The U.S. trade watchdog has launched an anti-dumping investigation into allegations that South Korea and six other foreign countries sell hot-rolled steel flat products in the U.S. at unfairly low prices.The U.S. International Trade Commission posted a notice in the Federal Register saying it has instituted the investigation to determine whether the U.S. industry is harmed by "imports of certain hot-rolled steel flat products from Australia, Brazil, Japan, Korea, the Netherlands, Turkey and the

South Korea and Ecuador will announce the start of negotiations for a bilateral free trade agreement next week, the Seoul government said Wednesday.The announcement will be made Tuesday at a meeting of the countries' trade ministers in Seoul, according to the Ministry of Trade, Industry and Energy.The declaration of the start of FTA talks comes nearly two years after the countries concluded a joint feasibility study in June 2013."Ecuador is expected to become a gateway for our companies to the l

The real value of the Korean won against key foreign currencies dropped 2.2 percent on-month in July, data showed Wednesday, providing exporters with breathing room to boost their overseas sales that had taken a hit from a strong won.The won's real effective exchange rate reached 112.42 last month, dropping from 114.95 in June and marking the third straight month of decline, according to the data by the Bank for International Settlement's effective exchange rate indices covering 61 economies.REE

South Korea's tax authorities have conducted a monthlong tax probe into the fast food chain arm of Lotte Group, which is embroiled in a family feud over control of the sprawling retail giant, sources said Wednesday.Investigators from the National Tax Service inspected the main office of Lotteria in Seoul between July 7 and Aug. 11, according to the sources.It is the first tax probe into Lotteria since 2011 and comes after the service carried out an audit into Daehong Communications, the advertis

South Korean conglomerates have stepped up their capital spending in the first half of the year, data showed Wednesday, moving in line with government efforts to stimulate the country's slowing growth. The combined spending by 266 affiliates under the top 30 local business groups came to 38.78 trillion won ($32.7 billion) during the January-June period, up 31.5 percent from a year earlier, according to the data compiled by corporate researcher CEO Score. Expenditures in equipment and facilities

South Korean retailers and food manufacturers are expanding their ready-to-eat meal products to cater to the country's rapidly growing single households who opt to eat in, partly to save time and money, market watchers said Wednesday.Retailers and food makers, in turn, are swiftly moving to increase their market share in the so-called "home meal replacement" segment, which includes products ranging from ready-to-eat loach soup to instant rice topped with Mapo Tofu. CJ Cheiljedang Corp., one of t

Producer prices in South Korea declined for the 12th straight month in July, tracking a fall in global oil prices, data showed Wednesday.The producer price index, a measure of future consumer inflation, reached 101.43 in July, down 4 percent from the previous year, according to the preliminary data from the Bank of Korea .It slipped 0.3 percent from a month earlier.Prices of coal and petroleum products plummeted 31 percent from a year ago, the biggest on-year fall since 33.5 percent in April.Uti

South Korean stocks fell 0.62 percent Tuesday, as investors refrained from making risky bets amid lingering aftershocks from the yuan devaluations, analysts said.The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index dropped 12.26 points to close at 1,956.26. Trading volume was moderate at 467 million shares worth 5.54 trillion won ($4.67 billion) with decliners far outpacing advancers 628 to 206. "Although the yuan fear has eased, we need more ti

Imported carbonated beverages are sold at much higher prices in the local market than abroad, a consumer advocacy group said Tuesday, advising consumers to make prudent decisions on buying those products.According to the Korean Woman's Federation for Consumers, the price difference between carbonated drinks sold in the country of origin and South Korea reached as high as 7.9 times. Prices for the same products differed considerably depending on where it was purchased, making it important for peo

The government plans to come up with measures to fuel economic growth despite mounting challenges that could derail recovery efforts, the top economic policymaker said Tuesday.Addressing lawmakers at the National Assembly's Special Committee on Budget and Accounts in Seoul, Finance Minister Choi Kyung-hwan pointed out that external and internal problems were posing problems for Asia's fourth-largest economy.South Korea's growth was helped by a combination of low crude oil prices, low interest ra

The government will prioritize getting pending service-related bills passed by the National Assembly before the political parties plunge into campaigning mode for next year’s April 13 general elections, said officials at the Ministry of Strategy and Finance on Monday.Seven of the 30 bills aiming to boost the economy through the service sector have been pending at the National Assembly for up to three years, according to the ministry.Deputy Prime Minister Choi Kyung-hwan was quoted by a news prov

Samsung Group, South Korea's top conglomerate, said Monday it will create some 30,000 new jobs for the younger generation over the next two years, a move to help tackle protracted youth unemployment in line with the government's efforts to improve the job market. Samsung said in its youth job creation plan that it will offer traineeships to 3,000 candidates who are seeking to work for one of its subcontractors. The family-run conglomerate said it plans to pay for the trainees' monthly wages of 1

The fuel surcharge that international flight passengers have to pay is expected to be lowered to zero in South Korea for the first time in six years next month as global oil prices continue to drop, industry sources said Monday.The surcharge system allows air carriers to adjust the extra fees for international and domestic routes each month in tandem with changes in the average price of fuel traded via Singapore's spot market. The surcharge is not levied if the average fuel price falls below $1.

Passenger car sales in South Korea fell during the first seven months of this year despite overall vehicle sales growth as most sedan models suffered marked setbacks, industry data showed Monday.Five carmakers operating in South Korea sold a combined 714,015 vehicles, including sedans and recreational vehicles, during the January-July period, up 3.1 percent from a year earlier, according to the data.The growth was driven mostly by more demand for RVs, including sport utility vehicles. In contras