Bilateral trade between South Korea and Japan stood at $18.4 billion (19.9 trillion won) in the first quarter of this year, dropping by 13.9 percent compared to $21.4 billion during the same period in 2014, data showed Tuesday.According to the Korea International Trade Association, the value of exports from Korea to Japan dropped on-year by 22 percent to reach $6.39 billion in the first quarter of 2015, while imports declined by 8.8 percent to stand at $12.54 billion.Market analysts said that sh

South Korea’s major oil corporations were pushed to cut wages and downsize their workforce last year, company data showed, after companies endured one of the most difficult fiscal years in the industry, which saw crude oil prices plunge to record lows.In 2014, the country’s top oil refiner SK Innovation recorded a deficit for the first time in 37 years, while GS Caltex and S-Oil both recorded their largest operating losses to date, according to the companies’ annual business reports released in

Recent strides in South Korea’s secondary stock trading board, KOSDAQ, have led to a significant rise in the number of shareholders who own more than 100 billion won ($92.5 million) in stock value, according to data from a market tracking agency.After the KOSDAQ index exceeded the 700-point mark for the first time in seven years on Friday, a total of 64 shareholders held stocks worth more than 100 billion won, the highest figure ever recorded, according to Chaebul.com. The KOSDAQ index closed at

The South Korean government will make a decision on joining the Trans-Pacific Partnership after U.S.-led multilateral negotiations for the trade deal are completed.“The (Korean) government plans to make a final decision on whether to join the TPP after the trade deal officially concludes and its terms and conditions are unveiled,” the Ministry of Trade, Industry and Energy said in a statement Thursday.The ministry’s statement follows claims Wednesday in the Washington Post, which reported that K

A South Korean nuclear reactor came to a halt Thursday only five days after being restarted, due to lingering problems with its cooling system, its operator said.The No. 3 reactor at Hanbit Nuclear Power Plant in Yeonggwang, South Jeolla Province, automatically stopped operating when the reactor’s coolant pump ― which produces steam for cooling down the reactor ― suddenly stopped functioning on Thursday afternoon, according to Korea Hydro and Nuclear Power.The KHNP announced that no radioactive

South Korean electric cable company LS Cable & System announced Wednesday that it had become a direct supplier of high-voltage automotive cables to Dongfeng Motor, a leading Chinese auto company. LS Cable’s high-voltage cable sets ― used to connect components in automobiles ― will be installed on the electric car Venucia e30 starting next month.The Venucia e30 is an EV model produced by Dongfeng Nissan Passenger Vehicle, a subsidiary of Dongfeng based in China.Fueled by the Chinese government’s

Commercial electric vehicle makers are stepping up their efforts to boost their sales of green cars as Seoul City pledged to expand cash subsidies to customers.The Seoul Metropolitan Government said it is accepting applications for a lottery to receive government subsidies for domestic EV purchases until June 5. This year, the city plans to provide rebates to a total of 575 EV buyers ― offering around 15-20 million won ($14,000-18,000) each for 510 electric car purchases, 18-25 million won each

Hyundai Motor is showing off its design philosophy at the 2015 Milan Design Week ― an annual event established on the sidelines of the Milan Furniture Fair in Italy ― during which global companies from various sectors share the latest design trends in their respective industries.As part of the event, South Korea's largest automaker is displaying a sculpture titled “Helio Curve,” the second artwork created under the company’s ongoing “Sculpture in Motion” project ― launched to help the public bet

Thanks to improvements in diet, sanitation, technology and medical advancements, the average life expectancy has surged dramatically worldwide over the past decades. Those born in the developed countries are now expected to live past 80, according to recent data by the National Institute on Aging.Faced with changing priorities and a longer lifespan, people around the globe are focusing more on their health than ever before, seeking to improve their quality of life through various measures, accor

Under the slogan of “Water for our Future,” the seventh World Water Forum kicked off in Daegu on Sunday with an opening ceremony attended by over 3,000 international and domestic high-ranking officials.It marks the start of the largest international event to discuss water-related issues, with speakers encouraging the international community to become active stakeholders in implementing solutions for the world’s water challenges. Key speakers included President Park Geun-hye and Benedito Braga, p

