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Tuesday , February 21 2017
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Korea

Korean banks’ exposure to big three shipyards trimmed by $4.7bn in 2016

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SEOUL: The credit exposure for South Korean banks to the country’s big three shipbuilders has been trimmed by KRW5.36trn ($4.67bn) in 2016 compared to the previous year due to restructuring efforts by the yards, reports said. Eight Korean banks’ credit exposure to Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) stood at KRW46.35trn ... Read More »

South Korea’s economy showing positive signs of growth: minister

South Korea's economy showing positive signs of growth: minister

SEOUL: South Korea’s economy is showing positive signs of growth in exports and capital investment, the country’s second vice-minister said, although consumption is still sluggish. “There are some in the media who are pessimistic about our economy, but I don’t think we are headed for dire straits,” Song Eon Seog told a press conference at the ministry’s headquarters in Sejong, ... Read More »

South Korean court declares Hanjin Shipping bankrupt

South Korean court declares Hanjin Shipping bankrupt

SEOUL: Hanjin Shipping, which used to be one of the world’s top 10 shipping companies, was declared bankrupt by a South Korean court after months of uncertainty. Hanjin’s collapse has hit the industry had sending shock waves throughout. For years, the global economic downturn had affected profits across the cargo shipping industry. It led to overcapacity, lower freight rates and ... Read More »

South Korea hikes foreign egg imports to cope with supply shortages

KOREA

SEOUL: Imports of foreign eggs and their processed products to South Korea have surged this year, government data showed Friday, as the country is dealing with the worst supply shortage caused by the spread of avian influenza. The inbound shipments of fresh eggs and processed products reached a total of 1,331 tons from Jan. 1 to Feb. 15, according to ... Read More »

South Korea’s Jan crude imports from Iran more than double on year

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SEOUL: South Korea’s January crude imports from Iran more than doubled from a year ago as the Middle Eastern country continues to increase its output to reclaim its market share. South Korea, one of Iran’s major oil customers, imported 1.79 MMt of Iranian crude, or 424,143 bpd, in January, compared with 859,223 t a year ago and 1.55 MMt in ... Read More »

Korea logs trade surplus for 60 straight months

KOREAS

SEOUL: Korea posted a trade surplus for the 60th straight month in January at $2.8 billion, the customs agency said Wednesday. According to the Korea Customs Service (KCS), the country’s exports stood at $40.3 billion, while imports came to $37.5 billion. With the $2.8 billion trade surplus, the country has remained in positive territory since Feb. 2012. January’s exports and ... Read More »

South Korea to import 4.8m doses of vaccine by the end of this month

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SEOUL: South Korea’s agriculture ministry said it will import 4.8 million doses of foot-and-mouth vaccine by the end of this month in an effort to prevent further spread of the viral disease. Six cases of foot-and-mouth have been found in the latest outbreak since the first case was confirmed a week ago. Reportedly, some 1,200 cattle had been slaughtered, about ... Read More »

South Korea exports continue to grow in current month

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SEOUL: South Korea’s outbound shipments have continued to expand so far this month, government data showed Saturday, suggesting a possible recovery in exports following a downturn over the past two years. In the first 10 days of February, outbound shipments amounted to US$15.1 billion, up 72.8 percent from the same period last year, according to data from the customs office. ... Read More »

Korea logs budget surplus for 2 straight yrs in 2016

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SEOUL: South Korea posted a budget surplus for two years in a row in fiscal 2016 as its tax revenue rose sharply on increased corporate and value added taxes, the finance ministry said Friday. The gross revenue that the government brought in last year came to 345 trillion won ($299.7 billion), while its expenditures totaled 332.2 trillion won, according to ... Read More »

S. Korea’s imports of candies, chocolates hit fresh record high in 2016

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SEJONG: South Korea’s imports of candies and chocolates reached a fresh record high last year on growing demand for foreign confectioneries, customs data showed Thursday. A record US$373 million worth of chocolates and candies, or 64,000 tons, were imported last year, up 8.8 percent from a year earlier, according to the data released by the Korea Customs Service (KTS). The ... Read More »

