Global railway union mulls accord including Seoul

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Foreign banks cut Korea’s growth outlook to 2.6%

Global investment banks recently revised down their outlook on South Korea’s economic growth, despite the favorable financial indexes for exporters compared to earlier this year.According to the Korea Center for International Finance, the projection of 10 major IBs since June on the natio...

Updated : 2015.07.30 17:40

BOK hints at lowering inflation target band

South Korea's central bank said Thursday that downside pressure on consumer prices will persist on the demand side, hinting that it may possibly lower its three-year inflation target range."On the demand side, downside pressure will persist, with the output gap remaining in negative territ...

Updated : 2015.07.30 13:42

Offshore investors cut S. Korea's growth estimate: report

Global investment banks have lowered their growth forecasts for South Korea as it faces a double whammy of lethargic consumption and sluggish exports despite a series of rate cuts and plans to jack up fiscal spending, a report showed Thursday.The average growth estimate by 10 major investm...

Updated : 2015.07.30 09:50

Samsung Q2 net drops 8 pct on weak smartphone sales

Samsung Electronics Co. posted a near 8 percent drop in second-quarter net profit Thursday as its smartphone business remained sluggish on lackluster Galaxy S6 sales and harsh competition from Chinese...

Updated : 2015.07.30 09:05

LG Electronics Q2 net plunges on weak smartphone sales

LG Electronics Inc., South Korea's No. 2 tech giant, said Wednesday its second-quarter net profit tumbled 45 percent on-year due to lackluster sales of its flagship G4 smartphone and unfavorable currency rates.Net profit came to 226.4 billion won ($195.7 million) in the April-June period, ...

Updated : 2015.07.29 17:46

Real estate market thrives in Q2

Korea’s home transactions in the real estate market skyrocketed in the second quarter of this year on rising house rent fees and record-low loan rates, a state-run economic research institute said We...

Updated : 2015.07.29 16:59

Import settlements in euro, won up in Q2

The portion of the euro and the Korean won used to settle imports to South Korea both rose to a fresh high in the second quarter, central bank data showed Wednesday.The use of the euro accounted for 6.3 percent of all import settlements in the April-June period, the highest level since 6.3...

Updated : 2015.07.29 13:31

S. Korean steel firms face anti-dumping suit in U.S.

South Korean steelmakers have been sued by their rivals in the United States on anti-dumping charges, a trade association here said Wednesday. AK Steel and four other major U.S. steelmakers filed anti-dumping and countervailing duty petitions against South Korea and seven other countries, ...

Updated : 2015.07.29 11:38

Cabinet OKs casino cruise plan

A cruise vessel is docked at a port in this file photo. (Yonhap) Korean cruise vessels will be able to operate onboard casinos for foreign passengers when sailing overseas from as early as next year,...

Updated : 2015.07.28 18:30

Police say 41 phone fraud offenders arrested in China

South Korean police said Tuesday they have arrested 41 people in China for alleged telephone-based financial scams in rare cooperation with their Chinese counterparts.The Seoul Metropolitan Police Agency said they arrested 39 South Koreans and two ethnic Koreans in China for allegedly open...

Updated : 2015.07.28 17:48

Gasoline prices hit 6-year low in H1

Gasoline prices in South Korea dipped to the lowest level in six years in the first half of this year due to falling crude oil prices, the state-run oil company said Tuesday. The average gasoline price stood at 1,514.5 won ($1.29) per liter in the January-June period, the lowest since earl...

Updated : 2015.07.28 13:30

Smart appliances market to grow sharply in next 5 yrs

The global market for smart home appliances is forecast to grow by more than twofold annually over the next five years, buoyed by advancement in the Internet-of-Things technology, a report said Tuesday. Production of consumer electronics, whose functions will be connected to other mobile d...

Updated : 2015.07.28 10:46

Gov't set to extend eased mortgage rules for another year

The government will extend a temporary measure to ease mortgage regulations for another year in a bid to prop up the local economy that is showing budding signs of recovery, the financial watchdog said Tuesday.In August last year, newly minted Finance Minister Choi Kyung-hwan announced the...

Updated : 2015.07.28 10:44

Foreign start-ups seek legal clarity

This is the seventh and final article in a series on foreigners working in Korea’s technology start-up ecosystem. ― Ed.PinStory, a food recommendation start-up in Seoul, is the poster image of diver...

Updated : 2015.07.27 20:12

Korea to create 200,000 jobs for youth by 2017

The government unveiled Monday a plan to create more than 200,000 jobs for those aged between 15 and 34 by 2017 in collaboration with six major business associations.The measures mapped out by five mi...

Updated : 2015.07.27 18:49