South Korean public companies’ labor productivity has improved over the past few years as the government stepped up efforts to enhance competitiveness in the public sector, the finance ministry said Thursday.According to the ministry, per-capita labor productivity in state-run companies rose at an annual average of 31.6 percent from2008 through 2010, noticeably higher than the 24.9 percent average gains tallied for large private-sector businesses.The improvement was ascribed to the government‘s

South Korean stocks closed 1.1 percent higher on Thursday as gains of tech shares, refiners and shipbuilders propped up the market despite persisting concerns about the eurozone debt turmoil, analysts said. The local currency rose against the U.S. dollar.After trading in a tight range, the benchmark Korea Composite Stock Price Index (KOSPI) rose 20.60 points to close at 1,876.67, snapping a two-session losing streak. Trading volume was moderate at 348.7 million shares worth 4.67 trillion won ($4

SEOUL, Nov. 17 (Yonhap) -- Moody's Investors Service on Thursday downgraded its forecast of South Korea's economic growth for next year, citing weakening exports and sluggish domestic demand.The global credit appraiser predicted the South Korean economy would expand 3.5-4.0 percent next year, compar

A survey found Tuesday that one in three households has seen a rise in its total debt in the latter half of this year, largely due to funding its living costs.The survey, released by the Korea Chamber of Commerce and Industry, said 33 percent of the households located in the metropolitan area answered that their debts increased from July compared to the first half of this year. The survey was conducted on 300 households. Among those who answered that their total debt has risen, more than four in

South Korea's terms of trade worsened to the lowest level in nearly three years in the third quarter as on-year gains in oil prices jacked up import costs, the central bank said Monday.The country's net terms-of-trade index for goods came in at 78.7 in the July-September period, down 9.9 percent fro

The popularity of Korean pop culture is exerting a positive influence on overseas sales of locally made products, a poll conducted by an international traders association showed Sunday.The Korea International Trade Association said a survey conducted on 1,173 people from Japan, China, Taiwan and Vietnam, revealed that 80 percent of the respondents said that the Korean wave has affected their buying of South Korean goods.The Korean wave, also known as “Hallyu,” refers to the popularity of South K

South Korean imports from the European Union grew at a far faster pace than its exports to the economic bloc over the three months since their bilateral free trade deal took effect in July, data showed Sunday.In the July-September period, South Korean imports from the EU came to $12.35 billion, registering an average monthly increase rate of 26.5 percent, according to the data by the Ministry of Knowledge Economy and the Korea International Trade Association.In contrast, South Korean shipments t

The country’s first compound for testing and producing parts and technologies for renewable energy sources was completed on Thursday.Work on the complex in Buan County, North Jeolla Province, began in 2004, and cost 100 billion won ($88 million), the Ministry of Knowledge Economy said.The compound is divided into a research and testing complex, industrial complex and a complex for experiencing and learning about related technologies. According to the ministry, three state-run research organizati

SEOUL, Nov. 10 (Yonhap) -- Gold prices on both the international and South Korean markets are expected to continue rising as renewed worries on the eurozone, sparked by Italy's financial woes, prompt investors to scurry for safer assets, data showed Thursday.On Tuesday, the contract for December del

South Korea’s jobless rate fell in October from a month earlier and job creation accelerated at the fastest pace in 17 months, showing signs that long-frozen labor conditions might be thawing, a report showed Wednesday.The jobless rate stood at 2.9 percent last month, down from 3 percent in September, according to the report by Statistics Korea.The rate was also down from 3.3 percent tallied in the same month a year earlier.The report showed that the economy gained 501,000 more jobs last month c

BUSAN (Yonhap News) ― Hanjin Heavy Industries & Construction hammered out a tentative agreement with its unionized workers on Wednesday to end an 11-month-long labor dispute sparked by the shipmaker’s massive layoffs. The provisional deal calls for the shipmaker to reinstate within one year 94 former employees who were laid off in the scheme to downsize the workforce, according to people with knowledge about the agreement. It also requires the Busan-based firm to deliver on what Hanjin Heavy cha

South Korea’s top trade and economic policymakers urged the National Assembly on Wednesday to quickly ratify the long-standing free trade deal with the United States.The free trade accord, known as the KORUS FTA, was signed in June 2007 and supplemented in late December of last year with minor modifications that mostly deal with the auto industry. The agreement was ratified by the U.S. Congress last month and Seoul is under mounting pressure to follow suit.Lawmakers here, however, remain locked

Nearly 90 percent of “intra-group” deals carried out between affiliates of major conglomerates last year were granted without open bidding, the antitrust watchdog said Wednesday.The results are based on an analysis by the Fair Trade Commission of business deals and sales data compiled by 20 affiliates of the nation‘s leading business groups. They consist of 8 advertising, 8 systems integration and 4 logistics companies. The companies were found to have received 9.16 trillion won ($8.23 billion)