The Korea Herald

Seoul shares sink to near 4-month low on China stock rout

South Korean stocks plunged more than 2 percent to a near four-month low Monday on the first trading session of 2016, as China's stock market crash and concerns over fourth-quarter corporate earnings dented investor sentiment here.The local currency sharply fell against the greenback, also flirting with an over three-month low.The benchmark Korea Composite Stock Price Index lost 42.55 points, or 2.17 percent, to end at 1,918.76, the lowest since Sept. 8, when the comparable figure was 1,878.68 p

Jan. 4, 2016

S. Korean retail sales up 4.2% in Nov.

South Korea's retail sales rose 4.2 percent in November from a year earlier on the back of brisk demand for consumer goods like electronics, furniture and garments, a government report showed Monday.Retail sales reached 32.27 trillion won ($27.3 billion) in November, compared with 30.96 trillion won a year ago, according to a report by Statistics Korea.The figure, however, dropped slightly from October's 32.38 trillion won, which marked a 10-month high.Sales of consumer electronics, computers an

Jan. 4, 2016

Seoul shares down 1.28% in late morning trade

South Korean stocks traded 1.28 percent lower late Monday morning due to losses in techs and automakers.The benchmark Korea Composite Stock Price Index (KOSPI) lost 25.14 points to 1,936.17 as of 11:20 a.m.Top market cap Samsung Electronics slumped 2.94 percent, and global chipmaker SK Hynix fell 1.46 percent.No. 1 automaker Hyundai Motor fell 2.68 percent, and its smaller affiliate Kia Motors shed 3.04 percent.In contrast, LG Chem, the country's top chemical firm, advanced 3.5 percent.U.S. stoc

Jan. 4, 2016

Is the worst over for Japan?

TOKYO -- All eyes are on the Japanese economy -- singled out by experts and execs alike as the only bright spot on this side of the Pacific -- whether it can make a full-bodied recovery this year. The good news is that the world’s third-largest economy posted some solid gross domestic product figures in 2015 -- the 1.6 percent average growth rate seen in the first three quarters was about twice the pace over the past two decades. Corporate earnings were robust, wages climbed and the stock market

Jan. 4, 2016

Oil prices rise after Saudi Arabia cuts ties with Iran

Oil prices rose in Asia Monday after crude kingpin Saudi Arabia cut diplomatic ties with Iran following a row over Tehran's execution of a Shiite cleric.Saudi Arabia announced the decision Sunday, a day after protesters ransacked its embassy in Tehran over the execution of a Shiite cleric.Saudi Foreign Minister Adel al-Jubeir said Iranian diplomats had 48 hours to leave the kingdom and Iran's supreme leader said Saudi Arabia would face "quick consequences" for executing the cleric.Fearing furthe

Jan. 4, 2016

Korea battles ‘consumption cliff’ concerns

In a meeting of economy-related ministers last week, outgoing Finance Minister Choi Kyung-hwan went out of the way to defend his handling of the Korean economy, which is estimated to have grown by 2.7 percent last year.Finance Minister Choi Kyung-hwan (Yonhap)Choi, who concurrently serves as deputy prime minister for economic affairs, said the 2015 growth rate, down from 3.3 percent in 2014, was still the third highest among major countries with a per capita income of more than $20,000.His remar

Jan. 4, 2016

Korea battles ‘consumption cliff’ concerns

Asia stocks, currencies sink but oil surges on Mideast woes

HONG KONG (AFP) - Asian stock markets tumbled while safe haven assets and oil prices jumped Monday in the first full day's trade of 2016 as a flare-up in tensions between Iran and Saudi Arabia raised concerns about the volatile Middle East.Saudi Arabia severed diplomatic ties with its old foe Iran Sunday after protesters ransacked its embassy in Tehran in response to the execution of a Shiite cleric.Riyadh gave Iranian diplomats two days to leave the kingdom, while the supreme leader in Tehran s

Jan. 4, 2016

Finance minister calls for sweeping structural reform

South Korea's finance minister said Monday that it is necessary to push for sweeping reforms in all sectors in order to succeed in a tough environment in the new year and achieve its economic goal."We will face a more difficult environment in the new year. Global uncertainties are high due to low oil prices, higher U.S. interest rates and a slowdown in emerging economies," Minister of Strategy and Finance Choi Kyung-hwan said in his New Year's message. "Weak global demand and technological devel

Jan. 4, 2016

Households' unsecured loans up 5% on-year in 2015: data

Unsecured loans taken out by households grew 5 percent on average in 2015 compared with 2014, mainly due to increased borrowing to pay for business-related outlays, cover living expenses and cope with rental security deposits, government data showed Monday.Data by Statistics Korea, the Financial Supervisory Service and the Bank of Korea showed that as of late March 2015, the size of credit loans per household stood at 6.42 million won ($5,480), up from 6.12 million won a year earlier.In the same

Jan. 4, 2016

Jeonse prices likely to go higher this year

More Koreans are expected to struggle to pay higher jeonse prices this year with many tenants postponing plans to buy homes in fears of slowing growth in property value as well as of a potential increase in interest rates.According to market analysts and reports, the greater demand for jeonse ― a scheme popular in Korea where tenants give a large deposit to the landlord upfront in lieu of paying monthly rent ― could push deposit levels to record highs and force more tenants to pay in monthly fee

