S. Korea faces possible oversupply of rice on record output, imports

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S. Korea faces possible oversupply of rice on record output, imports

South Korea may face an oversupply of rice this year as its output reached a five-year high while rice consumption continues to shrink, government officials said Monday.According to the officials from the Ministry of Agriculture, Food and Rural Affairs, the country's self-sufficiency rate ...

Updated : 2015.02.02 10:38

Seoul shares open higher on autos, shipbuilders

South Korean stocks opened higher Monday on the back of gains in carmakers and shipbuilders, analysts said.The benchmark Korea Composite Stock Price Index moved up 4.42 points, or 0.23 percent, to 1953.68 in the first 15 minutes of trading.Carmakers traded higher, with Hyundai Motor addin...

Updated : 2015.02.02 10:36

Exports' contribution to economic growth falls to lowest since financial crisis

South Korea's exports have been contributing less and less to national economic growth in recent years, a report showed Monday, falling to the lowest level since the 2008 financial crisis.Exports were also not creating as many jobs as before, the same report said.According to the report by...

Updated : 2015.02.02 10:00

Foreign-made cars become white elephants for insurance industry

Lee Yun-ok, a 60-year-old owner of a humble coffee shop in Seoul, shudders when recalling a small but painful experience from a car accident.A few years ago, she was pulling her car out from an on-street parking lot after work one evening. She was on a glitzy Gangnam street in the southern...

Updated : 2015.02.02 09:49

S. Korea ranked 12th in IoT penetration

South Korea ranked 12th among the world's 20 major economies in terms of readiness for the Internet of Things technology, a report showed Monday.Asia's fourth-largest economy was given 52.2 points out of 100 in the National Absorptive Capacity index for IoT, according to the report release...

Updated : 2015.02.02 09:47

S. Korea's current account surplus slips in Dec.

South Korea's monthly current account surplus slipped from a record high in the previous month but extended its surplus streak for the 34th straight month in December, data showed Monday.The current account surplus reached $7.22 billion last month, down from a revised $11.32 billion in Nov...

Updated : 2015.02.02 09:45

Hyundai's i10 hatchback sales top 2 mln

South Korea's top automaker Hyundai Motor Co. said Monday that accumulated sales of its i10 hatchback broke the two-million mark last year, about seven years after the company first launched the model sold only outside its home market.The record marks the first time for one of its non-Kore...

Updated : 2015.02.02 09:43

Foreign cigarette brands outperform KT&G

For the first time in nearly three decades, foreign cigarette makers in Korea outperformed Korean brands in market share on the strength of their low-price strategies, data showed Sunday.According to data from the nation’s two convenience store chains, foreign brands earned about 55 perce...

Updated : 2015.02.01 21:49

Samsung takes over Brazil’s largest printing solutions provider

Samsung Electronics Co. has taken over Brazil’s No. 1 printing solutions company, Simpress, to bolster its printing business in the Latin American market, industry sources said Saturday.The tech giant recently signed a contract to take over a 100-percent stake in Simpress with a plan to r...

Updated : 2015.02.01 21:06

Korea’s exports shrink 0.4% on-year in January

South Korea’s exports inched down from a year earlier in January, but its trade surplus jumped as imports dropped at a faster rate, the government said Sunday.The country’s overall outbound shipments slipped 0.4 percent on-year to $45.37 billion last month, according to the Ministry of T...

Updated : 2015.02.01 21:05

Antitrust watchdog takes aim at global tech firms

Korea’s antitrust watchdog said Sunday it will be looking at global tech companies that may be abusing their monopolistic control to disrupt fair competition in the local market, a move some insiders say may extend to Google and Apple. “The plan is to check the information technology and...

Updated : 2015.02.01 21:05

Shares forecast to trade higher this week

The South Korean stock market is anticipated to rise this week on expected dovish remarks by some U.S. Federal Reserve Board members and possible gains in cyclical shares, analysts said Saturday.The country’s key stock market index, the KOSPI, inched up 0.7 percent from a week ago to 1,94...

Updated : 2015.02.01 21:05

SK Group, local governments team up to back start-ups

DAEJEON ― The Daejeon Creative Economy Innovation Center, an institute run by SK Group to support start-ups, has become a hotbed of business creativity. Housed at KAIST, one of Korea’s most prestigi...

Updated : 2015.02.01 21:04

Twitter may face probe over pornography

American social media service Twitter may experience a tough year in Korea as it is likely to face government scrutiny over its lack of action against pornography distribution.According to the Korea C...

Updated : 2015.02.01 21:04

LG Electronics beefing up solar energy business

LG Electronics said it would invest around 160 billion won ($145 million) to beef up its solar power business until mid-2015. “LG has issued corporate bonds to invest in lines for n-type solar modules and infrastructure maintenance at the firm’s Gumi plants,” the company said in its fin...

Updated : 2015.02.01 21:01