KT&G Corp., the country’s largest tobacco-maker by market share, said Monday that its annual overseas cigarette sales surpassed its domestic sales for the first time last year, largely owing to strong sales in the Middle East and the Asia-Pacific.Packs of ESSE, KT&G’s best-selling cigarette brand in the Middle East, are displayed in a shop in Iran. (KT&G)　According to KT&G’s annual sales report for 2015, the Korean manufacturer sold 46.5 billion sticks of cigarettes outside Korea, either manufac

Industry Jan. 18, 2016

The recently launched Asian Infrastructure Investment Bank will provide Korea with business opportunities in the regional infrastructure sector, the South Korean government said Sunday, pinning high hopes for the China-led agency to elect a Korean vice secretary-general next month. “Finance Minister Yoo Il-ho’s presence (at the AIIB’s meeting in China on Saturday) will contribute to strengthening Korea’s global ties with China and the developing members of the AIIB,” the South Korean Ministry of

Jan. 17, 2016

South Korea’s central bank lowered its economic growth forecast for 2016 and kept the base rate unchanged Thursday, citing rising global uncertainties, household debt and slumping oil prices. The Bank of Korea’s monetary policy board lowered the growth outlook for Asia’s fourth-largest economy to 3 percent from 3.2 percent three months earlier. “(Korea’s) domestic demand and consumption are showing signs of improvement, yet the pace is slowing down due to the delayed recovery in global demand,”

Jan. 14, 2016

The Bank of Korea’s monetary policy board on Thursday froze the base interest rate at a record-low of 1.5 percent, citing soaring household debt, volatility in China market and low crude prices.  The central bank said it decided to keep the key rate unchanged largely due to the nation’s skyrocketing household debt. 　As of Sept. 30, South Korea’s total household debt soared to 1,166 trillion won ($962.8 billion), growing at an accelerated pace of 10.4 percent in 2015 from 8.7 percent in 2011. Ban

Jan. 14, 2016

Finance Minister Choi Kyung-hwan resigned from his post on Tuesday, in preparation for running in the April general elections. “I am returning to the political field to change the economy, just as I did 12 years ago for my political debut,” Choi said in his good-bye address at Sejong Government Complex. Finance Minister Choi Kyung-hwan delivers a good-bye address at Sejong Government Complex on Tuesday. (Ministry of Strategy and Finance)Choi, who doubled as deputy prime minister, showed confiden

Jan. 12, 2016

Kim Byung-won (NACF)The National Agricultural Cooperative Federation, or Nonghyup, announced the appointment of Kim Byung-won as its new chairman Tuesday. 　Kim, the 62-year-old head of the Nampyeong operations of Nonghyup in Naju, North Jeolla Province, will take helm of the nation’s largest agricultural association with 400 trillion won ($330 billion) in assets, 31 subsidiaries and affiliates, and 8,800 executives. He will represent the 2.35 million members of the farmers’ association. 　Kim was

Industry Jan. 12, 2016

The animal quarantine authorities of the Agriculture Ministry on Tuesday confirmed the first breakout of foot-and-mouth disease in eight months, vowing stronger watch on the spread of the livestock disease. The Agriculture Ministry dispatched specialists to a farm in Gimje, North Jeolla Province, where 700 pigs were tested positive for foot-and-mouth disease on Tuesday. (Yonhap)The Animal and Plant Quarantine Agency, or QIA, said the 700 pigs at a farm in Gimje, North Jeolla Province, tested pos

Social Affairs Jan. 12, 2016

(123RF)Insurers are moving to raise motor insurance premiums as the government has vowed to relax its tight control on prices. 　Hyundai Marine & Fire Insurance Co. is slated to raise motor insurance prices for individual, corporate and business users by 2 percent within January, the latest in a chain of price hikes for small and medium-sized car insurance companies.　Hyundai Marine & Fire had been suffering from a high loss rate in the auto insurance sector, undermining the company’s overall perf

Jan. 11, 2016

The benchmark Korea Composite Stock Price Index managed to close in gain on strong institutional buying Friday, after moving either side of the 1900-point mark in the wake of a stock crash in China.　Korean traders gave a sigh of relief after the KOSPI rose 13.29 points to 1,917.62, despite pessimistic expectations throughout morning trading. Trading volume was at 400.6 million shares worth 5.00 trillion won ($4.2 billion), with 454 firms falling and 360 gaining. (123RF)　The KOSPI opened at a fou

Jan. 8, 2016

Incheon Bridge Corp. CEO Kim Soo-hong poses after being presented the Order of Industrial Service Merit at the awarding ceremony office of the Public Procurement Service in Banpo-dong, Seoul, on Dec. 29. (Incheon Bridge Corp.)Incheon Bridge Corp. CEO Kim Soo-hong received the Order of Industrial Service Merit, also known as “Gold Tower,” the country’s highest decoration for a businessperson, the company said Tuesday. 　Kim was awarded the Gold Tower on Dec. 29 in recognition of his contribution t

Jan. 5, 2016

The government‘s attempt to ban the sales of cigarettes in the duty-free shop of Jeju International Airport faces mounting opposition from smokers, industry sources said.　“The (Finance Ministry’s) move to ban duty-free cigarettes in Jeju International Airport, while leaving out Incheon International Airport, is clearly a sneaky way of raising more tax,” said an official of I Love Smoking, the country’s largest online community of smokers.  Travelers purchase duty free products at a duty free sho

Industry Jan. 5, 2016

With lessons from 2015 and aspirations for 2016, leaders of financial institutions in Korea came under spotlight on Monday, the first working day of 2016, as they unraveled different strategies and interests in their New Year messages. 　The rising call for risk management was the common ground that all CEOs and group chairmen emphasized, despite difference in characters and management philosophies that are revealed in the messages. 　　KB without ‘accidents’ 　KB Financial Group chairman Yoon Jong-

Business Jan. 4, 2016

Financial companies are finding it difficult to push for restructuring as the National Assembly failed to pass a relevant bill last year.　The 1-year-old law governing restructuring procedures, agreements between firms and creditors and other matters, expired last year, but political parties stopped short of dealing with an alternative bill.　Industrial experts said the old law provided legal grounds for companies to voluntarily seek restructuring with the help of creditors to normalize their busi

Jan. 3, 2016

About 300 Chinese tourists have visited a new tourism zone in North Korea's border city of Sinuiju this week for the first time, according to Chinese media reports on Friday, in another push by Pyongyang to boost its tourism sector.  North Korea's border city of Sinuiju (Yonhap)   The new North Korean tourism zone, jointly developed by the North's Korea Myohyangsan Travel Company and the Dandong International Travel Agency of China, was officially opened for visitors on Dec. 20 last year.    Nor

North Korea Jan. 1, 2016