South Korea’s consumer prices grew at a slower pace in March than a month earlier amid the government’s push to tame inflationary pressure, a report showed Monday.According to the report by Statistics Korea, the country’s consumer price index rose 2.6 percent in March from a year earlier, slowing from a 3.1 percent gain in February. The index lost 0.1 percent compared to a month ago. Last month’s reading is the lowest in 20 months and marks the first time since August 2010 that inflation stood i

Finance minister discusses major economic issues in interview with The Korea HeraldThe following are excerpts from the interview with Finance Minister Bahk Jae-wan. ― Ed. Korea Herald: How meaningful is the Korea-U.S. FTA?Bahk: Korea’s relationship with the United States has gone through many ups and downs but the deal essentially is a major turning point in that it isn’t just about lowering taxes for more trade benefits. The effectuation of the trade pact should become an opportunity for Korea

The Europe-Korea Foundation, the charity arm of the EU Chamber of Commerce in Korea, has given nine scholarships to talented young students here who are unable to further their academic careers due to financial instability. The scholarship program first started in 2003 and ran until 2008, when the global financial crisis cut into companies’ social responsibility. “For this year, the EKF has selected nine college students who are still living in social welfare centers in Seoul or on their own aft

For TUV Rheinland, the next step is to progress from being an international company to being a global one.TUV Rheinland is a leading provider of technical services. They advise, develop, promote, test, inspect and certify products that want to enter into major international markets.“For us, we connect Korean products with the European and United States markets, South African market. But it’s all about standards,” said chief international officer Stephan Schmitt during a recent visit to Korea.Bec

The Korea Trade-Investment Promotion Agency named financial expert Han Ki-won on Monday, commissioner of Invest Korea, the agency’s foreign investment promotion arm. The 53-year-old is highly experienced in the investment field, and is proficient in Korean, English and Japanese, KOTRA said. “We rarely get a candidate who suits the post better than he does,” a KOTRA spokesperson said. “He had a 10-year investment banking career in Japan and another 15 years in Europe and Asia. Han is a top-notch

Ahn Kyung-tae, chairman and territory senior partner of Samil PricewaterhouseCoopers, will serve as the chief of the accounting firm for five more years.The nation’s largest accounting firm’s panel, composed of 13 executives, endorsed Ahn’s consecutive terms at a board member meeting last Friday.Ahn was initially appointed to top post of the Korean network firm of U.S.-based PwC in 2003, following the retirement of Suh Tae-sik, who founded Samil Accounting Corp. in 1971. Ahn, a certified public

Minister Bahk says Korea-U.S. FTA a ‘third opening’ in bilateral relationsSouth Korea will soon announce a set of measures to encourage saving in foreign currencies, Finance Minister Bahk Jae-wan said, announcing a plan to boost the private sector buffer against possible capital flight.Detailing the need for a stronger firewall on top of the central bank’s $306.4 billion in foreign exchange reserves, Bahk told The Korea Herald that the ministry would announce a set of incentives for depositors t

This is the fifth of a series of interviews with top officials and trade-related association chiefs on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed. Despite the expected blow to Korea’s agricultural industry in the wake of its free trade pacts with the United States and the European Union, the nation’s food exports will top $30 billion by 2020, the agriculture minister said.Listing the fresh wave of K-pop as a major potential boost to the industry, Agriculture Minister Seo Gyu-yong ex

South Korea’s exports and imports fell for the first time in two and a half years in March, due mainly to weak overseas demand for Korean ships and commodities, a government report showed Sunday.Despite the first negative trade growth since October 2009, the country’s trade balance remained in the black to the tune of $2.33 billion, according to the report by the Ministry of Knowledge Economy.The country’s exports reached $47.36 billion in March, down 1.4 percent on-year, with imports contractin