S. Korean economy still in slump: report

South Korea's economy is still in a downturn despite some improvements in major indicators, a state-run think tank said in its monthly report released Thursday.  "Some indicators have recently shown mild improvements, but the country's overall economy still appears to remain in a slump," the Korea Development Institute (KDI) said.   The KDI noted the recent increase in exports, as well as real estate transactions, may indicate improvements in the whole economy.  "However, indicators that reflect

Nov. 6, 2014

Korean won sinks to 1-year low vs dollar on intervention concerns, U.S. job data

Korean won slumped to the lowest mark in over a year against the U.S. dollar Thursday, tracking other currencies' moves, on sound economic data from the U.S. and speculation that currency authorities here may intervene to control the pace of the local currency's sharp ascent against the Japanese yen.   The won was trading at 1,089.90 to the greenback as of 11:25 a.m., down 6.30 won from the previous session's close, marking the lowest since Sept. 6, 2013, when the comparable figure was 1,093.00

Nov. 6, 2014

Seoul bourse to see stunted growth in 2015: analysts

South Korea's stock market is forecast to trade bearish in 2015 in comparison to this year, analysts said Wednesday, stymied by a lack of growth momentum in local firms as well as unfavorable market conditions abroad.    The median of estimates from six local brokerage houses put the benchmark Korea Composite Stock Price Index (KOSPI) at a high of2,200 and a bottom line of around 1,847 next year.  Both high and low forecasts are markedly below those predicted for 2014, with the higher end of the

Nov. 5, 2014

S. Korea's trade volume set to reach record high: official

South Korea's trade volume will likely reach a new annual high this year, exceeding US$1 trillion in the shortest time ever, a ranking government official said Wednesday.  "The country's overall trade volume is expected to breach the 1 trillion mark around Nov. 25 or 26," the official said, asking not to be identified.  It will mark the fourth consecutive year that South Korea has met the mark since 2011, but the first time that the threshold has been reached before the start of December, the of

Nov. 5, 2014

S. Korea, Japan two-way trade down for third year amid sour ties

Two-way trade between South Korea and Japan has decreased for three years in a row, amid frosty relations and the weakening of the Japanese yen against the Korean won, data showed Wednesday.  According to trade figures posted by Korea Trade-Investment Promotion Agency (KOTRA), exports to the island nation fell 2.2 percent on-year in 2012, plunged 10.7 percent in the following year and is down 4.6 percent in the first nine months of this year.   Imports from Japan were also down in the same perio

Nov. 5, 2014

Biz body urges U.S. to ease immigration rules, allow condensate exports

Korea's business community for big companies on Wednesday called on the United States to ease immigration rules, expand professional visa quotas and allow the export of natural gas condensates.    At the 26th Plenary Meeting of the Korea-U.S. Business Councils meeting hosted by the Federation of Korean Industries (FKI) and the American Chamber of Commerce and Industry (AMCHAM) in Seoul, local entrepreneurs said that despite headway made in two-way trade following the signing of the countries' fr

Nov. 5, 2014

Korea’s consumer prices grow 1.2% on-year in October

Korea’s consumer prices grew at a faster pace in October than a month earlier, but the growth trend remains subdued thanks to falling farming goods prices, a government report showed Tuesday.The country’s consumer price index rose 1.2 percent last month from a year earlier, quickening from September’s 1.1 percent gain. This marks the first time in four months that prices rebounded from a month earlier. The core inflation, which excludes volatile oil and food prices, rose 1.8 percent on-year, the

Nov. 4, 2014

Asian economies should step up financial integration: BOK chief

South Korea's top central banker on Monday called for Asian economies to step up financial integration to boost investment financing and risk sharing at a time when the global economy faces lingering uncertainties."The most important benefits expected from financial integration include easier investment financing and risk sharing through the diversification of investment opportunities," Bank of Korea (BOK) Governor Lee Ju-yeol said in a pre-released opening address at a joint conference held wit

