India’s largest lender started operations of its first branch in Korea on Wednesday, as trade between the two Asian economies flourishes.B. Sriram, managing director of State Bank of India, speaks during a press conference in Seoul on Wednesday.“SBI Seoul branch will supplement existing channels of financial intermediation between India and Korea, partnering growth in bilateral trade between the two countries and also the flow of investments from one to the other,” B. Sriram, managing director o

Sluggish exports dragged down the average operating rate of Korea’s manufacturing industry to 72.7 percent last month, marking the lowest level since April 2009, government data showed Wednesday.According to a report by Statistics Korea, the nation’s overall industrial output also fell for the second straight month in November. Overall industrial production dropped 0.5 percent last month from a month earlier, after a 1.3 percent on-month decline in October, the agency noted. In the aftermath of

South Korea’s private sector debt reached a record high in proportion to its gross domestic product at nearly double the national economic output in the third quarter this year, data from the Bank of Korea showed Monday. Loans extended to households and private companies stood at a record 182.6 percent of the country’s GDP at the end of September, hitting the highest level in the country’s history, the data noted. The country’s private debt-to-GDP ratio remained under 180 percent through the fir

South Korea finance ministry said Tuesday that it has successfully issued yuan-denominated foreign exchange stabilization bonds in the world's No. 2 market.The move comes after the People's Bank of China (PBOC) approved the issuing of upwards to 3 billion yuan (US$463 million) worth of bonds on Dec. 8.The sale marks the first time ever that a foreign government has floated yuan-based bonds in China."The sale took place at 5:30 p.m. Korea time with the bonds that mature in three years having an i

Prosecutors said Tuesday they have formally arrested a former lawmaker on charges of accepting a bribe in return for a business favor.The district court in the southeastern city of Daegu issued a warrant to arrest Sim Hag-bong, citing considerable reason to believe he committed the crime and concerns that he may try to flee or destroy evidence.Sim is accused of accepting 40 million won (US$34,000) from a company by arranging a public official so that the company could be selected in a government

President Park Geun-hye said Tuesday that history should be taught "correctly" for young South Koreans in what could be the latest move to advocate for state history textbooks."I think history achieved by our elders should be taught correctly in order for our country to leap forward," Park said during a luncheon she hosted for the elderly at Cheong Wa Dae, South Korea's presidential office.The invited guests included those who turned 100 this year, aged residents of foreign countries, and retire

China's foreign ministry on Tuesday remained tightlipped on the reason for the sudden cancellation of a concert in Beijing by an all-female band formed by the North's leader Kim Jong-un.North Korea's Moranbong Band had been scheduled to perform in Beijing last Saturday, but abruptly headed home hours before the concert began. China's official Xinhua News Agency attributed the cancellation to unspecified "communication issues." South Korea's intelligence agency told Rep. Joo Ho-young, head of the

South Korea will seek to boost demand for hydrogen fuel cell vehicles by bringing prices down and expanding refueling infrastructure, officials said Tuesday. Hyundai Motor’s Tucson ix fuel-cell electric vehicle (Hyundai Motor)The Ministry of Trade, Industry and Energy said the government would expand state subsidies and waive taxes to bring down the prices of hydrogen fuel cell vehicles to around 35 million won ($29,000) by 2018 from the current 85 million won.It will offer a 27.5 million won in

When it comes to duty-free business in Seoul, the winner doesn’t seem to take it all. Shares of Hotel Shilla, which clinched a high-profile bid to operate duty-free stores in downtown Seoul in July, have fallen sharply ever since on concerns over market overheating.Hotel Shilla’s common stock price took a nosedive to a 52-week low of 79,000 won ($66.90) on Friday, down 44.7 percent from when they hit their highest on July 13 at 143,000 won after the company won the business license for running a

As the heyday of the outdoor goods industry in Korea has long passed, related companies are struggling in a saturated market with slowing domestic sales.Customers browse winter jackets at a department store in Seoul during a sale event last month. (Yonhap)The market for outdoor goods boomed between 2005 and 2012 with growth rates often reaching more than 20 percent as people spent more time in the hills and mountains to get away from the stress of work and keep fit. But the segment’s domestic ma

