Authorities mull measures against rising household debts

South Korea's financial authorities are considering measures to control household debts mounting from low borrowing costs and eased mortgage lending, threatening to further sap domestic demand, sources said Monday.Outstanding household loans by local lenders reached 547.4 trillion won (US$488.7 billion) as of end-October, up 6.9 trillion won from the previous month, according to the data compiled by the Bank of Korea (BOK). The on-month gain is the sharpest since the central bank began compiling

Dec. 8, 2014

Exports to China down through November this year: data

South Korea's exports to China are forecast to decline for the first time in five years this year as a cooling in the world's second-largest economy may continue, data showed on Sunday.Shipments to China, the world's single largest importer of South Korean products, slipped 0.5 percent on-year through November this year, according to the data compiled by the Ministry of Trade, Industry and Energy.If the trend continues, the country's exports to China on an annual basis may decline for the first

Dec. 7, 2014

Seoul shares close flat on mixed data

South Korean stocks ended flat on Friday as investors digested mixed economic data, while foreigners hunted for bargains, analysts said. The South Korean won strengthened against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.01 point to 1,986.62. Trading volume was light at 280 million shares worth 2.98 trillion won (US$2.67 billion), with gainers beating losers, 407 to 365.Investors took to the sidelines after European Central Bank (ECB) President Mario Draghi

Dec. 5, 2014

Park vows to support business innovation

President Park Geun-hye pledged Friday to support corporate innovation and drastically revise regulations that hinder innovation in the country's manufacturing sector."The government will provide utmost support to companies' efforts for voluntary innovation," Park said in a speech marking the anniversary of Trade Day. Park has said a manufacturing sector combined with information and technology could help boost productivity, sparking an economic revival amid fierce global competition.Trade Day w

Dec. 5, 2014

Korea-Australia FTA to be effective on Dec. 12

A free trade agreement between South Korea and Australia will go into effect next week, the South Korean government said Thursday, two days after the deal was ratified by the South Korean parliament.“The government exchanged letters with Australia on Dec. 3 (saying) that the countries’ domestic procedures have been completed, and agreed to enact the Korea-Australia FTA from Dec. 12,” the Ministry of Trade, Industry and Energy said in a press release.The Korea-Australia FTA will be South Korea’s

Dec. 4, 2014

Foreign ownership of Korean land edges up in Q3

Foreign ownership of South Korean land grew from three months earlier in the third quarter amid a rise in net purchase by foreign companies, the government said Thursday.As of the end of Sept. 30, the amount of land owned by foreign entities here came to about 231.42 million square meters, up 1.48 percent from three months earlier, according to the Ministry of Land, Infrastructure and Transport. The land owned by foreign entities, including joint ventures and individual investors, accounted for

Dec. 4, 2014

S. Korea to set up consumer financial protection agency

The South Korean financial regulator said Thursday that it will establish an independent state-run agency responsible for consumer protection in the financial sector next year, as part of the government's plan to revamp the financial regulatory system and beef up consumer protection functions.The financial consumer protection body will enforce rules for the entire process of financial consumption, including the sale of financial products and remedies for financial losses, according to the Financ

Dec. 4, 2014

S. Korea, Australia set to implement bilateral FTA next week

A free trade agreement (FTA) between South Korea and Australia will go into effect next week, the South Korean government said Thursday, two days after the deal was ratified by the South Korean parliament."The government exchanged letters with Australia on Dec. 3 (saying) that the countries' domestic procedures have been completed, and agreed to enact the Korea-Australia FTA from Dec. 12," the Ministry of Trade, Industry and Energy said in a press release.The Korea-Australia FTA will be South Ko

Dec. 4, 2014

S. Korean economy grows 0.9 pct in Q3: central bank

The South Korean economy expanded 0.9 percent in the third quarter from three months earlier as consumption recovered and builders increased investments, central bank data showed Thursday.The third-quarter figure marks an improvement from the 0.5 percent on-quarter growth logged in the April-June period, according to the data by the Bank of Korea (BOK). The revised data is on par with an earlier estimate by the central bank on Oct. 24.From a year earlier, gross domestic product (GDP), the broade

Dec. 4, 2014

FTC rejects commitment decision request by movie chains

South Korea’s antitrust watchdog said Wednesday that it has decided to reject a commitment agreement request by major movie chains suspected of abusing their market power. A commitment decision refers to a process in which the Fair Trade Commission finalize a case swiftly without making any determinations on illegality if companies under investigation voluntarily come up with reasonable corrective measures. CJ CGV Co., CJ E&M Corp. and Lotte Shopping are accused of abusing their market power in

Dec. 3, 2014

Weakening yen's impact on Korean exporters may worsen: report

The impact of a weakening Japanese yen on South Korean exporters may worsen down the road, a report showed Wednesday, highlighting the need for measures to minimize potential losses."Growth in exports of South Korean electronics, chemical and machineries firms has slowed significantly and there is a possibility that the impact may worsen following the rapid weakening of the yen since late September," according to the report compiled by Lee Ji-pyung of LG Economic Research Institute.The report sh

Dec. 3, 2014

Exports predicted to top $600b for 1st time in 2015

South Korean exports are expected to top the $600 billion mark for the first time ever in 2015 thanks to the faster pace of global economic growth and trade, an international traders organization said Wednesday.The landmark figure represents a 4.3 percent increase from the $576 billion worth of goods that is expected to be exported for the whole of this year, the Korea International Trade Association said. It said South Korea’s trade surplus may reach $44 billion in 2015, down from an estimated

Dec. 3, 2014

S. Korea moves to implement free trade pacts with Australia, Canada

South Korea is moving to implement its bilateral free trade deals with Australia and Canada possibly before the year's end, the government said Wednesday, one day after the country's National Assembly ratified the free trade pacts."The government is now consulting with Australia and Canada on dates for the implementation of the free trade agreements (FTAs)," the Ministry of Trade, Industry and Energy said.The ministry has noted an FTA is usually implemented within 30 days after the agreement is

Dec. 3, 2014

S. Korean exports predicted to top US$600 for 1st time in 2015 : KITA

South Korean exports are expected to top the US$600 billion mark for the first time ever in 2015 thanks to the faster pace of global economic growth and trade, an international traders organization said Wednesday.The landmark number represents a 4.3 percent increase from the $576 billion worth of goods that is expected to be exported for the whole of this year, the Korea International Trade Association(KITA) said. It said South Korea's trade surplus may reach $44 billion in 2015, down from an es

Dec. 3, 2014