The majority of households that frequently purchase lottery tickets do not belong to the low-income bracket, the Finance Ministry said Thursday.Citing a survey, the ministry claimed that 72.6 percent of steady lottery buyers were from households whose average monthly income surpassed 3 million won ($2,750).It also said the households with an average monthly income of more than 4 million won took up 35.3 percent of the total buyers.“The poll result counters the social bias that mostly destitute p

SEJONG (Yonhap News) ― South Korea logged a trade surplus for 13 straight months in February despite the prolonged sluggish export growth affected by the global economic slump, customs data showed Thursday.According to the customs-clearance trade figures provided by the Korea Customs Service, South Korea’s exports shrank 8.6 percent on-year to $42.3 billion last month. Imports also dropped 10.6 percent to $40.3 billion.The country’s trade surplus last month, however, came to $2 billion, larger t

Asiana Airlines Inc., South Korea’s No. 2 flag carrier, has been named the best airline in fuel efficiency in the country, the government said Thursday.The Ministry of Land, Transport and Maritime Affairs made the announcement, citing a test by the Korea Transportation Safety Authority on the amount of greenhouse gas emissions by Asiana Airlines and five other local carriers.Asiana Airlines and Korean Air Lines as well as four other budget carriers signed a voluntary agreement with the ministry

South Korean stocks closed almost flat on Thursday following the central bank’s decision to freeze the key interest rates, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 2.40 points, or 0.12 percent, to 2,002.13. Trading volume was low at 320.7 million shares worth 4.01 trillion won ($3.64 billion), with gainers outnumbering decliners 489 to 324.“Local shares traded flat as investor sentiment was dented by the central bank’s de

The brokerage industry has downplayed some market observers’ prediction that some major financial firms will be severely damaged from the possible collapse of the 31 trillion won ($28.4 billion) urban development project in Yongsan, Seoul.As the nation’s largest-ever project faced bankruptcy involving worries over capital erosion and liquidation of the state-controlled rail operator KORAIL, some critics commented on the feasibility that the financial services industry will go through heavy losse

The Korea Communications Commission imposed additional fines amounting up to 5.3 billion won ($4.77 million) on the country’s three telecoms for providing excessive and illegal smartphone subsidies despite its previous punishments.The state telecom regulator said that it will have SK Telecom pay up another 3.14 billion won and also granted fees of 1.61 billion won and 560 million won to KT and LG Uplus, respectively.“It’s a real shame that the market spiced up immediately after we impose strict

A U.S. trade agency has once again delayed its decision on the high-profile patent war between Apple and Samsung, this time based on considerations of how much consumers and the U.S. economy would be hurt should it ban imports of Apple’s iPhones and iPads over a patent held by Samsung Electronics. The U.S. International Trade Commission in Washington was scheduled to issue a final decision in Samsung’s patent infringement case yesterday. Instead, it asked for comments on how a ban would affect t

Honda is recalling nearly 250,000 vehicles worldwide for brakes that can suddenly kick in even when the driver isn't braking. No crashes have been reported related to the defect. Honda Motor Co. said Thursday it was recalling more than 183,000 vehicles in the U.S., including the Acura RL, Acura MDX and Pilot models. More than 56,000 vehicles were recalled in Japan, affecting the Odyssey, Legend, StepWgn and Elysion models. Also being recalled are nearly 8,000 vehicles in Canada, nearly 1,000 in

South Korean stocks closed almost flat on Thursday following the central bank's decision to freeze the key interest rates, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.40 points, or 0.12 percent, to 2,002.13. Trading volume was low at 320.7 million shares worth 4.01 trillion won (US$3.64 billion), with gainers outnumbering decliners 489 to 324."Local shares traded flat as investor sentiment was dented by the central