Budget airliners are upbeat about Russia’s decision to adopt an open skies policy for Vladivostok, which will allow all foreign airlines to fly there by simply notifying the authorities.Russia hopes to develop Vladivostok Airport, which is less than a two-hours flight from Incheon International Airport, into a major international hub for passengers flying between East Asia and North America via Siberia, according to Russian media reports.Seoul’s Land Ministry said it has asked the Russian govern

South Korean exports to the European Union are expected to rise steadily in 2012, fueled by brisk demand for automobiles and ships, a report said Tuesday.The Korea International Trade Association report said that fiscal crises in countries such as Greece, Italy, Spain and Ireland will exert negative influence, although the economic bloc as a whole may be able to pull off positive growth.“Unlike the worldwide financial crisis in 2009, the EU is expected to post growth of about 1 percent,” the ass

South Korea’s hybrid vehicle sales dropped sharply in October despite high fuel prices, local industry sources said Tuesday.Consumer demand for the fuel efficient vehicles that run on both combustion engines and electric power posted a double digit slump in sales despite concerted efforts by carmakers and the government.Seoul has moved to cut taxes levied on hybrids to bolster sales, while producers have offered favorable warranties to attract consumers.Hyundai Motor Co. South Korea’s largest ca

Samsung Electronics Co., embroiled in patent disputes with Apple Inc. around the globe, won an early trial on its claim that the iPhone and iPad 2 in Australia infringe its patents on 3G wireless transmissions.Australia Federal Court Justice Annabelle Bennett today ordered that a trial on Samsung’s claims be held in March. Cupertino, California-based Apple had opposed an early trial, with its lawyer Stephen Burley saying the company needed more time to prepare the case and favored a hearing in A

Lotte Group is eyeing hotels in Shanghai and Singapore as the start of mergers and acquisitions aimed at creating a major multinational hotel chain, industry sources said Tuesday. The hunt for buyable overseas hotels comes from Lotte Group chairman Shin Dong-bin’s idea of turning his hotel chain into a global name like the Hilton or the Hyatt with systematic operational know-how.The conglomerate’s international office in charge of M&As and an in-house think tank Lotte Economic Research Institute

South Korea posted a trade surplus for the 21st straight month in October as exports remained strong amid slowing import growth, the customs office said Tuesday.The nation’s trade surplus came to about $4.1 billion in October, up from $1.3 billion a month earlier, according to data by the Korea Customs Service. During the January-October period, its cumulative trade surplus reached $25.9 billion.Exports totaled $46.8 billion, up from $46.5 billion in September, while imports declined from $45.3

South Korea’s import prices rose at the fastest pace in six months in October primarily because the local currency depreciated against the U.S. dollar, the central bank said Tuesday.In local currency terms, the country’s import prices rose 16 percent in October from a year earlier, quickening from the 14 percent on-year gain in September, according to the Bank of Korea.The October data marked the fastest expansion since a 19 percent on-year advance in April, the BOK added.Compared with the previ

A survey found Tuesday that one in three households has seen a rise in its total debt in the latter half of this year, largely due to funding its living costs.The survey, released by the Korea Chamber of Commerce and Industry, said 33 percent of the households located in the metropolitan area answered that their debts increased from July compared to the first half of this year. The survey was conducted on 300 households. Among those who answered that their total debt has risen, more than four in

South Korean banks’ foreign exchange deposits sharply rose last month as exports remained steady and high currency volatility led companies to buy the dollar, data showed Tuesday.Foreign currency-denominated deposits held by top lender Kookmin Bank and four other banks totaled $17.1 billion as of the end of October, up $2.4 billion or 16.6 percent from a year earlier, according to industry data.The sharp rise came mainly because capital inflows from export income continued and companies snapped

South Korean stocks closed 0.88 percent down Tuesday as Italy’s high borrowing costs underpinned nagging concerns about the eurozone debt crisis, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 16.69 points to close at 1,886.12, snapping the second straight session of gains. Trading volume was moderate at 355.8 million shares worth 4.74 trillion won ($4.21 billion) with losers outpacing gainers 543 to 280.“As Europe’s debt p

DUBAI (AFP) ― Airbus on Monday clinched a deal to sell 50 A320neo aircraft to a Kuwaiti leasing firm on the second day of the Dubai Airshow, as plane manufacturers forecast a boom in demand from the Middle East.The firm ALAFCO signed an agreement with the European manufacturer to buy 50 units of the new single-aisle jet in a deal valued at $4.6 billion at list price. It took an option for another 30 units to be finalized by end of 2011.But the deal remains modest in comparison with the order sco

BEIJING (AP) ― The International Monetary Fund warned Tuesday that China’s banks face growing risks that might hamper growth, adding to concern about the world’s second-largest economy amid Europe’s debt crisis.The IMF’s comments add to warnings by industry analysts that state-owned banks face a possible rise in bad loans and other problems after a lending boom that helped China rebound quickly from the 2008 global crisis.China’s economy expanded by 9.1 percent in the quarter ending in September