As a resource more important to humans than perhaps any other, water touches upon every aspect of human life ranging from food and energy security to societal and environmental health.In recent years, water has become a centerpiece of global attention, for the total supply of the earth’s water is expected to drop by 40 percent by 2030 unless the world drastically improves the management of this important natural resource, according to the 2015 U.N. Water Development Report.Reinforcing the need f

After months of preparation and studying, more than 110,000 job seekers will take the entrance exams for the nation’s top two conglomerates ― Samsung Group and Hyundai Motor Group ― this weekend. “The zeal for these tests seems to be higher than that for university exams that I took four years ago,” said a 23-year-old senior at Seoul National University who plans to take the test on Sunday.About 90,000 applicants are expected to take the Samsung Aptitude Test, popularly known as the SSAT, which

Representatives from Korean companies and officials from the United Nations Procurement Division gathered in New York to discuss expanding future business relations at the inaugural “2015 U.N.-Korea Procurement Day.” The event was held on Wednesday and Thursday and cohosted by the Korea Trade-Investment Promotion Agency and the Permanent Mission of the Republic of Korea to the U.N. It brought together 20 Korean companies, including Hyundai Motor Co., from diverse sectors and put officials in con

The fast-growing imported car market in Korea, which has been dominated by major German brands ― BMW, Audi, Mercedes-Benz and Volkswagen ― is slowly giving way to non-German brands, data showed Wednesday.Various non-German brands improved their market share in the imported vehicle sector ― which has been growing at an average of 32.7 percent ― during the first quarter of this year. At the same time, German carmakers continue to outperform other brands by a large margin in terms of the number of

The Korea Gas Corp. has embarked on its construction of a new undersea tunnel connecting Geojedo Island to Jinhae, South Gyeongsang Province, as part of its project to expand natural gas supplies delivered from the mainland to Geoje.The tunnel, to be built roughly 100 meters below the seabed, will house a 7.8-kilometer pipeline that will carry natural gas from Jinhae, a district in Changwon City, to the island. The gas company began drilling a 4.3 kilometer-long tunnel in Geoje bound for Jinhae

Kumho Tire co-CEO Park Se-chang officially stepped down from his post Friday after its major creditors demanded his resignation, citing procedural problems in his appointment. Park’s resignation came just three days after the company’s board of directors approved his promotion from senior vice president to CEO.Another new co-CEO Lee Han-seop was removed from his post for similar reasons. The company, an affiliate of Kumho Asiana Group led by group chairman Park Sam-koo, now has only two CEOs inc

The Seoul Motor Show, the largest auto event in South Korea, kicked off on Friday with local and foreign automakers competing to draw the spotlight to their latest cars and new technologies.Visitors to the Seoul Motor Show roam around the booths of automakers Friday. The motor show will be held from April 3-12 at KINTEX in Ilsan, Gyeonggi Province. Industry Minister Yoon Sang-jik (front row, second from left), U.S. ambassador to South Korea Mark Lippert (front row, right) and other officials cla

Mercedes-Benz displays the reborn Maybach, a legendary premium automobile brand, in Korea at the Seoul Motor Show starting Friday. The German carmaker resurrected the Maybach as a sub-brand of its superluxury S-Class series, renaming it the Mercedes-Maybach S-Class.The Maybach, which competed against ultraluxurious cars like the Bentley and Rolls-Royce as Mercedes-Benz’s stand-alone brand in the early 2000s, went dormant around 2011. Mercedes-Maybach S-ClassFor many Koreans, the Maybach is remem

BMW Korea is presenting a number of its latest vehicles, armed with style, technology and performance, at the Seoul Motor Show, including its plug-in hybrid sports car i8, two high-end models from its MINI brand, a new coupe and a convertible from its popular 6-Series. BMW i8The i8, which debuted in Korea last month, combines style and technology with fuel efficiency, and will help visitors understand the new era of sustainable performance of future cars. BMW’s fresh plug-in hybrid electric vehi

General Motors unveiled its all-new Chevrolet Spark minicar to the world for the first time on Thursday at the media preview for the 2015 Seoul Motor Show.The newly revamped minicar by Chevrolet features an upgraded design scheme, including a slick exterior changed to optimize the vehicle’s aerodynamics. The all-new Chevrolet Spark. (GM Korea)Given that the Chevrolet Spark has been GM Korea’s longtime bestseller, taking up over 40 percent of the company’s total sales in 2014, the automaker is ex