Nov. 3, 2014

S. Korea's exports rise in October while imports dip

SEJONG (Yonhap) – South Korea's trade surplus expanded from a year earlier in October as exports grew while imports shrank, the government said Saturday.The country's overall exports came to about $51.76 billion last month, up 2.5 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.Imports dropped 3 percent on-year to $44.26 billion. The country posted a trade surplus of $7.5 billion, compared with a surplus of $4.88 billion in October 2013.October mark

Nov. 1, 2014

Finance minister stresses measures to reignite economy

South Korea's finance minister on Friday said efforts to reinvigorate the economy are in the early stages and stressed more action is needed before the general public can feel tangible results.In a letter sent to ministry employees, Choi Kyung-hwan compared the current state of affairs to the ignition being turned on to get the economy back on its track and that the journey still lay ahead. "Bills aimed at revitalizing the economy have run into obstacles and business investment and consumer spen

Oct. 31, 2014

Korea’s national debt expected to spike under Park government

South Korea’s national debt is expected to increase by about 216 trillion won ($206.3 billion) during the five-year term of President Park Geun-hye, data showed Wednesday, underlining growing concerns over mounting debt problems facing the country. According to the data, South Korea’s national debt is expected to increase to 659.4 trillion won by the end of 2017 from the 443.1 trillion won reported in 2012. The estimate is based on figures provided by the finance ministry’s 2014-2018 national fi

Oct. 29, 2014

Korea ranks 5th in biz environment: World Bank

South Korea ranked fifth in terms of business environment this year thanks to improvements in regulations and the system for starting a business, granting construction permits and protecting minor investors, the Finance Ministry said Wednesday.The ranking by the World Bank rose by two notches from that of the previous year, marking the highest since the “Doing Business” report started to be compiled in 2003, according to the ministry.Every year, the World Bank analyzes 189 countries’ business en

Oct. 29, 2014

Seoul shares jump on Fed optimism, eased corporate uncertainty

South Korean stocks jumped to a three-week high on Wednesday as investor sentiment was cheered by the U.S. Fed's dovish movement and eased uncertainty about corporate earnings, analysts said. The Korean won gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 35.49 points, or 1.84 percent, to 1,961.17, marking the highest level in three weeks since it hit 1,962.25 on Oct. 8. Trading volume was moderate at 388.9 million shares worth 5.36 trillion wo

Oct. 29, 2014

S. Korean economy to grow 3.7 pct next year: think tank

A South Korean think tank on Wednesday forecast the country's economy to grow 3.7 percent next year, lower than the central bank's projection of 3.9 percent.In its more conservative forecast, the Korea Institute of Finance (KIF) said growth is expected to reach 3.6 percent in the first half and accelerate to 3.9 percent in the second half."While (negative) structural factors linger, consumption will likely improve next year as government policies and the low-rate effect begin to materialize," sa

Oct. 29, 2014

Card spending growth highest in almost 2 years

South Korea's credit card spending grew in the third quarter at the sharpest pace in almost two years, data showed Wednesday, pointing to a recovery in domestic demand from the deep trough that followed April's deadly ferry disaster.Purchases made with credit cards reached 147.17 trillion won (US$141 billion) in the July-September period, growing 6.3 percent from a year earlier, according to the data compiled by the Credit Finance Association. The third quarter gain marks the highest since the 1

Oct. 29, 2014

S. Korea's national debt expected to spike under Park government

South Korea's national debt is expected to increase by about 216 trillion won (US$206.3 billion) during the five-year term of President Park Geun-hye, data showed Wednesday, underlining growing concerns over mounting debt problems facing the country. According to the data, South Korea's national debt is expected to increase to 659.4 trillion won by the end of 2017 from the 443.1 trillion won reported in 2012. The estimate is based on figures provided by the finance ministry's 2014-2018 national

Oct. 29, 2014