South Korean stocks remained almost unchanged Tuesday as investors were reluctant to make big bets at the start of earnings season, analysts said. The local currency lost ground against the U.S. greenback.The benchmark Korea Composite Stock Price Index gained 1.54 points, or 0.08 percent, to 2,006.66. Trading volume was moderate at 255.8 million shares worth 3.39 trillion won ($3.35 billion), with losers slightly outnumbering winners 400 to 397. “Investors have anticipated Samsung Electronics’ p

The Korea Trade-Investment Promotion Agency will be offering free translation services to South Korean firms seeking to take part in Poland’s public procurement projects, the agency said on Tuesday. The services will be available at the trade agency’s office in Warsaw starting this month.KOTRA said it decided to provide the translation services based on the fact that Poland only takes bids made in the local language. With all state procurement projects and related documents in Polish, companies

The level of house prices in comparison with income in South Korea is trending lower, with the exception of the posh Gangnam area, where property prices still run high, data showed Tuesday.The so-called price-to-income ratio (PIR) came in at 23.4 in Asia's fourth-largest economy last year, nearly halving from an average of 42.3 between 1986 and 2013, according to the data by the Bank of Korea and Kookmin Bank. The ratio roughly provides a clue to whether housing prices are expensive or cheap giv

South Korea and Turkey have reached a de facto agreement for free trade in investment and services, which brings them closer to closing a deal for a full-fledged FTA, the Trade Ministry here said Monday.“At the seventh round of negotiations, the two sides reached a de facto agreement after narrowing their differences on the text of the FTA in the areas of service and investment,” Assistant Trade Minister Woo Tae-hee said at a press briefing held at the ministry headquarters in Sejong City. The t

The Finance Ministry is reviewing cutting tax exemptions and other tax benefits allowed to companies and individuals to make up for an expected large tax shortfall this year and meet an increase in welfare spending, government officials said Sunday.The ministry last year had announced a tax code revision in which it said it would not raise tax rates but drew criticism by increasing the tax burden on millions of people by reducing benefits and exemptions starting this year. “Nothing has yet been

South Korean exporters are facing growing protectionism as economies around the globe, in particular those in developing countries, still struggle to shield their local industries from a prolonged economic slowdown and surge in foreign imports, industry data showed Sunday. According to the data compiled by the Korea International Trade Association (KITA), a total of 34 import restrictions, including anti-dumping measures, were newly imposed on South Korean-made goods by 17 countries last year

Negotiations between South Korea and China on a bilateral free trade agreement appear likely to pick up pace as the presidents of the two countries have set the end of the year as the deadline for concluding the deal. For this end, South Korea is expected to yield on the agro-fishery industry while the Chinese counterpart is expected to give in on opening the manufacturing market, insiders say. “Chinese President Xi Jinping is determined to push the Chinese officials to accelerate the talks. Chi

Exports of kimchi to China may finally get a boost following the bilateral summit meeting between South Korean President Park Geun-hye and her Chinese counterpart Xi Jinping.At talks held Thursday, the two leaders agreed to expand cooperation and exchanges in the food sector as well as review various regulatory standards that Seoul has argued effectively made it impossible to export kimchi to China.Kimchi is a salted, spicy fermented side dish made with either pickled cabbage, cucumber or radish

South Korean shipbuilders were overtaken by their Chinese rivals in the first half of the year, yielding their top position, industry data showed Friday. Data showed they also lagged behind Japan in June.South Korean shipyards clinched new orders for 164 ships totaling 5.55 million compensated gross tons in the January-June period, down 29.5 percent from 230 ships totaling 7.87 million CGTs a year ago, according to the data by global market researcher Clarkson Research Services.During the same p

Some 30 companies are likely to be put under restructuring this year, mostly those in ailing sectors such as construction and shipbuilding that are in a prolonged slump, sources from creditor banks said Friday. The Financial Supervisory Service and creditor banks have completed assessing the credit risks of companies that have 500 billion won ($495 million) or more in bank loans and are set to soon announce the list of firms subject to restructuring. Although the national economy still remains d

South Korea’s imported car sales surged 39.2 percent on-year in June on the back of strong demand, according to a local trade association on Friday.Sales for June ― 17,803 vehicles ― rose 16.3 percent from the previous month, posting a new monthly record, the Korea Automobile Importers and Distributors Association said. April’s sales had set a previous record of 16,712 units.The total amount represents just under 2.4 percent of the 750,381 new cars sold in the country last month. This figure inc

South Korea and China agreed to conclude their bilateral free trade negotiations by the end of this year, Cheong Wa Dae said Thursday.The bodies also agreed that Korea would be able to set up an offshore renminbi trading center in Seoul, enabling clearance and settlement of trade between the two countries in Chinese currency, while Korean institutional investors have been given an 80 billion yuan quota to use Chinese money for mainland equity purchases.This series of deals came after President P

Each new discount chain that opens can lead to 22 grocery stores closing down in the same neighborhood, a report said Thursday, supporting views that conglomerate-affiliated retail firms are bound to hurt the business of their smaller rivals. The report from the central bank showed that the number of small discount stores and grocery stores fell 18.6 percent and 12.6 percent on average, respectively, in the five years following the establishment of a large discount store in the areas they operat