Iran, South Korea to begin trade in euros

TEHRAN (AFP) -- Iran and South Korea are to start trading in euros, legally circumventing US sanctions on dollar transactions with Tehran, a senior official announced Friday.After months of talks with Washington, at the urging of ...

[Weekender] Retailers eye wine market through exclusive sourcing

The wine industry is on the rise in Korea as consumers show an increasing preference for lighter, fruitier alternatives to the traditional strongholds of beer and soju. In response to the rising demand, companies in Korea are deve...

Consumer sentiment reaches 8-month high

South Korea’s overall consumer sentiment reached an eight-month high in August on the back of growing expectations of an economic recovery.The Bank of Korea said Friday that the composite consumer sentiment index reached 102 last...

Korean stocks close lower on U.S. woes

South Korean shares closed lower Friday as investors took to the sidelines amid growing concerns over a U.S. rate hike. The local currency further gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Ind...

Creditors to decide fate of Hanjin Shipping by Tuesday

Creditors of cash-strapped Hanjin Shipping Co. plan to decide whether to put the country's No.1 shipper under receivership by Tuesday, as a new self-rescue scheme falls short of expectations, its main creditor said Friday.On Thurs...

Samsung’s financial units relocate to Seocho

Samsung Asset Management said on Friday the company will start its operations in the Seocho Samsung Town starting Monday, marking the beginning of the realignment of the group’s financial units. According to the asset management ...

Fitch warns South Korea of NK, structural risks

Fitch Ratings continued to warn South Korea of geopolitical risks associated with North Korea in the light of the North’s recent submarine missile test, in addition to structural risks on changing demographics and low productivit...

[Newsmaker] Top exec's death deepens Lotte crisis

Lotte Group fell further into crisis Friday after the conglomerate’s second man in the management was found dead in apparent suicide, with him set to face prosecution interrogation on the same day.Lee In-won, the retail giant’s ...

Kookmin Bank opens new center for foreign investors

KB Kookmin Bank said on Friday it opened a new foreign investor support center in southern Seoul in a bid to increase convenience for overseas investors when they are considering investments in Korea. The new center is located at ...

Low-cost Jeju Air expanding flights to fuel growth

Low-cost carrier Jeju Air is focusing its energy this year on creating a foundation for strong, sustainable growth by expanding its fleet and flights, the Aekyung Group-owned airline said Friday.Last month, the airline added three...

Hallyu stars boost ginseng popularity

Korea Ginseng Corp.‘s red ginseng products have gained international popularity after hallyu celebrities were seen drinking the healthy products in dramas, according to company officials.KGC officials said demand for “Hongsam Je...

Lotte Group Vice Chairman found dead in apparent suicide

Lotte Group Vice Chairman Lee In-won was found dead in an apparent suicide Friday morning, just hours before he was scheduled to be questioned by prosecutors as part of the ongoing investigation into the retail giant.According to ...

Studio apartment block set to open in center of Gangnam

Korea’s leading builderDaewoo Engineering & Construction announced Friday that it will open a new studio apartment building in September near Yeoksam station in Gangnam, southern Seoul. The advantage of living in “Yeoksam Centra...

Bank lending rates on household loans decline in July

Bank lending rates on new household loans dropped from a month earlier in July and interest paid by banks on new deposits also fell, central bank data showed Friday.The average interest rate on fresh household loans extended by lo...

Korean shares down 0.24% in late morning trade

South Korean shares were down 0.24 percent late Friday morning as foreign investors extended their selling streak to a third consecutive session.The benchmark Korea Composite Stock Price Index lost 4.95 points to 2,037.97 as of 11...