S. Korean stocks start at 4-year high

South Korean stocks opened higher Tuesday on strong foreign buying, with its benchmark index reaching a near four-year high.The benchmark Korea Composite Stock Price Index gained 2.54 points, or 0.12 percent, to trade at 2,101.46 points in the first 15 minutes of trading.It touched the 2,100-point landmark for the first time since it closed at 2,121.27 on August 2, 2011.The tech-savvy KOSDAQ traded at a seven-year high of 690.2 points.Foreigners continued their buying spree for the sixth consecu

April 14, 2015

S. Korea opens bidding for aerial tanker project

South Korea on Tuesday announced the start of the official bidding for a refueling aerial tanker project worth 1.48 trillion won ($1.26 billion), with three foreign major defense firms among the candidates.Seoul's plan to purchase four refueling tankers has drawn interest from three aerospace giants: Europe's Airbus Defense and Space, Boeing of the United States and Israel Aerospace Industries of Israel."The price bidding will continue until the end of this month,"said an official of the Defense

April 14, 2015

S. Korea's global TV sales up in 2014: data

Global television sales by South Korean tech companies grew 5.6 percent in 2014 from a year earlier, backed by brisk demand for premium models, data showed Tuesday. Local TV makers, led by Samsung Electronics Co. and LG Electronics Inc., sold a combined 87.05 million units in 2014, up 4.67 million from the previous year, according to the data by market tracker DisplaySearch. That compares with a drop in TV sales by Chinese and Japanese rivals, which saw their annual shipments shrink to 51.2 mill

April 14, 2015

Seoul shares up 0.53 pct on upbeat earnings outlook, liquidity

South Korean stocks closed up 0.53 percent Monday to flirt with the 2,100-point plateau for the first time in nearly four years, as ample liquidity in the financial system and an upbeat corporate earnings outlook boosted investor sentiments here, analysts said. The local currency declined sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index increased 11.16 points to end at 2,098.92, just shy of the landmark 2,100-point level, which has been out of reach since Aug. 2, 2

April 13, 2015

S. Korea's manufacturing jobs hit 17-year high in Feb.: data

The number of manufacturing jobs in South Korea surged to a 17-year high in February, fueled by industrial restructuring and aggressive job seeking by baby boomers, government data showed Monday.According to the latest figures by Statistics Korea, slightly over 4.43 million people were hired by manufacturing companies as of February this year, up 3.7 percent, or 159,000, from a year earlier.It is the highest since the 4.47 million jobs reported in December 1997. February marked the 32nd consecut

April 13, 2015

Seoul shares start higher on big-cap gains

South Korean stocks got off to a strong start Monday on gains in large-cap exporters, analysts said.The benchmark Korea Composite Stock Price Index added 6.1 points, or 0.29 percent, to 2,093.86 in the first 15 minutes of trading.Hyundai Motor, the second-largest firm by market capitalization, climbed 0.6 percent and No. 3 SK hynix rose 1.38 percent.Amore Pacific, the leading cosmetics firm, jumped 4.5 percent and Hotel Shilla soared 12.58 percent on news that it will run a joint duty-free shop

April 13, 2015

Corporate tax revenue to top gov't estimate this year: report

South Korea's corporate tax revenue is likely to far exceed an earlier government estimate this year, helping to ease the country's persistent revenue shortfall, a government report showed Monday.According to the report by the National Tax Service, initial corporate earnings reports rose nearly 11 percent last year from a year earlier as of end-March, which means corporate tax revenue could rise by 5 trillion won ($4.57 billion) to 6 trillion won ($5.48 billion) in 2015.This estimate can transla

April 13, 2015

S. Korea's per capita meat consumption jumps nearly fourfold in 3 decades

South Koreans are consuming more meat than ever while their annual intake of rice continues to set record lows every year, a government report showed Monday.According to the report from the Ministry of Agriculture, Food and Rural Affairs, the country's annual per capita consumption of meat came to 42.7 kilograms in 2013, up nearly four times from 11.3 kg in 1980.Such a growth was largely attributed to a change in people's taste."The country's meat consumption jumped greatly as people's eating ha

