South Korea will strengthen infrastructure needed to increase economic cooperation with the Eurasian countries that have a great potential to become a major global economic block, the finance minister said Wednesday. "We will work to establish networks required to enhance inter-connectivity in transportation, logistics, ICT and energy within the region, a move aimed at resolving barriers that companies face due to a lack of infrastructure, high logistical costs and investment uncertainty," Finan

Household loans extended by South Korean financial institutions grew at a record pace in October as mortgage loans sharply rose, data showed Tuesday, following government measures to jolt the ailing property market.Outstanding household lending by local lenders and non-banking institutions increased 7.8 trillion won ($7 billion) in October from a month earlier to 730.6 trillion won, according to the Bank of Korea.The October growth, compared with a 5.6 trillion won gain in the previous month, ma

Sales at local department stores and discount chains declined for a third straight month in November, adding to worries that private-sector spending is not sturdy enough to support economic recovery, preliminary government data showed Tuesday.According to the data from the finance ministry, department store sales dropped 5.6 percent on-year in November, while discount chain sales shrank 3.9 percent over the same period.This marked the third straight month of decline since September, when they fe

South Korea's exports of information communication technology (ICT) products rose from a year earlier last month, largely on growing shipments to the United States and China, the government said Tuesday.Outbound shipments of ICT products came to US$15.18 billion in November, up 3.6 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.The November figure marked a 5.5 percent drop from $16.07 billion in the previous month. However, it was a turnaround from

Sales at local department stores and discount chains declined for a third straight month in November, adding to worries that private-sector spending is not sturdy enough to support economic recovery, preliminary government data showed Tuesday.According to the data from the finance ministry, department store sales dropped 5.6 percent on-year in November, while discount chain sales shrank 3.9 percent over the same period.This marked the third straight month of decline since September, when they fe

Seoul has been named the best destination for international business meetings by a premier U.S.travel magazine for a third straight year, the municipal government said Tuesday.The honor, one of 60 categories recognized by the Business Traveler magazine every year, went to Seoul for its versatility, city officials said, citing the magazine's editor."Choosing a city in which to hold an event is an important decision, both for the attendees and for the organizations involved," editorial director Da

The global market for dynamic random access memory (DRAM) is anticipated to grow 16 percent on-year in 2015, data showed Monday, casting a brighter outlook for South Korea’s two tech giants who dominate nearly 70 percent of the market.According to the data compiled by industry tracker DRAMeXchange, the combined market size for DRAM products is expected to reach $54.1 billion next year, helped by robust demand from smartphones and tablet PCs.South Korea’s Samsung Electronics Co. and SK hynix Inc.

Korea’s corporate watchdog will “sternly” deal with price rigging that undermines fair competition in areas closely tied to everyday life, its new head said Monday.In his inauguration speech, Fair Trade Commission chairman Jeong Jae-chan also promised to step up monitoring on monopolies and abuse of intellectual property rights.“When it comes to price rigging that hampers market competition in areas closely linked to people’s daily lives, I will respond sternly,” Jeong said. “Monitoring will be

Nine out of 10 Chinese tourists on VIP package to South Korea spent over 50 million won (US$44,840), making them the biggest foreign consumer group, a survey said Monday.According to the survey conducted by Cosmojin Tour, a Seoul-based travel agency, 87 percent of 596 Chinese who traveled to South Korea on exclusive VIP tours between Feb. 1 and Nov. 20 spent over 50 million won. Another 8 percent spent over 300 million won. Seven out of 10 bought luxury brands at duty free shops, two in 10 prefe

South Korea's financial authorities are considering measures to control household debts mounting from low borrowing costs and eased mortgage lending, threatening to further sap domestic demand, sources said Monday.Outstanding household loans by local lenders reached 547.4 trillion won (US$488.7 billion) as of end-October, up 6.9 trillion won from the previous month, according to the data compiled by the Bank of Korea (BOK). The on-month gain is the sharpest since the central bank began compiling

South Korea's exports to China are forecast to decline for the first time in five years this year as a cooling in the world's second-largest economy may continue, data showed on Sunday.Shipments to China, the world's single largest importer of South Korean products, slipped 0.5 percent on-year through November this year, according to the data compiled by the Ministry of Trade, Industry and Energy.If the trend continues, the country's exports to China on an annual basis may decline for the first

South Korean stocks ended flat on Friday as investors digested mixed economic data, while foreigners hunted for bargains, analysts said. The South Korean won strengthened against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.01 point to 1,986.62. Trading volume was light at 280 million shares worth 2.98 trillion won (US$2.67 billion), with gainers beating losers, 407 to 365.Investors took to the sidelines after European Central Bank (ECB) President Mario Draghi

President Park Geun-hye pledged Friday to support corporate innovation and drastically revise regulations that hinder innovation in the country's manufacturing sector."The government will provide utmost support to companies' efforts for voluntary innovation," Park said in a speech marking the anniversary of Trade Day. Park has said a manufacturing sector combined with information and technology could help boost productivity, sparking an economic revival amid fierce global competition.Trade Day w