The Korea Herald

Seoul shares edge up on shipbuilders’ gains

South Korean stocks finished 0.32 percent higher on Tuesday as shipbuilders pushed the market slightly higher, despite a bleak forecast of Samsung Electronics’ fourth-quarter earnings. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 6.16 points, or 0.32 percent, to close at 1959.44. Trading volume was light at 190.8 million shares worth 3.6 trillion won ($3.4 billion), with gainers outpacing losers 511 to 275.“Gains in shipbuilders by invest

Jan. 7, 2014

Seoul to unveil 3-year economic innovation plan in February

South Korea will unveil its three-year economic innovation plan next month with a focus on rectifying the “imbalance” in the country’s economy, the finance minister said Tuesday.The plan was first mentioned by President Park Geun-hye on Monday during her news conference marking the new year. Park said that with the plan, the country’s growth potential is expected to grow to around 4 percent and the annual per-capita income level to exceed $30,000 and move toward $40,000.“As President Park said d

Jan. 7, 2014

Seoul to set up 3-year economic plan

Entering her second year in office, President Park Geun-hye said she would implement a three-year economic plan in a bid to reform the nation’s economy and promote the public’s happiness within her term.“I will open an era of happiness of the people by establishing and implementing a three-year economic innovation plan,” the president said Monday in a press conference marking the new year.“Korea’s potential growth rate will rise above the 4 percent level, while national income will approach $40,

Jan. 6, 2014

State-owned firms told to make drastic reforms

Land, housing, infrastructure and transport-related public enterprises, including the Land and Housing Corp., Korea Railroad Corp. and K-water, were urged to launch aggressive reform plan to improve their financial health and management efficiency, the Ministry of Land, Infrastructure and Transport said Monday. The request was made during a meeting on normalizing operations of 14 public firms under the ministry. The meeting, presided over by Minister Seo Seoung-hwan at the Sejong government comp

Jan. 6, 2014

[Graphic News] More debt for self-employed

Debt held by the self-employed grew about 9 percent last year as their income declined amid the economic slowdown, spawning concerns about their capacity to service debt, according to bank data on Monday.Bank loans extended to the self-employed amounted to 105.6 trillion won ($100 billion) as of end 2012, up 8.5 percent from the previous year, according to data provided by four major local banks.

Jan. 6, 2014

[Graphic News] More debt for self-employed

Korea expects exports to grow despite difficulties

South Korea’s exports will continue to grow this year on a global economic recovery with outbound shipments of most key export items expected to rise, the government said Monday.“The global economic recovery based on improvements in advanced countries, including the United States, is expected to be a positive element for the country’s own economic recovery while helping to expand the country’s exports and imports,” the Ministry of Trade, Industry and Energy said in a press release.The ministry,

Jan. 6, 2014

Gov't says S. Korea's exports will grow despite difficulties in 2014

South Korea's exports will continue to grow this year on a global economic recovery with outbound shipments of most key export items expected to rise, the government said Monday."The global economic recovery based on improvements in advanced countries, including the United States, is expected to be a positive element for the country's own economic recovery while helping to expand the country's exports and imports," the Ministry of Trade, Industry and Energy said in a press release.The ministry,

Jan. 6, 2014

Debt by self-employed rises 9 pct last year

Debt held by the self-employed grew about 9 percent last year as their income declined amid the economic slowdown, spawning concerns about their capacity to service debt, data showed Monday.Bank loans extended to the self-employed amounted to 105.6 trillion won ($100 billion) as of end-2012, up 8.5 percent from the previous year, according to data provided by four major local banks.Local banks have increased loans to the self-employed as the financial regulator is seeking to curb the growth of h

Jan. 6, 2014

Will tax cut help property market?

Hope for the revitalization of the nation’s real estate market, which has been in a slump since 2008, is greater than ever as the government lifted a heavy capital gains tax on multiple home owners on Jan. 1. Market experts, however, are divided on what effect the deregulatory measure will have on transactions. “The real estate market tends to swing psychological factors and so, I think that the abolition of the strongest tax-related regulation in the property market, following a tax reduction o

Jan. 5, 2014

KORAIL’s affiliate for new KTX line to open this week

KORAIL’s new subsidiary that will run the country’s second bullet-train, the Korea Train Express line departing from Suseo in southeast Seoul, will officially launch this week, with a line-up for top management, according to the Ministry of Land, Infrastructure and Transport on Sunday. The state-run railway operator appointed Kim Bok-hwan, who had led the corporate affairs unit, as the new head for its new affiliate, which is poised soon to bring competition into the railway industry. The plan h

