The Obama administration will likely submit the pending free trade deal with South Korea to Congress in late March after undergoing a series of congressional hearings next month, reports said Sunday.   U.S. Trade Representative Ron Kirk is expected to appear at hearings at the House Ways and Means Committee and the Senate Finance Committee in mid-February to "pave the way for a mock markup of th

Renault Samsung Motors Co., the South Korean unit of French automaker Renault SA, said Friday it has introduced its mid-size passenger vehicle, the SM5, to the European market.The vehicle, known as the Latitude in overseas markets, is currently sold in some 30 countries throughout the world.“Through these SM5 exports, Renault Samsung Motors will fulfill its role as the Asian hub of the Renault-Nis

Korea’s business sentiment for February turned negative for the first time in 17 months amid rising prices of imported raw materials and signs of rate hikes, a poll showed Thursday.The Business Survey Index (BSI) for February came in at 98.0, compared with 101.4 in January, according to the Federation of Korean Industries, the largest industry lobby in Korea.The BSI reading has stayed above 100 si

The state-run Korea Development Bank, main creditor of Korea Express, said Thursday that it will pick two arrangers next month to find a new owner for the country’s top logistics company.Creditors are seeking to sell over 35 percent of their total 47.9 percent stake in Korea Express, held by Daewoo Engineering & Construction Co. and Asiana Airlines Inc., the airline unit of liquidity-squeezed Kumh

Korean stocks closed 0.22 percent higher on Thursday as investor sentiment was lifted by the U.S. Federal Reserve’s vow to keep its bond-buying program to support an economic recovery, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 4.55 points to 2,115.01, the fourth straight session of gains.Trading volume was moderate at 347.

The portion of Korea’s direct investment in China shrank last year amid intensifying competition from other global companies in the world’s second-largest and fastest-growing economy, a report said Thursday.In the first nine months of 2010, the proportion of foreign direct investment made by Korean firms in China dropped to 2 percent from 2.7 percent in 2009, according to the report from the Korea

Korea’s per-capita annual consumption of rice declined to a record low last year as a growing number of people chose other food alternatives for their daily meals, a report showed Thursday.Rice consumption per person in the household sector here came to 72.8 kilograms last year, down from 74 kilograms the previous year, according to Statistics Korea. The figure was the lowest since related data st

Korea’s imports of bottled water jumped to a record high last year as demand grew for premium brands from European countries, the nation’s customs office said Thursday.Korea imported a record $7.9 million worth of bottled water last year, up 19 percent from a year earlier. The import figures have grown an annual average of 23 percent over the past five years, according to the report by the Korean

BRUSSELS (Yonhap News) ― The European Parliament’s trade committee passed an enactment bill that outlines the use of trade safeguards once a free trade agreement with Korea goes into effect, local sources said Wednesday.Parliamentary insiders said the Committee on International Trade passed the bilateral safeguard act with no objections raised by those taking part in the vote.A safeguard arrangeme

South Korea will require all Korean vessels which go through piracy-prone regions to establish a safety zone inside, and double escorting capacity for its vessels at the Gulf of Aden, the government said Thursday.The Ministry of Land, Transportation and Maritime Affairs revealed strengthened anti-piracy measures to counter the rising number of its ships being attacked and hijacked by pirates over

Korea’s plans to slaughter 7.9 million cattle, pigs and poultry to halt the spread of disease are pricing pensioner Lee Ok-soon out of a Lunar New Year tradition of cooking beef soup as an offering for her ancestors. “I don’t believe the government can do anything to pull down prices, which are soaring as if the sky’s the limit,” said Lee, 77, as she shopped at a market in central Seoul on Jan. 20

South Korea will more than triple its investment in overseas resources development to $7 billion this year as it strives for a stable supply of key materials including rare earth metals, the government said Thursday.Of the total, $2.6 billion, or 37 percent, will come from state-run firms and the rest from the private sector, the Ministry of Knowledge Economy said. State-run developers Korea Elect