Korea to strengthen fiscal health: minister

South Korea’s top economic policymaker said Saturday that the government should continue its efforts to strengthen fiscal health to prepare for any possible future crisis. “In preparation for another economic crisis and potential fiscal challenges stemming from the low birthrate and aging population

Oct. 23, 2011

Hyundai exports 2m cars to Latin America

Hyundai Motor Co., South Korea’s largest automaker, said Sunday that total car exports to Latin America reached 2 million units, fueled by competitiveness in quality and successful marketing efforts.The company said the milestone, which was reached on Saturday with the loading of 800 Tucson ix sport

MobilityOct. 23, 2011

BOK chief hints at rate hike

South Korea’s central bank will resume its efforts to raise the interest rate if a set of external economic uncertainties are reduced, its chief has said.Bank of Korea policymakers face a dilemma in how to deal with lingering inflation concerns and heightened economic uncertainty sparked by dimmer g

Oct. 23, 2011

Korea to see price rises outpace economic growth

Korea’s economic growth rate is forecast at far below the estimated inflation gain this year, data showed on Sunday, raising fears that the country might be entering an era of a chronically slow growth. According to the data by the Korea Center of International Finance, 10 foreign investment banks p

Oct. 23, 2011

IMF sees Korea's debt will drop to pre-crisis level in 2012

SEOUL, Oct. 23 (Yonhap) -- The International Monetary Fund (MF) predicts South Korea's national debt is expected to fall to the level of before the 2008 global financial crisis in 2012, the finance ministry said Sunday.The ratio of South Korea's national debt to its gross domestic product (GDP) will

Oct. 23, 2011

Imports of Japanese fisheries goods dip on radiation scare

SEOUL (Yonhap) -- South Korea's imports of Japanese fisheries products tumbled 37 percent on-year in the first nine months of this year in the wake of the March radiation leakage in the neighboring country, a report showed Sunday.South Korea imported 33,700 tons of fisheries goods from Japan in the

Oct. 23, 2011

S. Korea’s growth rate to hover below inflation gain this year

SEOUL, Oct. 23 (Yonhap) -- South Korea’s economic growth rate is expected to fall below its inflation gain this year due mainly to sluggish exports and rising consumer prices, data showed Sunday.The average forecast of South Korea’s 2011 growth by 10 foreign investment banks came to 3.7 percent as o

Oct. 23, 2011

Global population set to reach 7 billion this month

SEOUL, Oct. 23 (Yonhap) -- The world's population is expected to hit 7 billion by the end of this month, more than quadrupling from 100 years earlier, a report showed Sunday.According to the report by insurance giant Allianz Group, the planet's population is set to reach the new milestone at the end

Oct. 23, 2011

EU summit likely to affect S. Korea's stock market direction next week

South Korean stocks stand to be affected by the outcome of next week's summit talks among European leaders as the fiscal debt crises in Greece and other eurozone countries still weigh on the overall market sentiment here, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI)

Oct. 22, 2011

Korea soon to finalize currency swap expansion deal with China

The government will soon finalize the won-yuan swap expansion deal with Chinese authorities to boost the $26 billion currency swap currently in place, multiple sources at the Finance Ministry confirmed on Thursday. A senior ministry official said the expansion of the won-yuan swap was proposed by th

Oct. 21, 2011

Builders expect boom in orders after Gadhafi’s death

South Korean construction companies said Thursday that they expect a boom in construction business with the death of Moammar Gadhafi, which could end the civil war in the North African country.The death of the former Libyan leader, announced by Libya’s National Transitional Council, could mean the s

Oct. 21, 2011

POSCO Q3 sales, profits increase

POSCO’s consolidated net profits for the third quarter of the year fell 78.4 percent from a year to 233 billion won ($203 million), the steelmaker said Friday.Over the same period, POSCO’s consolidated sales and operating profits respectively increased by 51.5 percent and 5.2 percent.The company att

IndustryOct. 21, 2011

SC First sets out on early retirement

Lay-off may be extended to non-executive posts as bank struggles with extended strikeStandard Chartered First Bank Korea began speeding up its manpower restructuring, as unionized workers’ long-running walkout failed to garner wide support from the public.This week, the bank launched one-on-one talk

Oct. 21, 2011

Shinhan Bank opens first branch in western China

HONG KONG (Yonhap News) – South Korea's second-largest lender Shinhan Bank said Friday it has opened its first branch in the western region of China, amid rapid economic growth recently witnessed in China's less developed region.Shinhan Bank said its twelfth Chinese branch opened in Changsha,

Oct. 21, 2011