Korea’s imports from Japan have been plunging since the recent massive earthquake amid concerns that disruptions in supply of parts and materials from the neighboring country could hurt the economy here, customs data showed Thursday.Before the 9.0-magnitude quake struck Japan last Friday, Korea’s daily weekday imports from the country averaged $303.33 million for this month, according to the data

March 17, 2011

Foreign investment banks (IBs) see little short-term impact from last week’s earthquake in Japan on the Korean economy but they are concerned over its longer-term impact as the disaster could eventually hurt the nation’s exports by disrupting the parts supply from the neighboring country, a report showed Thursday.Recent reports on economic conditions at home and abroad by foreign banks including M

March 17, 2011

The number of people who used Korea’s budget carriers jumped over 30 percent on-year in the first two months of the year as more people chose cheap fares for domestic flights, the transportation ministry said Thursday.According to the Ministry of Land, Transport and Maritime Affairs, passengers who used budget carriers totaled 1.45 million in the January-February period, up 31 percent from a year

Industry March 17, 2011

Korea is to send some of its reserves of a material used for regulating nuclear chain reactions to Japan to limit damage to its quake-damaged nuclear reactors. The Korean government said Wednesday that it will send an emergency shipment of boron following Tokyo’s request for the metalloid, which is being mixed with seawater to limit damage at crippled nuclear facilities in Fukushima. Tokyo has ask

March 16, 2011

WASHINGTON, March 15 (Yonhap) ― Against pressure from Congress, the Obama administration Tuesday vowed to submit a pending free trade deal with Korea soon and take time to address outstanding issues with similar deals with Panama and Colombia.“I think as the president has said, he, too, would like to get all three agreements passed once we’ve addressed the outstanding issues associated with them,”

March 16, 2011

Korea and Peru will sign a free trade deal next week, the latest trade pact that could pave the way for Asia’s fourth-largest economy to tap deeper into the South American region, Seoul’s trade ministry said Wednesday.The trade ministers from both sides will sign the free trade agreement (FTA) in Seoul on Monday, the ministry said. Both countries struck the deal in August last year.Peru marks the

March 16, 2011

The massive earthquake that hit Japan last week could slow down Korea’s exports as demand from the nation’s second-largest trade partner might contract significantly due to a protracted economic slowdown, experts said Tuesday.Korea’s exports to Japan have been improving since the start of this year. During the first two months, Korea’s exports to Japan jumped 47.7 percent from a year earlier to $5

March 15, 2011

Australia may reconsider rejection of mine projectAn Australian state government will reconsider a rejected Korean consortium-led coal mine project, Seoul’s state-run resource explorer said Monday.Early this month, Australia’s New South Wales state government refused the proposal submitted by Korea Resources Corp. (KORES), citing concerns over water, ecological and heritage impacts.KORES said it w

Industry March 14, 2011

Yoon regrets Samsung chief’scriticism of economic policyFrom news reportsFinance Minister Yoon Jeung-hyun expressed regret Monday about Samsung Electronics chairman Lee Kun-hee’s recent criticism of the government’s economic policy. “It is truly embarrassing and disappointing,” Yoon told lawmakers about Lee’s disparaging remarks on the Lee Myung-bak administration’s policy performance.Last Thursda

March 14, 2011

South Korean stocks closed 0.8 percent higher on Monday as big gains by electronics and steelmakers helped offset jitters over Japan’s massive earthquake, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI advanced 15.69 points to 1,971.23 after falling as much as 1.2 percent at one point. Trading volume was moderate at 384.1 million shares, worth 9.4 trillion won (

March 14, 2011

Korea is likely to suffer faster price gains in the second half of 2011 as China’s growing inflation is feared to spill over into the country, experts said Monday.China’s consumer price index jumped 4.9 percent in January and February from a year earlier, respectively, after gaining 5.1 percent in November and 4.6 percent in December amid the country’s strong economic growth. The quickening price

March 14, 2011