Hyundai, Kia to recall more than 368,000 cars in Korea, U.S.

South Korea's largest automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. will implement a massive recall of their vehicles in South Korea and the United States, the companies and U.S. regulators said Tuesday.Hyundai said it is set to begin recalling 81,000 Tucson vehicles on July 15 in the U.S. to replace the secondary hood latch. A separate recall is also scheduled for 62,000 units in South Korea later this month.The recall affects Tucson vehicles built in South Korea from M

June 14, 2016

[Monitor] Korean institutions buy $7b in overseas real estate

Korean institutions bought overseas real estate to the tune of 8 trillion won ($6.8 billion) to rake in stable gains as an alternative to investments in bonds and stocks during a sluggish domestic economy last year, according to CBRE Korea, a global real estate agency, Tuesday. The investments recorded in 2015 are 25 times higher than those of eight years ago when Korean institutions invested 327.6 billion won in 2007. The Korean economy grew by 2.6 percent in 2015, which was a decrease from a 3

June 14, 2016

Ratio of female workers at major companies rises to 21.6%

The ratio of female workers in South Korea's 600 largest companies by revenue has been on the rise in recent years, data showed Tuesday, as South Korea is pushing to bring more women into the nation's workforce.The number of female employees at the 600 firms stood at 235,171 last year, accounting for 21.6 percent of their total workforce. The figures represent a gradual increase from 207,941, or 20.6 percent, in 2011, according to data compiled by the Federation of Korean Industries that speaks

June 14, 2016

Cheil Worldwide ends merger talks with Publicis

[THE INVESTOR] Cheil Worldwide, an advertising unit of Samsung Group, said on June 13 that talks to sell a controlling stake to French ad giant Publicis Groupe have failed. In a regulatory filing, the nation’s No. 1 ad agency said it was not in talks with any other firm.“Talks between main stakeholders and the global advertising agency ended without a specific conclusion,” the company said. Over the past week, media reports have speculated that Cheil was discussing stake sales with other compani

June 14, 2016

Korea, Azerbaijan agree to expand economic cooperation

South Korea and Azerbaijan agreed on Tuesday to expand bilateral economic cooperation in the infrastructure and industrial plant sectors, the trade ministry here said.The two sides held the first round of economic talks in Seoul to discuss ways to bolster trade and investment and help more South Korean firms participate in infrastructure projects in the Central Asian country, according to the Ministry of Trade, Industry and Infrastructure.Azerbaijan, located along the Caspian Sea, is known for i

June 14, 2016

Park calls for continued effort to push forward public sector reform

President Park Geun-hye on Tuesday called for continued effort to revamp the public sector, reiterating that it is the "starting point" for inducing reform in the private sector. During a meeting with government ministers, heads of state-run firms and public organizations, Park also urged them to make an "all-out" effort to establish a performance-focused work environment that moves away from the deep-rooted culture favoring seniority, and retool their organizations to focus on key functions."(I

June 14, 2016

Korean institutions bought W8 tln of offshore properties in 2015

South Korean institutions invested more than 8 trillion won ($6.8 billion) in overseas properties last year as they sought stable investment gains away from low growth and rates at home, a global real estate consultancy said Tuesday.In 2015, institutional investors spent a combined 8.27 trillion won on stakes in real estate outside the country, up sharply from 327.6 billion won in 2007, according to CBRE Korea, the Korean operations of Los Angeles real estate services firm CBRE Group Inc. "Insti

June 14, 2016

Korea's home transactions dip 19% in May

South Korea's home transactions continued to shrink from a year earlier in May, the government said Tuesday, in an apparent sign of a slowdown in the property market.The number of home transactions came to 89,267 last month, down 18.8 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.May marked the sixth consecutive month of on-year drop following a 28.4 percent plunge in the previous month.The May tally, however, marks a 3.4-percent rise from

June 14, 2016

Seoul all out to rejoin MSCI's developed-market review list

South Korea is sparing no effort to put its stock market back on global index provider MSCI's review list of developed market index candidates, which could help lure more foreign investment, financial officials said Tuesday.The Geneva-based MSCI, or Morgan Stanley Capital International, is scheduled to announce its review results for candidates on Wednesday. It categorizes 78 countries into three benchmark indices -- developed, emerging and frontier markets. According to the officials, a governm

