South Korea’s current-account surplus narrowed in 2016 from a year ago, central data showed on Friday. The country‘s current account surplus stood at $98.68 billion in 2016, down from a surplus of $105.94 billion a year earlier.  The surplus was the second-largest since the government started to compile the data, but came as a decline in imports is greater than a decrease in exports, an official at the central bank said. “The exports declined last year but imports fel

Feb. 3, 2017

SK Engineering and Construction announced Friday it had inked a deal worth 3.7 trillion won ($3.23 billion) to build South Korea’s largest private power plant in Goseong, South Gyeongsang Province. The company will build two generator units at the thermal power plant, which will have a capacity of 1,040 megawatts. The company said it would apply top-notch technology to build an efficient power plant.  It will adopt a technology called “ultra super critical,” which can in

Companies Feb. 3, 2017

Korea’s exports grew for a third consecutive month in January to show the first double-digit growth in four years, preliminary data showed on Wednesday, offering hope to the country’s ailing economy. In January, the country’s exports jumped 11.2 percent on-year, the first double-digit growth since January 2013, by logging $40.3 billion, according to the Ministry of Trade, Industry and Energy. Increase in semiconductors and petrochemicals shipments boosted the exports. Outb

Feb. 1, 2017

Former Finance Minister Kang Bong-kyun, who led the ministry at the heart of the financial crisis in the late 1990s, passed away Tuesday. Kang suffered from pancreatic cancer for three years before he died at the age of 74.  Kang led the finance ministry for two years after the nation asked the International Monetary Fund to borrow $58 billion in a bailout package in late 1997. He led the reform of conglomerates and financial institutes alike. After heading the ministry under the Kim Dae

Feb. 1, 2017

When it comes to bequeathing a fortune, South Korea’s superrich prefer stocks over real estate or cash, according to the country’s tax agency on Tuesday. The superrich who transferred at least 5 billion won ($4.3 million) in assets between 2011 and 2015 made combined taxable transfers of assets worth 8.3 trillion won to their children or spouses, the National Tax Service said. The most preferred form of their wealth transfer was in stocks, followed by cash and real estate. Nearly

Jan. 31, 2017

The shipbuilding industry is forecast to lose 27,000 jobs in the first half of this year from a year ago while other major industries are likely to maintain the number of jobs, a report showed on Tuesday. Construction, automobile, machinary, electronics, semiconductor and finance service and insurance industries, on the other hand, are expected to add a combined 38,000 jobs from a year ago, the joint report by the Korea Employment Information Service and the Korea Institute for Advancement of

Industry Jan. 31, 2017

With US President Donald Trump exuberating execution of controversial policies in the first two weeks in office, his “America First” goal would hurt emerging markets including South Korea, financial service company Nomura said in a report published on Friday. Rising US trade protectionism, tougher immigration rules and a reassessment of US foreign policy positions, which seem to be at the heart of President Trump’s “America First” goal, would make emerging markets

Jan. 30, 2017

South Korea’s finance minister vowed Monday to carry on restructuring and supporting troubled industries this year, urging two state-owned policy lenders to continue their efforts. Finance Minister Yoo Il-ho led a ministerial-level meeting in Seoul to discuss detailed plans on revamping four key industrial sectors -- shipbuilding, shipping, steelmaking and petroleum.  “We have to carry out sweeping reform in earnest based on the principle and framework we set last year,&rdquo

Industry Jan. 25, 2017

On his first full weekday in office Monday, US President Donald Trump signed an executive action to abandon a multilateral trade deal involving 12 countries, underlining his tough trade policy and raising concerns over a possible renegotiation of the South Korea-US Free Trade Agreement. The Trans-Pacific Partnership, a free trade pact between 12 Asia-Pacific countries and a legacy of former President Barack Obama, was signed in February 2016 after five years of negotiations. It was considered a

Jan. 24, 2017

The Export-Import Bank of Korea will reduce total corporate funding this year but enhance support for prospective firms and small and medium-sized enterprises to help revive the local economy, the bank’s chief told reporters Monday. The government-owned bank will allocate 67 trillion won ($57 billion) in credit for companies this year, of which 53 trillion won will go to loans and 14 trillion won to guarantees, said Lee Duk-hoon, chairman and president of the bank. The budget is 11 perc

Jan. 23, 2017

The value of merger and acquisition deals in South Korea in 2016 almost halved from the previous year due to the lack of mega deals amid the influence-peddling scandal, according to M&A information provider Mergermarket on Monday. The country recorded 352 M&A deals worth $46.8 billion during 2016. While the number of M&A deals saw a slight decline from 36, the total value plunged 44.8 percent from $84.9 billion in the previous year.  The steep decline in value was mainly due

Industry Jan. 23, 2017

In South Korean’s confectionary industry, Orion’s Choco Pie, Lotte Confectionery’s Xylitol and Pepero as well as Nongshim’s shrimp crackers are all superstars. They are members of the so-called “1 trillion won club” of confectionary brands with accumulated sales of more than 1 trillion won ($848 million) each. These snacks also enjoy overseas popularity, marking a new growth engine for the manufacturers that have been struggling with weakening demand from health-conscious consumers in their home

Industry Jan. 20, 2017

Hyundai Heavy Industries and Samsung Heavy Industries have won a lawsuit filed against their competitor Daewoo Shipbuilding & Marine Engineering, overturning the first ruling, according to industry sources Tuesday. The Patent Court of Korea on Friday concluded that DSME’s two patents involving liquefied natural gas cargo boil off gas (BOG) re-liquefaction technology are indistinguishable from the existing technology and therefore the patents registration by DSME was annulled. 

Industry Jan. 18, 2017

South Korea’s leading steelmaker Posco has made it to the Corporate Knights’ 100 most sustainable corporations list, becoming the first steelmaker listed three consecutive years, the company said Wednesday. The list has been released by Corporate Knights, a Canadian media and research company, at the World Economic Forum in Davos, Switzerland every year since 2005.  (Yonhap)Posco ranked No. 35, climbing five places from the previous year. It is the highest ranked South Korean company, with the o

Companies Jan. 18, 2017