Korea’s business sentiment for February turned negative for the first time in 17 months amid rising prices of imported raw materials and signs of rate hikes, a poll showed Thursday.The Business Survey Index (BSI) for February came in at 98.0, compared with 101.4 in January, according to the Federation of Korean Industries, the largest industry lobby in Korea.The BSI reading has stayed above 100 si

The state-run Korea Development Bank, main creditor of Korea Express, said Thursday that it will pick two arrangers next month to find a new owner for the country’s top logistics company.Creditors are seeking to sell over 35 percent of their total 47.9 percent stake in Korea Express, held by Daewoo Engineering & Construction Co. and Asiana Airlines Inc., the airline unit of liquidity-squeezed Kumh

Korean stocks closed 0.22 percent higher on Thursday as investor sentiment was lifted by the U.S. Federal Reserve’s vow to keep its bond-buying program to support an economic recovery, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 4.55 points to 2,115.01, the fourth straight session of gains.Trading volume was moderate at 347.

The portion of Korea’s direct investment in China shrank last year amid intensifying competition from other global companies in the world’s second-largest and fastest-growing economy, a report said Thursday.In the first nine months of 2010, the proportion of foreign direct investment made by Korean firms in China dropped to 2 percent from 2.7 percent in 2009, according to the report from the Korea

Korea’s per-capita annual consumption of rice declined to a record low last year as a growing number of people chose other food alternatives for their daily meals, a report showed Thursday.Rice consumption per person in the household sector here came to 72.8 kilograms last year, down from 74 kilograms the previous year, according to Statistics Korea. The figure was the lowest since related data st

Korea’s imports of bottled water jumped to a record high last year as demand grew for premium brands from European countries, the nation’s customs office said Thursday.Korea imported a record $7.9 million worth of bottled water last year, up 19 percent from a year earlier. The import figures have grown an annual average of 23 percent over the past five years, according to the report by the Korean

BRUSSELS (Yonhap News) ― The European Parliament’s trade committee passed an enactment bill that outlines the use of trade safeguards once a free trade agreement with Korea goes into effect, local sources said Wednesday.Parliamentary insiders said the Committee on International Trade passed the bilateral safeguard act with no objections raised by those taking part in the vote.A safeguard arrangeme

Ministry moves to regulate E-2 drug testsThe Justice Ministry announced yesterday that it would strengthen oversight on centers that carry out drug tests for E-2 visa applicants. The move aims to better regulate the tests for those wanting an E-2 teaching visa.From Feb. 1 tests will have to use a chemical indicator approved by the Korea Food and Drug Administration. Samples that test positive will