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Gov’t to Offer Liquidity If Daewoo Shipbuilding Shares Burden: Finance Minister

Gov’t to Offer Liquidity If Daewoo Shipbuilding Shares Burden: Finance Minister

SEJONG, March 23 (Korea Bizwire) – South Korea’s top economic policymaker said Thursday that the government will offer liquidity to cash-strapped Daewoo Shipbuilding & Marine Engineering Co. in a timely manner if all stakeholders shoulder losses.  “Creditors of Daewoo Shipbuilding have closely looked into all options, which includes the company’s backlogs,” Finance Minister Yoo Il-ho [...]

Commodity Prices Continue Rising Due To Rising Oil Prices, Bird Flu

Commodity Prices Continue Rising Due To Rising Oil Prices, Bird Flu

SEOUL, March 21 (Korea Bizwire) – Commodity prices continued to move up in recent weeks amid rising crude oil prices and the outbreak of the avian influenza, industry sources said Tuesday. Consumer prices rose 1.9 percent in February from a year earlier with comparable figures for January standing at 2 percent. The Bank of Korea [...]

Every Bolt EV in First Shipment to Korea Earmarked Within Hours: GM Korea

Every Bolt EV in First Shipment to Korea Earmarked Within Hours: GM Korea

SEOUL, March 20 (Korea Bizwire) – Each and every one of 400 Bolt EV cars set to be delivered here next month was sold in just the first few hours of taking orders, GM Korea Co. said Saturday, reflecting an apparently high interest by local consumers in the new electric car. The company began taking preorders for the Chevrolet Bolt EV on Friday. “All 400 units in the first shipment were gone in just two hours,” said an official from the South Korean unit [...]

Korean Firms Struggle with China’s Nitpicking Customs Screening

Korean Firms Struggle with China’s Nitpicking Customs Screening

SEOUL, March 20 (Korea Bizwire) – While Lotte is suffering the most from China’s retaliatory measures over South Korea’s deployment of a THAAD missle system – with almost 90 of 99 Lotte Mart outlets in China temporarily closed – other firms exporting to the country are struggling with customs clearance procedures that have become overly [...]

Diesel, Petrol Cars Vie for Bigger Piece of Import Car Market

Diesel, Petrol Cars Vie for Bigger Piece of Import Car Market

SEOUL, March 20 (Korea Bizwire) – Diesel cars are locked in a tight race with gasoline-powered models for a bigger slice of South Korea’s imported vehicle market as diesel cars increasingly lose favor with local motorists following “dieselgate” in 2015, data showed Monday.  According to the industry data, 8,058 imported gasoline cars were sold in [...]

S. Korea Pushes to Extend Anti-Dumping Tariffs on Foreign Steel Products

S. Korea Pushes to Extend Anti-Dumping Tariffs on Foreign Steel Products

SEOUL, March 17 (Korea Bizwire) – South Korea’s agency handling trade remedies said Friday that it has decided to extend the current anti-dumping tariffs imposed on some foreign stainless steel products by three additional years.  The Korea Trade Commission said it will ask the finance ministry to continue to slap anti-dumping tariffs of 3.56 to [...]

Auto Production Rises on Strong Demand for Eco-Friendly, Luxury Cars Abroad: Data

Auto Production Rises on Strong Demand for Eco-Friendly, Luxury Cars Abroad: Data

SEOUL, March 15 (Korea Bizwire) – South Korea’s automobile production surged in February amid strong demand for eco-friendly and luxury vehicles both at home and abroad, government data showed Wednesday.  Automobile output rose 9.8 percent to 336,032 units last month from a year earlier, according to statistics released by the Ministry of Trade, Industry and [...]