Debts owed by South Korea's three major shipbuilders more than doubled over a period of five years ending in 2015 due to disadvantageous contract terms, according to their business reports Sunday.The combined borrowings by Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co. jumped to 23.9 trillion won ($20.68 billion) at the end of 2015 from 10 trillion won at end-2010, the data showed.Industry analysts said a sharp increase in the so-call

Tourist arrivals here from Japan rose for the second consecutive month in March, industry data showed Sunday.According to the data released by the Korea Tourism Organization, a total of 224,328 Japanese tourists visited South Korea in March, marking a rise of 55.3 percent over the previous month and a year-on-year increase of 2.5 percent from 218,932 in the same month of 2015.In February, 144,493 Japanese came to visit South Korea, rising 1.3 percent from 142,587 recorded a year earlier.Before F

South Korea plans to sell 3 trillion won ($2.6 billion) worth of Treasury bills this month to help stabilize the money market and cover government expenses, the finance ministry said Wednesday.The bills will have a maturity of 63 days and will be sold in three separate auctions throughout the month, it added.Treasury bills are designed to raise money to cover short-term financial shortfalls, and thus are generally sold with a maturity of less than a year.Following the planned sales of additional

A majority of companies estimate increased corporate taxes this year from last year and expect to pay more when new tax codes become effective in 2017, a survey said Wednesday.Responses drawn by the Federation of Korean Industries, in its survey of 200 company officials in charge of tax filings, said 61.5 percent reported higher corporate taxes this year than last. Another 67 percent said they see taxes rising next year under new codes that reduced allowed write-offs for carryover business losse

Top financial officials and central bank governors from South Korea, Japan and China agreed Tuesday to make joint efforts in battling economic and financial uncertainties at both the national and regional levels.   The agreement came at a three-way meeting of the countries' finance ministers and central bank governors held in Frankfurt, Germany, where the top financial and monetary policymakers were attending the annual meeting of the Asian Development Bank. Korean Finance Minister Yoo Il-ho (le

Former Commerce Minister Lee Hee-beom has been nominated to lead preparations for the 2018 PyeongChang Winter Olympics, the event's organizers said Tuesday.The PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games (POCOG) announced it listened to a wide range of opinions before tapping Lee to fill the vacancy at the top.    Commerce Minister Lee Hee-beom (Yonhap)Lee, 67, is in line to replace Hanjin Group Chairman Cho Yang-ho, who resigned earlier Tuesday. Cho cited t

Korea's corporate organization in a report Tuesday recommended that local services firms find growth outlets in China, laying out four specific strategies to improve their chances of success.The Korea Chamber of Commerce and Industry (KCCI) advised  Korean companies to look closely into Chinese markets for children, the aging generation, the rich and broadcasting content to land strong in a country with an economy being reshaped around the services industry that has been growing at an annual rat

Exports of Korea-made washing machines nearly tripled in Australia and New Zealand for the first three months of the year on the implementation of free trade pacts with the countries, customs data showed Tuesday.Shipments of washers to the two Oceanian nations reached a combined $6.17 million over the January-March period, up from $2.23 million a year earlier, according to the data compiled by the Korea Customs Service.Over the cited period, Korea's washing machine exports fell 3.4 percent on-ye

Korea's average land prices continued its upbeat trend in the first quarter of this year amid government efforts to boost the local property market, data showed Tuesday.The average land price for the country's 17 major cities and provinces rose 0.56 percent during the January-March period, accelerating from a 0.48 percent on-year gain for the same period last year, according to the data compiled by the Ministry of Land, Infrastructure and Transportation. Sejong City (Yonhap)The first-quarter jum

Korea's consumer prices grew by more than 1 percent for the third consecutive month in April, government data showed Tuesday.The country's consumer price index rose 1 percent last month from a year earlier, according to the data compiled by Statistics Korea.It is the first time in 17 months that the index has stayed above the 1 percent level for three straight months.The figure had remained less than 1 percent throughout last year except in November and December.Core inflation, which excludes vo

Korea's imports of oil from Iran more than doubled in the first quarter of this year from a year earlier after international sanctions on the Middle East country were lifted in January, industry data showed on Tuesday.According to the data, imports of Iranian crude oil and condensates reached 22.85 million barrels in the January-March period, compared with 10 million barrels a year ago.By value, Korean imports of Iranian crude jumped 17.6 percent on-year to $629 million in the first three months

Korea’s exports continued to shrink from a year earlier last month on less working days, the government said Sunday.Exports reached $41 billion in April, down 11.2 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. A view of Busan Port. (Yonhap)The rate marks an acceleration from an 8.2 percent on-year cut in March. April also marks the 16th consecutive month of an on-year drop.The decline was mostly attributed to a drop in the number of working days

Korea’s current account surplus widened from a month earlier in March on a rise in the goods account surplus, central bank data showed Monday.The current account surplus came to $10.09 billion in March, which marked the 49th consecutive month of surplus. The figure compared with a revised $7.17 billion surplus in the previous month, according to preliminary data from the Bank of Korea. Cap: Bank of Korea headquarters in downtown Seoul. (Yonhap)From a year earlier, the current account surplus rem

Korea's consumer goods firms are shifting their overseas focus to Vietnam as their business in China reaches its limits, increasing investment and aggressively opening new branches, according to industry watchers on Monday.With a population of over 90 million and 60 percent in their 30s or younger, Vietnam stands out as a market promising robust growth. A recent report by the Korea Trade-Investment Promotion Agency said the Korean government is pursuing expansion of consumer goods exports to Vie

The Korea Securities Depository pays the highest salary among public institutions, according to a report by Alio, an online information provider on public agencies, on Monday. Out of the 321 domestic public institutions, employees of KSD, an affiliate with the Financial Services Commission, received an average of 104.9 million won ($91,950) last year, a 4.2 percent increase from 100.7 million won in 2014.Second place went to those who work for the Korea Investment Corp. where they receive an ave