Korean shipbuilders see brighter start in 2017

KOREA

SEOUL: South Korea’s struggling shipbuilders started the first month of 2017 with more orders than their competitors in China and Japan, according to data from a global shipping information firm. South Korean shipbuilders received a total of seven units in contracting volume of 330,000 compensated gross tonnage, a measurement to gauge the amount of work that goes into the construction ... Read More »

South Korea Jan exports seen rising for third month

KOREA

SEOUL: South Korea’s exports in January were expected to rise for a third straight month, a Reuters poll showed on Tuesday (31/01), on base effects and as global commodity prices continued to rise. A survey of analysts showed exports in January were expected to jump 8.7 percent from a year ago, compared to 6.4 percent growth in December. Imports are ... Read More »

South Korea’s trade surplus falls 6.8% in 2016

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SEOUL: South Korea recorded a $98.6 billion trade surplus in 2016, which is 6.8% less than in 2015, mainly due to the fall in crude oil prices, the Bank of Korea reported on Friday. Asia’s fourth largest economy had managed to obtain a $105.94 billion trade surplus in 2015. Exports, which account for almost 50% of South Korean GDP, declined ... Read More »

Korean court expects to declare Hanjin Shipping bankrupt on Feb 17

KOREA

SEOUL: A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd’s court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals. The Seoul Central District Court said in a statement that it made the decision as the firm’s liquidation value would be worth more than its value as ... Read More »

Korea Customs, Incheon Airport in dispute over duty free shops

KOREA

SEOUL: Korea’s airport hub and customs agency are locking horns over the process of selecting duty free operators for the former’s new passenger terminal zone. Despite continuous explanation and warning that the Korea Customs Service (KCS) has the sole authority over the selection and licensing of duty free shops under the current law, the state-run Incheon International Airport Corp. (IIAC) ... Read More »

South Korea: H1 job outlook bleakest for shipbuilding industry

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SEOUL: The shipbuilding industry is forecast to lose 27,000 jobs in the first half of this year from a year ago while other major industries are likely to maintain the number of jobs, a report showed on Tuesday. Construction, automobile, machinary, electronics, semiconductor and finance service and insurance industries, on the other hand, are expected to add a combined 38,000 ... Read More »

South Korea Jan exports seen rising for third month

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SEOUL: South Korea’s exports in January were expected to rise for a third straight month, a Reuters poll showed on Tuesday, on base effects and as global commodity prices continued to rise. A survey of analysts showed exports in January were expected to jump 8.7 percent from a year ago, compared to 6.4 percent growth in December. Imports are seen ... Read More »

SK’s steel scrap imports record marginal uptick in 2016

KOREA

SEOUL: The latest trade data released by the Korean Customs Department indicates marginal rise in steel scrap imports by the country during 2016. The imports totaled around 5.8 million tons, marginally higher by 1.7% from the previous year. The country’s scrap imports recorded year-on-year increase for the first time in four years. The monthly scrap imports surged higher significantly in ... Read More »

South Korea orders vessels to buck up shipbuilders

KOREA

SEOUL: The government announced it will order 1.5 trillion won ($1.29 billion) worth of vessels for military use in the first half of the year to help the troubled shipbuilding industry. The government will create a fund to help domestic shippers order more than 10 ships this year and also give more financial and job training support to people laid ... Read More »

SK imports fresh eggs from Spain for 1st time

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SEJONG: The Ministry of Agriculture, Food and Rural Affairs said that some 36-hundred eggs weighing 200 kilograms arrived from Spain in South Korea on Wednesday afternoon as part of efforts to ease the egg shortage due to the bird flu outbreak. The ministry explained that like South Korean eggs, the Spanish eggs have brown shells. The eggs are expected to ... Read More »