Seoul shares rise nearly 1% on optimism over global market

South Korean shares rose almost 1 percent on Tuesday, buoyed by optimism that the global stock market may log a further rise on the back of improving earnings, analysts said. The local currency fell to its lowest in two months against the U.S. dollar, lending support to local exporters.The benchmark Korea Composite Stock Price Index gained 18.84 points to 2,012.72, after rising to as high as 2,015.54.Trading volume was moderate at 356 million shares worth 4.04 trillion won ($3.93 billion), with

July 15, 2014

Number of seniors grows with more seeking jobs: report

The number of senior citizens in South Korea grew on-year in 2014, with more older people seeking employment to help support their families, a government report said Tuesday.The number of senior citizens aged 55-79 totaled 11.38 million this year, up 4.2 percent, or 461,000, from a year earlier, according to the report by Statistics Korea. Of the total, 55.1 percent of the senior population was engaged in economic activities, up 1.1 percentage points from a year earlier, the report showed. Over

July 15, 2014

Korea sees rebound in housing market

Housing prices in South Korea are picking up slowly, as the new finance minister nominee says he will consider changes to help prospective homebuyers. The average house prices across the country rose by 0.9 percent in the first half of 2014, after a 0.2 percent drop in 2013, according to data compiled by KB Kookmin Bank.Mortgages taken out by homebuyers are also growing, indicating a rebound in the country’s real estate market, industry watchers said. Industry data showed that mortgage loans iss

July 14, 2014

Korea’s international investment position set to turn positive

South Korea’s international investment position may turn positive for the first time in the next one or two years as Asia’s fourth-largest economy continues its current account surplus streak, a central bank report showed Monday.The Korean economy, with a net external debt of $4.3 billion as of end-March, is likely to see its net international investment position shift to the black as its debt size is trending lower following the global financial crisis, according to the report by Bank of Korea

July 14, 2014

Firms’ dividend payouts forecast to stay low this year

Dividend payouts by South Korean listed firms are expected to remain low this year compared with their foreign rivals, although their average dividend yield ratio may creep up from last year, industry data showed Monday.The average dividend yield ratio of listed firms that trade on the country’s main bourse is estimated at 1.25 percent for the year, compared with last year’s 1.18 percent, according to the data.The dividend yield ratio refers to a company’s annual dividend payments per share divi

July 14, 2014

Korea’s global ranking in GDP remains unchanged at 14th: BOK

South Korea ranked 14th worldwide in terms of nominal gross domestic product for a fifth straight year in 2013, according to the country’s central bank Sunday.South Korea’s GDP was valued at $1.3 trillion in 2013, remaining unchanged since 2009. In 2005, Asia’s fourth-largest economy had ranked 10th, but tumbled to 15th in 2008 during the global economic crisis.GDP is the broadest measure of an economy’s performance, and it indicates the total value of goods and services produced within the econ

July 13, 2014

Seoul’s export growth to dip in third quarter: poll

South Korea’s export growth will likely drop in the third quarter due to unfavorable exchange rates and the flare-up in violence in Iraq, a poll conducted by a state-run trade promotion agency said Sunday.According to the survey by the Korea Trade-Investment Promotion Agency, its leading export index for the July-September period came to 51.3 points, down 0.6 from the 51.9 points predicted for the second quarter.A reading above 50 translates into more exports, while numbers that fall short of th

July 13, 2014

Foreign trade restrictions hit Korean exporters: report

Antidumping and safeguard actions taken by foreign governments are seriously hurting South Korean exporters, which requires close attention, a report by a local trade promotion association said Thursday.According to the Korea International Trade Association’s latest 2014 trade restrictions report, the maximum value of locally made products that are being penalized for unfairly undercutting prices topped $12 billion annually in the 2011-2013 period.In a detailed analysis of the 94 key products sl

July 10, 2014

BOK cuts 2014 growth, inflation outlook

South Korea's central bank on Thursday lowered its economic growth and inflation outlook for the year by 0.2 percentage point each, factoring in the impact of the Sewol ferry disaster that pummeled consumer and business sentiment in Asia's fourth-largest economy.The Bank of Korea (BOK) cut its growth forecast for the year to 3.8 percent from 4 percent, while trimming its growth outlook for next year to 4 percent from 4.2 percent. The previous estimates were released in April."The downward revisi

