South Korean stocks closed 0.64 percent higher Tuesday on abated concerns over the U.S. fiscal cliff and improving economic data, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 12.08 points to finish at 1,890.18. Trading volume was light at 367.0 million shares worth 3.62 trillion won ($3.34 billion) with advancers outnumbering decliners 481 to 330. “Political reassurance gave a boost to investor sentiment, though it’s likel

HONG KONG (Yonhap News) ― The South Korean economy will likely grow more than 3 percent in 2013 from this year amid improving external and internal macro environments, JPMorgan said Tuesday.The U.S. investment bank predicted South Korea’s real gross domestic product will recover to the 3 percent level next year, compared to an estimated 2.3 percent in 2012, with exports to rise and fiscal policy to turn more supportive.“On a quarterly basis, real GDP growth has slowed for three straight quarters

Korea will work to develop indigenous technologies needed to store or process spent nuclear fuel rods, along with its first permanent facility to store spent fuel, the government said Tuesday.The move comes as the Korea Atomic Energy Promotion Council recommended the government start looking for candidate sites for a spent fuel storage facility at least from 2016 for completion of construction in 2024.Currently, spent fuel rods are stored in temporary storage facilities at the country’s nuclear

A new European Chamber of Commerce in Korea opened in Seoul on Tuesday upon government approval.Promoters of the new organization said the Ministry of Knowledge Economy informed the chamber of its permission on Monday.The ECCK replaces the European Union Chamber of Commerce in Korea, known as EUCCK, which shut down in September after being slapped with fines and overdue taxes worth 4.5 billion won ($4.2 million).ECCK members said the new organization’s basic role of developing industrial relatio

The government has decided to reveal the official gas mileage estimates of all vehicles from next year and include a driving resistance test in the individual testing procedures of carmakers, the Ministry of Knowledge Economy said Tuesday. The ministry unveiled new toughened regulations to better control the discrepancy in the official and actual fuel economy of vehicles marketed here amid confusion following Hyundai Motor Group’s mileage overstatement scandal in the U.S. and Canada. The governm

Trilateral free trade pact with China, Japan could be equal to EU and NAFTA

Samsung Economic Research Institute appears to be shifting its activities to more exclusively serve its parent group, given the latest changes within the think tank. As Samsung Group’s arm for conducting macro and microeconomic research, SERI, with over 300 employees, ranks as one of Korea’s largest privately run economic think tanks. The institute, however, will no longer be releasing macroeconomic figures, including annual economic growth forecasts, starting next year. It also will discourage

South Korea’s growth potential has been almost cut in half since the economy survived the Asian financial crisis, data showed Tuesday, sparking concerns over the lack of drivers for future growth.The potential growth rate of Asia’s fourth-largest economy is estimated at an annual 3.7 percent as of this year, compared with 6.1 percent tallied just before the outbreak of the financial turmoil, according to data by the Bank of Korea, Statistics Korea and the Financial Supervisory Service. The figur

PHNOM PENH (AFP) - Asia-Pacific nations will launch negotiations for two giant free trade pacts Tuesday that diplomats say may foster warmer ties at a time of deep tensions over multiple territorial rows.China, Japan and South Korea, embroiled in maritime disputes that have frayed diplomatic ties, were due to start talks for a free-trade agreement when their trade ministers met on the sidelines of an Asian summit.Negotiations for a separate Regional Comprehensive Economic Partnership involving t

South Korea's growth potential has been almost cut in half since the economy survived the Asian financial crisis, data showed Tuesday, sparking concerns over the lack of drivers for future growth.The potential growth rate of Asia's fourth-largest economy is estimated at an annual 3.7 percent as of this year, compared with 6.1 percent tallied just before the outbreak of the financial turmoil, according to data by the Bank of Korea, Statistics Korea and the Financial Supervisory Service. The figur