Park hold talks with regional leaders on inclusive growth

President Park Geun-hye attended a session with dozens of Asia-Pacific leaders on how to build inclusive growth on Thursday, the second and last day of their annual summit in the Philippines.The leaders of the Asia-Pacific Economic Cooperation summit are expected to exchange opinions on specific measures to achieve inclusive growth amid a global economic slowdown, according to Cheong Wa Dae, South Korea's presidential office.Park also plans to highlight that the revitalization of the service ind

Nov. 19, 2015

Short-term funds hit record high

Idle money in South Korea soared to a new all-time high, data showed Thursday, as investors continued to dither amid low interest rates and growing uncertainties ahead of a potential U.S. rate hike.Short-term floating money reached a record 921.8 trillion won ($790.2 billion) as of end-September, up 21 percent from a year earlier, according to the data compiled by the Bank of Korea and the Korea Financial Investment Association.Such money has been on the increase in recent years, rising 7 percen

Nov. 19, 2015

Finance minister urges quick implementation of labor reform

South Korea's Finance Minister Choi Kyung-hwan on Thursday called for an early implementation of government-supported labor reform measures that he has said will help create new jobs especially for the country's youth.The minister, however, opposed providing direct cash benefits to young, unemployed people, a move currently considered by a few local governments, including the Seoul city government, and called it a populist idea."To provide quality jobs to the young, we need an early implementati

Nov. 19, 2015

Businesses face mounting tax burden: survey

A majority of large companies in South Korea said that they are paying an increasing amount of corporate taxes and the tax burden will likely mount down the road, a survey showed Thursday.According to the survey by the Federation of Korean Industries on how businesses feel about the tax burden, 59.9 percent answered that their actual tax payment has been increasing since 2011. The survey was conducted on the top 1,000 companies in sales, of which 157 businesses responded. Of those surveyed, 77.7

Nov. 19, 2015

Korea's producer prices dip to 6-yr low in Oct.

Producer prices in South Korea continued to shrink at a fast rate last month, slipping to the lowest level in nearly six years, preliminary data from the central bank showed Thursday.The producer price index, a barometer of future consumer inflation, came to 99.75 in October, according to the Bank of Korea.A BOK official said it marked the first time the index has dropped below the benchmark 100 in 66 months since April 2010 when the index came to 98.97."This means overall producer prices have d

Nov. 19, 2015

Korea's gold bourse on stable track

South Korea's gold bourse has taken shape, with the amount of gold bullion supply breaking the 2-ton mark in less than two years of its launch, data showed Wednesday.A total of 2,004 kilograms of gold, worth 85 billion won $72.5 million), has been provided to the market since March 24 last year through Wednesday, according to the gold bourse operator, the Korea Exchange (KRX). Over the cited period, the accumulated amount of gold traded reached 2,955 kg worth 126 billion won.The daily trading vo

Nov. 18, 2015

Moody's retains credit rating on Korea at 'Aa3'

Global rating agency Moody's Investors Service said Wednesday it has kept the sovereign credit rating on South Korea at "Aa3," as the country's strong fiscal fundamentals are forecast to offset unfavorable external conditions."Korea's fiscal fundamentals remain very strong, supporting its Aa3 government bond rating," Moody's Vice President Steffen Dyck said in a media briefing in Seoul. The global credit appraiser has kept its current rating for Korea at its fourth-highest level since August 201

Nov. 18, 2015

Korea launches bipartisan body on trade pact with China

President Park Geun-hye began talks with Canada's new Prime Minister Justin Trudeau on Wednesday on the sidelines of an annual summit of Asia-Pacific leaders in the Philippines.The two leaders are expected to exchange opinions on a wide range of issues, including bilateral trade, climate change and the situation on the Korean Peninsula.It marks the first time that Park has met with Trudeau, who was elected last month. Last year, Park held a summit with Trudeau's predecessor in Ottawa and upgrade

Nov. 18, 2015

Seoul shares vault 1.06% on gains in U.S., Europe

South Korean stocks rallied more than 1 percent Tuesday, taking cue from gains in the U.S. and other major stock markets following the abated concerns over the negative impact of the latest terrorists attack in Paris. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 20.56 points, or 1.06 percent, to 1,963.58. Trading volume was moderate at 408.7 billion shares worth 4.43 trillion won ($3.79 billion) with gainers outpacing losers 643 to 19

Nov. 17, 2015

Park arrives in Philippines for APEC summit

President Park Geun-hye arrived in the Philippines on Tuesday for a two-day summit of Asia and Pacific leaders this week.Park and the leaders of the Asia-Pacific Economic Cooperation forum are expected to exchange opinions on how to build inclusive economies and sustainable and resilient communities, said Cheong Wa Dae, South Korea's presidential office.The APEC forum is set to bring together top leaders of the organization's 21 member economies, including the United States, Japan and Australia,