Jan. 3, 2016

Jeonse prices likely to go higher this year

[Graphic News] Billionaires’ stock value hits all-time high

The total market value of shares held by the top 100 stock-rich people in Korea surpassed the 100 trillion-won ($849.25 billion) mark for the first time last week, according to market researcher Chaebul.comThe data showed that the billionaires held 103. 83 trillion won worth of stocks as of Dec. 30, accounting for 8.3 percent of the total market capitalization.The stock value of the top 100 has been risen steadily over the past several years, to 74 trillion won in 2013 and 92.6 trillion won in 2

Jan. 3, 2016

[Graphic News] Billionaires’ stock value hits all-time high

South Korean won forecast to weaken to U.S. dollar this year

The South Korean won is likely to remain weak against the U.S. dollar this year on growing uncertainty in emerging economies following a U.S. rate hike and a slowdown in the Chinese economy, market watchers said Sunday.The local currency, however, is not expected to drop sharply against the greenback in light of Seoul's strong foreign exchange position and its sufficient current account surplus, they said.The South Korean currency started at 1,103.50 won to the dollar on the first trading day of

Jan. 3, 2016

Seoul bourse to stay subdued next week on oil rout, emerging markets

South Korean stocks may remain subdued next week, weighed down by slumping global commodity prices and risks stemming from emerging economies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,961.31 on Thursday, the last trading day of this year, down 1.47 percent from a week earlier. The market got off to a weak start this week as Samsung Group affiliates lost ground after the country's regulator ordered them to resolve the complicated cross-shareholding struct

Jan. 2, 2016

South Korea's December exports worse than expected

South Korean exports were worse than expected in December, bearing the brunt of slowdowns in China and other key trading partners, as well as an extended slump in oil prices, government data showed Friday. The country's outbound shipments sank 13.8 percent last month from a year earlier to $42.64 billion, smaller than the market estimate of $44.75 billion. The December figure also marks an on-year drop for the 12th straight month. Its imports also sank 19.2 percent on-year to $35.47 billion

Jan. 1, 2016

South Korea's December exports worse than expected

Korean economy to face stronger headwinds

Entering the New Year, the Korean economy finds itself besieged by a complex set of external and internal risks that threaten to continuously hamper its growth.　Government policymakers estimate the country’s gross domestic product will grow by 3.1 percent in real terms this year, marking a modest improvement from last year’s growth, which is estimated to have remained at 2.7 percent.　Announcing the 2016 economic policy directions last month, they pledged to revitalize the economy by boosting dom

Dec. 31, 2015

Korean economy to face stronger headwinds

Korea's major industries bracing for downturn in 2016

After a year of prolonged economic downturn and a major drop in exports in 2015, South Korea faces another grim outlook in 2016 as most of its major industries are forecast for sluggish growth.　Though Korea’s overall trade will slightly grow, its net export volume will increase by just 2.1 percent this year, according to the Korea Institute for Industrial Economics & Trade.　The state-run Korea Development Bank expects a general recession of the domestic economy to continue into the new year as t

Dec. 31, 2015

Korea's major industries bracing for downturn in 2016

BOK chief vows to keep easy money policy to fuel growth

South Korea's top central banker said Thursday he will seek an easing monetary policy to boost growth while guarding against any financial instabilities."It is necessary to put the focus on downward risks in economic growth and prices, while closely checking the macroeconomic circumstances," Bank of Korea Gov. Lee Ju-yeol said in his New Year's message, noting that the country has seen a moderate recovery amid little inflation pressure."Next year, the local economy is forecast to continue such a

Dec. 31, 2015

Park vows to boost economy through structural reforms in New Year's message

President Park Geun-hye pledged Thursday to accomplish structural reforms in four major sectors of the society to revive the economy and create more jobs next year."(The government) will firmly root the creative economy and cause the culture to flourish, eventually to revitalize our economy and to create more jobs," Park said in a New Year's video message uploaded on YouTube and posted on her Facebook page.The government has pushed ahead with structural reforms in four major sectors, including t

Dec. 31, 2015

Market value of apartments in Korea tops 2,000 tln won

The aggregate market value of apartments in South Korea has topped 2,000 trillion won for the first time, driven by more construction and rising housing prices, industry data showed Thursday.According to Real Estate 114, a real estate information provider, about 6.83 million apartments nationwide were estimated to be worth 2,127 trillion won ($1.81 trillion) as of end-December based on their market value. This is up 166 trillion won from a year earlier and marks the largest-ever value since rela

Dec. 31, 2015

Korea's consumer prices growth hits 16-month high in Dec.

South Korea's consumer prices grew at the fastest pace in 16 months in December, a government report showed Thursday, amid government-led efforts to stave off deflation concerns.The country's consumer price index rose 1.3 percent this month from a year earlier, according to the report by Statistics Korea, marking the highest level since August 2014, when it hit 1.4 percent."As global oil prices experienced a relatively gentle fall this month, compared to a year ago, the December figure recorded

Dec. 31, 2015