Alstom Korea CEOBarry HoweThe Korea-EU Free Trade Agreement will benefit Korean and European firms in the energy sector, but many non-tariff barriers still limit market access, president of Alstom Korea Barry Howe said.“The FTA will obviously benefit countries because it brings down tariff barriers, so what is imported should be at a lower cost, no matter which way it is going, but in my own indus

With the Korea-EU Free Trade Agreement now in effect, Korea’s manufacturing sector is set for a significant rise in exports to the region.The pact, formally signed in October, went into effect on July 1. As a result, tariffs placed on 11,261 items produced in Korea and 9,842 items produced in the EU will be removed over seven years.According to a report compiled by 10 think-tanks, including the Ko

The number of affiliates of South Korea’s 15 largest chaebol has increased about 65 percent over the past four years, as the family-run conglomerates have aggressively expanded their territory in the construction and real estate industries, a report showed Tuesday. Companies affiliated with the top 15 conglomerates numbered 778 as of April, jumping from 306 four years ago, according to the report

More than 60 percent of Korean retailers plan to lower prices of imports from the European Union following the implementation of a bilateral free trade deal, a poll showed Monday.According to the survey of 619 retailers, wholesalers and manufacturers by the Korea Chamber of Commerce and Industry, 61.3 percent of the retailers said that they will reduce prices of EU imports to reflect the decrease

The move by Korea Exchange Bank to offer a record interim dividend to its biggest shareholder Lone Star Funds is sparking concerns about long-term growth for Korea’s No. 5 lender, market watchers said.KEB’s board decided on Friday to pay out a quarterly dividend worth of 1,510 won ($1.42) per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion won.Lone Star h

Korean stocks ended 0.92 percent higher on Monday as investor sentiment was underpinned by eased woes over Greece’s debt crisis and better-than-expected U.S. data, analysts said. The local currency hit a near three-year high against the U.S. dollar.The benchmark KOSPI advanced 19.56 points to 2,145.30. Trading volume was moderate at 288.5 million shares worth 6.68 trillion won ($6.3 billion) with

The Korea-EU free trade pact is expected to spark price competition among European carmakers operating in Korea, which will likely boost their popularity with local consumers.Last month, most German automakers here lowered prices by 1 to 2 percent in expectation of a lower tariff on their imports with the Korea-EU FTA. Korea currently levies an 8 percent tariff on European cars but the trade pact

Auto parts makers likely to directly benefit from free trade pactKorean carmakers and auto parts makers are expected to be the main beneficiaries of the nation’s free trade agreement with the European Union, which took effect on July 1.Hyundai Motor and its affiliate Kia Motors operate a plant with an annual production capacity of 300,000 units within the EU, whose output is mostly sold around the

Lee Kyung-taePresident of Institute for International Trade, Korea International Trade Association2011 is a landmark year for trading companies in Korea. This is because Korea is expected to become the ninth country in the world to achieve one trillion dollars in trade volume this year. Amid the shortage of resources and technology, this accomplishment was made possible by Korea’s driven work forc

Celebrating 50 years in business, company hopes to nearly triple annual sales by 2020Korea Electric Power Corp. is hoping to more than double its annual revenue as it drives for a spot among the world’s five largest energy companies.The company, which has its 50th anniversary on Friday, is aiming for annual sales of 85 trillion won ($79 billion), of which 26 trillion won will be raised from overse

Korea’s financial watchdog said Thursday it may require local banks to lower their loan-to-deposit ratio to the 90 percent range in a bid to stem excessive growth of household debt.Lowering the loan-to-deposit ratio, a gauge of a bank’s solvency, was one of a set of measures to curb snowballing household debt unveiled on Wednesday. Household debt, which surpassed 800 trillion won ($747.3 billion)

Korea’s industrial output kept growing for the 23rd straight month in May, raising hopes the nation’s economic recovery is gaining momentum, a government report showed Thursday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 8.3 percent last month from a year earlier, quickening from 6.9 percent growth in April.On-year production has expa

EU Ambassador Tomasz Kozlowski speaks during a news conference on Thursday. (Yonhap News)On July 1 a historic Free Trade Agreement will come into effect between two important actors on the world trade scene: the EU and Korea. The EU-Korea FTA is a landmark agreement. It is the most ambitious ever FTA negotiated by the EU with a partner outside Europe and the first FTA with a country in Asia. The E

The state-run Korea Tourism Organization said Wednesday that it has secured a sea route linking the southern port city of Yeosu to Fukuoka, southwestern Japan, in preparation of next year’s Yeosu World Expo.The organization, together with the South Jeolla provincial government and the Yeosu city government, has arranged for a chartered ferry service by Japan’s Kyushu Railway Co. (JR Kyushu) over t

Korea held an emergency meeting with major banks Wednesday to express its concern over growing short-term debt held by financial institutions here, the Finance Ministry said.The meeting was held earlier in the day at the government’s complex building in Gwacheon, south of Seoul, with officials of nine banks, including three foreign institutions, in attendance, according to the Ministry of Strategy

The most valuable economic resources are human resources, and Korea needs to improve its use of its most precious assets. A survey released last week reported that the average worker in Korea retires in his or her mid-50s. This is much earlier than their Western European OECD counterparts, who usually retire at 65 or older, and for whom even early retirement is usually 60 or older.The survey resul

Korea’s current account surplus rose to the highest level in seven months in May on solid exports and decreased dividend payments to foreign investors, the central bank said Tuesday.The current account surplus reached $2.26 billion in May, up from a revised $1.28 billion the previous month, according to the Bank of Korea. The current account is the broadest measure of cross-border trade.The May su

One night in 2003, Harvard undergrad and computer programming genius Mark Zuckerberg sits down at his computer and heatedly begins working on a new idea. In a fury of blogging and programming, what begins in his dorm room soon becomes a global social network and a revolution in communication. A mere six years and 500 million friends later, Mark Zuckerberg is the youngest billionaire in history ...

Prudential of Korea is striving to become the most trusted insurance company.Other companies might want to become the largest or most profitable, but Prudential takes pride in becoming an honest and ethical company that is trusted by many. The headquarters of Prudential Life Insurance in SeoulFounded in 1991, POK set itself apart from other insurance companies by introducing a different type of sa

A Singapore Airlines suite (Singapore Airlines)Singapore Airlines has developed a reputation for being an industry trendsetter by providing premium facilities and services to ensure that customers have unforgettable memories regardless of travel time. Singapore Airlines has received the most industry awards of any airline due to its commitment and innovations. It has world-acclaimed chefs on its “