Korea’s imports of Iranian oil fell nearly half in May from the previous month as local refiners moved to switch their suppliers in the face of international sanctions against Tehran, industry data showed Sunday.Korea imported 3.96 million barrels of Iranian crude in May, down 47.3 percent from 7.52 million barrels in April, according to the data compiled by the Korea National Oil Corp. It is the lowest monthly tally since October 2010 when the country bought 3.72 million barrels of oil from Ira

But technology giant will still fall short of market expectations, analysts saySamsung Electronics, the world’s largest smartphone maker, is likely to have reached record-high earnings in the second quarter of this year.But the company is expected to deliver results below market expectations, with many analysts lowering their initial forecast due to the eurozone crisis and continued slowdown in the semiconductor sector.The general consensus among analysts indicated that the tech manufacturing gi

Korean public institutions’ debt surged in 2011 from the previous year due mainly to increased spending on large-scale investment projects, government data showed Sunday.According to the data from the Finance Ministry, the debt-to-equity ratio of 286 state-invested companies and other public institutions averaged 197 percent last year, up from 165 percent a year earlier.As of the end of last year, their liabilities totaled 463.5 trillion won ($404 billion), while their equity capital came to 235

South Korea’s trade surplus rose to a 21-month high in June as overseas demand for South Korean products grew while the country’s imports shrank, the government said Sunday.The country’s trade balance came to $4.96 billion in the black last month, up from a $2.4 billion surplus tallied in May, according to the Ministry of Knowledge Economy.Exports rose 1.3 percent from a year earlier to $47.35 billion in June, ending a three-month losing streak. Imports, on the other hand, shrank 5.4 percent on-

Korean stocks will likely rally again this week, local analysts said Saturday, following an agreement at a European summit to ease bailout rules for debt-ridden countries in Europe.The country’s key stock index, the Korea Composite Stock Price Index, closed at 1,847.39, up 0.35 percent from a week earlier. The tech-heavy KOSDAQ climbed 0.82 percent from a week before to close at 489.16.Local investors, individuals and institutions alike helped keep the stock market afloat, purchasing a net 1.36

Sales at popular coffee chains increased by 28 percent last year. The nation’s top six coffee franchises ― Starbucks, Caffe Bene, Coffee Bean & Tea Leaf, Tom n Toms, Hollys and Coffine Gurunaru ― recorded total sales of 743.3 billion won ($651.1 million) in 2011, according to Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System. In 2010, they brought in 580.7 billion won. Starbucks topped the market, recording 298.2 billion won in sales. During the last decade, the coffee

Samsung Electronics the world’s biggest maker of mobile phones, was barred from selling its Galaxy Nexus smartphone in the U.S. by a second court ruling this week in its global patent dispute with Apple Inc. The ruling by U.S. District Judge Lucy Koh in San Jose, California, follows her June 26 order blocking U.S. sales of Samsung’s Galaxy Tab 10.1 computer in the patent and trademark- infringement lawsuit over smartphones and tablets. On June 7, Koh expedited evidence sharing for Apple’s bid to

The number of females in South Korea is expected to exceed that of males starting in 2015 due mainly to the country's rapidly aging population, government data showed Sunday.According to the data by Statistics Korea, the number of women in South Korea will likely reach 25.31 million in 2015, slightly surpassing the male population of 25.30 million.The female population is projected to continue to

South Korea's imports of Iranian oil fell nearly half in May from the previous month as local refiners moved to switch their suppliers in the face of international sanctions against Tehran, industry data showed Sunday.South Korea imported 3.96 million barrels of Iranian crude in May, down 47.3 percent from 7.52 million barrels in April, according to the data compiled by the Korea National Oil Corp