South Korea posted a trade surplus for the 21st straight month in October as exports remained strong amid slowing import growth, the customs office said Tuesday.The nation’s trade surplus came to about $4.1 billion in October, up from $1.3 billion a month earlier, according to data by the Korea Customs Service. During the January-October period, its cumulative trade surplus reached $25.9 billion.Exports totaled $46.8 billion, up from $46.5 billion in September, while imports declined from $45.3

South Korea’s import prices rose at the fastest pace in six months in October primarily because the local currency depreciated against the U.S. dollar, the central bank said Tuesday.In local currency terms, the country’s import prices rose 16 percent in October from a year earlier, quickening from the 14 percent on-year gain in September, according to the Bank of Korea.The October data marked the fastest expansion since a 19 percent on-year advance in April, the BOK added.Compared with the previ

A survey found Tuesday that one in three households has seen a rise in its total debt in the latter half of this year, largely due to funding its living costs.The survey, released by the Korea Chamber of Commerce and Industry, said 33 percent of the households located in the metropolitan area answered that their debts increased from July compared to the first half of this year. The survey was conducted on 300 households. Among those who answered that their total debt has risen, more than four in

South Korean banks’ foreign exchange deposits sharply rose last month as exports remained steady and high currency volatility led companies to buy the dollar, data showed Tuesday.Foreign currency-denominated deposits held by top lender Kookmin Bank and four other banks totaled $17.1 billion as of the end of October, up $2.4 billion or 16.6 percent from a year earlier, according to industry data.The sharp rise came mainly because capital inflows from export income continued and companies snapped

South Korean stocks closed 0.88 percent down Tuesday as Italy’s high borrowing costs underpinned nagging concerns about the eurozone debt crisis, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 16.69 points to close at 1,886.12, snapping the second straight session of gains. Trading volume was moderate at 355.8 million shares worth 4.74 trillion won ($4.21 billion) with losers outpacing gainers 543 to 280.“As Europe’s debt p

Lawmakers mount calls for reactivation of plan to sell government-held stakeFinancial authorities are expected to come up with a new plan soon to privatize state-owned Woori Financial Group as calls from politicians for resumption of the stalled sale plan are mounting, sources said Tuesday.Last week, some members of the National Policy Committee of the National Assembly called for Korea Deposit Insurance Corp., the biggest shareholder of Woori Financial, to draw up a new plan to sell most of its

DUBAI (AFP) ― Airbus on Monday clinched a deal to sell 50 A320neo aircraft to a Kuwaiti leasing firm on the second day of the Dubai Airshow, as plane manufacturers forecast a boom in demand from the Middle East.The firm ALAFCO signed an agreement with the European manufacturer to buy 50 units of the new single-aisle jet in a deal valued at $4.6 billion at list price. It took an option for another 30 units to be finalized by end of 2011.But the deal remains modest in comparison with the order sco

BEIJING (AP) ― The International Monetary Fund warned Tuesday that China’s banks face growing risks that might hamper growth, adding to concern about the world’s second-largest economy amid Europe’s debt crisis.The IMF’s comments add to warnings by industry analysts that state-owned banks face a possible rise in bad loans and other problems after a lending boom that helped China rebound quickly from the 2008 global crisis.China’s economy expanded by 9.1 percent in the quarter ending in September

It is again the time for political regrouping. The half century of the Republic of Korea’s modern political history has recorded repeated realignment of political parties ahead of major elections, even during the military-backed authoritarian rule. But history also shows that hurriedly assembled new parties have not done well in elections. This time, there is an unusual factor. Parties are scrambling to regroup after reading the writing on the wall in the mayoral by-election in Seoul last month.

The Ahn Cheol-soo phenomenon took a new turn as the potential presidential candidate made a commitment for a 150 billion won ($135 million) donation to charity Tuesday. His surprise action encouraged his supporters in the vast ranks of Korean society and further alerted political parties. The donation makes clearer his intent to enter the 2012 presidential race.In a press conference at the Graduate School of Convergence Science and Technology, Seoul National University, where he is the dean, Ahn