Korea aims to increase its market share in the European Union to 3 percent within three years by taking advantage of a bilateral free trade pact that took effect last week, Korea’s trade minister said Monday. In a radio interview, Trade Minister Kim Jong-hoon said increasing market share from 2.6 percent at present is possible since the free trade agreement gives local businesses an edge over ri...

Output of makgeolli is picking up in Korea as more people are opting to drink the traditional rice wine following a report that it contains anti-cancer compounds, government data showed Monday. Production of makgeolli rose 12.8 percent on-year to 35,114 kiloliters in April, with the number jumping 16.8 percent to 39,543 kiloliters in May, according to the data by Statistics Korea. Domestic ship...

More than 60 percent of Korean retailers plan to lower prices of imports from the European Union following the implementation of a bilateral free trade deal, a poll showed Monday. According to the survey of 619 retailers, wholesalers and manufacturers by the Korea Chamber of Commerce and Industry, 61.3 percent of the retailers said that they will reduce prices of EU imports to reflect the decrea...

The move by Korea Exchange Bank to offer a record interim dividend to its biggest shareholder Lone Star Funds is sparking concerns about long-term growth for Korea’s No. 5 lender, market watchers said. KEB’s board decided on Friday to pay out a quarterly dividend worth of 1,510 won ($1.42) per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion won. Lone S...

Korea’s trade volume with free trade pact signatories almost doubled last year but the trade balance showed mixed reactions by regions, a report showed Monday. According to the Korea Customs Service, the nation achieved $136.8 billion last year in the total trade volume with Chile, ASEAN, Singapore and the European Free Trade Association ― a 1.73-fold increase from $79 billion from the year befo...

Ministry: 166 firms reduced 56,000 tons of greenhouse gas emissions during last 2 years Korea’s efforts to shrink its carbon footprint are progressing through partnerships between big and smaller companies. The Ministry of Knowledge Economy said Monday that 166 local businesses have reduced more than 56,000 tons of greenhouse gas emissions over the last two years in a green collaboration progra...

Korean stocks ended 0.92 percent higher on Monday as investor sentiment was underpinned by eased woes over Greece’s debt crisis and better-than-expected U.S. data, analysts said. The local currency hit a near three-year high against the U.S. dollar. The benchmark KOSPI advanced 19.56 points to 2,145.30. Trading volume was moderate at 288.5 million shares worth 6.68 trillion won ($6.3 billion) wi...

KT Corp., the nation’s No. 1 fixed-line service operator, on Monday said it will open its mobile application market in China Mobile’s application store as part of its application-sharing project with China and Japan. Olleh market will be launched as a “shop-in-shop” on July 9, the Seoul-based company said. China Mobile’s application store “Mobile Market” has since last year shown greater than 4...

Mirae Asset Global Investment, the largest mutual fund manager in the country, said it is in talks to take over Canada’s BetaPro Management Inc., an exchanged traded funds manager, the local brokerage said Monday. The mutual fund arm of the financial group said price or timing of the acquisition is yet to be finalized. The deal is widely expected to be valued at well over $100 million. “We’re c...

Samsung Group will audit its financial units this month, including key affiliates such as its insurance arms following a scandal at another subsidiary, industry sources said on Monday. The move would mark the first audit on the financial units since 2003. The group’s auditing team will first review the business operations of Samsung Fire & Marine Insurance later this month, before a separate au...

Korea’s foreign exchange reserves shrank for the second straight month in June because a weaker British pound reduced the dollar conversion value, the central bank said Monday. The country’s foreign reserves reached $304.48 billion as of the end of June, down $600 million from the previous month, according to the Bank of Korea. The reserves fell for the second straight month in June after hitti...

TOKYO (AP) ― Boeing Co.’s long-delayed 787 completed its maiden trans-Pacific journey and landed in Japan, where the more fuel-efficient jet will undergo testing this week with All Nippon Airways in preparation for its first commercial launch. The “Dreamliner” touched down at Tokyo’s Haneda Airport from Seattle early Sunday to applause and a white “Welcome to Japan” banner held by flight attenda...