Jan. 5, 2014

90% of regulator’s fines on conglomerates canceled

About 90 of fines levied on conglomerates by the financial regulator were later canceled by the courts last year despite initial rulings that sided with the regulator, data compiled by the Fair Trade Commission showed Sunday.The FTC’s records showed it has won 14 of the 21 lower court cases on corporate fines last year, a success rate in the upper 60 percent. The results are better, at over 80 percent, when smaller companies and individuals are also considered.“The FTC fines amounted to 4 trilli

Jan. 5, 2014

[Weekender] Riding into the new year

While the horses are used for leisurely riding in modern Korea, people on the peninsula have had a relationship with the animal since prehistoric times. For Koreans, the horse has been a stable source of nutrition, a dear friend, an efficient means of transportation, and a symbol of power. From Jan. 13, 2014, to Feb. 18, 2015, people here and across East Asia will celebrate the Year of the Horse, which is associated with stamina and power and also represents practicality and obedience to nature.

Jan. 3, 2014

‘Popularizing racing is my mission’

In Gwacheon, Gyeonggi Province, just a 20 minute-drive from southern Seoul, is the 1.3-square-kilometer Seoul Racecourse Park. Themed around horses, the park is composed of a bicycle park, kids’ playground, “water bike park”, inline skating rink, outdoor concert facility, exhibition room, stable, flower garden, topiary playground and others. And of course, there is the turf, the country’s largest. Until now, Seoul Racecourse Park was considered a sort of casino for gamblers with the majority of

Jan. 3, 2014

Equestrian communities prosper

Every Saturday, 38-year-old saleswoman Park So-young drives about an hour to a horse riding track in Yangpyeong, Gyeonggi Province. There she joins a group of 10 members who meet up every two weeks to ride horses to get rid of their everyday stress.“There are other sports like golf and swimming, but exercising with animals is more than just a sport,” Park said.Horses have been an essential part of Korean culture, and the industry is growing quickly and attracting more people into the community.A

Jan. 3, 2014

Private farms put stallions out to stud

Ecton Park has long been a favored stallion among Korean racehorse breeders. He was the winner of the Super Derby and Jim Dandy Stakes thoroughbred horse races in the United States. After retiring from racing, he was purchased by Korea’s nonprofit Isidore farm to breed at Jejudo Island in 2009. The state-run Korea Racing Authority has bought good-quality stallions since the 1990s. It then lets them cross with female horses free of charge. However, in recent years, an increasing number of private

Jan. 3, 2014

[Weekender] Saddling up for business

As we ring in 2014, the Year of the Horse, businesses are introducing the mammal in their products and marketing tactics.It’s happening even in the food business: The horsemeat market in Korea, albeit fledgling, is on a growth path as the meat is increasingly perceived as a healthy food.One restaurant located in Yeongcheon, North Gyeongsang Province, draws in those wanting to try unique gourmet foods.“Raw minced horsemeat is the most popular at the small restaurant,” Chae Sang-ho, owner of the r

Jan. 3, 2014

[Weekender] Horseback riding spices up weekend

GUNGPYEONG, Gyeonggi Province ― Five office workers saddled up, trotting on horses until they were sweating and out of breath.They were employees of Samsung Electronics, enjoying their weekly outing to Gungpyeong Camp, an equestrian club in Hwaseong, Gyeonggi Province.With the rising popularity of horseback riding, the camp served around 23,000 customers last year. “I resumed riding horses after a 10-year break, after I found out that my company had a horseback riding association organized by th

Jan. 3, 2014

Seoul frontloads budget in revival bid

The government has decided to spend 65 percent of its annual budget during the first half of the year in a bid to revive the Korean economy, which is slumping under weak domestic demand and worsening external economic conditions. The remainder of the budget will be reserved for the latter half of the year, officials said. Further, the government appeared to be struggling to balance its spending to stay in line with policy initiatives to aim for even and sustainable growth throughout the year. In

Jan. 3, 2014

[Graphic News] 2014 budget by sector

After much delay, the National Assembly on Wednesday approved the government budget and a host of tightly contested bills including the revised Foreign Investment Promotion Act and the National Intelligence Service Act.

Jan. 2, 2014

Consumers to feel weight of public fee hike

Several key public fees including those for gas, electricity, railway services and postal deliveries are to face a sharp increase this year, reflecting the government’s decision to put economic growth ahead of price stabilization.Concerns prevail, however, that the financial burden will be shouldered by low-income consumers.The average retail price of city gas soared by 5.8 percent, starting from Wednesday, according to the Ministry of Trade, Industry and Energy and the Korea Gas Corporation.The

Jan. 2, 2014