April 13, 2015

S. Korea's import prices fall in March

South Korea's import prices continued to extend their fall in March on weaker oil prices, but the pace of its decline slightly slowed, central bank data showed Monday.In local currency terms, import prices dropped 17.1 percent on-year last month, slightly slowing from a revised 17.8 percent on-year fall in February, according to the preliminary data from the Bank of Korea. It marks the 31st straight month in which import prices declined.From a month earlier, however, import prices gained 0.4 per

April 13, 2015

Water for a thirsty world

The seventh World Water Forum is now being held in Korea. Going by the previous forums, there will be thousands of participants from countries around the world and around 100 ministers. The focus of the forum is “Water for Our Future.” Predicting the future is a complex and almost impossible task for any sector or field of endeavor. The water sector is especially complex. Water is a cross-cutting global issue. It is needed for all human activities directly or indirectly. Many unknown and unpredi

April 12, 2015

Japanese lenders dominate S. Korean private-loan market

Japan-based money lenders have sharply increased their share of the South Korean private-loan market over the past couple of years, data showed Sunday, raising concerns over the negative impact on local borrowers in the low-income bracket.  Under fire for charging exorbitant interest rates on borrowers who can't access banks, private money lenders are often left unsupervised by regulatory authorities, prompting critics to call for the financial watchdog to ramp up its oversight.  The combined as

April 12, 2015

Seoul shares soar to 44-month high on earnings hopes

South Korean shares rose to the highest level in 44 months on Friday as investors took heart over the upbeat outlook of corporate earnings, analysts said. The Korean won lost against the greenback.The benchmark Korea Composite Stock Price Index increased 28.89 points, or 1.4 percent, to end at 2,087.76. Trading volume was heavy at 647.1 million shares worth 5.31 trillion won ($4.85 billion), with gainers surpassing decliners 509 to 313.The intra-day gain was the biggest in nearly three weeks, ra

April 10, 2015

Korean won down vs dollar for 4th day on upbeat U.S. data

day Friday as upbeat job data from the United States stoked speculation that the Federal Reserve will raise borrowing costs at a sooner-than-expected date.The local currency closed at 1,092.7 per dollar, down 0.4 won or 0.04 percent, from the previous session's close, after falling as low as 1,097.20 at one point.The number of first-time jobless claims over the past four weeks in the world's largest economy fell to an almost 15-year low, strengthening views that the U.S. economy is witnessing a

April 10, 2015

Moody's raises S. Korea's credit outlook to 'positive'

Moody's Investor Service on Friday raised South Korea's credit outlook from "stable" to "positive" on improved public debt management by the government.Despite the outlook upgrade, the global credit appraiser maintained the overall rating at Aa3, the fourth-highest in its rating scheme.The key drivers for its action are consistent measures taken by Seoul in the past few years to manage the debt of its public corporations, reduced vulnerability to global market turbulence and Seoul's ongoing trac

April 10, 2015

S. Korea's steel import up 4.1 pct in March

South Korea's import of steel products increased in March from a year earlier, buoyed by growing demand from the local construction industry, data showed Friday. The inbound shipment of steel products reached 2.01 million tons last month, up 4.1 percent from the previous year, according to data by the Korea Iron & Steel Association. The country's steel imports fell in January and February, posting a 3.8 percent and 7.3 percent on-year decline, after snapping a 14-month gain streak seen since Oct

April 10, 2015

Nuclear watchdog shelves decision on Shin Kori-3 reactor

South Korea's nuclear watchdog delayed a decision on the operational license of a new nuclear reactor on Thursday as safety concerns remain nearly four months after shutting it down following a deadly toxic gas leak. The state-run Nuclear Safety and Security Commission (NSSC) said it will hold another meeting on April 23 to decide the fate of the Shin Kori-3 reactor, which has been dormant since late December after nitrogen gas was leaked from a construction site, killing three workers.   The 1,

April 9, 2015