Nov. 17, 2015

U.S. rate hike "highly" likely in December: BOK chief

The head of South Korea's central bank said Tuesday that the United States may raise its policy rate before the year's end, while noting such a move may create financial instabilities in newly emerging economies that may possibly lead to a global crisis."Despite the recent terror attacks in Paris, the possibility of a (U.S.) rate hike in December currently remains very high," Bank of Korea (BOK) Gov. Lee Ju-yeol said at a breakfast meeting with members of the Korea Chamber of Commerce and Indust

Nov. 17, 2015

Major firms predict below-3% growth for next year: survey

Over 90 percent of businesses in South Korea predict that the local economy will grow less than 3 percent next year, citing the slowing growth in China and the mounting household debt as major reasons for their gloomy outlook, a survey showed Tuesday.According to the survey by the Federation of Korean Industries on 285 large companies, 90.2 percent answered that the Korean economy will grow less than 3 percent. The outlook is lower than a 3.3 percent expansion predicted by the government and a 3

Nov. 17, 2015

Mounting household debt poses major threat to Korea: former Moody's analyst

Mounting household debt in South Korea is a major risk factor that could undermine financial stability and economic growth of Asia's fourth-largest economy, but the country's fundamental soundness and pre-emptive measures could help resolve such problems, a former Moody's analyst said Tuesday."(A U.S. rate hike) will have effects on every economy in the world," Thomas Byrne, president of the New York-based non-profit Korea Society, said in a breakfast meeting in Seoul."I'm saying it is a great c

Nov. 17, 2015

Foreigners become net buyers after 5 months in Oct.

Foreign investors turned into net buyers of local stocks after five months in October as the much-awaited rate hike in the U.S. was postponed again, the financial watchdog said Tuesday.Offshore investors purchased a net 584 billion won ($497.9 million) worth of local stocks last month, shifting from 1.8 trillion won in net sell-offs in the previous month, according to the Financial Supervisory Service.They had held on to the net-seller position since June on rising concerns about a potential mon

Nov. 17, 2015

Park discusses economic resilience with world leaders

President Park Geun-hye met with leaders of the United States and other major countries on Monday to discuss how to strengthen the resilience of the world economy on the second day of the G-20 summit in Turkey.Park plans to call for a faithful implementation of measures to cope with offshore tax evasion, Cheong Wa Dae, South Korea's presidential office, said ahead of the summit.The measures are set to be adopted on the second and last day of the G-20 summit in the Mediterranean resort city of An

Nov. 16, 2015

Steelmakers, chemicals producers pressed to scale down excessive capacity

South Korea's financial regulator said Sunday that local steelmakers and chemicals producers will be under pressure to reduce their excessive output capacity amid a protracted economic slump.Under the measures, local banks will prod steelmakers and chemicals manufacturers to slim down their production capacity as part of efforts to reduce financial risks.Local construction firms will be also pressed to conduct voluntary restructuring efforts, while the local shipping industry will also face moun

Nov. 15, 2015

Overseas direct purchases to reach $20 bln in 2020

Direct purchases of foreign goods by South Koreans are expected to reach $20 billion by 2020, data showed Sunday, with more consumers seeking bargains through overseas-based online malls. The combined transaction volume of direct purchases came to $1.55 billion in 2014, soaring from $270 million posted in 2010, the data compiled by Hyundai Research Institute showed.Around 70.8 percent of South Korean women made purchases through direct-trade platforms, while their male counterparts held a compar

Nov. 15, 2015

Korea logs trade surplus for 45th straight month in Oct.

South Korea posted a trade surplus for the 45th month in a row in October as imports dropped at a faster pace than exports, customs data showed Sunday.According to the data by the Korea Customs Service, the country's trade surplus reached $6.65 billion last month, down from $7.53 billion a year earlier. The total was also down from $8.89 billion reported for September.Exports dropped 15.9 percent on-year to $43.42 billion last month, while imports fell a sharp 16.6 percent to $36.77 billion.In O

Nov. 15, 2015

Korea's farm exports dip 1.8% on-year in Oct.

South Korea's exports of agricultural and processed food products declined from a year earlier in October as shipments of processed food and major markets backtracked, the government said Sunday.Outbound shipments of food and other farm products reached $549.9 million in the one-month period, down 1.8 percent from the same month last year, according to the Ministry of Agriculture, Food and Rural Affairs. In October, exports of all South Korean-made products nosedived 15.8 percent on-year.The dip

Nov. 15, 2015