Citing mounting challenges in the global market, the chief of South Korea’s central bank on Tuesday urged for measures to improve the competitiveness of the manufacturing sector during a rare meeting with industry representatives.“The competitiveness of the manufacturing sector will determine the survival of our economy,” said Lee Ju-yeol, governor of the Bank of Korea, at an economic meeting with officials from industries. “We cannot guarantee sustainable growth without

SK Innovation’s decision to build a US production facility for electric vehicle batteries in Commerce, Georgia, will help raise public awareness and understanding of the next-generation vehicle technology according to the city’s mayor. Mayor Clark Hill visited Seoul for a weeklong trip that will involve a tour of SK Innovation’s EV battery plant in Seosan, South Chungcheong Province, and some learning about Korea’s cultural aspects. “SK’s participation in the

SEJONG -- The nation’s gasoline prices have seen a sharp drop over the past few months, and to a certain extent this eased the financial burdens of ordinary people and small business owners amid economic difficulties.After peaking at 1,690.31 won ($1.50) per liter on Nov. 4, gasoline prices fell below 1,350 won on Jan. 12 before sinking to 1,342.24 won on Feb. 15. This month’s low marked a 20.5 percent drop from three months earlier and the lowest level seen in 35 months. Gasoline pr

South Korea's coal imports hit a new high last year despite government efforts to phase out the use of fine dust-emitting energy sources, industry data showed Tuesday.The country shipped in 131.52 million tons of coal last year, breaking the record for the second consecutive year. Coal imports in 2017 totaled 131.46 million tons. The figure for 2018 marks an 11 percent increase from 2016.The monetary value of the imports totaled US$14.65 billion last year, a gain of 8.7 percent from the year bef

The US Commerce chief has submitted a report to US President Donald Trump on the topic of imported cars, news reports said Monday, as South Korea renews efforts to win exemption for its cars from possible tariffs.The Commerce Department did not make public any details on its recommendations to Trump.Commerce Secretary Wilbur Ross presented his recommendations to Trump, Bloomberg news reported, citing the department's statement. Reuters news agency carried a similar story, while the French news a

Kwon Young-soo, chief operating officer of LG Corp., will be appointed an executive director of the board of LG Electronics at a shareholders meeting next month, the electronics company said Monday. Kwon is a close aide to LG Corp. Chairman Koo Kwang-mo.  Koo Bon-joon, Chairman Koo’s uncle, will not be reappointed as a board member, and the industry views his departure to make room for younger successors as part of the LG family tradition. LG Electronics will hold its shareholders mee

Reflecting the market response to the government’s real estate regulations, the home purchase sentiment has dwindled to the lowest level in nearly six years, data showed Monday.According to the Korea Appraisal Board, Seoul’s weekly apartment supply-demand index stood at 73.2 as of Feb. 11, the lowest since March 11, 2013, when the index hit a record-low of 71.8.The index, referring to the ratio of apartments available for transactions, is measured on a scale of zero to 200. While 100

The price of sugar rose 11 percent in January from a year earlier as the cost of widely consumed processed foods increased overall, the Korea Consumer Agency said Monday.A survey of 26 items in the measured basket of foods for the month showed price hikes for 18 and drops for six. Prices for two remained the same. The agency normally reviews inflation for 30 items, but four were left out this time as the subjected items are being adjusted.Compared with January last year, the price of sugar jumpe

On Thursday last week, LG Uplus’ board of directors approved a plan for the company to purchase 50 percent plus one share of CJ Hellovision from its holding company, CJ ENM.LG Uplus will become the nation’s second-largest pay TV operator with a 24.4 percent market share, up from fourth place, with the deal worth 800 billion won ($711 million).The acquisition is to be confirmed in a shareholders meeting next month and also requires approval from the Fair Trade Commission, which has up

Fast-paced technological advancement and mounting challenges in the global trade environment have been pushing companies to reinforce their supply chain system and governments to innovate their customs clearance procedures.As a technology pioneer, South Korea is seeking to add momentum to its customs administration through blockchain, artificial intelligence, big data and drone technology, according to officials of the Korea Customs Service.“It is the KCS’ goal to create a safe trade

South Korea's imports of coffee declined last year for the first time since 2012, suggesting that the boom of coffee shops might have peaked, data showed Sunday. Imports of coffee fell to 143,000 tons in 2018, down 2,600 tons from a year ago, according to data by the Korea Customs Service. It was the first time in six years that the annual volume of coffee imports fell, the data showed.  South Korea's coffee imports had been on a steady rise in recent years, with inbound shipments stood at

South Korea’s current account surplus extended its surplus for 21 years straight in 2018, on the back of improved service accounts and record-high exports, central bank data showed Friday.The monthly figure for December, however, hit an eight-month low amid falling prices of semiconductors and the consequent blow on exports. The country’s current account surplus for 2018 stood at $76.41 billion, up $1.18 billion from a year earlier and marking the 21st consecutive year in the black s

South Korea's monthly current account surplus hit an eight-month low in December on slowing exports, central bank data showed Friday.The country's current account surplus came to $4.82 billion in December, slightly up from $4.49 billion a year earlier, according to the preliminary data from the Bank of Korea. The tally marks the 80th consecutive month of the balance being in the black based on a revised statistics criteria, but it represents the smallest monthly surplus since April when it

One in 5 South Koreans face the risk of becoming addicted to smartphone use, according to a poll by the Ministry of Science and ICT. Of 28,575 people between 3 and 69 years old, 19.1 percent fell into the potentially at-risk or high-risk addiction categories in the survey conducted between August and October last year. They could suffer physical and mental withdrawal symptoms. The proportion of those at high risk rose from 17.8 percent in 2016 to 18.6 percent in 2017.By age, teens made up the th

Jobless rate hits record-high for January since aftermath of global financial crisis