As part of the government’s move to regularize the underground economy, the Korea Customs Service will seek access to the credit card expenditures of overseas travelers, despite disputes over privacy.Back in March, shortly after the new presidential office kicked off, the KCS submitted a bill to give customs authorities access to overseas credit card use on a monthly basis. Currently, the office only receives a yearly report from the Credit Finance Association.The idea was suggested as a means t

Korea, China and Japan completed the second round of talks for their trilateral trade pact, adding momentum to their push for economic unity in Northeast Asia.During the four-day meeting held in Shanghai this week, the representatives of the three countries discussed key issues such as rules of origins and customs procedures, according to the Ministry of Trade, Industry and Energy on Friday.This was progress from the first round of talks held in Seoul in March, in which the basic terms of refere

The 317 trillion won ($282 billion) project to develop a tourist complex city across Muuido and Yongyudo islands near Incheon International Airport has collapsed due to the ongoing economic stagnation and investment delays.The Incheon Free Economic Zone said Thursday that it canceled the contract with 8City, a private consortium organized back in 2007 to construct the tourist attraction complex, officials said.Considering the economic hardships, the IFEZ has extended investment deadlines 13 time

South Korea’s trade surplus slightly widened last month as its overall trade volume grew from a year earlier, the government said Thursday.In July, the country’s exports amounted to $45.84 billion, up 2.6 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.The July figure marks a turnaround from a 0.9 percent on-year drop in the previous month.The country’s trade surplus came to $2.71 billion with its imports growing 2.7 percent on-year to $43.13 billio

SoloPower Korea, a firm jointly established by a U.S.-based thin-film solar photovoltaic producer and its local partner CTI Co., said Wednesday that the company has concluded an investment contract worth $100 million with U.S.-based Blue Coast Securities Corp.SoloPower Korea CEO Song Dong-jeong said that the company has been struggling to find a proper investor in Korea due to lack of awareness of CIGS ― semiconductor material composed of copper, indium, gallium and selenium ― as well as the eco

NHN Corp., the operator of the country’s top portal Naver, has been renamed Naver Corp., after its main business and gaming business were reorganized into two separate entities, it said Thursday.In March, Naver decided to split itself into two firms ― Naver Corp. and NHN Entertainment Co. ― in a bid to focus on its mainstay business.With the split, Naver has a total of 25 affiliates under its wing, it said.NHN Entertainment with 1 trillion won ($892 million) in assets will be listed on the count

U.S. probes steel dumping, industries complain of lack of control tower

South Korea's trade surplus slightly widened last month as its overall trade volume grew from a year earlier, the government said Thursday.In July, the country's exports amounted to US$45.84 billion, up 2.6 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.The July figure marks a turnaround from a 0.9 percent on-year drop in the previous month.The country's trade surplus came to $2.71 billion with its imports growing 2.7 percent on-year to $43.13 bill

South Korea's minimum wage has been set at 5,210 won ($4.66) per hour for next year, up slightly over 7 percent from this year, the labor ministry said Thursday.Earlier this month, a trilateral council of government, labor and management representatives agreed to raise the country's minimum wage for 2014 by 7.2 percent from the current 4,860 won per hour. The increase plan was confirmed as no objections or complaints were raised by labor and management, the ministry said, adding that it will mak

South Korea's consumer prices grew at the fastest pace in five months in July due to the on-year gain in oil prices, but they ran below the central bank's inflation target band, a government report showed Thursday.The country's consumer prices index rose 1.4 percent in July from a year earlier, picking up from a 1 percent on-year gain in June, according to the report by Statistics Korea.The July data marked the fastest on-year growth since February when the index rose an identical 1.4 percent on

Daewoo Shipbuilding & Marine Engineering closed in on winning a battleship order from Thailand, further consolidating its leading position in the world defense market.The Thai government on Tuesday approved the navy’s decision to order a 520 billion won ($463.7 million) frigate from the Korean shipbuilder, according to news reports on Wednesday.DSME is currently the sole preferred bidder for the deal and is highly expected to sign the final contract as early as August, officials said.The 3,700-t

The Korea-Peru Free Trade Agreement turned out to have significantly boosted Korea’s exports to the South American state, as well as its relative share in the local import market.Over the past two years, since the FTA effectuation, Korea’s exports to Peru increased by 11.6 percent, whereas the nation’s general export growth rate was 2.2 percent, the Institute for International Trade said through a report on Wednesday.The total trade volume between the two countries, too, rose by 7.5 percent to $

The hit Broadway musical “Spider-Man: Turn Off the Dark” is losing its longtime superhero but producers are holding open casting calls for anyone who wants to don the red and blue suit.Reeve Carney, who has been playing the musical's title character and his alter ego Peter Parker since the show began previews in late 2010, will leave Sept. 15 and two casting calls will be held next month to find his replacement, as well as a future actress to play Mary Jane.The casting calls will be in New York