U.S. top nuke envoy declined invitation, Pyongyang says

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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

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

Gov't to kick off 30 tln won investment promotion program

The government said Sunday it will kick off a 30 trillion won ($27.4 billion) investment promotion program this month that aims to get companies to pour more money into new growth engines, build up core businesses and engage in large social overhead capital projects.The inter-ministerial p...

Updated : 2015.02.01 14:46

January mortgage loans fall sharply, but watchers say the trend may be temporary

The pace of increase in mortgage loans visibly slowed in January, preliminary data from banks showed Sunday, but market watchers say it is too early to tell whether it speaks for a bigger trend that is here to stay.Home-backed loans by six major commercial banks reached 300.99 trillion won...

Updated : 2015.02.01 12:56

S. Korea's energy import volume inches up in 2014

South Korea's energy imports measured in volume edged up in 2014 from a year earlier, mainly due to more demand from the industrial sector, customs data showed Friday.According to the data from the Korea Customs Service (KCS), South Korea brought in 298.53 million tons of crude oil, coal a...

Updated : 2015.01.30 11:58

Card spending in South Korea accelerates in 2014

South Korea's card spending accelerated last year largely thanks to an economic recovery and the growing number of purchases with plastic, data showed on Friday.Purchases made with credit cards totaled 578.6 trillion won ($527 billion) last year, up 6.1 percent from the 545 trillion won a ...

Updated : 2015.01.30 09:30

Superstition holds big sway over S. Korean economy

At a glance, superstition doesn't seem to be a key swing factor for economic activities, but if tens of thousands of couples reschedule their weddings due to an ancient belief, as indicated by data released Friday, then it must be.The South Korean economy expanded 0.4 percent in the fourth...

Updated : 2015.01.30 09:29

Manufacturers' sentiment worsens to 18-month low for Feb.

South Korean manufacturers' sentiment for business conditions weakened to the lowest level in 18 months amid lingering uncertainties, a poll showed Friday.The business sentiment index, which measures the outlook of manufacturers on their business conditions for the coming month, came in a...

Updated : 2015.01.30 09:15

[Graphic News] Coffee imports hit all-time high

Imports of coffee hit an all-time high last year despite the nation’s economic slowdown.In 2014, Korea imported 139,764 tons of coffee beans and powder-based materials, a 14 percent increase from 201...

Updated : 2015.01.29 22:22

FTC slaps W64.4b fines on Hanwha, Koryo Explosives for price rigging

South Korea’s antitrust watchdog said Thursday it has decided to slap 64.38 billion won ($59.31 million) in fines on two local explosives companies for fixing prices for more than a decade.The Fair Trade Commission said Hanwha Corp. and Koryo Nobel Explosives will be referred to the state...

Updated : 2015.01.29 21:34

Japanese, German car parts makers under probe: FTC

South Korea’s antitrust watchdog is investigating Japanese and German car parts manufacturers for price-fixing on products they sold to local automakers, a source said Wednesday.The names of the companies under investigation and the parts supplied have not been made public, but the Fair T...

Updated : 2015.01.28 22:23

KDI chief presses labor flexibility as he warns against following

South Korea must make its labor market more flexible and take heed of Japan's mistakes because failure to do so could result in more serious repercussions, the head of the country's top state-run economic think tank said Wednesday.Speaking to top executives at Samsung Electronics Co.'s hea...

Updated : 2015.01.28 15:28

S. Korea's trade promotion agency seeks 'open collaboration' in

The new head of South Korea's trade promotion agency said Wednesday he will strengthen "open collaboration" with other state agencies and organizations to create synergy in helping local small and medium-sized enterprises (SMEs) grow into global companies. Kim Jae-hong, who took office as ...

Updated : 2015.01.28 14:13

Bird flu, FMD disease take toll on S. Korea's meat exports

Outbreaks of bird flu and foot-and-mouth disease (FMD) caused exports of poultry and fresh pork to drop sharply last year, government data showed Wednesday.Cases of bird flu were reported early last year with the first FMD outbreaks being detected later on. The government even implemented ...

Updated : 2015.01.28 11:41

S. Korean economy to grow 3.4 pct in 2015: brokerage houses

South Korea's economic growth rate for this year is expected to be a little higher than last year's expansion but fall short of the government's estimate, reports compiled by brokerage houses showed Wednesday.Ten major brokerage houses' average economic growth outlook for 2015 came in at 3...

Updated : 2015.01.28 09:15