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S. Korea cuts natural gas rates 9% from Jan

SEOUL: South Korea will cut retail natural gas prices for households and industry by 9% on average from January 1 to reflect the lower LNG import bill as a result of sliding oil prices, the Ministry of Trade, Industry and Energy said Tuesday. “The government will further lower city gas rates if LNG imports costs continue falling,” the ministry said ... Read More »

S. Korea to increase products on flexible tariff list in 2016

SEOUL: South Korea will increase the number of products on its flexible tariff list next year to boost exports and spur growth in Asia’s fourth-largest economy, the government said Tuesday. The number of products eligible for preferential tariff rates will rise to 51 in 2016, up from 41 this year, according to the Ministry of Strategy and Finance. Flexible tariffs, which ... Read More »

Korea’s exports to Australia rise 7.5% in Jan-Nov

SEOUL: Korea’s exports to Australia rose 7.5 percent in the January-November period, in sharp contrast to the country’s overall exports which fell 7.4 percent in the same period due to sluggish global demand, the Korea Customs Service (KCS) said Tuesday. “Australia is a relatively small trading partner (for Korea) but we expect exports to the country under the free trade ... Read More »

Asian imports of Iran oil drop 16.2% on India, Korea cuts

LONDON: Asian imports of Iranian oil in November fell by the most in nine months with India and South Korea cutting their imports as buyers mainly hold off on raising their purchases after July’s landmark agreement on Tehran’s disputed nuclear programme. Imports by Iran’s four biggest buyers – China, India, Japan, and South Korea – came to 894,685 barrels per ... Read More »

Dubai Customs receives Korean Customs delegation to discuss bilateral trade

DUBAI: Dubai Customs boosted its efforts in enhancing economic ties between the United Arab Emirates and the Republic of South Korea. H.E. Ahmed Mahboob Musabih, Dubai Customs Director received a high profile delegation representing Korea Customs Service  headed by Lee Jong-Woo, Director of Audit and Policy Division. Faisal Issa Lutfi, Director of Dubai Customs External Relations and the CEO of ... Read More »

S. Korea’s exports likely fall for 12th straight month in Dec

SEOUL: South Korea’s exports likely fell for a 12th straight month in December, a Reuters survey found, as demand from emerging market economies and China remained poor and global oil prices stayed low. The median forecast from 15 economists is for South Korean exports to fall 10.9% in December in dollar terms from a year earlier, slumping from a 4.8% ... Read More »

S. Korea’s imports of automobiles far surpass exports

SEOUL: South Korea’s imports of automobiles far exceeded exports by the three local units of foreign brands through November this year, data showed Monday, reflecting the rising popularity of overseas cars in the local market. Asia’s No. 4 economy imported US$8.74 billion worth of automobiles in the January-November period, data compiled by the Korea Automobile Manufacturers Association (KAMA) showed. The ... Read More »

South Korea ready to increase diversity of oil suppliers

SEOUL: South Korea is eager to increase the diversity of its oil suppliers by looking at U.S. and Iranian supplies as more exports from those countries become available, the South Korean Ministry of Trade, Industry and Energy said on Wednesday. The country welcomed the recent repeal of the 40-year-old crude export ban in the United States and the scheduled lifting ... Read More »

Korea central bank 2015 GDP growth 2.7%

SEOUL: South Korea’s central bank said the fiscal health of the country’s household sector has worsened slightly as debt growth outpaced income growth in the second half of the year. The Bank of Korea said in a biannual report on financial stability that household debt had increased substantially on continued activity in the housing market. “Household income growth has lagged debt ... Read More »

S.Korea crude oil import from Iran drops 28.8% in Nov

SEOUL: South Korea’s crude oil imports from Iran fell 28.8 percent in November from a year earlier,while its total crude oil imports fell 1.5 percent year on year to 81.7 million barrels last month, data from state-run Korea National Oil Corp (KNOC) showed on Tuesday. For earlier story on South Korea’s Iranian crude oil imports in November, based upon the ... Read More »

Free trade agreement between Vietnam, S. Korea

HANOI: The free trade agreement (FTA) between Viet Nam and the Republic of Korea (RoK) came into effect yesterday, according to a Ministry of Industry and Trade (MoIT) press release on Saturday. The ministry said the FTA will contribute to boosting trade and investment co-operation between the two countries. The two sides will establish a ministerial level joint committee and subcommittees ... Read More »

S. Korean exports, imports fall on annual basis

SEOUL: South Korean exports and imports plunged on annual basis in the first 20 days of this month, customs agency data showed on Monday, reflecting a weak global economy and fewer working days this year than a year before. Exports for the Dec. 1-20 period fell 18.9 per cent from a year earlier to $24.37 billion while imports dropped 21.7 ... Read More »

Ascendas arrange third office fund in S. Korea

SEOUL: Business park developer Ascendas has folded a recently purchased office building in downtown Seoul into a new office fund in South Korea – its third in the country. The Ascendas Korea Office Private Real Estate Investment Trust 3 (Akopreits3), as the fund is called, is a seven-year closed private fund managed by the company’s subsidiary, Ascendas Asset Management. The ... Read More »

Free trade agreement between China, South Korea

SEOUL: The free trade agreement (FTA) between China and South Korea will officially come into force from Sunday, providing an opportunity for the two countries to push forward their already-close cooperation partnership further. Seoul’s trade ministry said Saturday that the free trade accord will take effect from Dec. 20. It is widely anticipated here to expand presence of South Korean ... Read More »

Free trade agreement between US, Korea

SEOUL: A free trade agreement between the United States and Korea, commonly known as the KORUS FTA, that entered into force in 2012 has offered opportunities for the U.S. Grains Council to further develop sales to a mature customer with a historic preference for U.S. grain products. The Council has been active in Korea since opening an office in Seoul ... Read More »

Kogas completes $1.2b first stage of LNG import terminal

SEOUL: South Korean utility company Kogas has completed the US$1.2 billion first stage of its LNG-import terminal at Samcheok, east of Seoul, a year later than originally planned. Samcheok LNG is due to be completed in three stages, to store up to 2.4 million mᶾ of LNG in 12 200,000mᶾ tanks. So far, the project has completed four storage tanks, ... Read More »

Ascendas launches third private real estate fund in South Korea

SEOUL: Ascendas Asset Management launched its third private real estate fund in South Korea, the Ascendas Korea Office Private Real Estate Investment Trust 3 (AKOPREIT3), according to a news release by the company. AKOPREIT3 is a seven-year closed private fund that holds Jongro Place, a Grade A office building in the central business district of Seoul, South Korea that was ... Read More »

South Korea approves banking operations of China Everbright Bank

SEOUL: South Korea’s financial regulator on Wednesday approved the banking operations of China Everbright Bank, a unit of the state-owned Everbright Group. The Financial Services Commission (FSC) said in a statement that it gave a nod to Everbright Bank’s establishment of its branch in Seoul. The approval raised the number of foreign banks operating in Seoul from 41 to 42, ... Read More »

South Korean authorities set new consumer price target

SEOUL: South Korean authorities set a new consumer price target and cut economic growth estimates on Wednesday, as falling oil prices and weak global growth pose greater risks for the economy. The Bank of Korea (BoK) said it was setting its new three-year inflation target at 2%, scrapping its current policy of using a targeted band for consumer prices, currently ... Read More »

S.Korea’s KOSEP seeks 960,000 tons of coal

SEOUL: Korea South-East Power Co Ltd  is seeking 960,000 tonnes of steaming coal for shipment between February and May via two spot tenders, theutility said on its website. The tender will close at 11 a.m.(0200 GMT) on Dec. 21. Read More »