South Korea posted a trade surplus for the 31st consecutive month in August although the surplus shrank significantly from a year earlier on dwindling exports, customs data showed Monday.The country’s overall exports came to $46.2 billion last month, down 0.2 percent from the same month last year, according to the data from the Korea Customs Service.Imports gained 3.1 percent on-year to $42.9 billion.Earlier this month, the Ministry of Trade, Industry and Energy estimated that exports would inch

Sept. 15, 2014

Macoll Consulting Group said on Monday that it had opened its Jeju branch in Nohyeong-dong, Jeju City. It will be providing a specialized communication consulting service in the Jeju Free International City.Macoll Consulting’s Jeju branch is now capable of providing prompt and locally optimized service for the Jeju Special Self-Governing Province, relevant government authorities, and domestic and foreign companies.It will service those currently running a business or planning to extend their bus

Industry Sept. 15, 2014

Major South Korean companies have remained stingy about paying dividends over the past few years, while smaller firms have delivered a relatively high percentage of returns to their shareholders in the form of dividends, data showed Monday.According to Chaebul.com, which tracks the nation’s big business groups, a total of 25 companies had a dividend yield ratio of over 5 percent in the 2011-2013 period, a mere 1.4 percent of the 1,785 companies listed on South Korea’s stock market. In the cited

Industry Sept. 15, 2014

Korea Development Bank is expected to set up a private equity fund to take control of Dongbu Power Dangjin Corp. after talks to sell off the thermal electricity generation plant fell through last week, industry sources said Friday.The bank, in charge of arranging the sale of the plant to help bail out cash-starved Dongbu Group, is likely to take the step after Samtan, an energy and coal mining company that was tapped as the preferred bidder early last month, walked away after making a down payme

Sept. 12, 2014

The government said Friday that it will soon launch a feasibility study on the expansion of Jeju International Airport amid a fast-growing number of visitors to the southern resort island of Jejudo.The move follows a recent study, published earlier in the day, that suggested the number of air passengers to and from Jeju will more than double from some 20 million in 2013 to over 44 million in 2030, according to the Ministry of Land, Infrastructure and Transport.The airport, including its runway,

Industry Sept. 12, 2014

Samsung Engineering said Friday that it has secured an $80 million order to design plants for a major Mexican oil refiner, thanks to its proven track record in large construction projects.The South Korean industrial plant builder said it plans to complete the order placed by Mexico’s state-run oil refiner, Petroleos Mexicanos, by September 2015.The Mexican refiner is pushing to build a refinery with a daily production capacity of 38,000 tons of ultralow sulfur diesel in the Salamanca region, loc

Industry Sept. 12, 2014

South Korea’s central bank on Friday held the base rate at 2.25 percent in a widely expected move, a month after it cut the policy rate for the first time in 15 months under government pressure.The decision is in line with a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency. All 16 analysts surveyed forecast the Bank of Korea would freeze the key rate to assess the policy effects of ongoing stimulus measures. “Given that the economy has not further deteriorated and t

Sept. 12, 2014

The government said Friday it will impose fines of up to 50 million won ($48,300) on those who hoard cigarettes in a bid to stabilize the market following its decision this week to hike tobacco prices.The penalty will go into effect as of noon Friday, according to the Ministry of Strategy and Finance. The government announced on Thursday that it plans to raise the price of cigarettes by 2,000 won per pack, an 80 percent increase, a move it said is aimed at lowering the country’s smoking rate, wh

Sept. 12, 2014

The loan delinquency ratio for South Korean insurance firms edged down in June from a month earlier on decreases in both overdue corporate and household debts, the financial watchdog said Friday.The average bad debt ratio of local life and nonlife insurers stood at 0.53 percent at the end of June, down 0.08 percentage point from the previous month, according to the Financial Supervisory Service.Compared with a year earlier, the figure declined 0.19 percentage point, it added.A delinquent loan is

Sept. 12, 2014

Sales at local department stores and discount chains rose in August, preliminary government data showed Friday.According to the data by the Finance Ministry, department store sales increased 11.7 percent on-year in August, following a 2 percent gain tallied in July.Sales at discount chains also expanded 3.1 percent in August, rebounding from the previous month’s 4.6 percent decline, the report showed.Sales of domestically produced passenger vehicles, however, dropped 4.8 percent in August, while

Sept. 12, 2014