Local cable TV system operators on Monday stopped relaying high-definition programs from terrestrial TVs to households nationwide after negotiations over the cost of digital broadcasting retransmissions broke down.They replaced the HD programs with lower-level standard-definition programs, causing i

Half of South Korean manufacturers think that the lingering European financial crisis will hurt their financial health next year in earnest, making it more difficult for them to secure working capital, a survey said Sunday.According to the survey of 300 manufacturing companies by the Korea Chamber of Commerce and Industry, 50 percent said that their financial conditions are expected to be affected by the European debt woes, while only 22 percent responded that they have felt the effect of the fi

South Korea’s global competitiveness in the transportation and construction service sectors remains solid despite the recent economic downturn triggered by eurozone woes and sluggish growth among many industrialized economies, a government report showed Sunday.The finance ministry said that in the nine months of this year, the surplus in the transportation industry reached $7.3 billion, up $1.2 billion from the same time period in 2010, in the latest service sector balance sheet report.It said o

The cost of insuring South Korea's sovereign debt against default climbed sharply in the face of global financial sector woes, data showed Sunday.The credit default swap (CDS) premium on South Korea's foreign currency bonds with five-year maturities reached 177 basis points as of Friday on the New Y

South Korean shares are expected to move in a tight range next week as fiscal debt problems in Europe and the United States will continue to weigh on investor sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,776.40, down 3.3 percent from last week. This w

The government on Friday announced a 70 percent cut in the size of the Yellow Sea Free Economic Zone as it unveils measures to rejuvenate the region’s stagnant project to court foreign investment and boost local economy.Designated in 2008, the Yellow Sea FEZ is one of the country’s six tariff-free industrial areas but has been regarded as the most infeasible. Its five districts cover 55 square kilometers in Gyeonggi Province and South Chungcheong Province.Under the plan, the government said it h

South Korea will expand preferential tariff benefits for poorly developed countries as part of its international commitment to helping developing economies and promote global balanced growth, the Finance Ministry said Friday.The government will add 253 products from 48 poorly developed countries to the list of goods exempted from import duties starting next year, according to the ministry. It now offers such tax benefits to a total of 4,549 products.The move will raise the tax-free ratio for pro

A record number of new companies were set up in October, fueled by people around retirement age entering the service sector, a government report showed Wednesday.The report by the Small and Medium Business Administration said 5,074 companies were founded last month, up 5.2 percent from a year earlier.“In terms of total numbers, last month represents the highest tally for October since the administration started keeping records in 2003,” it said.It said growth was led by a 7.7 percent increase in

The amount of cargo processed at South Korea’s seaports surged 9.6 percent last month from a year earlier on growing trade and cargo passing through the country, the government said Wednesday.The volume of cargo handled at the country’s seaports came to 112.89 million tons, according to the Ministry of Land, Transport and Maritime Affairs.The figure also marks a large gain from the 101 million tons processed in September.“The amount of import-export cargo is growing despite worsening global econ

South Korea is one of the global leaders in the manufacturing sector, bolstered by its competitiveness in autos and semiconductors, a local think tank said Wednesday.The Institute for International Trade (IIT) said in its latest annual report that as of 2010, South Korea was the seventh largest exporting nation in the world.It also said that the country was the fifth largest manufacturer of automobiles and No. 2 in the world in terms of semiconductor sales.The institute under the Korea Internati

South Korea’s dependence on major advanced economies such as the U.S. and Europe has deepened over the past decade, making its economy more vulnerable to global financial crises originating with the economic powers, a report said Wednesday.According to the report compiled by the Korea Center for International Finance, South Korea and the U.S. had a correlation coefficient of 0.76 in terms of economic growth in the 2000-2010 period. The comparable figure was 0.51 in the 1980s and plunged to minus

Following the implementation of the Korea-U.S. Free Trade Agreement, about a third of the country’s international trade will involve countries with which Korea has entered into FTAs. While the figure has risen quite rapidly, it remains far below the global average.According to a report by the Korea International Trade Association’s Institute for International Trade, on average countries conduct 49.2 percent of trade with those with whom they have trade pacts.Current negotiations With the country