Business organizations on Tuesday hailed the parliamentary ratification of the Korea-U.S. free trade agreement as a major turning point in Korea’s economy and history of trade.Welcoming the FTA passage on behalf of some 70,000 exporters and importers, the Korea International Trade Association said the trade deal will “greatly help Korean businesses predominate the U.S. market and make Korean products more cost-competitive.” “(The FTA) will have a positive impact on creating jobs as exchanges bet

A more conservative system for marking the fuel efficiency of cars will be introduced next year as mileages are often exaggerated under the current system based solely on city driving test results, the Ministry of Knowledge Economy said Tuesday.The new mileage system will be based on the U.S. 5-cycle testing, which includes a highway driving test, a cold temperature operation test, a high acceleration/quick acceleration test, an air conditioning test in addition to a city driving test, to better

The Korean government invited officials and business leaders from the Middle East and northern Africa to explain its plans to help reconstruct Libya a month after the death of Libyan dictator Moammar Gadhafi. About 50 government officials and business representatives from countries including Saudi Arabia, the United Arab Emirates, Kuwait and Libya will attend a three-day “Korea-Middle East Week” starting Wednesday in Seoul, the Ministry of Knowledge Economy said.On Wednesday, Korean companies wi

HONG KONG -- About half of 70 major Chinese cities saw declines in their housing prices last month as Beijing tightened measures to ward off a bubble, a government report showed Tuesday.In October, prices of new residential properties in 34 medium and large cities dropped on-month, the Chinese National Bureau of Statistics said. Seventeen cities saw a slight rise in prices, while the average increase was less than 0.2 percent. Earlier this year, Beijing announced a set of measures to cool proper

South Korea’s trade volume is expected to surpass the $1 trillion mark for the first time this year, fueled by solid export gains to Asian countries, the government said Tuesday.The Korea Customs Service said total outbound shipments coming into this year stood at $475.8 billion with imports reaching $450.7 billion for a total of $926.5 billion.Despite mounting global economic uncertainties, two-way trade reached $29.8 billion in the first 10 days of November, it said, adding that at present pac

An expo for South Korean products will be held in the United Arab Emirates next year as both nations seek to step up business and economic cooperation, the finance ministry said Friday.The “Made In Korea 2012” expo will be the first of its kind to be held in the Middle East region for Korean products. It will be held in Abu Dhabi in May, according to the ministry.The expo will be sponsored by commerce and tourism agencies of the UAE, the ministry said. The organizers seek to attract around 300 K

South Korean households’ monthly income grew 6.5 percent on-year in the third quarter thanks to improving employment conditions, a government report showed Friday. According to the report by Statistics Korea, households’ monthly income averaged 3.89 million won ($3,413) in the July-September period. Inflation-adjusted household income also rose 1.6 percent from a year earlier.The disposable income of households grew 6.3 percent on-year to a monthly average of 3.15 million won, the report said.“H

The number of self-employed people in their 50s or older in South Korea reached an all-time high in October, as baby boomers tended to start their own companies after retiring from other careers, data showed Thursday.According to the data provided by Statistics Korea and the labor ministry, the number of self-employed people in their 50s or older totaled 3.1 million last month, up 169,000 from the same month a year earlier. This marked the highest count ever, and compared with 2.42 million talli

South Korea’s economic chief urged businesses Thursday to keep up efforts to lower production costs and minimize marketing expenses in a bid to help stabilize consumer prices.Finance Minister Bahk Jae-wan noted that the government will do its part in stabilizing prices by improving the distribution structure, easing regulations and lowering import duties on raw materials.“Companies need to absorb price-raising factors as much as possible by cutting production costs and minimizing marketing expen

HONG KONG -- Slower growth in the number of labor unions will likely cool down South Korea’s inflation, reducing pressure to hike wages, a report said Thursday.South Korea’s labor unionization rate dropped to 9.8 percent in 2010, compared to the peak of 19.8 percent in 1989, Nomura International Ltd. said in a report, citing government statistics. “We expect Korea’s consumer price index to slow from 4.2 percent in 2011 to 3.5 percent in 2012,” said Kwon Young-sun, senior economist at Nomura.“Any