June 14, 2016

Corporate tax hike shapes up as divisive issue

Whether to increase corporate taxes is shaping up as a key issue of contention between major political parties in the new parliament that began its inaugural session Monday.The chief policymaker of the liberal main opposition Minjoo Party of Korea last week reaffirmed the party would soon submit a tax code revision bill to raise the maximum corporate tax rate, which would be applied to companies with annual profits exceeding 50 billion won ($42.6 million), to 25 percent from the current 22 perce

June 13, 2016

Seoul stocks fall almost 2% on Brexit woes

South Korean stocks dipped by almost 2 percent to a two-week low on Monday as investors scrambled for safe havens ahead of the Federal Reserve meeting slated this week and rising concerns over Britain's exit from the European Union.The Korean won sharply lost against the U.S. dollar.The benchmark Korea Composite Stock Price Index plunged 38.57 points, or 1.91 percent, to close at 1,979.06, marking the biggest intraday loss in four months. Trade volume was moderate at 437.22 million shares worth

June 13, 2016

Korea, Senegal strengthen ties

The newly established Korea-Senegal Commerce, Industry and Culture Association held its first meeting at the Korea-Africa Center in Seoul on May 26.The KOSECICA was established to strengthen ties between Korea and Senegal by promoting economic, social, cultural and educational cooperation between the two countries. Former Korean Ambassador to Senegal and first KOSECICA president Choi Dong-hwan revealed during the meeting that the association planned to especially put an emphasis on bolstering in

June 13, 2016

Korea sees rise in self-employed 30-somethings

The number of self-employed South Koreans in their 30s has been on a steady rise since late last year as a prolonged economic slump forces more young people to set up one-man operations instead of finding jobs, a report showed Monday.According to the report by the Korea Labor Institute, thirtysomethings with one-man operations increased by 17,000 in March from a year earlier, compared with a rise of 14,000 in February.The number has been on the rise since October last year, hitting as high as 25

June 13, 2016

[Graphic News] Government seeks to 3% budget increase for 2017

The government is seeking to increase its budget spending by 3 percent to total 398.1 trillion won ($338.3 billion) next year, the lowest increase in six years, according to Finance Ministry officials.They said requests for an increase in budget have been on a steady decline in recent years as the government continues to reform and innovate its spending.According to the preliminary requests, the culture sector’s budget increased the most, by 5.8 percent, which is consistent with the plans to exp

June 12, 2016

Tax revenue jumps 23% by April on increased consumption

South Korea's tax revenue surged greatly from a year earlier in the first four months partly on an increase in corporate and income taxes that may reflect a rise in consumption, the government said Friday.In the January-April period, the government collected 96.9 trillion won ($83.2 billion) in taxes, up 23 percent, or 18.1 trillion won, from the same period last year, according to the Ministry of Strategy and Finance. Ministry of Strategy and Finance in Sejong City (Yonhap)The four-month tally

June 10, 2016

Samsung still interested in selling off Cheil

Cheil Worldwide, an advertising unit of Samsung Group, is rumored to be in talks to merge with a new global partner after its recent failed talks with French ad giant Publicis Groupe. According to news reports Friday, the group is also planning to spin off the sports business division from Cheil, which has operated the firm’s sports teams, to better appeal to a possible buyer. Samsung is reported to have tried to sell the sports business to Publicis but the French partner expressed its reluctanc

June 10, 2016

Seoul vows to tackle trade pressure on Korean firms

South Korea will cope actively with a recent wave of foreign trade pressure on Korean companies, the country's trade minister said Friday."The government will not turn a blind eye to South Korean companies, which suffer from unfair treatment in the overseas market," Minister of Trade, Industry and Energy Joo Hyung-hwan said in a meeting with reporters."South Korean businessmen often say they are treated unfairly in overseas markets. So I try to make every effort to broach such an issue when I me

June 10, 2016