Seoul shares fall 0.75% on China woes

South Korean stocks dropped 0.75 percent Friday as concerns over slowing economic growth in China and political tensions surrounding Ukraine reduced appetite for risky assets, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 14.48 points to 1,919.90, falling for a second consecutive day.Trading volume was moderate at 251 million shares worth 3.98 trillion won ($3.71 billion), and losers outnumbered gainers 514 to 282.On Thursday,

March 14, 2014

Korea’s exports to U.S. jump 10.3% on FTA

South Korea’s exports to the United States have shown meaningful growth since the two countries’ bilateral free trade agreement went into effect two years earlier, proof of the positive effects of an FTA on trade, the South Korean government said Thursday.In the period since the Korea-U.S. FTA went into effect on March 15, 2012, South Korea’s outbound shipments to the U.S. amounted to $121 billion, up 10.3 percent from $109.7 billion two years prior to the implementation, according to the Minist

March 14, 2014

Seoul shares edge up

South Korean stocks rose 0.1 percent Thursday as investors went bargain hunting following the previous session’s dip of more than 1.5 percent, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 1.84 points to hit 1,934.38. Trading volume was moderate at 256 million shares worth 4.35 trillion won ($4.06 billion), and gainers outnumbered losers 501 to 307.With the dearth of major market catalysts, investors opted to buy oversold sh

March 13, 2014

Korea’s home sales rise for second consecutive month in Feb.

Sales of housing units in South Korea surged from a year earlier last month, signaling a recovery in the property market, the government said Thursday.In February, the number of home transactions came to 78,798, up 66.6 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.February marks the second consecutive month the country’s home transactions posted an on-year gain.“It appears the permanent reduction of the acquisition tax and removal of the

March 13, 2014

Seoul shares fall 1.6% on persisting China woes

South Korean stocks dropped 1.6 percent Wednesday as investors fretted over a slowdown in the Chinese economy and political tensions in Ukraine, analysts said.The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index shed 31.33 points to 1,932.54. Trading volume was moderate at 316 million shares worth 4.12 trillion won ($3.85 billion), and losers outnumbered gainers 653 to 165.China, South Korea’s largest trading partner, said over the weekend that its exp

March 12, 2014

Canada says Korea FTA will boost beef producers

Canada and South Korea concluded negotiations on a free-trade deal that will give more market access for Canadian beef producers and phase out tariffs on cars made by Korean companies such as Hyundai Motor Co.The agreement will boost Canadian exports to South Korea by one-third, adding an annual C$1.7 billion ($1.5 billion) to Canada’s economic output once the deal is fully implemented, said a Canadian official familiar with the contents of the agreement who spoke to reporters in Seoul, asking n

March 12, 2014

S. Korea unveils measures to boost regional economy

South Korea said Wednesday that it will ease regulations on the use of areas freed from "green belt" development restrictions, a move intended to bolster regional economies through brisk investment.The government also designated dozens of regional development blocks and said it will provide support for business projects led by regional governments so that they can boost their growth engines.The moves were decided at a trade-investment promotion committee chaired by President Park Geun-hye to spu

March 12, 2014

Korea, Vietnam to hold new round of FTA negotiations

South Korea and Vietnam will hold a fresh round of negotiations for a bilateral free trade agreement this week, the South Korean government said Tuesday.The fourth round of FTA negotiations between the two countries will be held in Ho Chi Minh City from Wednesday to Friday, according to the Ministry of Trade, Industry and Energy.“At the upcoming fourth round of negotiations, the two countries plan to hold in-depth discussions on various areas, such as products, service, investment, country of or

March 11, 2014

Household loans log first fall in 11 months in January

Household loans extended by South Korean financial institutions declined for the first time in 11 months in January as mortgage and credit loans fell, the central bank said Tuesday.Outstanding household lending by local banks and non-bank institutions totaled 685.2 trillion won ($643.6 billion) as of end-January, down 2 trillion won from the previous month, according to the Bank of Korea.Such lending declined for the first time since February last year when household loans fell by 1.8 trillion w

March 11, 2014

Korea’s ICT exports, trade surplus grow in February

South Korea’s exports of information communication technology products grew in February from a year earlier, together with its trade surplus in the sector, the government said Monday.Outbound shipments of ICT products rose 8.4 percent on-year to $12.84 billion last month, according to the Ministry of Trade, Industry and Energy.The figure, however, marks a slight drop from $13.13 billion posted in the previous month.“Exports marked a strong growth in February as shipments to advanced countries ro

March 10, 2014

Shares may gain ground

The South Korean stock market may gain ground this week as investor sentiment is relieved on eased concerns over a military clash between Ukraine and Russia, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,974.68, up 0.1 percent from a week earlier, trading in a narrow range throughout the week from political unrest in Ukraine and North Korea’s firing of short-range missiles. Analysts said that the KOSPI is likely to try to move up next week as crisis in Ukra

March 9, 2014

Three-way FTA talks with Japan, China end with little progress

The latest round of negotiations for a trilateral free trade agreement (FTA) with China and Japan ended without a major breakthrough, officials said Friday, with the talks mostly limited to setting the boundary of their discussions.   "At this round of talks, the countries held discussions on the modality (negotiation guidelines) for products and the scope of their negotiations," the Ministry of Trade, Industry and Energy said in a press release.   The fourth round of the trilateral FTA negotiat

March 7, 2014

S. Korea to invest W4t to help start-ups: minister

South Korea will spend 4 trillion won ($3.8 billion) over the next three years to boost venture start-ups and encourage entrepreneurship, the finance minister said Friday."We will improve systems for each stage from business launch to growth, recoupment of invested money and retrying (after a failure), and spend 4 trillion won by the end of 2017 to regain vitality in business start-ups and unrelenting spirit," Finance Minister Hyun Oh-seok told a public-private joint meeting on realizing the "cr

March 7, 2014

Korea’s economy continues on ‘moderate’ recovery path

The local economy remains on a “moderate” recovery path as domestic demand picks up and overall financial market conditions become stable, a state-run think tank said Thursday. “The Korean economy is seen to continue at a moderate recovery pace, mainly on domestic demand,” the Korea Development Institute said in a monthly economic assessment report. The report is based on the latest indicators for exports, consumption, investment, production and job creation. The KDI said that consumption-relate

March 6, 2014