Seoul shares open higher on gov't stimulus plan

South Korean stocks got off to a strong start Friday as investor sentiment was cheered by the government's economic stimulus unveiled the previous day, which included a possible extra budget worth 10 trillion won (US$89.8 billion), analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 16.31 points, or 0.82 percent, to 2,009.83 in the first 15 minutes of trading. Shares gathered ground across the board, with builders and brokerage houses leading the rise. No. 1 player Hyun

March 29, 2013

S. Korea's industrial output drops 0.8 pct on-month in Feb.

South Korea's industrial output shrank for the second straight month in February, intensifying worries that industrial activities might be slowing due to toughened economic conditions, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries dropped 0.8 percent last month from a month earlier. It is the second straight on-month contraction following a revised 1.2 percent fall in January.The output also

March 29, 2013

Korea, Indonesia hold trade minister’s talks

Korea’s Trade Minister Yoon Sang-jick held talks with his Indonesian counterpart Gita Irawan Wirjawan on issues of mutual concern in Seoul on Thursday, according to ministry officials.They were the first minister-level talks with a foreign country since the Park Geun-hye administration was inaugurated last month. The choice of Indonesia as the first country reflects the government’s view to seek further expansion of industrial and energy partnership with rising economies, according to experts.Re

March 28, 2013

KDB, LH chiefs to resign

Kang Man-soo, chairman of state-owned KDB Financial, has expressed his intention to resign, a widely expected move following the head of Korea’s financial regulatory body showing determination to overhaul financial holding companies.Lee Ji-song, CEO of the state-run real estate developer LH Corp., also followed suit, fanning speculation that the resignations may affect other state-run firms’ heads who were appointed when Lee Myung-bak was president. Company officials said he tendered his resigna

March 28, 2013

Seoul says FTA talks with Japan, China end with progress

   SEOUL -- South Korea, Japan and China made small but significant progress in their first round of talks aimed at signing a three-way free trade agreement (FTA), laying down a set of "detailed rules" on how future negotiations will proceed, Seoul's trade ministry said Thursday.   The first round of FTA talks between the three countries had been held here since Tuesday. Two more rounds of negotiations will be held before the end of the year with the second round slated to be held in China in Ju

March 28, 2013

S. Korea's current account surplus widens in Feb.

South Korea's current account surplus widened in February from the previous month as imports declined faster than exports, and a deficit of the service account narrowed, the central bank said Thursday.The current account surplus reached US$2.71 billion in February, up from a revised $2.33 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The February gain was the largest since November, marking the 13th straight mo

March 28, 2013

Fair Trade Commission investigates controversial rive project

The Fair Trade Commission on Wednesday launched an investigation into five construction companies on allegations that they colluded in a controversial project to refurbish the nation's major rivers pushed under the Lee Myung-bak administration.Those included were Doosan E&C, Hanjin Heavy Industries and Construction Co., Samwhan Corp., Hall Engineering & Construction Corp. and Kyeryong Construction, which joined a consortium to earn the river project.  Earlier in the day, investigators were dispa

March 27, 2013

Ministers to speak on new government’s economic policies

The Korea Herald, the largest English-language daily in South Korea, will hold a special conference on President Park Geun-hye’s key policies that will not only affect Korean businesses but also foreign companies operating here.Slated for April 18, 2013, the event titled “Hear from the New Korean Government: Policies and Reforms over the Next Five Years” will offer a rare chance for top government officials to explain policies. The Korea Herald has invited several senior ministerial-level speake

March 27, 2013

KOIMA calls for support for import biz

As the world’s eighth-largest trading country, Korea now needs to acquire a balanced view on trade and appreciate the significance of imports, said the new president of the Korea Importers Association.“Imports take up almost half of the country’s total trading volume, which has exceeded the $1 trillion level for the past consecutive years,” said Shinn Tae-yong.“Korea’s trade perspective is still focused on exports only and imports are considered a negative factor, which cuts down on the trade su

March 27, 2013

Korea's debt-to-GDP rate hits record high in 2012

The ratio of South Korea's total debt to its economic output rose to a record high in 2012 as debt grew at a faster pace despite the slowing economy, central bank data showed Wednesday.The combined debt of households, companies and the government reached 3,607.3 trillion won (US$3.26 trillion) as of the end of 2012, according to the data by the Bank of Korea.The ratio of such debt against Korea's 2012 nominal gross domestic product (GDP) reached a record 283 percent last year, up from 278 percen

March 27, 2013

Nations start three-way FTA talks

Korea, China and Japan officially kicked off the first round of their three-way free trade agreement talks in Seoul on Tuesday, aiming to create the world’s third-largest economic cooperation bloc.Korea’s chief FTA negotiator Choi Kyung-lim, who was recently named assistant deputy minister of trade, met with his Chinese and Japanese counterparts ― assistant commerce minister Yu Zianhua and deputy foreign minister for economic affairs Koji Tsuruoka.During the three-day talks held at the Grand Int

March 26, 2013

NPS ups investment in chaebol: data

South Korea’s state-run pension fund has sharply expanded its stock holdings in the country’s biggest four business groups for the past five years, with its sway over the conglomerates also growing, data showed Tuesday.The National Pension Service, the country’s largest institutional investor, held 42.55 trillion won ($38.31 billion) worth of shares of the top 4 business groups ― Samsung, LG, SK and Hyundai Motor ― at the end of 2012, a huge increase from 11.46 trillion won at the end of 2007, a

March 26, 2013

Hyundai Motor leads auto parts exports

South Korea’s exports of auto parts reached a record high last year on the back of growing demand for South Korean automobiles around the world, a trade association said Tuesday.According to the Korea International Trade Association, South Korea’s outbound shipments of auto parts reached $24.6 billion last year, and the country posted a surplus of $19.7 billion in auto parts trade.Exports of auto parts have been on a steady increase since early 2000 as local automakers such as Hyundai Motor Co.

March 26, 2013

E. Asia emerges as largest market for Korean builders

HANOI (Yonhap News) ― Asian countries have emerged as the largest market for South Korean builders in recent months, data showed Tuesday, a sign that their efforts to diversify their businesses are paying off.South Korean builders bagged a combined $6.36 billion worth of new orders in Asia in the first three months of this year, compared with $1.58 billion a year earlier.The latest orders accounted for 68 percent of a combined $9.36 billion worth of overseas orders in the first quarter, accordin

March 26, 2013

S. Korean economic growth slows to 3-year low in 2012

The South Korean economy grew at the slowest clip in three years in 2012 as exports, facility investment and private spending remained weak amid the global economic slowdown, the central bank said Tuesday.The country's gross domestic product, the broadest measure of economic performance, grew 2 percent in 2012, unchanged from its earlier projection made in January, according to the Bank of Korea (BOK).The 2012 growth marked the slowest increase in three years. But the 2011 growth was revised up

March 26, 2013