Most Popular
-
1
Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
-
2
Seoul blanketed by heaviest Nov. snow, with more expected
-
3
NewJeans to terminate contract with Ador
-
4
Seoul snowfall now third heaviest on record
-
5
Samsung shakes up management, commits to reviving chip business
-
6
Heavy snow of up to 40 cm blankets Seoul for 2nd day
-
7
Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
-
8
NewJeans terminates contract with Ador, embarks on new journey
-
9
How $70 funeral wreaths became symbol of protest in S. Korea
-
10
Chaos unfolds as rare November snowstorm grips Korea for 2nd day
-
Think tanks forecast growth below 3% in 2013
The nation’s leading private and public think tanks projected that Korea’s GDP growth would fall below 3 percent this year, hovering between 2.5 and 2.9 percent, the Ministry of Trade, Industry and Energy said in a press release on Monday. The economic growth projection was presented by representatives from 11 private and public think tanks at a lunch meeting with Trade, Industry and Energy Minister Yoon Sang-jick. The GDP projection is similar to that issued by the Bank of Korea last week. The
April 15, 2013
-
World Water Forum launches organizing panel for 2015
The organizing committee to prepare for the hosting of the 2015 World Water Forum in Daegu will launch Tuesday, the Ministry of Land, Infrastructure and Transport said Monday. During its kick-off event, the organizing committee will name Lee Jung-moo, former land minister, as chairman. Lee has led the Korea Water Forum since 2012. As the first task, the organizing committee has prepared a kick-off event to be held May 14-15 in Daegu. About 500 participants from all over the world, including gove
April 15, 2013
-
Korean company to market microalgae as energy solution
Microalgae Farm CEO Park Shin-ho expects that the world will pay more attention to microalgae as a source of renewable energy due to rising oil prices and concern about the safety of nuclear power plants.The company, based in North Chungcheong Province, is the only Korean agricultural firm that grows freshwater microalgae. The company said it had passed tests conducted by the Korea Institute of Science and Technology on both lipid content and lipid productivity at the same time in February last
April 15, 2013
-
Seoul shares open lower on N. Korea, earnings woes
South Korean stocks opened lower Monday, as worries over heightening North Korean threats and poor corporate earnings dampened investor sentiment, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.46 points, or 0.7 percent to 1,910.77 in the first 15 minutes of trading. Most blue-chip firms lost ground, with tech giant Samsung Electronics falling 0.5 percent and No. 1 carmaker Hyundai Motor slipping more than 1 percent. Tensions on the Korean Peninsula have inte
April 15, 2013
-
Housing, education costs crippling growth: McKinsey
The Korean economy is likely to underperform unless the burden of excessive education and housing costs is relieved, according to McKinsey Global Institute’s latest report.“Korea needs to reboot and make some fundamental changes to go to the next level. It’s like a high-performing Formula One racer making a much-needed pit stop to stay ahead of the rest and come out on top,” said Choi Won-sik, director and chief of McKinsey & Company’s Seoul office who co-authored the report.Titled “Beyond Korea
April 14, 2013
-
U.S., global economy likely to weigh on Korea
Korea is expected to face an uphill recovery toward the trend of 4 percent growth on lower economic prospects of the U.S., one of Korea’s top trading partners.The U.S. is expected to grow 1.7 percent this year, down from the International Monetary Fund’s initial forecast of 2 percent, according to the fund’s draft on the global economic outlook obtained by Bloomberg.The report, due to be released next week, said that the across-the-board spending cuts in the U.S., also known as the sequester, wi
April 12, 2013
-
Seoul shares fall 1.31 pct on Q1 earnings woes
South Korean stocks closed 1.31 percent lower Friday due to the rising concerns over listed firms' first-quarter earnings, analysts said. The local currency closed flat against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) shed 25.57 points to finish at 1,924.23. Trading volume was moderate at 399.7 million shares worth 4.9 trillion won ($4.34 billion) with decliners outpacing gainers 417 to 393."The local stock market lost ground due to the rising concerns over the first
April 12, 2013
-
Seoul shares down 0.32 pct in late-morning trade
South Korean stocks traded 0.32 percent lower late Friday morning, led by losses in autos and logistics firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 6.22 points to 1,943.58 as of 11:20 a.m.Carmakers traded lower, with No. 1 player Hyundai Motor falling 1.5 percent and its smaller affiliate Kia Motors losing 0.56 percent. Top auto parts maker Hyundai Mobis shed 5.95 percent.Logistics firms also lost ground, with Hyundai Glovis falling 1.16 percent and CJ Korea
April 12, 2013
-
Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Friday, following an overnight Wall Street rally fueled by growing anticipation of an economic recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.85 points, or 0.2 percent, to 1,953.65 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.52 percent and top shipbuilder Hyundai Heavy Industries adding 0.5 percent. NHN, the operator of South Korea's m
April 12, 2013
-
Korea’s big companies face tougher tax probes
