The Korea Chamber of Commerce and Industry said Monday its issuance of certificates of origin (C/O) has sharply risen for local export items bound for China.A total of 31,488 certificates of origin were issued by the end of May for tariff cuts under a free trade agreement with China, according to the chamber.A C/O is a key shipping document needed for preferential tariffs under an FTA. South Korea and China’s bilateral FTA went into effect on Dec. 20 last year.The Seoul-based KCCI, which has reg

Industry June 13, 2016

Prosecutors summoned an executive of the local unit of Volkswagen on Monday over their widening probe into the German carmaker's alleged irregularities that came into light following its emissions scandal.The Seoul Central District Prosecutors' Office summoned the executive in charge of the certification process, identified only by his surname Yoon, for questioning to gain a reference.Prosecutors said his status can change to that of a suspect following the investigation, if necessary.Yoon is th

Industry June 13, 2016

Deposits at non-bank financial institutions, including savings banks, have reached a record high, central bank data showed Monday, as people sought to maximize their interest earnings while the key rate remains at a record low.As of end-April, deposits held at non-bank financial institutions came to some 2,022.15 trillion won ($1.725 trillion), according to the data compiled by the Bank of Korea.The April reading marks a great increase from 1,911.1 trillion won tallied at the end of 2015. It als

June 13, 2016

Eight of the world's top 12 smartphone vendors were Chinese brands, while market leader Samsung Electronics Co. and No. 2 Apple Inc. suffered a slight decline in their market shares in the first quarter of the year, industry data showed Monday.The South Korean tech giant sold 81.5 million smartphone units around the globe in the January-March period, according to the data compiled by the industry tracker IC Insights.Its archrival Apple sold 51.6 million units during the cited period, the data sh

Technology June 13, 2016

Foreign investors turned to net sellers of South Korean stocks last month to lock in recent gains, the country's financial watchdog said Monday. Foreigners sold a net 142 billion won ($120 million) worth of local stocks in May, the Financial Supervisory Service said in a statement. Foreign investors' accumulated holdings of domestic stocks reached 433.96 trillion won, or 29 percent of the total market capitalization, the statement said.But they bought a net 3.05 trillion won in stocks in the fir

June 13, 2016

South Korea's eight credit card companies are moving to protest a decision by U.S. industry giant Visa Inc. to increase fees local card users pay for their overseas use, industry sources said Monday.Last month, Visa informed the local card firms that it has decided to hike fees on six types of overseas services, including overseas settlements. The decision also calls for a rise in commissions the South Korean firms pay to Visa.The fee increase, however, doesn't apply to credit card holders in Ja

June 13, 2016

The number of self-employed South Koreans in their 30s has been on a steady rise since late last year as a prolonged economic slump forces more young people to set up one-man operations instead of finding jobs, a report showed Monday.According to the report by the Korea Labor Institute, thirtysomethings with one-man operations increased by 17,000 in March from a year earlier, compared with a rise of 14,000 in February.The number has been on the rise since October last year, hitting as high as 25

June 13, 2016

Festival culture in Korea is quickly evolving, with creative ideas taking shape in the hands of the young and wild. With the Korean summer bringing sweltering heat, many are opting for water-based outdoor events, among many others.One of the prime locations for such festivals is Sinchon, the area next to Yonsei University, Sogang University, Ewha Womans University and Hongik University. Sinchon stands out among popular cultural venues because of the high number of young people and because vehicl

Culture June 10, 2016

Explosive sing-alongs by Korean fans at concert arenas are nothing new to global pop musicians, as they have begun evolving into more articulately planned events.A slew of world-famous musicians have been elevated by the sight of Korean fans singing along to their hooks, songs and, at times, their signature guitar riffs. “They were singing all of it (‘Live Forever’), word for word, for their own amusement,” British singer-songwriter Noel Gallagher said in an interview with CBC Radio’s talk show

Culture June 10, 2016

Korea’s festivals have evolved in both variety and scale over the years, attracting tourists and expats to join in the fun. According to data released by the Ministry of Culture, Sports and Tourism, the number of tourists revisiting Korea jumped to 46.1 percent in 2015, compared to 34.9 percent in 2014. The government and local festival committees are doing everything in their capacity to maintain the increase. The Seoul Tourism Association even recently launched mobile education centers for tou

Culture June 10, 2016