Nine in 10 S. Koreans feel economy is in depression: poll

More than 90 percent of South Koreans believe the country's economy has entered a state of depression, a survey showed Sunday, with many expecting current conditions to persist down the road.In a nationwide survey of 800 people over the age of 19, 93.9 percent of the respondents said the local economy is faced with depression, according to the Federation of Korean Industries.The poll was carried out by Research & Research. Of those who said the economy is in a state of depression, nearly half ex

Feb. 15, 2015

S. Korea, Mexico to implement customs pact to facilitate trade

South Korea and Mexico will implement customs pacts this week that can facilitate bilateral trade between the two countries, the government said Sunday.The implementation of the Authorized Economic Operator (AEO) and Mutual Recognition Arrangement (MRA) will go into effect as of Monday, the Korea Customs Service (KCS) said. The move comes after the two trading partners conducted six months of trial to see if they could implement the AEO and MRA, which were inked in March 2014.The arrangements ca

Feb. 15, 2015

Goods bought from foreign e-commerce shops surge in last 5 years: report

Goods bought from foreign e-commerce shops surged over the last five years with the increase being fueled by demand for such products as coffee, handbags and sneakers, a government report showed Sunday.According to Korea Customs Service (KCS), imports from on-line shops excluding printed materials, compact discs and tissue soared 60 percent in terms of volume and 48.4 percent in value. The data covers a period from January 2009 through June 2014. South Koreans purchased 70.62 million items worth

Feb. 15, 2015

S. Korea's agricultural exports grow 8.5 pct in Jan.

South Korea's exports of food and agricultural products rose 8.5 percent from a year earlier last month on a sharp increase in shipments to China, the government said Sunday.Outbound shipments of farm goods, including dairy and livestock products, amounted to US$495.3 million last month, compared with $458 million worth of products exported in January 2014, according to the Ministry of Agriculture, Food and Rural Affairs.The increase was largely attributed to a surge in shipments to China and ot

Feb. 15, 2015

S. Korea, Japan to decide on extending currency swap line next week

South Korea and Japan are expected to decide next week on whether to extend their US$10 billion currency swap line, sources said Friday.Financial and government sources said bilateral talks are underway on the existing swap arrangement that expires on Feb. 23.The swap line is a Korean won-to-U.S. dollar and Japanese yen-to-U.S. dollar arrangement and has been set up as part of the Chiang Mai Initiative to better insulate the countries in the event of external shock. Under the deal, each side can

Feb. 13, 2015

S. Korea's consumer price growth falls below G7 average in 2014

South Korea's consumer price growth fell below the average of G7 countries for the first time in eight years in 2014, official data showed Thursday, fueling concerns that the country is heading towards a deflationary spiral.According to data released by the Organization for Economic Cooperation and Development, South Korea's consumer price index stood at 1.3 percent last year, lower than the 1.6 percent tallied for the seven major advanced economies.The 0.3 percentage point gap is noteworthy bec

Feb. 12, 2015

Housing market improves in Q4 on price, transaction gains: KDI

South Korea's housing market improved in the fourth quarter of 2014 with actual prices of homes and transaction numbers all going up, a report by a state-run think tank showed Wednesday.  According to Korea Development Institute, the price of homes in the country rose an average 1.3 percent on-year in the October-December period and 1.2 percent from the previous quarter.  Seasonally adjusted, home prices edged up 0.2 percent.  The increase is partly due to the government's decision to lower loan

Feb. 11, 2015

S. Korean carbon market numb in first month

As widely expected, South Korea's carbon market had thin trading in the first month of opening due in large part to a lack of confidence and the reluctance of affected companies to actively join the new trading scheme, data showed on Wednesday.The Korea Exchange (KRX), the country's bourse operator, opened the cap-and-trading system on Jan. 12 after the government offered an emission quota of 15.98 billion Korean Allowance Units (KAUs) to 525 companies to curb emissions to 30 percent below busin

Feb. 11, 2015

S. Korea's home transactions surge 34.1 pct in Jan.

South Korea's home transactions jumped 34.1 percent from a year earlier in January to the highest monthly figure since 2006, government data showed Wednesday.The number of home transactions came to 79,320 last month, according to the Ministry of Land, Infrastructure and Transport.Transactions in Seoul and the surrounding capital area spiked 32.5 percent on-year to 34,301. The number for rural areas also surged 35.3 percent to 45,019.The rise follows a series of government measures aimed at revit

Feb. 11, 2015

Commerce minister vows full support for corporate investment, M&As

The government will provide all necessary support to promote fresh corporate investment while also moving to legislate a special law aimed at enabling and stimulating mergers and acquisitions, the country's commerce minister said Wednesday.  In a Seoul meeting with top executives of 16 key companies here, Yoon Sang-jick said the government will do "anything" to help boost corporate investment.  "I ask all of you businesspeople never to hesitate in telling me anything should there ever be any dif

