Electricity usage hits summer-time high amid heat wave

South Korea's electricity consumption hit a summer-time high on Monday, with fans and air conditioners running at full blast nationwide amid sweltering heat.The maximum electricity load shot up to 80.22 million kilowatts as of 3 p.m., as the temperature hovered above 30 C in most parts of the country, according to the state-run Korea Power Exchange.It marks the first time that the maximum electricity demand topped 80 million kilowatts here in the summer.The all-time high was set at 82.97 million

July 25, 2016

Korean trade minister sees further drop in exports due to labor strike

South Korea's exports may continue to drop from a year earlier this month partly due to a series of labor strikes at major automakers, its trade minister said Monday.While meeting with reporters in Sejong, Trade Minister Joo Hyung-hwan noted the country's auto output may be reduced by up to 16,000 cars this month due to partial walkouts held at leading automakers Hyundai Motor Co. and Kia Motors Corp."In the first half of the year, automobile production dropped 5.4 percent from the same period l

July 25, 2016

Increased calls for overhaul of taxation scheme

A draft tax code revision for next year, which is to be announced by the government this week, is expected to leave the existing taxation scheme largely intact.Opposition lawmakers have recently submitted bills calling for a rise in the maximum rate of corporate tax from the current 22 percent to 25 percent. But the government and the ruling Saenuri Party have persistently opposed increasing levies on corporate profits.Participants at a seminar arranged by the ruling party last week raised their

July 25, 2016

[Monitor] N. Korea’s economy shrinks 1.1%

North Korea’s economy is estimated to have contracted 1.1 percent last year on negative growth in most industries, South Korea’s central bank said. This is the first negative growth seen by the communist country since 2010.

July 25, 2016

Korea to attend int'l trade fair in Kazakhstan in 2017

South Korea will attend an international trade fair to be held in the capital city of Kazakhstan next year to promote Korean-made goods in the world market, the trade ministry here said Monday.The Astana Expo 2017 will kick off in Astana on June 10, 2017, under the theme of "Future Energy" and run through Sept. 10, with 100 countries and 15 international organizations participating.South Korea signed a deal with the event organizer to take part in the world trade fair recognized by the Bureau of

July 25, 2016

UAE, Korea building ties via cultural, economic cooperation

South Korea and the United Arab Emirates are expected to further expand their ties through cultural and economic exchanges with the Asian country's presence in the Middle Eastern country also looming larger in the medical and educational service sectors, the head of a friendship community has said.In an interview with Yonhap News Agency, Humaid Al Hammadi, president of the Emirati-Korean Friendship Society, said just a decade ago UAE citizens were not aware of South Korea and thought the country

July 25, 2016

Card issuers post 0.15% net profit gain in H1

South Korea's four major credit card firms posted a 0.15 percent year-on-year gain in net profit for the January-June period, data showed Monday.The combined net profit of the companies -- Shinhan Card, KB Kookmin Card Co., KEB Hana Card and Woori Card -- came to 608.2 billion won ($535 million) in the first half, up 900 million won from the same period last year, according to data released by the companies.The gain brushed off concerns that the earnings results of the four credit companies coul

July 25, 2016

Chang Ha-joon tells Korea to take a bet on future

To eke out a breakthrough in the current economic stalemate, Korean businesses and the country as a whole need to make bold choices about the future, embracing the risk of failure, Chang Ha-joon, the world-renowned Korean economist said. “The industries that form the backbone of Korea’s economy now came to be as such in the ’70s, ’80s or ’90s at the latest. While those industries are now facing difficulties, challenged by latecomers, Korea has failed to make the leap to become a leader in new in

July 24, 2016

Korea's exports may rebound in Aug.: finance minister

South Korea's finance minister on Sunday said the country's exports are anticipated to rebound in August, although uncertainties still remain after Britain's exit from the European Union."(The recovery) may come in August," Finance Minister Yoo Il-ho said in a meeting with Korean reporters during his visit to China for the Group of 20 gathering of top finance officials.South Korea's outbound shipment of goods continued to shrink from a year earlier in June, marking the 18th consecutive month tha

July 24, 2016

Mobile devices take up 30% of main bourse transactions

The portion of stocks traded on the main bourse through mobile devices has hovered above 30 percent this year, data showed Sunday, with the figure anticipated to continue to grow sharply down the road.According to the data compiled by the Korea Exchange, the main bourse operator, the amount of daily transactions made through mobile trading systems came to 124 million shares this year through Thursday, taking up 30.9 percent of the combined volume.The latest figure on the main bourse marks a shar

July 24, 2016

Korea to give extra subsidies to children of defectors

South Korea's government on Sunday said it will give additional resettlement aid to North Korean defectors to support their children who were born in a third country.The Ministry of Unification said it has made a pre-announcement about the revision to the Act on the Protection and Settlement Support of Residents Escaping from North Korea for those children who are often marginalized and don't receive support. The ministry and other government bodies, including the finance ministry, are discussin

