Finance chief cautious on new tax proposal on stock profit

Finance Minister Bahk Jae-wan said Tuesday that the government is cautious about the ruling party’s proposal to impose a new capital gains tax on profits from stock transactions, out of concern over potential negative impact on foreign investments in the local bourse. The minister made the remark at a parliamentary meeting as the ruling party is pushing to revise the current taxation system to impose taxes on stock gains and increase taxes on the wealthy as part of efforts to woo voters unhappy

Feb. 7, 2012

Korea-EU trade volume up 3.9% after FTA

The trade volume between South Korea and the European Union increased 3.9 percent on-year over the six months after their bilateral free trade agreement took effect in July, the Trade Ministry said Tuesday.Korea saw its trade surplus with the world’s largest economic bloc, however, sharply narrow to $740 million from $6.92 billion over the cited period, the ministry said, without disclosing the value of bilateral trade.According to the ministry, the sharp decline in Seoul’s trade surplus with th

Feb. 7, 2012

Shares gain on eased Greece woes

Korean stocks closed 0.43 percent higher Tuesday on eased concerns over Greek debt problems, analysts said. The local currency gained against the U.S. dollar.Moving in a tight range, the benchmark Korea Composite Stock Price Index gained 8.46 points to 1,981.59. Trading volume was heavy at 532.5 million shares worth 6.50 trillion won ($5.81 billion) with gainers outstripping losers 447 to 393. “Investors are taking a wait-and-see approach. Investor angst was offset by anticipation that the debt

Feb. 7, 2012

Card firms to cut rates on overdue payments

Companies’ decision reflects government move to cope with delinquent loansCredit card companies decided to lower the interest rates on customers’ overdue payments by a maximum of 1 percentage point.Their move comes after the Financial Supervisory Service issued a warning against reckless credit card loans with high interest rates.Major firms ― Shinhan Card, KB Kookmin Card, Samsung Card, Lotte Card and Hana SK Card ― will slash the extra rates on delinquent loans.Shinhan Card, the nation’s No. 1

Feb. 7, 2012

Foreign outdoor brands over 50% more expensive in Korea

Korean consumers pay over 50 percent more on average for products of major foreign outdoor brands, a civic organization said Tuesday.According to the research by Seoul's Young Men's Christian Association (YMCA), local retail prices of 23 functional outdoor products offered by five brands -- The Nort

IndustryFeb. 7, 2012

BOK to freeze key interest rate in Feb.: poll

Korea’s central bank is expected to keep its key interest rate steady for the eighth straight month in February due to persistent inflation concerns and downside risks to the domestic economy, a poll showed Tuesday. All 14 analysts forecast that the Bank of Korea will freeze the benchmark 7-day repo rate at 3.25 percent on Thursday, according to the survey by Yonhap Infomax, the financial news arm of Yonhap News Agency. Still-elevated inflationary pressure and looming external uncertainties will

Feb. 7, 2012

Eximbank to support W70tr for local exporters

The state-run Export-Import Bank of Korea plans to support a record 70 trillion won ($63 billion) for local exporters via loans and assurances this year as part of its drive to boost trade, its chief said Monday.“Eximbank aims to provide financing and assurances worth 70 trillion won this year in a bid to help the nation’s annual trade volume exceed the $2-trillion mark,” Eximbank President and Chief Executive Officer Kim Yong-hwan told reporters.Kim’s remarks come after South Korea’s trade volu

Feb. 6, 2012

Savings-type insurance market grows sharply

The size of Korea’s savings-type insurance market expanded more than 30 percent over the last two years, data showed Monday, as local insurers vied to sell such products that guarantee high commissions.Savings-type insurance, which includes annuity insurance and variable annuity insurance, refers to a policy designed to safeguard retirement income or help boost financial assets for senior citizens rather than cover health care expenditures and other costs.The savings-type insurance market in Asi

Feb. 6, 2012

Koreans’ mobile banking use doubles in 2011

The use of mobile banking in South Korea more than doubled in 2011 from a year ago on the back of the ballooning local smartphone user population, the central bank said Monday.Mobile banking transactions reached an average of 7.67 million per day in 2011, growing more than two fold from 3.74 million in the previous year, according to the Bank of Korea.The daily transaction amount surged 57 percent on-year to 652.6 billion won ($587.6 million), while the number of mobile banking users jumped 50.6

Feb. 6, 2012

Australia Chamber names 2012 board

Those who attended the recent Australia Chamber of Commerce general meeting had a chance to meet the newly elected board of directors.After brief welcoming remarks from interim chairman Peter Feltis, the Chamber’s patron Australian Ambassador Sam Gerovich explained the importance of the chamber to Korea-Australia relations especially in the context of 2012, when a Korean-Australian free trade agreement could become a reality.The new board of directors for this year are Feltis from Samsung Engine

Feb. 6, 2012

Offshore wind summit out to attract EU firms

The European Union Chamber of Commerce has arranged for a special discount for members that participate in the Offshore Wind Construction Summit in Jeju.The summit on Feb. 15-17 will offer a platform to address concerns about the offshore wind construction industry, while exploring the challenges in constructing offshore wind farms.Case studies from around the world will be used to address key technological and operational issues when it comes to delivering an offshore wind farm that meets gover

Feb. 6, 2012

Cafe du Commerce’s first networking event

Networking is probably one of the most important aspects of doing business in Korea so with that in mind the French chamber will hold their first networking event of the year.The French Korean Chamber of Commerce and Industry in partnership with the Economic Mission of the French Embassy and Novotel Hotel are presenting a special edition of Cafe du Commerce on Feb. 9.Held at the Novotel Ambassador hotel in Gangnam, the event will offer a French style buffet with regional and traditional favorite

Feb. 6, 2012

German Chamber event for new members

A seminar has been organized to welcome new members of the Korea-German Chamber of Commerce and Industry. During the meeting on Feb. 13, the chamber will offer information and advice for professional and private challenges by experienced directors and staff at the KGCCI.Registration is only accepted online until Feb. 8. The event will be at the Chamber’s office on the 7th floor in Hannam-dong and costs 80,000 won, including a traditional Korean dinner. For enquiries, contact Hana Cha, senior eve

Feb. 6, 2012

Factiva expects Korean market to grow

Dow Jones’ Factiva, one of the largest digital business information aggregators and archivers in the world, sees a growing interest among Korean companies for its services, which can start at about $2,500 a month.Korea business development manager Kim Sae-hoon said, “Corporations are hungry for reasonable and accurate information. So Korea, even if the information industry is not there yet, we expect it will grow, the media industry is booming here but it’s in the beginning stages.”The average k

Feb. 6, 2012