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Tag Archives: seoul

S Korean energy ministry says saleable oil storeroom capacity entirely leased

OIL

SEOUL: South Korea’s energy ministry has said that the country’s 8.2 million barrels of commercial oil storage facility has been fully leased, although actual storage is below 40 percent as of last month. Oil traders are scrambling to secure leases to stockpile deeply discounted prompt crude, with the hope of selling them at higher prices later thanks to a market ... Read More »

S Korea, Saudi Arabia shipping deal increases oil supply

korea

SEOUL: South Korea and Saudi Arabia have signed a maritime transport deal to increase the oil supply between the two countries. Ships and crew travelling between the two countries will be treated as nationals, and crew identification cards issued by either nation will be accepted. According to the Ministry of Oceans and Fisheries, this will significantly enhance the safety of ... Read More »

S Korean exports fall by 3.4% in February 2015

s korea

SEOUL: South Korea’s exports have fallen more sharply than expected in February as fewer working days and lower oil prices contributed to the largest fall in the country’s shipments overseas in two years. Exports declined 3.4% from a year earlier to $41.46 billion, following a revised 0.7% drop in January, according to provisional data at the trade ministry. The February ... Read More »

S Korea, Saudi Arabia sign pact on naval transportation

maritime

SEOUL: South Korea and Saudi Arabia have signed an agreement on maritime transport that will, in part, help ensure a safe and steady supply of oil to South Korea from the Middle East country. The bilateral agreement was signed in Riyadh on Tuesday, the same day South Korean President Park Geun-hye arrived in the country for a two-day visit. Under ... Read More »

S Korean exports fall by 3.4%, imports plummet 19.6% in Feb

korea

SEOUL: South Korea’s exports in February have fallen by 3.4% from a year earlier to $41.46bn, while imports plummeted 19.6% to $33.80bn. South Korean exports last month suffered their worst fall in two years on weaker sales to Europe and China, lower oil prices and long holidays, but the government said global demand showed some signs of recovery. Exports in ... Read More »

Korea, China start free trade agreement

hands

SEOUL: South Korea and China have started their free trade agreement, taking a step closer to implementing what South Korean officials hail as the most significant trade deal for the country. The initialing came about three months after the two countries concluded their FTA negotiations that began in May 2012. The agreement, currently written only in English, will be translated ... Read More »

S Korean finance minister sounds warning against raising corporate tax

korea

SEOUL: S Korean finance minister Choi Kyung-hwan has stressed it would be ill-advised for South Korea to mark up tax rates when other neighboring countries are doing the opposite. The finance minister pointed out that such a move can slow down economic recovery, and slower growth can lead to less taxes being collected. Choi, who doubles as deputy finance minister, ... Read More »

Samsung electronics says to freeze S Korean employees’ wages in 2015

watch

SEOUL: Samsung Electronics has said that it will freeze its South Korean employees’ wages in 2015 for the first time in six years, after the world’s top smartphone maker suffered a fall in profits in the face of rising competition. The South Korean giant in January recorded its first annual profit decline since 2011, as it lost market share to ... Read More »

Samsung electronics says to freeze S Korean employees’ wages in 2015

watch

SEOUL: Samsung Electronics has said that it will freeze its South Korean employees’ wages in 2015 for the first time in six years, after the world’s top smartphone maker suffered a fall in profits in the face of rising competition. The South Korean giant in January recorded its first annual profit decline since 2011, as it lost market share to ... Read More »

S Korean finance minister sounds warning against raising corporate tax

korea

SEOUL: S Korean finance minister Choi Kyung-hwan has stressed it would be ill-advised for South Korea to mark up tax rates when other neighboring countries are doing the opposite. The finance minister pointed out that such a move can slow down economic recovery, and slower growth can lead to less taxes being collected. Choi, who doubles as deputy finance minister, ... Read More »

S Korean finance minister sounds warning against raising corporate tax

korea

SEOUL: S Korean finance minister Choi Kyung-hwan has stressed it would be ill-advised for South Korea to mark up tax rates when other neighboring countries are doing the opposite. The finance minister pointed out that such a move can slow down economic recovery, and slower growth can lead to less taxes being collected. Choi, who doubles as deputy finance minister, ... Read More »

Daebo International Shipping Co files in court receivership: S Korea

korea

SEOUL: South Korea’s Daebo International Shipping Co Ltd has filed a court receivership, a form of corporate bankruptcy mainly due to poor dry bulk market conditions. It is the third known bulk shipper bankruptcy this month. A third dry cargo shipper has filed for bankruptcy this month following a collapse in freight rates to historic lows in what shippers call ... Read More »

Daebo International Shipping Co files in court receivership: S Korea

korea

SEOUL: South Korea’s Daebo International Shipping Co Ltd has filed a court receivership, a form of corporate bankruptcy mainly due to poor dry bulk market conditions. It is the third known bulk shipper bankruptcy this month. A third dry cargo shipper has filed for bankruptcy this month following a collapse in freight rates to historic lows in what shippers call ... Read More »

S Korea-Singapore port project costs $646m

portr

SEOUL: Singaporean Maritime and Port Authority and Daelim Industrial Company have planned a port project costs $646m. The South Korean company has also previously won other projects in Singapore, including the Marina Coastal Expressway deal in 2013 and the construction of one of the country’s Mass Rapid Transit lines last year. Daelim has formed a consortium with a Belgian firm ... Read More »

S Korea-Singapore port project costs $646m

portr

SEOUL: Singaporean Maritime and Port Authority and Daelim Industrial Company have planned a port project costs $646m. The South Korean company has also previously won other projects in Singapore, including the Marina Coastal Expressway deal in 2013 and the construction of one of the country’s Mass Rapid Transit lines last year. Daelim has formed a consortium with a Belgian firm ... Read More »

Thai police arrest man for alleged drug smuggling

police

SEOUL: Police arrested a 31 years old man on charges of smoking marijuana, he smuggled in from Thailand and tried to sell some to a foreigner here. The man, identified only by his surname Lee, allegedly bought 240 grams of weed while traveling in Pattaya, a resort town southeast of Bangkok, in mid-December, according to the Hyehwa Police Station in ... Read More »

S Korea’s monthly thermal coal imports plunge to 7.45m mt

S Korea

LONDON (Platts): South Korea’s monthly thermal coal imports have fallen to a five-month low of 7.45 million mt, down 11% year-on-year and 13% on the previous month, mainly due to falls in volumes from suppliers Indonesia and Australia, according to customs data released. The import total was split between 7.21 million mt of bituminous coal and 241,317 mt of sub-bituminous ... Read More »

Thai Press-Pruksa targets 100b baht revenue by 2019

thai

BANGKOK: Thailand press-pruksa, a real estate has drawn up a five-year business plan to boost annual pre-sales and revenue to 100 billion baht ($3 billion) apiece by 2019. It is based on the country’s economy growing by between 4 percent and 5 percent a year during the period, the Nation reported, quoting Thongma Vijitphongpun, president and CEO of the listed ... Read More »

South Korea, Singapore to start port project worth $646 million

daelum

SEOUL: The South Korean Daelim Industrial Company has decided a port project  with Singapore of $646 million. This company has also won other projects in Singapore, including the Marina Coastal Expressway deal in 2013 and the construction of one of the country’s Mass Rapid Transit lines last year. A US$646 million deal has been secured by Daelim Industrial Co. South ... Read More »

South Korea, Singapore to start port project worth $646 million

daelum

SEOUL: The South Korean Daelim Industrial Company has decided a port project  with Singapore of $646 million. This company has also won other projects in Singapore, including the Marina Coastal Expressway deal in 2013 and the construction of one of the country’s Mass Rapid Transit lines last year. A US$646 million deal has been secured by Daelim Industrial Co. South ... Read More »