Korean food exporters plan to lure Japan, the world’s largest importer of Korean food, at the annual international food expo in Tokyo, the Agriculture Ministry said Monday. A total of 56 Korean food exporters will set up booths at the Korean segment of the 40th Foodex Japan, in Makuhari Messe, from March 3-6. The event will host 2,977 exhibitors from 79 countries and is expected to draw some 80,000 trade professionals.“In recent years, Japanese food suppliers have been relying more on imports th

The delinquency rate on loans extended by South Korean banks, including household borrowing, edged up in January from the previous month, the financial watchdog said Monday.The average delinquency rate of bank loans stood at 0.71 percent at the end of January, up 0.07 percentage point from a month earlier, according to the Financial Supervisory Service (FSS).From a year earlier, the figure dropped 0.17 percentage point from 0.88 percent, it added.Over the cited period, 1.7 trillion won (US$1.5 b

The number of newly established firms in South Korea soared to a near-record high in January, data showed Monday, with most new firms being small in size as more retirees opted to start their own businesses.A total of 8,070 companies were set up in January, nearing the all-time high of 8,129 posted in July last year, according to the Bank of Korea. It marks a record for the month of January.Separate data by the Small and Medium Business Administration showed that small firms accounted for a bulk

The majority of pet foods ordered from overseas by Korean online shoppers last year were seized and trashed at the quarantine service for phytosanitary reasons, the Food Ministry said Sunday.The National Plant Quarantine Service confiscated 2,231 packages, or 93.3 percent of the total pet foods and animal feeds that entered the country via airmail in 2014, the ministry said.According to the ministry data, pet foods take up about 82.4 percent of all airmailed packages that failed the quarantine i

Shinhan Bank said Sunday that it had developed a new investment performance analysis system, which enables customers to check the earnings rates of their savings, funds, and trusts at a glance.In addition to offering an in-depth analysis and strategies to customers, the system will also display the individual investment earnings rates of the bank’s asset managers.“The new system will boost customers’ earnings rates by offering a customized investment strategy,” said a representative of the bank.

South Korean stocks crept down 0.37 percent Friday, snapping their seven-session winning streak, as investors sought to lock in profits from recent rallies, analysts said. The South Korean won declined against the U.S. dollar.  The benchmark Korea Composite Stock Price Index lost 7.28 points, or 0.37 percent, to close at 1,985.8. Trading volume was heavy at 407.5 million shares worth 5.51 trillion won ($5.02 billion), with gainers beating decliners 415 to 386.  "The global stock market has been

South Korea plans to provide incentives by cutting or reducing bank levies on 12 banks that have been named as "market creators" of the won-yuan exchange market in a bid to vitalize the recently launched market.  Under the plan, Seoul will eliminate the bank tax on yuan debts and partially reduce other levies depending on the lenders' won-yuan trading volume, the finance ministry and the central bank said in a joint press release.  The move, which is tentatively valid for this year, is a follow-

Financial authorities said Thursday that local lenders would launch a massive program to cut the cost of loans for borrowers next month as a way to curb rising household debts.Under the new loan-transfer program, the money will go to help households seeking to refinance their mortgage lending at cheaper rates.The Financial Services Commission said the debt-refinancing program will start on March 24 and run until the sales reaches 20 trillion won.The measure came amid reports that the nation’s ho

South Koreans’ credit card spending reached 48.4 trillion won ($44 billion) last month, up 3 percent from the same period a year ago, the Credit Finance Association said Thursday.This marked the second-lowest increase since February last year, when credit card spending grew 2.5 percent on-year. In January 2014, the increase rate stood at 9 percent.CREFIA attributed the low increase to less overall spending in January as the Lunar New Year holiday was in February this year.This led to less retail

FSS says money swindled through insurance scams has skyrocketed

South Korea's terms of trade improved for the fifth straight month on-year in January as weaker oil prices pushed import prices lower compared to export prices, data showed Thursday.The country's net terms-of-trade index for goods reached 95.82 last month, surging 8.4 percent on-year and hitting the highest level in more than four years. The January gain accelerated from 3.9 percent on-year growth in the previous month.The index is calculated by dividing the index for export prices by that for i