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Seoul recognises first damages after EU trade pact  SEOUL: South Korea has for the first time recognised damages arising from its free trade agreement with the European Union which took effect last year, officials said Thursday. The state-run Korea Trade Commission said it accepted a claim from a local pork processing company that its business was hit by surging imports of cheaper European pork. The company based in the southern province of North Jeolla saw its sales plunge by 30 percent year-on-year in the first six months of this year, a deputy director at the commission told AFP. The commission said local pork accounted for 85 percent of the domestic market against Europe's 5.6 percent in 2010, but this shrank to 71 percent last year against Europe's 12.2 percent market share. The pork company will now be entitled to low-interest loans and financial support for counselling on corporate restructuring. Local companies which see imported goods significantly eroding their own sales can apply for ...

China manufacturing hits nine-month low: HSBC  BEIJING: China's manufacturing activity fell to a nine-month low in August as firms struggled with global woes, providing further impetus for Beijing to beef up economic stimulus efforts, HSBC said Thursday. Preliminary figures from the British banking giant's closely watched purchasing managers' index (PMI), which gauges nationwide manufacturing activity, hit 47.8 this month, the lowest since November, HSBC said in a statement. A PMI reading above 50 indicates expansion, while a reading below 50 points to contraction. The ...
WASHINGTON: The US Congress's budget analysts said Wednesday that current plans designed to slash the budget deficit after January 1 will plunge the country into recession and push up joblessness. The Congressional Budget Office said the poison-pill political deal on the budget last year -- sharp cuts to spending and tax increases that will hit household finances -- will cause the economy to shrink by 0.5 percent next year. It would also likely send the unemployment rate ...
Egypt says officially requests $4.8bn IMF loan CAIRO: Egypt has formally requested a $4.8 billion loan from the International Monetary Fund, the presidential spokesman said on Wednesday during a visit to Cairo by IMF chief Christine Lagarde. "We have officially requested a $4.8 billion loan from the IMF and talks are currently going on inside about the request," spokesman Yasser Ali told Reuters as Lagarde held discussions with President Mohamed Mursi. He said any details would be announced later. Copyright Reuters, 2012 ...
German interest to restructure Europeans LONDON: It is in Germany's interest to restructure the debt it is owed by other European countries, Bank of England policymaker Adam Posen said in an interview with BBC television broadcast on Wednesday. "It is in Germany's interest, its commercial interest and economic interest, not just its foreign policy idealistic interests, to really restructure the debt that other countries owe them," Posen said, according to excerpts from the interview issued to the media. He added that it ...
Zambia economic growth seen steady JOHANNESBURG: Zambia's economy will grow steadily despite uncertain copper prices, as construction and agriculture supports Africa's top producer of the metal. The survey of 10 economists showed the landlocked southern Africa nation's economy expanding 6.8 percent this year, slightly below the 6.9 percent forecast in a June poll, and then by 7.1 percent in 2013. While better than an estimated 6.6 percent growth for 2011, that would still be some way short of the 7.6 percent rise ...
Japan trade deficit shows world economy TOKYO: Sagging export markets in Europe and Asia left Japan with a much worse-than-expected trade deficit, figures showed Wednesday, ringing alarm bells over the parlous state of the global economy. The rumbling debt crisis in Europe and slowing demand in Asia -- until recently a bright spot on the economic horizon -- are taking their toll, with analysts sounding warnings that things are getting "even more serious". Japan's trade with the rest of the world in July ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln