The government on Tuesday announced a plan to double Korean exports of halal food to $1.5 billion by 2017.Under the plan, the Agriculture Ministry plans to set up a local standardized system for halal by the end of this year, doubling the budget for the plan to 2 billion won ($1.8 million). Halal is food approved by Muslim law as fit for eating.The move aims at relieving Korean halal food exporters from the burden of having to seek halal certificates separately from Indonesia, the United Arab Em

South Korean banks' exposure to cash-strapped Greece is not so large, the financial watchdog said Tuesday, raising expectations that a default by the struggling European country would have a limited impact on them.  Local banks and non-bank institutions' exposure to Greece stood at $1.18 billion as of end-March, accounting for 1.3 percent of the country's total overseas lending, according to the Financial Supervisory Service.  The watchdog said the exposure is loans to Greek shipping firms throu

Impact on Korea unlikely to linger

South Korean stocks sank by the most in one month Monday, with the local currency hitting the lowest against the U.S. dollar in three months, as investors were unnerved by debt-mired Greece nearing a sovereign default, analysts said.  Greece is set to default on 1.6 billion euros ($1.76 billion) of loans if it doesn't make repayments to the International Monetary Fund by the Tuesday deadline (Greek time).  The European Central Bank refused to extend support to Greek banks after bailout talks bet

South Korea plans to ease foreign exchange transaction rules to reduce inconveniences for companies and individuals as well as create new business opportunities, the government said Monday.     Under the plans, local firms will be allowed to enter money transfer businesses like those operated by MoneyGram and Western Union. In addition, local payment gateway firms will be able to process on-line international transactions, according to the finance ministry.  Companies can also benefit from not b

Finance Minister Choi Kyung-hwan departed to Beijing Sunday for an inaugural ceremony of the China-led Asian Infrastructure Investment Bank.   Choi will attend the ceremony at the Great Hall of the People in Beijing on Monday, sources said.   South Korea and 56 other countries became founding members of the AIIB, which is seen as a potential counterbalance to U.S. and Japan-led multilateral lenders such as the Asian Development Bank and the World Bank.   The U.S. and Japan did not join the AIIB,