South Korea’s franchise industry is bracing for tough times in the second half of this year mainly due to a slowdown in economic growth, a corporate poll showed Sunday.The survey conducted by the Korea Chamber of Commerce and Industry on 300 franchise organizations showed the business forecast index for the six-month period hitting just 73, which is far below the break-even 100-point mark. An index reading below 100 means pessimists outnumber optimists in terms of future outlook.“The weak number

The North Korean economy is believed to have marginally grown last year after contracting for two straight years on increased agricultural production, South Korea’s central bank said Sunday.The Bank of Korea estimated that the communist country’s economy grew 0.8 percent on-year in 2011, compared with a 0.5 percent contraction a year earlier. The 2011 data contrasted with a 3.6 percent expansion of the South Korean economy.The South Korean central bank had earlier estimated that the North’s econ

South Korean stocks will be influenced by the upcoming Bank of Korea meeting that sets the country’s key interest rate, and other domestic and overseas economic developments, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,858.2 on Friday, a gain of 0.8 percent from the week before.The modest gain came about after leaders at the European Union summit agreed on a plan to alleviate financial market jitters, and both the United States and China announced new stimu

A U.S. appeals court on Friday rejected Samsung Electronics Co.’s request to allow the sales of its tablet computer until its patent dispute with Apple Inc. is concluded, sources said Friday.The U.S. Court of Appeals for the Federal Circuit said the injunction imposed by a lower California court remains binding and that the South Korean tech giant cannot sell its Galaxy Tab 10.1 in the country until its legal dispute with Apple is resolved.The District Court of Northern California on June 26 acc

Global credit appraiser Fitch Ratings will send its officials to South Korea this week for an annual meeting with the nation’s key economic and financial policymakers, the finance ministry said Sunday.The delegation led by Andrew Colquhoun, head of its Asia-Pacific sovereign team, is scheduled to start the three-day talks on Tuesday, according to the Ministry of Strategy and Finance.During the visit, the delegation will have talks with officials from the finance ministry, the Bank of Korea, the

South Korea’s state-run mineral development corporation set up a joint venture with its Bolivian counterpart to develop lithium in the South American country, sources said Friday.Seoul’s embassy in La Paz said a consortium made up of Korea Resources Corp. and POSCO, South Korea’s leading steelmaker, signed a deal to create a lithium venture with Comibol, Bolivia’s mineral development corporation.Under the agreement reached Thursday, the new company will make anodes and cathodes for electric vehi

General Motors, the world’s largest automaker, is worried that Europe’s economic weakness will affect the second half of 2012, the company’s top executive said. “You can see softness in Europe,” Chief Executive Officer Dan Akerson told an audience at the Executives’ Club of Chicago. “If there were a meltdown in the euro, which I don’t think there will be, I think it would be pretty impactful on, certainly, the United States” and China. Akerson, who oversaw GM regaining its title of world’s large

South Korean stocks closed nearly flat on Thursday as investors refrained from trading ahead of the European Central Bank policy rate meeting and Samsung Electronics’ guidance release, analysts said. The local currency gained against the greenback.The benchmark Korea Composite Stock Price Index rose 1.04 points, or 0.06 percent, to 1,875.49. Trading volume was moderate at 318.4 million shares worth 3.59 trillion won ($3.16 billion), with gainers outnumbering decliners 401 to 385.“Investors have

BMW, Mercedes, Volkswagen and Audi top the listThe nation’s import car industry saw its vehicle sales reach an all-time high during the first half of the year, posting a monthly average of 10,373 units.Their sales came to 62,239 units in the first half, up 20.5 percent over the same period last year, the Korea Automobile Importers and Distributors Association said Wednesday.For sales in June, import car brands reported an 18 percent year-on-year growth with sales of 10,578 units, though they inc

South Korean stocks closed 0.35 percent higher on Wednesday as speculations over stimulus measures continued to bolster investor sentiment, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 6.63 points to 1,874.45, gaining for a second straight session.Trading volume was moderate at 332.6 million shares worth 4.5 trillion won ($4 billion), with gainers outnumbering decliners 451 to 344.“There is strong hope out there that policy

South Korean stocks closed 0.87 percent higher Tuesday as weak economic data from major economies spurred expectations that policymakers may move toward stimulus measures, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 16.17 points to 1,867.82. Trading volume was moderate at 340.8 million shares worth 4.67 trillion won ($4.1 billion), with gainers outnumbering decliners 523 to 280.“A series of weak economic data from China an

A variety of economic indices show that Korean manufacturers are exposed to the eurozone fiscal crisis, whose negative impact on local major conglomerates’ production could be amplified in the latter half of the year.According to FnGuide, a provider of corporate financial statements, seven of the nation’s 10 major business groups are estimated to post a drop in their earnings for the first half of the year amid the eurozone woes and weak domestic demand.Its estimates suggested that the seven con