Big businesses are expected to face stringent tax audits and probes by the country’s tax agency following a state auditor’s demand for strengthened tax regulations.The National Tax Service said that it plans to boost its tax inspections on companies with sales of more than 50 billion won ($44.2 million), which amounts to about 1,170 enterprises in the country, as well as increase the duration of its regular audits to six to eight months from the current three to four months. The tax collecting a
April 11, 2013
-
Low margin on overseas deals adds to woes of builders’ balance sheets
GS Engineering & Construction, the nation’s No. 4 builder, recorded a huge deficit in the first quarter, raising further concerns on the future of the struggling construction industry.The first quarterly operating loss of GS E&C came to 535.5 billion won ($474 million), officials said Wednesday. Also, the yearly loss is estimated to reach 798.8 billion won, with 684.4 billion won during the first half of the year.The company, however, said that its profit level will recover by the end of the yea
April 11, 2013
-
Shares gain on stimulus hope
South Korean stocks closed 0.73 percent higher Thursday, buoyed by the United States Federal Reserve’s decision to maintain stimulus measures, analysts said.The local currency gained against the greenback.The benchmark Korea Composite Stock Price Index climbed 14.22 points to finish at 1,949.80. Trading volume was moderate at 380.3 million shares worth 4.71 trillion won ($4.17 billion) with advancers far outpacing decliners 552 to 244.“The Federal Reserve’s decision to maintain its stimulus meas
April 11, 2013
-
25% of big firm chiefs to be excluded from pay disclosure rule
One in every 4 chief executives at South Korea’s top listed conglomerates will likely be exempt from disclosing his or her salary, despite the government’s latest move to revamp rules to shore up corporate transparency, data showed Thursday.The number of registered chief executive officers at the top 50 family-owned large enterprises known as chaebol, stood at 38, according to the data compiled by the Financial Supervisory Service. The remaining 12 were either not registered C-suite members or r
April 11, 2013
-
BOK cuts 2013 growth outlook to 2.6 pct
South Korea's central bank on Thursday revised down its economic growth forecast for this year to 2.6 percent from its earlier estimate of 2.8 percent amid the global slowdown.The Bank of Korea (BOK)'s revised numbers are higher than the government's recent growth estimate of 2.3 percent for this year.The government of President Park Geun-hye sharply cut its 2013 growth projection from an earlier 3 percent in March, vowing to implement strong stimulus measures including creation of an extra budg
April 11, 2013
-
BOK unexpectedly freezes key rate for 6th month in April
South Korea's central bank froze the key interest rate for the sixth straight month on Thursday in an apparent bid to preserve policy room for rainy days, rejecting the government's call to join the stimulus drive.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers left the benchmark seven-day repo rate unchanged at 2.75 percent. The bank lowered the borrowing costs in July and October last year.The decision was not anticipated as only two out of 25 analysts predicted the rate fr
April 11, 2013
-
Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Thursday, following an overnight Wall Street rally fueled by growing anticipation of an economic recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.52 points, or 0.18 percent, to 1,939.10 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.2 percent and top chipmaker SK hynix rising 2.33 percent. No. 2 carmaker Kia Motors advanced 1.15 percent.U.S
April 11, 2013
-
Koreans’ alcohol consumption falling
Per capita alcohol consumption in South Korea has declined in recent years due to improved drinking culture, a trade association said Wednesday.According to data by the Korea Alcohol & Liquor Industry Association, the alcohol consumption per South Korean aged 15 or older came to 9.18 liters in 2011, down 3.2 percent from 2007 when the association started compiling related data.The fall stemmed from local drinking culture improved by increased interest in health since the late 2000s, the associat
April 10, 2013
-
IT trade surplus widens on brisk exports in March
South Korea’s trade surplus in the information-technology sector widened from a year earlier in March as the growth of exports greatly outpaced that of imports, the government said Tuesday.The country chalked up a trade surplus of $7.02 billion last month as its outbound shipments of IT products surged 10.1 percent from a year earlier to $13.76 billion, according to the Ministry of Trade, Industry and Energy.Imports, on the other hand, gained only 2 percent on-year to $6.74 billion. The trade su
April 10, 2013
-
S. Korea prepared to take swift action to stabilize market amid growing N.K. risks: official
South Korea will keep up its monitoring on financial and economic conditions in order to swiftly respond to any eventualities amid deepening geopolitical risks from North Korea's continued war threats, a senior economic policymaker said Wednesday."The government will strengthen its monitoring on financial and economic developments, while keeping its efforts to stabilize sentiment among foreign credit appraisers and foreign investors,"said Eun Sung-soon, the head of the finance ministry's interna
April 10, 2013
-
Seoul shares open higher on Chinese data
South Korean stocks got off to a strong start Wednesday, as Chinese inflation data overshadowed escalating tensions caused by North Korea's torrent of threats, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.94 points, or 0.31 percent to 1,926.68 in the first 15 minutes of trading. Brokerage houses and steelmakers drove up the shares, with KDB Daewoo Securities Co. spiking more than 4 percent and POSCO shooting up 2.5 percent. China's consumer prices rose 2.1 perc
April 10, 2013
