Korea’s industrial output grew at a much slower pace in December in the face of persistent global economic uncertainties, a government report showed Tuesday.According to the report by Statistics Korea, production in the mining and manufacturing industries moved up 2.8 percent last month from a year earlier, slowing from a 5.8 percent gain in November.Industrial production, however, fell 0.9 percent on-month in December, marking the third month in a row that numbers declined.In November, it shran

Lenders see combined profit reach 12 trillion won, up 29.2% from a year beforeKorean banks posted a robust combined profit last year on the back of their record-high earnings from service charges.According to the Financial Supervisory Service, banks’ 2011 earnings came to about 12 trillion won ($10.5 billion), up 29.2 percent from 9.3 trillion won a year earlier.Noticeably, their earnings from service fees, including those on transactions via automated teller machines, marked an all-time high of

Korea’s medical tourism income reached a record $116 million in 2011 on the strength of the surging popularity of the country’s health care and medical services among inbound travelers, the Bank of Data showed Tuesday. The income from the thriving medical tourism doubled in five years as more foreign travelers came here to get medical services and plastic surgery.“Foreign tourists are flocking to the country because of its advanced medical technologies, and Chinese and Japanese customers, in par

A rate cut expected for weak conglomerate units and public corporationsKorea’s financial regulators plan to hold a public forum to explore the introduction of a stand-alone corporate rating system on Feb. 9, heralding the imminent implementation of a program that alarms Korean conglomerates. The envisioned stand-alone rating system is widely expected to weed out nonviable chaebol affiliates which have inflated their corporate ratings through links with parent firms with better ratings. The gover

Eland Group, South Korea’s leading fashion retailer, has survived the first round in bidding for the Los Angeles Dodgers, industry sources said Monday.“Eland, which created a consortium late last year, submitted its bid and has advanced to the second round of bidding recently,” an anonymous source was quoted as saying by the Yonhap news agency. Ten potential ownership groups were announced Friday night to have survived the preliminary bidding to purchase the baseball club. In addition to Eland,

The International Monetary Fund has revised down its 2012 growth outlook for South Korea sharply based on the latest economic conditions at home and abroad, the Finance Ministry said Monday.Korea’s economy, Asia’s fourth-largest, is forecast to expand 3.5 percent this year, down from a 4.4 percent growth projected last September, according to the ministry. The new forecast is lower than the 3.7 percent expansion predicted by the Seoul government in December.The latest growth outlook is part of a

The European Union Chamber of Commerce plans to hold an event where its members can have their fortune read, on Feb. 6 at Min’s Club in Seoul.According to Korean tradition, at the start of the New Year, some families visit shamans to seek divine intervention for their well-being. Shaman master Kim Hye-suk will perform one of the many rituals to repel evil spirits and make an offering to the gods in order to bring business prosperity and good health.The event starts at 7 p.m. and is free for EUCC

The French Chamber of Commerce and Industry will hold a training seminar on Wednesday on the tax changes that were applied to this year.The training session will review and discuss main changes in Korean tax laws with a special focus on changes that will influence foreign-invested companies, foreign shareholders and employees. Kim and Chang partner Jenny Kim will discuss all the relevant changes to the tax code for this year from 8:30 a.m. until 10 a.m. on the 14th floor of the Grand Ambassador

CanCham has made arrangements for its members to participate in the 12th Biennial Conference and Trade Fair on Business and the Environment.Also known as GLOBE 2012, the conference is one of the most important industry events on energy and the environment.Taking place between March 14-16 in Vancouver, cleantech and urban sustainability will also be prominently featured in the conference and trade fair.Special rates for Canadian Chamber of Commerce members apply such as free access to the trade f