SEOUL,KOREA- Major private economic think tanks see this year's economic prospect rather pessimistically. All of their forecast figures, it turned out, were lower than the 2.7-percent level suggested by the government. For example, Hyundai Economic Research Institute lowered its 2013 economic growth figure to 2.6 percent from 3.1 percent forecast earlier. This is based on predictions that the fi

SEOUL, KOREA - Korea's current account recorded a surplus for 17 consecutive months. The Bank of Korea said in a report "May 2013 International Balance of Payments (Preliminary)" on June 27 that the current account surplus for the month of May was US$8.64 billion, breaking the record in November 2012 when the figure was $6.91. It was because of a decline in imports (-4.8%) to $42.32 billion

SEOUL, KOREA - The Korea Chamber of Commerce & Industry announced the results of its survey on the size of corporate investment in plants and equipment for the second half of this year. This survey was conducted with Korea’s 1,008 major companies from May 15 to 27.A total of 43.4 percent of respondents said their plants and equipment investment for the second half will remain the same as it wa

SEOUL, KOREA - With the growing importance of the environment, the global environmental industry is also experiencing a boom, which is not a surprise due to the excellent technology and experience of domestic companies. Although, however successful a company is, it is impossible to succeed all alone without the government’s aid in the global market. Korea IT Times recently had an interview with Mi

SEOUL, KOREA - With the Kaesung industrial complex closed indefinitely, the loss to the companies with operations there has been tallied in excess of 1 trillion won. Of this, the amount that has been checked out by evidence was 706.7 billion won. On June 25 the Ministry of Unification announced its survey results on 234 companies out of 296 with operations in the Kaesung industrial complex.

SEOUL, KOREA - Hyundai Mobis ranked No. 8 among the world’s major auto parts makers for two straight years. The company was positioned at No. 8 in the world’s top-100 OEM auto parts supplier ranking selected by U.S. auto magazine Automotive News. Hyundai Mobis has maintained its No. 8 position for two consecutive years since last year. According to the auto magazine, Hyundai Mobis sold $21.35

SEOUL, KOREA - The Ministry of Food and Drug Safety said on June 23 Koreans' per-capita meat consumption has increased 18.8 percent to 43.7 kilograms in 2012 from 36.8 kg in 2009. During the same period, according to Korea Statistical Office figures, per-person grain consumption has declined 6.3 percent to 77.1 kg from 82.3 kg.Pork was the most preferred meat, accounting for 49.7 percent of al

SEOUL, KOREA - Financial Services Commission chairman Shin Je-yoon said the impact of the remarks by the U.S. Fed chairman Ben Bernanke on the domestic financial markets would be limited.He said this on June 24 in a meeting with Financial Services Commission high-ranking officials, adding, "The financial markets in and outside Korea are responding too sensitively to Bernanke's announcement abo

SEOUL, KOREA - Talent-oriented management and high-speed decision-making have led Samsung Group's remarkable success, a global business expert said. At an international forum titled the “Twenty years of Samsung’s New Management” held at the K-Hotel in Yangjae-dong, Seoul on June 20, Hiroshi Katayama, a professor of Waseda University in Japan, said, "The characteristics of Samsung's quality m

SEOUL, KOREA - The Federation of Korean Industries (FKI) released its survey results on June 19. The survey was conducted with Korea's top 600 companies with respect to their new employment plans for this year.Four out of ten surveyed companies replied that they will reduce employment this year. 39.5 percent,or 62 companies, replied that they will cut payrolls compared to last year's level, whil

SEOUL, KOREA - The government of South Jeolla Province has resumed the review of a plan to build an underwater tunnel for the KTX bullet train between the port city of Mokpo and Jeju island. On June 19, the provincial government requested to the central government for 10 billion won as part of the 2014 fiscal year budget for studying and planning for the proposed Mokpo-Jeju underwater tunnel. It w

SEOUL, KOREA - The "New Community Movement," or "Saemaul Movement," which has been an important component of Korea's economic growth during the 1960s and 1970s will be implanted in the newly developing nation of Myanmar. In addition, an industrial complex will be built exclusively for Korean companies investing in the country. The Korean delegation headed by Hyun Oh-seok, Deputy Prime Minister

SEOUL, KOREA - President Madame Park Geun-hye of South Korea toured the Indian pavilion at the Seoul International Book Fair (SIBF) today. 2. India is participating as the ‘Guest of Honour’ at SIBF for the first time.  A custom fabricated 1000 sq. meter pavilion, has been designed and established for the purpose.  26 Indian publishers have displayed a wide range of books. India’s participation

SEOUL, KOREA - The May producer prices have fallen for eight consecutive months, largely due to a decline in primary product prices including that for oil. According to the Bank of Korea on June 18, the producer prices in the month of May fell 2.6 percent from the same month last year. Except in April when the prices declined 2.8 percent, this is the largest fall since October 2009 when the prices

SEOUL, KOREA - About 63 Koreans out of 100 will go on a vacation trip during the upcoming summer. Of these, 86.6 percent will travel to domestic destinations. According to a survey conducted jointly by the Ministry of Culture, Sports, and Tourism and the Korea Culture & Tourism Institute on 1,004 respondents, 62.7 percent of the respondents said they would take a summer trip, up 12.1 percentage po

SEOUL, KOREA - Hyun Oh-seok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, said, "In the latter half of this year, we will be able to get out of the low-growth quagmire and achieve a 3-percent growth." He said this in a report to the National Assembly's Strategy and Finance Committee meeting, adding, "As long as the government can play the role of encouraging eco

SEOUL, KOREA - Foreign workers hired in small enterprises in Korea are being paid about 6.4 times more wages than the amount they earned in their home country. The Korea Federation of Small and Medium Business said on June 17 that the average monthly net pay (including bonuses and other benefits) of foreign workers in Korea was 1,621,000 won. The figure was based on a survey on 1,058 employees fro

SEOUL, KOREA - Korean companies doing business with Iran welcome the latest election outcome there in which a moderate candidate Hassan Rouhani was elected as President of Iran on June 15, defeating conservative politician and current mayor of Tehran Mohammad Bagher Ghalibaf. The companies expect the U.S.-Iran relationship would not worsen any further under the new President's rule. But they don't

SEOUL, KOREA - An industrial complex will be built in Myanmar exclusively for Korean companies. In addition, an agreement to guarantee investment in order to reduce risk for companies doing business there. The government held an external affairs ministerial meeting at Korea EximBank on June 13 and passed a proposal to establish a "Korea-Myanmar economic cooperation joint committee." Hyun Oh-se

SEOUL, KOREA - The May balance of household loans by commercial banks has increased by a large margin. According to the Bank of Korea on June 12, the balance of loans outstanding made out to consumers in May was 465.1 trillion won, up 2.6 trillion won from the previous month. During the months of January and February, the consumer loan balance decreased due to the expiration of tax cuts for ho