Korean Air, the country’s largest carrier, forecast record operating profit this year as it seeks to lure more premium-class travelers and begins to operate Airbus SAS A380 superjumbos.Operating profit, or sales minus the cost of goods sold and administrative expenses, may rise 14 percent to 1.28 trillion won ($1.1 billion), the company said in an e-mailed statement Thursday. Sales may increase 8.

Public optimistic but worried about future price increasesKorea’s consumer confidence declined in January as higher inflation is feared to hurt the livelihood of low- and middle-income households, the central bank said Wednesday.The outlook for inflation reinforced the widespread expectation for another interest rate increase as early as in March. The consumer sentiment index ― a gauge of consumer

Korea and the U.S. will soon conclude work on the final text of their recently concluded free trade agreement, paving the way for the pact to be ratified in both countries, a high-ranking trade official said Wednesday.In December last year, both countries reached a final agreement focusing on U.S. demands that Korea soften its automotive safety and environmental standards.The Korea-U.S. free trade

Exports of Korea’s traditional rice wine makgeolli reached an all-time high last year thanks to high demand in Japan and a spike in shipments to China, a report showed Wednesday.Makgeolli exports reached $19.1 million in 2010, up from $6.3 million a year earlier, said the report by the Korea Agro-Fisheries Trade Corp.By country, Japan topped the list of importers with shipments totaling $15.6 mill

Volume of cargo handled at Korea’s seaports hit a record high last year thanks to improving economic and business conditions, the transportation ministry said Wednesday.The nation’s seaports handled an all-time high of 1.2 billion tons of cargo last year, up 11.8 percent from a year earlier, according to a report by the ministry. In December, cargo handling also jumped to a monthly record of 110 m

Samsung Electronics Co., the world’s second-largest maker of mobile phones, said Wednesday that it has sold more than 2 million units of the Galaxy Tab tablet computer within three months of its global debut. Samsung achieved the sales figure this week as the company sells the 7-inch, Android-running tablet through some 200 mobile carriers in 94 countries, the company said. About 500,000 units of

Korea’s largest mobile carrier SK Telecom Co. said Wednesday that it will hire three companies to supply equipment to build a long-term evolution network as the mobile operator braces for a surge in wireless data demand. Samsung Electronics Co., LG-Ericsson Co. and Nokia Siemens Networks B.V. will supply equipment for the LTE network, SK Telecom said in a statement. The mobile operator plans to st

Three banking groups, including top financial firm Woori Finance Holdings Co., expressed their intention to buy an ailing savings bank Tuesday, a state insurance agency that arranges the deal and sources said.On Jan. 14, the financial regulator suspended mid-sized Samhwa Mutual Savings Bank for six months as it failed to meet regulatory capital requirements. State-run Korea Deposit Insurance Corp.

Hong Jun-ho is busy preparing to move out of the home his family has lived in for the past two years in southern Seoul. With the lease on his riverside apartment about to expire, the 34-year-old English teacher feels quite lucky to have found a new home in northern Seoul. It is affordable, located near his new school and also near his in-laws’ house.But without such luck, he could have been in ser

HONG KONG (Yonhap News) -- Korean tech behemoth Samsung Electronics Co. is expected to hire more employees in China in an effort to enhance its display production there, company officials said Wednesday.Samsung Electronics plans to hire dozens of professionals for process manufacturing, quality management and production management of its liquid crystal display (LCD) production facilities in China,

Bentley Korea, the local importer of British automaker Bentley Motors Ltd., on Wednesday introduced the latest models of Bentley’s super luxury sedan, the Continental Flying Spur, in Korea.The new Flying Spur Series 51 come in two trims ― the Flying Spur and the Flying Spur Speed ― both equipped with a V12, 6.0-liter engine that produces a maximum horsepower of 600.The Continental Flying Spur has

Korea Line Corp., Korea’s second-largest operator of dry-bulk ships, filed for receivership after rates tumbled to the lowest in almost two years because of a global oversupply of vessels. The filing was made at the Seoul Central District Court on Tuesday, the company said in a regulatory statement. It didn’t say how large its debts were. Seven calls to the Seoul-based company, including to its me

SK Telecom Co., Korea’s largest mobile-phone operator, has reported fourth-quarter profits which climbed 48 percent, helped by demand from smartphone users.Net income rose to 361.4 billion won ($323 million) from 244.2 billion won a year earlier, the Seoul-based company said in a statement Tuesday. That compares with the 405.4 billion won average of 13 analyst estimates compiled by Bloomberg in th

Childbirths in Korea grew for the ninth consecutive month in November as the economic recovery encouraged couples to have more babies, a report showed Monday.According to the report by Statistics Korea, the number of babies born in November was about 41,200, up 17 percent or 6,000 from the same month a year earlier. The latest figure marked the ninth consecutive on-year growth since last March. It

HONG KONG (Yonhap News) ― Korea’s KB Asset Management Co. said Monday it has obtained approval from Chinese authorities to invest up to $100 million in local securities, gaining greater access to one of the world’s most rapidly growing stock markets.The approval, granted by China’s State Administration of Foreign Exchange (SAFE) last week, will allow KB Asset Management to launch a collective inve

Korea reported an additional case of foot-and-mouth disease (FMD) in the central part of the country Monday, in the midst of nationwide vaccination and quarantine efforts.The farm ministry said some cattle at a farm in Mungyeong, North Gyeongsang Province, about 220 kilometers southeast of Seoul, tested positive for the highly contagious animal disease after animals started showing symptoms over t

Korean stocks closed 0.59 percent higher on Monday as institutional investors hunted for bargains, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.24 points to 2,082.16. Trading volume was moderate at 335.1 million shares worth 6.01 trillion won ($5.37 billion), but losers outnumbered gainers 412 to 396.“Institutional

HONG KONG (Yonhap News) ― Only about half of Korean companies operating in China have turned out to be successful, despite their rush into the world’s second-largest economy, a poll showed Sunday.According to the survey on 212 Korean firms, taken by the Korea International Trade Association’s (KITA) Shanghai office, 55.7 percent of the firms assessed their business in China as “successful.” Among

Korean banks raised more funds last year than 2009 as risk-averse investors piled into lenders’ savings deposits, the financial regulator said Monday.Eighteen local banks’ fund raising through deposits and debt issuance expanded by a net 35.5 trillion won ($31.7 billion) last year, bringing their outstanding funds to 1,161.4 trillion won as of the end of December, the Financial Supervisory Service

Yuhan-Kimberly, Korea’s leading hygiene products manufacturer, said its exports increased 28.7 percent to 237.6 billion won ($211.8 million) last year, thanks to strong sales of its diapers and feminine sanitary pads.Shipments to China, Russia and Turkey accounted for 63 percent, the company said. Products like diapers, sanitary pads and paper towels make up 82 percent.“Such items could succeed in