

June 14, 2011

June 14, 2011

Korea plans to beef up efforts to curb the growth of household debt and mend the practice of extending home loans in a bid to prevent household indebtedness from increasing market instability, the financial watchdog said Tuesday. Korea’s household debt stood at 801.4 trillion won ($738.2 billion) as of the end of March, accounting for 86 percent of the country’s gross domestic product. The number

June 14, 2011

Korea is stepping up efforts to ferret out people and businesses engaged in offshore tax evasion schemes by directly investigating foreign financial accounts, the tax office said Monday.The National Tax Service said it will carry out the investigations in cooperation with tax authorities in foreign countries that have been cited for becoming tax havens for Korean nationals and companies. Individua

June 13, 2011

Korea needs to boost market competition further in order to fight high inflation, the biggest headache for the economy, the top economic policymaker said Monday.The remarks by Finance Minister Bahk Jae-wan come as South Korea is struggling with high inflation. The country’s consumer prices surged 4.1 percent on-year in May, hovering above the 4 percent level for five months running and well above

June 13, 2011

Standard & Poor’s revised its rating outlook for Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co. to positive from stable, the ratings company said in a statement Tuesday.“The positive outlooks reflect our view that the four companies will continue to enhance their financial profiles, through stronger market positions and improved profitability.” The outlook revision came as Hyundai and K

Industry June 7, 2011

The head of Groupon Inc. said Tuesday that the operator of the world’s largest daily discount website is seeking to enter overseas markets to further grow its business outside the United States.Groupon has expanded its business into 46 countries less than three years after its launch as the business model of linking local merchants with customers through half-priced deals turned out to be popular.

Industry June 7, 2011

Korea’s exports of information technology products gained 4.7 percent on-year in May on steady global demand for mobile phones and rechargeable batteries, the government said Tuesday.The country shipped $13.38 billion worth of IT products abroad last month, despite stiff foreign competition and a general drop in demand caused by fewer people buying electronic products in springtime, the Ministry o

Industry June 7, 2011