Feb. 11, 2015

S. Korea's jobless rate climbs to 3.8 pct in Jan.

South Korea's jobless rate rose in January from a month earlier, with youth unemployment and the number of "underemployed" further increasing, a government report said Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.8 percent last month, up from 3.4 percent in December and 0.3 percentage point higher than the year before. The seasonally adjusted jobless rate, on the other hand, inched down from 3.5 percent to 3.4 percent. The number of employed people reached 2

Feb. 11, 2015

S. Korea's import prices drops in Jan.

South Korea's import prices continued to fall in January from a year earlier as oil prices showed no sign of rising, central bank data showed Wednesday.  In local currency terms, import prices dropped 19.2 percent on-year last month, quickening from a 13 percent on-year fall in December, according to the preliminary data from the Bank of Korea. It marks the 29th straight month in which import prices posted a decline.  From a month earlier, import prices tumbled 7.3 percent, also accelerating fro

Feb. 11, 2015

U.S. stocks drop on fears of Greek default

Wall Street stocks Monday followed European equity markets lower, dropping on growing fears of a Greek default and exit from the eurozone.The Dow Jones Industrial Average fell 95.08 points (0.53 percent) to 17,729.21.The broad-based S&P 500 dropped 8.73 (0.42 percent) to 2,046.74, while the tech-rich Nasdaq Composite Index shed 18.39 (0.39 percent) to 4,726.01.Greek Prime Minister Alexis Tsipras vowed over the weekend to stand by his anti-austerity electoral promises, raising worries of a defaul

Feb. 10, 2015

New Hana Bank president vows to push Hana-KEB merger

Newly-elected president of Hana Bank, South Korea's fourth-largest lender, said Monday he will do his best to complete the stalled merger with the Korea Exchange Bank (KEB) as soon as possible.Kim Byoung-ho, 54, former vice president and acting president of Hana Bank, was named the new head at the bank's board and shareholders meetings. He will start his two-year term from Tuesday.He has been the acting president since November last year when his predecessor Kim Jong-jun stepped down."I will cre

Feb. 9, 2015

Seoul shares close lower on auto losses

South Korean stocks closed lower Monday as foreign investors continued their selling on mixed data from the world's two biggest economies, with auto shares suffering heavier losses, analysts said. The local currency fell to the dollar. The benchmark Korea Composite Stock Price Index lost 8.52 points, or 0.44 percent, to finish at 1,947.00. Trading volume was moderate at 302.4 million shares worth 4.26 trillion won($3.89 billion) with losers outpacing gainers 501 to 306. Analysts said foreigners

Feb. 9, 2015

Household tax burden outpaces income gains in 2014

The tax burden for ordinary households in South Korea outpaced income gains in the first three quarters of 2014 by nearly double, official data showed Monday.According to figures provided by Statistics Korea, average income for a two-person household stood at 4,314,334 won ($3,928.9) in the January-September period, up 3.6 percent from the year before. The monthly tax burden stood at 154,276 won, a 5.9 percent, or 8,606 won, increase from the year before. Taxes include both ordinary or fixed due

Feb. 9, 2015

S. Korea seeks to boost exports through e-trade

South Korea will work to nearly double its exports via electronic trading this year, a move that will include support for some 20,000 products, the government said Monday.The plan was unveiled at the first meeting of online exporters hosted by the Ministry of Trade, Industry and Energy."Exports through e-trade will likely provide a greater opportunity for small and medium-sized firms and one-man startup businesses rather than large companies," the ministry said in a press release.The country's o

Feb. 9, 2015

S. Korean builders see first overseas profit drop in 4 yrs: BOK

South Korean builders' earnings from overseas projects were down last year, central bank data showed Monday, the first time in four years that the companies have seen the figure drop amid adverse industry conditions worldwide. Last year's current account surplus in the country's construction sector stood at $17.1 billion, down 16.1 percent from the previous year, according to data compiled by the Bank of Korea. The tally marks the first fall in four years since the 17.7-percent drop in 2010. The

Feb. 9, 2015

Corporate taxes to shrink 15 pct, but biz community claims rates still too high

South Korea's tax earnings from the country's 30 largest conglomerates are expected to shrink 15 percent this year, economic sources said Monday, as the business community claims rates are already high for a trade-dependent nation.Official data by Financial Supervisory Service and corporate tracker Chaebul.com said the business groups are due to pay a little under 15.26 trillion won ($13.89 billion) in taxes for their earnings last year. This would be 2.78 trillion won, or 15.4 percent, less tha

Feb. 9, 2015

Money-in-waiting hits 17-month high

The amount of money deposited with South Korean brokerage houses hit the highest level in 17 months last week as investors wait on the sidelines for the right investment tool, data showed Monday.The deposits waiting for investment in stocks and other derivative products rose to 18.3 trillion won ($16.8 billion) as of Tuesday, surpassing 18 trillion for the first time since September 2013, according to the Korea Financial Investment Association. The daily deposit amount was 15.1 trillion won on a

Feb. 9, 2015