Korean economy grows 3% in 2013

The South Korean economy grew 3 percent in 2013, faster than an earlier estimate, as exports remained robust and consumer spending gained, the central bank said Wednesday.   Korea's gross domestic product (GDP), the broadest measure of economic performance, was compared with a previous estimate of a 2.8 percent on-year gain, according to the Bank of Korea (BOK). The economy grew a revised 2.3 percent in 2012.   The 2013 data marked the fastest yearly growth since 2011 when the GDP grew 3.7 perce

March 26, 2014

Korea, New Zealand to seek breakthrough in FTA talks

South Korea and New Zealand will hold a new round of negotiations for a bilateral free trade agreement this week, the Trade Ministry said Tuesday.The two countries will seek to make progress on all remaining issues, officials said.The fresh round of FTA negotiations, the sixth of their kind, will be held in Seoul from Wednesday to Friday, according to the Ministry of Trade, Industry and Energy.“At the upcoming round of negotiations, the two sides will seek to reach a compromise on all remaining

March 25, 2014

Seoul shares lose ground on weak U.S., Chinese data

South Korean stocks closed lower Tuesday as investors took a wait-and-see attitude toward the market on weaker-than-expected industry data from the United States and China. The South Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index moved down 4.3 points, or 0.22 percent, to 1,941.25. Trading volume was low at 222 million shares worth 3.72 trillion won ($3.45 billion), with losers outpacing gainers 425 to 376.Analysts said Seoul shares closed lower due

March 25, 2014

Seoul shares rise, fueled by hopes of Chinese recovery

South Korean stocks ended higher on Monday on hopes for an economic recovery in China, while the South Korean currency closed higher against the U.S. greenback. The benchmark Korea Composite Stock Price Index moved up 10.61 points, or 0.55 percent, to 1,945.55. Trading volume was low at 225 million shares worth 3.26 trillion won ($3.02 billion), with gainers outpacing losers 426 to 380.Analysts said Seoul shares were buoyed by rising hope over an economic recovery in China following the country’

March 24, 2014

Stocks open higher on autos, telecoms

The local stock market started higher on Monday on the back of gains in automakers and mobile carriers, according to analysts.The benchmark Korea Composite Stock Price Index (KOSPI) added 14.23 points, or 0.74 percent, to 1,949.17 in the first 15 minutes of trading.Carmakers led the gain, with No. 1 carmaker Hyundai Motor adding 0.64 percent and its autoparts affiliate Hyundai Mobis rising 1.33 percent. Kia Motors, the country's No. 2 carmaker, moved up 0.51 percent.Mobile carriers also gathered

March 24, 2014

Seoul shares likely to come under more pressure

The South Korean stock market may come under more pressure this week as investors take time off to assess overall market conditions, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,934.94 this week, a 0.02 percent dip from a week earlier following some volatile trading.The main bourse, though managing to shrug off geopolitical uncertainties coming out of Ukraine, did take a beating after U.S. Federal Reserve Chair Janet Yellen hinted that interest rates could

March 23, 2014

Seoul shares likely to come under more pressure

The South Korean stock market is likely face more pressure this week as investors try to assess the market conditions after global markets reacted to a a slew of international events including the uncertainties in Ukraine and hints from the U.S. Fed of a rate hike. The benchmark Korea Composite Stock Price Index (KOSPI) finished at 1,934.94 this week, a 0.02 percent dip from a week earlier following some volatile trading.The main bourse, though managing to shrug off geopolitical uncertainties co

March 23, 2014

7 out of 10 listed firms to fare better in Q2

  Seven out of 10 firms listed on South Korea's stock markets are expected to post improved earnings in the second quarter of 2014, helped by the government's economic stimulus plan, data showed Sunday.   According to the data compiled by market researcher FnGuide, 76 percent of the 167 listed firms for which three or more brokerage houses have offered earnings forecasts are expected to see their operating profit advance on-year in the April-June period.   "Despite the country's sluggish exports

March 23, 2014

Korea-China free trade talks make little progress

The latest round of negotiations for a bilateral free trade agreement between South Korea and China came to a close on Friday with the two countries merely confirming what officials here called “large differences” on key issues.“The two sides each requested market liberalization in areas of their own interests, but their discussions could not progress significantly as their differences remained tightly locked,” the Ministry of Trade, Industry and Energy said in a press release.Their main differe

March 21, 2014

Urban to rural migration reaches record high in 2013

The number of South Koreans moving away from cities to rural areas reached a record high last year, although fewer people were freshly taking up farming as their profession, a government tally showed Thursday.In 2013, the number of urban households moving to provincial regions jumped 20 percent on-year to a new high of 32,424, according to the Ministry of Agriculture, Food and Rural Affairs.This growth may represent a reverse in the long-witnessed trend of rural to urban migration throughout the

March 20, 2014

Korean business failures down in February

The number of corporate bankruptcies fell in February from a month earlier as the local economy is on the recovery track, the central bank said Thursday.Sixty-eight companies went bankrupt in February, down from 88 tallied in January, according to the Bank of Korea.In December, the number of corporate bankruptcies reached 68, the lowest in six months, it added.The number of bankruptcies in the service sector fell by 13 on-month to 27 in February, and in the construction industry declined by five

March 20, 2014

Corporate Korea expects little impact from U.S. tapering

The stimulus tapering by the U.S. Federal Reserve, a move that had long been anticipated, is unlikely to have a big impact on the local industry, according to top Korean business people on Thursday.Fed Chairwoman Janet Yellen announced after the two-day-long Federal Open Market Committee (FOMC) meeting Wednesday that the U.S. will scale back its quantitative easing (QE) scheme by $10 billion in April.The move will reduce the amount of bond purchases to $55 billion a month from $65 billion. This

March 20, 2014

Shares rise on bargain hunting

South Korean stocks pulled off a rebound Monday from bargain hunting by institutions and private investors who shrugged off geopolitical uncertainties triggered by the Crimean referendum. The South Korean won gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index moved up with the start of trading and ended the day at 1,927.53, gaining 0.40 percent, or 7.63 points, from Friday’s close.Trading volume was relatively light at 197.33 million shares, with 2.98 trillion won ($2

March 17, 2014

Koreans’ excess cash holdings rise in 2013

Excess funds held by South Korean households and non-profit agencies rose last year as consumer spending was subdued by lackluster income growth, the central bank said Monday.The value of their excess funds amounted to 87 trillion won ($81.4 billion) in 2013, up from 83.4 trillion won the previous year, according to the Bank of Korea.“Excess funds” refers to the volume of money that remains on the balance sheets of households after deposits and stock investments.“Households and non-profit agenci

March 17, 2014

S. Korea, China begin new round of FTA negotiations

South Korea and China launched a fresh round of negotiations for a bilateral free trade agreement Monday with both sides expected to work for much needed progress.Seoul earlier said the two countries will continue to hold discussions on all related issues, including the level of market liberalization for products, services and investment, and ways to synchronize their domestic regulations and promote cooperation.This week's meeting, the 10th of its kind since the FTA negotiations were launched i

March 17, 2014

Wolseong nuke reactor halts operations

A nuclear reactor at the nation’s Wolseong nuclear power plant complex automatically stopped operating early Saturday, plant operator Korea Hydro & Nuclear Power Co. said, adding that they are still investigating the cause.The 700,000-kilowatt unit 3 at the complex stopped operating at 6:50 a.m. on Saturday when its safety shutdown system became engaged, according to KHNP. It added that power supply will remain stable throughout the weekend.The reactor, located in the country’s southeastern prov

March 16, 2014