July 24, 2016

Korean stock markets' trading hours to be extended

The South Korean stock markets will be open for 30 more minutes starting in August, the bourse operator said Sunday, in a bid to add more vitality to the securities industry.Starting Aug. 1, the markets for stocks and gold will close at 3:30 p.m., 30 minutes later than the current 3:00 p.m., the Korea Exchange said. The derivatives market will close at 3:45 p.m., instead of the current 3:15 p.m. The opening time of 9:00 a.m. will remain the same.It marks the first time in 16 years for the KRX to

July 24, 2016

Samsung Electronics stock retreats after 7-day rally

[THE INVESTOR] Samsung Electronics’ stock lost 1.75 percent to close at 1,516,000 won (US$1,335.60) on July 22 in the wake of a recent sex scandal involving the firm’s chairman Lee Kun-hee.Samsung’s share has recently been on an upward trend after crossing the 1.5 million won threshold on July 11 for the first time since 2015. The firm’s stock price continued to rise for seven straight trading days since July 14. Some analysts painted a rosy picture, even anticipating that the price could hit an

July 22, 2016

Foreigners also subjected to new antigraft rules from Sept. 28

[THE INVESTOR] Foreign nationals working in South Korea will also be subjected to the new antigraft laws, the Anti-Corruption and Civil Rights Commission said on July 22. The new law, which will take effect on Sept. 28, prohibits journalists, teachers, civil servants and others in position to exert influence in their professional capacities from receiving gifts and meals over a certain value. 123rfThe cost of a meal per person is set at 30,000 won (US$ 26), the value of gifts at 50,000 won, and

July 22, 2016

Main opposition links supplementary budget bill to free child care

[THE INVESTOR] The main opposition Minjoo Party of Korea on July 22 said that it will oppose the supplementary budget bill without a solution for subsidizing a free child care program. “(The party) has requested the government to provide answers regarding how the Nuri Program budget will be included next year,” Rep. Park Wan-joo, the deputy floor leader of Minjoo Party, said. The Nuri Program is a free child care program for children aged between three and five. “An agreement on this (Nuri Progr

July 22, 2016

PM stresses importance of extra budget on nat'l economy

Prime Minister Hwang Kyo-ahn on Friday urged the government to beef up efforts in promoting the importance of the extra budget that will be sent to parliament for passage next month, adding it will play a key role in revitalizing the national economy."I would like to ask related organizations including the financial ministry to highlight the importance of the extra budget, so it can be passed by the National Assembly in a timely manner," Hwang said during a Cabinet meeting. "The extra budget is

July 22, 2016

Korea outlines 11 tln won extra budget plan to prop up economy

South Korea on Friday outlined an 11 trillion won ($9.64 billion) extra budget plan designed to prop up its economy facing sluggish exports and a possible fallout from corporate restructuring in key industries.It is part of the government's 28 trillion won economic stimulus package aimed at helping Asia's fourth-largest economy achieve 2.8 percent growth this year, which was downgraded last month from an earlier 3.1 percent.Passed by the Cabinet, the supplementary budget will be submitted to the

July 22, 2016

Korean Cabinet OKs W11tr supplementary budget

[THE INVESTOR] The Cabinet on July 22 approved an 11 trillion won (US$9.7 billion) supplementary budget to fund the  government’s economic stimulus measures. Along with the supplementary budget, the government plans to increase investment and spending by state-run companies and financial institutions to roll out economic stimulus measures to the scale of 28 trillion won. The supplementary budget will be submitted to the National Assembly on July 26. The bill will then be reviewed by concerned co

July 22, 2016

[Graphic News] Telecom firms projected to record stable Q2 earnings

South Korea‘s three major telecom operators are projected to post stable earnings in the second-quarter of this year, on the strength of curbs on their marketing spending, an industry survey showed Thursday. Under a law that took effect early last year, telecom forms are banned from waging fierce competition by wooing customers with hefty subsidies. The combined revenue of SK Telecom, KT and LG Uplus is expected to grow 2.3 percent on year to 12.6 trillion won ($11.04 billion) in the April-June

July 21, 2016

[Herald Interview] 'Future growth is not in your familiar markets'

JEJU -- Economic power is shifting to Asia and Africa, with technology challenging every sector. Add to these changes, ageing populations and more people feeling left behind, unhappy and even angry at society. Korea, which depends on global consumers to drive economic growth, must understand these worldwide changes and respond quickly to them, said Dominic Barton, a global managing director of consulting firm McKinsey & Company. “Korea did very well, responding to the (2008) crisis. It actually

July 21, 2016