The global economy is expected to see growth improve this year, although significant risks, including possible capital market volatility and asset bubbles, still remain.This forecast was made in the 2014 global business outlook issued by the B20 Coalition at its annual meeting in Paris on Tuesday. “The global economic recovery is underway at a modest pace this year, with the private sector creating jobs, innovating and investing again,” said the body representing 15 of the largest private busine

Industry Jan. 21, 2014

Bolstering business investment and deregulation are critical for South Korea to join the ranks of countries whose per capita GDP exceeds $40,000, a report by the country’s big business lobby group said Sunday. The assessment by the Federation of Korean Industries based on data provided by the International Monetary Fund claimed that the 22 countries that have made the “exclusive club” all had higher growth and employment rates and more developed service sectors compared to South Korea after thei

Industry Jan. 19, 2014

The state-run Korea Gas Corporation, the world’s second largest liquefied natural gas importer after Japan, said it will host the 2014 Gastech Conference and Exhibition between March 24-27 at KINTEX, Gyeonggi Province. The London-based Gastech, one of the world’s largest gatherings in the gas industry, has offered a venue for gas industry leaders and experts to exchange technological information and to build their global networking. It is the first time Gastech will be hosted in Northeast Asia,

Industry Jan. 19, 2014

Spending on advertising by information technology firms soared last year, driven by telecom firms and smartphone makers, a report showed on Sunday.The country’s tech firms spent a combined 607 billion won ($571 million) on advertisements last year, up 14.4 percent from 531 billion won a year earlier, according to the report by AC Nielsen.Samsung and its rivals such as Apple and LG Electronics spent a combined 166 billion won on smartphone advertisements last year, rising 14.2 percent from a year

Industry Jan. 19, 2014

Korea’s top automaker, Hyundai Motor is enjoying a sharp rise in sales of midsize autos in China, which could lead to a rise in its profitability, industry sources said Sunday.According to the sources, Hyundai Motor sold a total of 135,386 midsize sedans such as the YF Sonata in China last year, up 15.4 percent from a year earlier. The YF Sonata, which was introduced in China in 2011, led the overall growth last year with a total of 104,670 units sold in the world’s biggest auto market. In parti

Industry Jan. 19, 2014

The Korea Exchange (KRX), the country’s stock market operator, said Wednesday that it aims to run the country’s first carbon trading market starting in 2015 with some 500 firms expected to join.The KRX, designated as the sole operator of the carbon trading market, will adopt systems for emissions trading that are similar to the current stock market trading schemes. The regular trading hours will run from 10 a.m. to noon, the bourse operator said.The country has been joining efforts to reduce gre

Jan. 15, 2014

The weakness of the Japanese yen led to a decrease in the number of Japanese tourists visiting South Korea in the first 11 months of last year, data showed Wednesday.In the January-November period of 2013, 2.53 million Japanese tourists came to South Korea, down 23.1 percent from a year ago, according to Statistics Korea. In June alone, the number of Japanese tourists to South Korea totaled 201,000, down 33.5 percent from the same period a year ago. The sharp fall, especially between April and J

Jan. 15, 2014

Local builders are coming under increasing pressure as they undergo investigation for suspected bid-rigging amid difficult market conditions, industry sources said Wednesday.Insiders said the Fair Trade Commission is examining all large-scale public construction projects undertaken during the previous Lee Myung-bak administration. The FTC has not confirmed the investigations, but industry sources said at least seven or eight builders are being probed over work related to railway lines in Busan a

Jan. 15, 2014

South Korea’s No. 1 mobile carrier SK Telecom said Wednesday it has agreed with a Chinese counterpart to share its know-how on the Long Term Evolution network.SK Telecom said it will support China Telecom Corp. in establishing the network in areas covering Shanghai by sharing its technologies and experiences related to the LTE service.The company will also send its telecommunications experts to China under the deal.China approved the adaptation of the LTE network into the country in December, wi

Industry Jan. 15, 2014

The nation’s jobless rate rose in December from a month earlier, but job creation remained strong, raising hopes that labor market conditions might be improving, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3 percent last month, up from 2.7 percent in November. The seasonally adjusted jobless rate also inched up from 2.9 percent to 3 percent.Job creation still remained strong. The number of employed people was 24.96 million in Decemb

Jan. 15, 2014

Korea Resources Corp., the state-run mineral resources explorer and developer, has recently refinanced its debt-ridden Boleo copper-cobalt-zinc project in Mexico in a debt-for-equity swap, the company said in a press release Monday.“The KORES-led Korean consortium agreed to the $938 million deal. The agreement will contribute not only to normalizing the project and but also to halving the firm’s debt ratio to 197 percent,” KORES chief executive Koh Jung-sik said. The consortium, which holds a 90

Jan. 14, 2014