Marking the completion of a multibillion-dollar construction project in Australia by Samsung C&T, iron ore shipments have commenced from Port Hedland to Korea, the builder said Thursday. A total of 100,000 tons of iron ore from the Roy Hill mine in the Pilbara region were loaded on a ship at the port in Western Australia.The company launched the $5.8 billion project in April 2013, to build an iron ore processing plant, a rail network and a fully integrated port for processing and exporting iron

Korean retail giant Lotte Group’s confectionary affiliate said Wednesday that Japan-based Lotte Holdings has offered to buy 259 billion won ($219.6 million) worth of shares in the firm, a move that will help the group chairman strengthen his control amid a prolonged succession dispute with his brother. The Japanese firm will buy 7.9 percent shares of Lotte Confectionary at 2.3 million won per share from the market during trading hours by Dec. 28, the company said in a regulatory filing. “By boos

The government is under fire for its proposal to collect 1 trillion won ($856.4 million) from the corporate sector for a fund to support the primary industries like agriculture that are likely to suffer once the Korea-China free trade agreement comes into effect.Many see it as a politically-motivated taxation that cannot be justified. According to the Ministry of Strategy and Finance, and the Ministry of Trade, Industry and Energy, the controversial “collaborative cooperation fund” will be creat

AmorePacific chairman Suh Kyung-bae is wrapping up another record year as his business and fortune continues to grow at an explosive pace.The country’s largest beauty products-maker, which has global brands such as Sulwhasoo and Laneige under its wing, is expected to post over $200 million in exports this year, the first time for a local cosmetics producer, according to the firm. AmorePacific chairman Seo Kyung-baeReceiving credit for this achievement, the chairman, who has turned his family’s c

Hanwha Group, South Korea’s ninth-largest business conglomerate, promoted the group’s heir apparent Kim Dong-kwan to executive director, the Seoul-based firm said Sunday. Hanwha Q Cells chief commercial officer Kim Dong-kwanKim, the eldest son of Hanwha Group chairman Kim Seung-youn, has been chief commercial officer at Hanwha Q Cells, the group’s solar power unit, since 2014. He is credited for spearheading the group’s solar growth strategy and playing a key role in the solar cell-maker’s turna

Asiana Airlines employees pose with Christmas carol album “Christmas Time Again,” produced by the Korean air carrier and supported by Arts Council Korea, at Asiana’s headquarters in western Seoul. Having started Tuesday, Asiana offers five Christmas carol tracks free of charge via its homepage www.flyasiana.com. (Asiana Airlines)　

British Airways has appointed Manuel Alvarez as the new commercial manager for Korea, the company said Tuesday. Alvarez served as commercial manager of Iberia Airlines, the Spanish air carrier under British Airways owner International Airlines Group, for Lebanon and Algeria. He had worked in the sales department of British Airways and IAG since 2011. Manuel Alvarez (British Airways)“Korea is a very important market for British Airways. I am delighted to be serving our customers in one of the mos

 Oh Kun-so (third from left), executive vice president of POSCO Engineering & Construction, and other executives form U.S. energy firm AES pose Tuesday after signing a $900 million contract to design and construct a 600-megawatt coal-fired power plant in Manila, the Philippines.(POSCO E&C)

South Korean conglomerate CJ Group has dropped its bid to buy the country’s top water purifier maker Coway, a decision that could protract the takeover deal that is expected to be worth more than 2 trillion won ($1.7 billion), sources said Tuesday. “CJ Group submitted a preliminary bid, but did not participate in the final bid,” the company said in a regulatory filing. Seoul-based private equity firm MBK Partners, which holds a 30.9 percent stake in Coway, opened the final bid responses Monday o

Korea Aerospace Industries has signed a tentative deal with Indonesia to jointly develop a new South Korean fighter jet, the country’s sole aircraft-maker said Sunday.Under the deal, the Indonesian government will shoulder 20 percent of the cost for the 8.6 trillion won ($7.4 billion) project called KF-X to develop the KF-16-class warplane to replace aging F-4s and F-5s by 2025. “Korea Aerospace Industries has completed negotiations and reached an agreement with the Indonesian counterpart over t