Arctic states Wednesday accepted South Korea, China, Japan, India, Italy and Singapore as permanent observers to the Arctic Council. They are joining the existing group of the United Kingdom, France, Germany, the Netherlands, Poland and Spain. A growing number of countries are vying for a bigger stake in the far north as global warming accelerates the melting of ice caps, boosting the potential for maritime logistics and resources development in addition to scientific research. The intergovernme

Korea’s household debt has increased by 52 trillion won in just a year, according to a government figure, ringing alarm bells about the nation’s economy.The Financial Supervisory Service revealed Wednesday that the nation’s total household debt amounted to 1,100 trillion won last year from 1,046.4 trillion in 2011. The household debt puts together outstanding household debt and personal business loans.The financial authorities expressed concerns that the current situation would get worse, since

The weak yen has led to an average 5 percent decrease in the price of Japanese export products, dealing a blow to their Korean rivals’ competitiveness, data showed on Tuesday.According to reports from CEIC Co. and Mirae Asset Securities, the Korean export unit cost during the five months from November to March fell just 0.5 percent.Industry experts said if the yen depreciation continued, Korea’s major export items such as automobiles and steel products would lose their price competitiveness. By

The number of people in Korea who earned more than 10 billion won in dividends last year was 19, data showed. Most of them were chiefs of the nation’s top conglomerates and their family members.The data released by chaebul.com, which tracks large conglomerates and their owners, said the number had fallen from 21 in 2011 because of the global economic downturn.As expected, Samsung Electronics chairman Lee Kun-hee topped the list by receiving 103.37 billion won. Hong Seok-hyun, chairman of JoongAn

Consumers’ complaints against the nation’s financial institutions have gradually increased over the past three years, data showed. According to a report released by the Financial Supervisory Service, the number of complaints consumers filed with the financial authorities amounted to 94,794 cases last year, a 11.9 percent increase from 2011, which posted 84,731 cases.Of the total complaints in 2012, 48,000 cases were about insurance. Policyholders’ major complaints were about insurance companies’

When it comes to populations of rich people, Asian cities are second to none. According to a list of cities with the most millionaires, multimillionaires and billionaires released by Wealth Insight, a London-based wealth consultancy company, six cities in Asia ranked in the top 10.Tokyo topped the list with 461,000 millionaires, or persons with more than $1 million in assets minus liabilities. New York and London came in second and third, respectively.Tokyo ranks at the top because of its popula

Some conglomerates’ financial woes and households’ growing difficulties in repaying debts are increasing local banks’ bad debt. The total sum of nonperforming loans from the country’s six largest banks has been snowballing, reaching 13.1 trillion won ($12 billion) as of the end of March, up 12.9 percent since December’s 11.6 trillion won. A nonperforming loan is one that appears unlikely or impossible to be repaid.The six banks ― Shinhan Bank, Hana Bank, Korea Exchange Bank, KB Kookmin Bank, Woo

Korea and Poland were rated as the most politically stable among 30 emerging countries, according to a survey by Eurasia Group. In its latest Global Political Risk Index, the U.S.-based political and financial risk consulting firm gave Korea 77 out of 100. The index is based on how well the government, society, security and the economy can withstand political shocks.The high ranking indicates Korea’s ability to offset risks and uncertainties posed by North Korean threats and change of government

The number of Internet Protocol television subscribers surpassed 7 million on Friday, according to the Korea Digital Media Industry Association.Since its first appearance in January 2009, the IPTV penetration rate has been faster than any other paid TV broadcasting such as cable TV and satellite broadcasting. It took eight years for cable TV to pass 7 million subscriptions and nine years for satellite broadcasting to reach 3 million. Analysts said the fast rise in IPTV subscriptions is largely t

Hyundai Motor and its sister automaker Kia Motors have revved up their presence in the U.S. market since early this year, recovering from last year’s lackluster sales dwarfed by Japanese carmakers.Hyundai and Kia sold a total of 110,871 units, gaining a combined market share of 8.6 percent as of last month, up from 7.3 percent in December.Although their combine market share is still short of the 9-plus percent achieved in April last year, the Korean auto giants are gradually recovering due to in

Incheon International Airport Corp. has been revealed to pay the highest starting salary among public corporations.The average yearly salary for new employees at the 30 top public corporations last year was 39.18 million won ($27,825), up 10.2 percent from the previous year, according to local employment portal Saramin on Thursday.The data was based on Alio (All Public Information In One), a public management information system run by the Ministry of Strategy and Finance.IIAC was followed by Uls

Most of Korea’s billionaires accumulated their wealth through inheritance, while the Japanese superrich built up their wealth by creating their own business, according to a recent survey by CEO Score, a local online corporate management evaluator.In the survey of the top 50 richest people in Korea and Japan based on their stock ownership, 78 percent of Korea’s richest are second and third generation chaebol chiefs. In contrast, 60 percent of the top 50 richest Japanese are entrepreneurs. In Kore

Sungnyemun, or the South Gate from the Joseon era (1392-1910), will be unveiled to the public on Saturday after 63 months of restoration. A lavish ceremony is planned to mark the return of the National Treasure No.1 in central Seoul. The restoration was the fruit of around 35,000 people’s dedication, from the selection of the best wood and stone to adhering to the most traditional method possible.The Cultural Heritage Administration said it reinforced fireproofing and the fire alarm system since

The Korea-Turkey Free Trade Agreement, which comes into effect on Wednesday, is to be Korea’s ninth FTA, as well as the first to take effect under the new Park Geun-hye administration.Under the FTA, all tariffs on industrial goods, including automobiles, plastic and home appliances, will be eliminated within seven years, according to the Ministry of Trade, Industry and Energy and the Korea International Trade Association.As of last year, Turkey was Korea’s 25th-largest trading partner with $4.55

Korea’s labor productivity ranked 23rd among 34 members of the Organization for Economic Cooperation and Development in 2011, moving up one notch from 2010, the government said.In 2011, the total output by each Korean worker came to $62,185, which amounted to 79.9 percent of the OECD average but 60.6 percent of that of the U.S., according to the Ministry of Trade, Industry and Energy.The ministry noted that Korea’s labor productivity grew at an average annual rate of 2.92 percent, the sixth high