[THE INVESTOR] Housing costs increased 2.7 percent on-year in the first nine months of this year, according to government data on Oct. 19. The housing cost refers to overall spending related to maintenance, utility payments and other residential services, Statistics Korea said.In comparison, consumer prices rose 0.9 percent during the cited period. It means that the cost of owning and living in a home has jumped three times as high as that of consumer prices, it said.The housing cost has been st

Oct. 19, 2016

[THE INVESTOR]Major food and beverage companies in South Korea are seeking ways to diversify their business portfolios to recover from a drawn-out slump, industry officials said on Oct. 19. The country’s biggest confectionery Orion said it has joined with the National Agricultural Cooperative Federation (NongHyup) to venture into the food market. Under the deal, the two will construct a facility for processed food by the end of 2017.Orion said it aims to advance into the rapidly growing market f

Oct. 19, 2016

[THE INVESTOR] Officials from Mercedes-Benz and Ford have come to South Korea to examine the latest technology and auto parts, a local trade agency said on Oct. 19. Nine officials from Mercedes-Benz and five others from Ford Motor will be joined by representatives from some 100 South Korean automotive firms until Oct. 21 for one-on-one business meetings and joint seminars, according to the state-run Korea Trade-Investment Promotion Agency (KOTRA).The five-day event, which began on Oct. 17, is pa

Oct. 19, 2016

[THE INVESTOR] The South Korean government approved four companies to carry out voluntary corporate restructuring under “one-shot act”, the Trade Ministry said on Oct. 19. The ministry said a government panel chose four firms -- Histeel, Leejin, Bokwang and Shinsung Solar Energy-- to endorse their proposed restructuring efforts to boost competitiveness.The announcement came a few weeks later when the Seoul government vowed to encourage local steel and petrochemical manufacturers.The government w

Oct. 19, 2016

[THE INVESTOR] Ottogi, South Korean food giant, has come to the fore in the local instant noodle business with its doubled market share over the past few years, industry sources said on Oct. 19. Since its establishment in 1969, Ottogi had been known for such products as curry, soups, ketchup and mayonnaise, but the company has emerged as a strong contender to market leader Nongshim after entering the instant noodle market in 1987.As of the end of August this year, Ottogi’s market share came to 2

Oct. 19, 2016

[THE INVESTOR] Home transactions in South Korea has climbed 6.3 percent on-year in September, according to the Ministry of Land, Infrastructure and Transport.The number of home transactions came to 91,612 last month, the ministry said. September marked the second consecutive month of increase following a 13.6 percent on-year plunge in July. In August, home transactions gained 4.3 percent on-year to 98,130.The apparent boom in the housing market followed a set of government measures, announced la

Oct. 18, 2016

[THE INVESTOR]  South Korea’s exports of industrial parts and materials dropped on-year in the first nine months of this year, according to the Trade Ministry on Oct. 18. Outbound shipments of industrial parts and materials dropped 6.9 percent on-year to US$185.7 billion in the January-September period, accounting for a record 51.1 percent of the country’s overall exports, according to the ministry.Imports also fell 6.5 percent on-year to $112.8 billion over the nine-month period, with the count

Oct. 18, 2016

[THE INVESTOR] Demand for liquefied petroleum gas powered vehicles in South Korea has dropped, hurting the local LPG industry. The number of LPG-fueled vehicles registered here came to 2,219,370 as of end-August, down 56,291 from end-2015, the data from the Ministry of Land, Infrastructure and Transport showed on Oct. 18. The number has steadily declined since 2014 with the rate of decline quickening from an average 4,624 in 2014 to 7,036 this year, it showed.Such a drop in LPG vehicles creates

Oct. 18, 2016

[THE INVESTOR] South Korea and the United States will join hands to develop robotic technologies for disaster response and invest US$ 6 million over the next three years, according to the Trade Ministry on Oct. 18. Officials from the two governments, including South Korea’s Director General Kim Jeong-hwan and U.S. Assistant Secretary of Defense Stephen Welby, held a kick-off meeting in Seoul on the Korea-U.S. collaborative program sponsored by the South Korean ministry and the US Department of D

Oct. 18, 2016

[THE INVESTOR] Samsung Electronics has signed a preliminary agreement with Russia‘s railway authority to ship its goods and parts to Eastern Europe via the Trans-Siberian Railway, the company said on Oct. 18.The deal will allow Samsung to reduce the lead time from 35 days of marine transportation to 18 days, the company said in a statement. “Shortened lead times will bring Samsung more benefits, including stable inventory control, and immediate and efficient adjustments when product models chang

Oct. 18, 2016