July 10, 2014

BOK holds key rate steady for 14th straight month as expected

South Korea's central bank on Thursday froze the policy interest rate at 2.5 percent for a 14th straight month, shrugging off a minority voice that forecast a rate cut as the confirmation of a pro-growth finance minister nominee is underway.The decision by the monetary policy committee of the Bank of Korea (BOK) is in line with a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency. A majority of 21 of 22 analysts projected the central bank to hold the rate as economic

July 10, 2014

Seoul shares edge down 0.31% on foreign selling

South Korean stocks inched down 0.31 percent on Wednesday as foreign investors turned net sellers in nine sessions at the start of corporate earnings season, analysts said. The local currency declined against the U.S. greenback.The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.16 points to 2,000.50. Trading volume was moderate at 267 million shares worth 3.7 trillion won ($3.66 billion), with decliners outnumbering gainers 430 to 387.“Foreigners retreated from the Korean market as U

July 9, 2014

Market cap of country’s top 10 conglomerates slips

South Korea’s top 10 conglomerates saw their stock market capitalization edge down this year, as market heavyweights such as Samsung Electronics Co. and POSCO remained lackluster amid a bearish run on the local stock market, industry data showed on Wednesday.The combined market capitalization of affiliates under their wings stood at 726 trillion won ($717 billion) as of Thursday, down 0.63 percent from the start of this year, according to the data.The decline was largely attributed to a slump in

July 9, 2014

Shares stay flat at start of corporate earnings season

South Korean stocks remained almost unchanged Tuesday as investors were reluctant to make big bets at the start of earnings season, analysts said. The local currency lost ground against the U.S. greenback.The benchmark Korea Composite Stock Price Index gained 1.54 points, or 0.08 percent, to 2,006.66. Trading volume was moderate at 255.8 million shares worth 3.39 trillion won ($3.35 billion), with losers slightly outnumbering winners 400 to 397. “Investors have anticipated Samsung Electronics’ p

July 8, 2014

KOTRA offers translation services for firms seeking Polish projects

The Korea Trade-Investment Promotion Agency will be offering free translation services to South Korean firms seeking to take part in Poland’s public procurement projects, the agency said on Tuesday. The services will be available at the trade agency’s office in Warsaw starting this month.KOTRA said it decided to provide the translation services based on the fact that Poland only takes bids made in the local language. With all state procurement projects and related documents in Polish, companies

July 8, 2014

S. Korea's property price-to-income ratio falls, Gangnam weathers trend

The level of house prices in comparison with income in South Korea is trending lower, with the exception of the posh Gangnam area, where property prices still run high, data showed Tuesday.The so-called price-to-income ratio (PIR) came in at 23.4 in Asia's fourth-largest economy last year, nearly halving from an average of 42.3 between 1986 and 2013, according to the data by the Bank of Korea and Kookmin Bank. The ratio roughly provides a clue to whether housing prices are expensive or cheap giv

July 8, 2014

Korea, Turkey reach de facto FTA in service, investment

South Korea and Turkey have reached a de facto agreement for free trade in investment and services, which brings them closer to closing a deal for a full-fledged FTA, the Trade Ministry here said Monday.“At the seventh round of negotiations, the two sides reached a de facto agreement after narrowing their differences on the text of the FTA in the areas of service and investment,” Assistant Trade Minister Woo Tae-hee said at a press briefing held at the ministry headquarters in Sejong City. The t

July 7, 2014

Korea considers cutting tax benefits amid shortfall woes

The Finance Ministry is reviewing cutting tax exemptions and other tax benefits allowed to companies and individuals to make up for an expected large tax shortfall this year and meet an increase in welfare spending, government officials said Sunday.The ministry last year had announced a tax code revision in which it said it would not raise tax rates but drew criticism by increasing the tax burden on millions of people by reducing benefits and exemptions starting this year. “Nothing has yet been

July 6, 2014