Foreign investors turn net buyers of Korean shares in Feb.

Foreign investors turned net buyers of Korean stocks in February, snapping a two-month selling streak on the back of easing uncertainties in Greece and the U.S. central bank's flexible stance on an interest rate hike, the Seoul bourse operator said Monday.Offshore traders bought a net 1.32 trillion won ($1.2 billion) in the main KOSPI market last month, after offloading a net 1.39 trillion won and 2.31 trillion won each in January and December, the Korea Exchange, the country's stock market oper

March 2, 2015

S. Korea's current account surplus slips for 2nd month in Jan.

South Korea's monthly current account surplus slipped for a second straight month in January but continued to expand its surplus streak for a 35th straight month, data showed Monday.The current account surplus hit US$6.94 billion in January, inching lower from a revised $7.02 billion the previous month, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.The balance of goods reached $7.09 billion in January, down from an $8.32

March 2, 2015

Temporary workers' wages dip for first time in 4 years in 2014: report

Wages of temporary workers dropped for the first time in four years in 2014, fueling worries that the country may be entering a period of economic growth and more employment without real income gains, observers said Sunday.Data by the labor ministry showed inflation growth outpacing income gains of temporary workers last year. This effectively means negative growth in terms of wages.Temporary workers, who are usually hired for less than a year, and belonging to firms with five or more employees,

March 1, 2015

S. Korea's exports drop 3.4 pct on-year in Feb.

South Korea's exports shrank 3.4 percent on-year in February, but the trade surplus surged to a new monthly high as imports dropped at a faster rate, the government said Sunday.The country's outbound shipments came to US$41.46 billion last month while imports plunged 19.6 percent on-year to US$33.8 billion, according to the Ministry of Trade, Industry and Energy.The trade surplus came to $7.66 billion, the highest amount ever for the country.February marked the 37th consecutive month of surplus.

March 1, 2015

Bank lending rates fall in Jan.

Bank lending rates for new loans in South Korea again trended lower in January after briefly ticking up a month earlier, central bank data showed Friday.  The average rate for new loans to households, companies and other organizations came in at 3.9 percent last month, slipping 0.01 percentage point from the previous month, according to the preliminary data by the Bank of Korea.  In December, the figure gained 0.03 percentage point to 3.91 percent, posting the first on-month rise since March las

Feb. 27, 2015

S. Korea's business sentiment hits 6-month low in Feb.

Corporate sentiment in South Korea hit a six-month low in February as companies remained increasingly worried about unfavorable business conditions at home and abroad, a survey showed Thursday.  According to the survey by the Federation of Korean Industries of the country's top 600 companies by sales, the business survey index for this month stood at 89.4, the lowest level since August when it was 89.  A BSI reading below 100 means pessimists outnumber optimists.  By sector, the sub indices for

Feb. 26, 2015

Finance minister sounds caution in raising corporate tax

South Korea's top economic policymaker sounded caution Thursday against raising corporate taxes, warning it could cause capital outflow and thwart economic recovery.  Speaking at a National Assembly interpellation session, Choi Kyung-hwan stressed it would be ill-advised for South Korea to mark up tax rates when other countries are doing the opposite.  "Raising corporate taxes can potentially lead to a slowdown in the economic recovery," the finance minister told lawmakers. Slower growth can lea

Feb. 26, 2015

New KITA chair vows to support smaller firms' overseas expansion

The newly elected chief of a major South Korean business lobby group said Thursday he will focus on helping small and medium enterprises expand overseas and boost exports as part of plans to improve the country's sluggish economic growth.   "(We) have a firm belief that further overseas expansion of our local firms will be the impetus for their growth as well as the country's development," said Kim In-ho, new chairman of the Korea International Trade Association during his inauguration speech.  

Feb. 26, 2015

Value of M&As in South Korea surges in 2014

The value of mergers and acquisitions reported last year surged as many corporate realignments involved large companies, while total numbers dipped, South Korea's antitrust watchdog said Thursday,   The value of the reported M&As in 2014 jumped 27.3 percent to 210.3 trillion won, up 45.1 trillion won from 165.2 trillion won in 2013, the Fair Trade Commission said.  The number of transactions stood at 571, down by 14 cases, or 2.4 percent, from the year before. The total includes 451 domestic cas

Feb. 26, 2015

S. Korea's seaport cargo shrinks 2.6 pct in Jan.

Cargo processed at South Korean seaports fell slightly from a year earlier in January on a slump in exports and imports, the government said Thursday.  The amount of cargo handled at seaports here came to some 120.85 million tons last month, down 2.6 percent from 124.02 million tons in the same month last year, according to the Ministry of Oceans and Fisheries.  Import-export cargo slipped 0.8 percent on-year to about 103.44 million tons amid a drop in imports and exports.  The trade ministry ea

Feb. 26, 2015

Import prices of farm, fishery goods down in Jan.

The prices of imported agricultural, livestock and fishery products fell in January compared with the month before, mainly due to a drop in fruits and processed food, customs data showed Wednesday.  According to the data by the Korea Customs Service, the price index for imported agricultural, livestock and fishery goods stood at 113.3 last month, down 3.9 percent from a month earlier, when numbers stood at 117.8. Import prices had been rising toward the end of 2014.   Compared to January 2014, t

Feb. 25, 2015

Petrochemicals exports down on reduced demand in China last year

South Korea's petrochemicals exports fell slightly last year, marking the first fall in five years since 2009, mainly due to a drop in demand in their biggest export destination, China, data showed Wednesday.   Exports of petrochemicals produced by South Korean firms declined 0.3 percent to $48.2 billion in 2014, with outbound shipment of petrochemicals to China dropping 6.2 percent to $22 billion, according to data by the Korea Petrochemical Industry Association.   The proportion of South Korea

Feb. 25, 2015

Households withhold spending on clothing despite income increase

South Korean households spent less on buying clothes and shoes last year, the first such fall on record, data indicated Wednesday, a trend economy watchers say reflect crimped spending.  According to Statistics Korea, a two-person household spent an average 169,000 won ($153) per month on clothes and shoes last year, down 0.1 percent from the year before.  This is the first dip since recordkeeping began in 2003.  While the drop is miniscule in number, it comes against the backdrop of increased h

Feb. 25, 2015

S. Korean consumer sentiment rises for 2nd month in Feb.

Consumer sentiment in South Korea improved for a second month in a row in February as a growing number of people pinned hopes on economic recovery, data showed Wednesday.  The overall consumer sentiment index reached 103 in February, inching up from a revised 102 in the previous month, according to the Bank of Korea. A reading above 100 means that optimists outnumber pessimists.  After slumping by four notches in the aftermath of the Sewol ferry sinking in April last year, the monthly index has

Feb. 25, 2015

Finance minister denies speculation over purchase of Canadian oil firm

Choi Kyung-hwan, South Korea's finance minister, denied Tuesday that he personally made the order to buy a disputed Canadian oil company Harvest Operation Corp. during the previous government.   In a parliamentary hearing to investigate problems with overseas resource development carried out by the 2008-2013 Lee Myung-bak government, lawmakers from rival parties exchanged strong words over Choi's role in the purchase of the Canadian company, which has been losing money and become the target of c

Feb. 24, 2015