The United States’ monthly trade deficit with Korea widened to a record high in April, raising the possibility that Washington may face calls for measures to supplement the year-old free trade agreement between the two countries.According to a report from the U.S. Department of Commerce, Washington imported Korean products worth $5.58 billion and exported goods worth $3.27 billion to Seoul in that month.The United States’ combined trade deficit with Korea from January to April amounted to $6.98

The nation’s reliance on foreign capital has been rapidly increasing, indicating that its economy could be greatly swayed by external shocks, data showed Wednesday.According to a report from the private Nonghyup Economic Research Institute, the ratio of foreign investment to gross domestic product came to 81.9 percent in March. This was a 16.6 percentage points increase from December 2008.The ratio soared dramatically during the global recession in 2008 and 2009. It gradually dropped to 75.1 per

Global nuclear power capacity grew rapidly between the 1960s and 1980s. The number of global power plants has surged to around 440 today, according to a report released by International Atomic Energy Agency. The United Sates has the most nuclear reactors with 104, followed by France and Japan. The U.S. generates more than 30 percent of the world’s nuclear energy, according to a report by World Nuclear Association. The U.S. is planning to build four to six more by 2020, it added. European countri

When it comes to nuclear power plants, Korea had maintained a higher operation rate than other countries. But the recent suspension of four nuclear reactors over the use of faulty parts or maintenance tarnished the nation’s image as an atomic energy powerhouse.According to the state-run Korea Hydro and Nuclear Power Co., Korea’s operation rate of nuclear power plants has sunk to below 80 percent for the first time in its history.The company said from January to April this year, Korea’s nuclear r

Domestic carmakers’ local market share continued to contract in the face of foreign brands’ aggressive marketing, according to data released on Saturday by the Korea Automobile Manufacturers Association.Since their combined market share fell below 90 percent for the first time in the third quarter of last year, the nation’s five automakers ― Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong ― have seen a continued drop in sales.Industry observers said the trend was expected to continue as im

The Organization for Economic Cooperation and Development revised down its economic growth outlooks for Korea and the world for this and next year, citing lingering uncertainties over the global economy.“The economy faces both external and domestic risks. With exports accounting for more than half of the GDP, Korea is particularly exposed to global economic conditions and exchange-rate shifts,” the OECD said in a report released Wednesday.In its outlooks, the OECD cut Korea’s 2013 economic growt

Korea currently has 23 nuclear reactors nationwide, generating 30 percent of the nation’s total electricity consumption. According to the Korea Hydro & Nuclear Power, only 12 out of the 23 reactors are in operation. With the shutdown of two more reactors, the number of halted reactors increased to 10. They have been suspended mainly for maintenance.This is why Koreans are faced with fears of a power shortage in this summer. The lost power supply of 2 million KW translates to 80 percent of Busan’

Korea saw its income inequality surpass the average of OECD members, raising concerns over the widening economic disparity between the rich and poor.Korea’s top 10 percent group earned 10.5 times the income of the poorest 10 percent, over the OECD average of 9.5 times in 2010, the Paris-based international organization said.The increased inequality led Asia’s fourth-largest economy to rank ninth among OECD members.Mexico showed the biggest gap with the richest 10 percent earning 28.5 times more

Seoul National University was the most energy-hungry building in Seoul, a report showed Sunday.From 2011 to 2012, the university devoured 4,403 tons of oil equivalent, surpassing major hospitals, department stores, hotels and office buildings, the Seoul Metropolitan Government said.According to the officials, frequent use of experimental apparatus in laboratories and high energy loss typical of old buildings mainly contributed to the high energy use. The officials also assume the 22 percent elec

Seoul has notified Washington of its intention to purchase weapons systems worth $800 million to be mounted on its new fleet of warplanes should a U.S. fighter be picked for its 8.3-trillion-won ($7.4 billion) acquisition project. The Defense Security Cooperation Agency, which handles Washington’s foreign military sales, revealed Seoul’s request to buy high-tech arms such as Advanced Medium-Range Air-to-Air Missiles, GBU-12 laser-guided bombs and GBU-39 bunker busters.Last month, Seoul made a se

Tax havens are drawing media limelight after a journalist group disclosed 245 Korean businessmen and their families suspected of evading taxes by running paper companies in countries or territories that either have very low tax rates or do not impose them at all.Tax havens are generally divided into three categories ― tax paradises, tax shelters and tax resorts.Tax paradises mainly refer to countries that have no tax treaty regime with other countries and do not impose any income tax. They inclu

Samsung was named one of the 100 most valuable global brands for 2013, a survey has shown. According to the list of the Top 100 Most Valuable Global Brands for 2013 released by Millward Brown, a global research company, Samsung ranked 30th this year, at $21.4 billion, an increase of 51 percent from the value of $14.1 billion in 2012. The Korean tech giant ranked 55th last year.Apple gained the honor of the most valuable global brand with a value of $185 billion while Google came in second, worth

South Korea has the third-highest cases of computer malware detected on computers in the world after the United States and Brazil, data showed.According to a Microsoft Security Intelligence Report, about 3.2 million malware cases were discovered in Korea in the fourth quarter of 2012, a 52.5 percent increase from the first quarter of the year. The United States’ number reached 8.96 million and Brazil 4.46 million.Computer experts said cyber attacks with malicious codes are expected to increase a

South Korea’s service industries, such as culture, entertainment, social welfare, health care, education and finance, have failed to grow in importance over the past few years.According to research analysts in the stock investment sector, service-based industries are classified as related to the “creative economy,” a key policy area for President Park Geun-hye.Data held by the analysts showed that Korea saw the proportion of national gross domestic product accounted for by these industries stay

A magnitude 4.9 quake occurred near waters off of Baengnyeongdo Island in the Yellow Sea, marking the eighth time in a week that a tremor was reported in South Korea, the Korea Meteorological Administration said Saturday.The seismic event took place at 7:02 a.m. with the epicenter located 31 kilometers south of the island that is the northernmost of the “Seohae Islands” that lie just south of the sea demarcation line that separates the two Koreas.The KMA said the quake was the sixth largest dete