IMF team to visit Seoul for annual meeting

A team of officials from the International Monetary Fund will visit South Korea this week to assess its economic conditions and exchange opinions on economic, financial and fiscal policies, the finance ministry said Wednesday.During its stay, which will last until June 8, the IMF delegation will meet with the nation's key financial and economic policymakers from the finance ministry, the central bank and the Financial Services Commission, the ministry said. It will also visit major public and pr

May 25, 2016

Cargo handling at seaports down 1.2 pct in April

The amount of cargo processed at Korea's seaports slipped 1.2 percent in April from a year earlier due to a drop in the transport of soft coal and vehicles, the government said Wednesday.The volume of cargo handled at six seaports came to 119.32 million tons last month, according to the Ministry of Oceans and Fisheries. Busan Port (Yonhap)The ministry attributed the decreased volume to the decreased shipping of soft coal and cars amid the global economic slowdown. Chemical shipments at the ports

May 25, 2016

Corporate concern rising on incoming parliament

Corporate executives now seem as jittery as government officials about a controversial bill that will allow lawmakers to hold hearings more frequently.The revision to the National Assembly Act, which was passed by the outgoing parliament last week, gives parliamentary committees the right to hold hearings on all “pending” issues. Existing law stipulates that the hearings can be held if necessary for the deliberation of important matters and parliamentary audit or investigation.Speculation has be

May 25, 2016

Exports to China continue to slide in near record-long streak

Korea's exports to China in April marked a 10th month of sliding downwards, the longest skidding streak since the 2008-2009 global financial crisis, trade figures showed Wednesday.The Korea International Trade Association (KITA) said exports to China last month came to $9.63 billion, an 18.4 percent fall on-year, continuing the downward path that began in July last year.The longest shrinking streak to date was 11 months, from October 2008 to August 2009. There was also a notable 10-month slide i

May 25, 2016

Ratio of short-term debt to foreign reserves hits over 11-year low in Q1

The ratio of Korea's short-term foreign debt to its foreign reserves fell to the lowest level in over 11 years in the first quarter on the back of a fall in borrowing by local banks and a fall in foreign investment in local bonds, data showed Wednesday.The country's short-term external debt, with a maturity of one year or less, totaled $103 billion as of the end of March, decreasing $4.3 billion from three months earlier, according to the data by the Bank of Korea (BOK). The end-March figure acc

May 25, 2016

ING Life extends sales offer to find buyer

ING Life Insurance will be extending its sales offer by the end of this week to fuel more potential bids for the insurer owned by Korean private equity MBK Partners following lower-than-expected buyout interests, according to news media citing investment banking sources.MBK and ING could not be reached for comments. Morgan Stanley is the sales manager of MBK’s ING Life Insurance.Only about three companies at home and abroad submitted their letters of intent for the insurer on Monday. MBK seeks t

May 24, 2016

Korea to launch FTA negotiations with Israel next month

Korea said Tuesday that it has come to an agreement with Israel to begin negotiations next month on a free trade deal that could further boost bilateral trade.The first round of negotiations is set for June 27 in Seoul.The decision was reached in a meeting between South Korea's vice trade minister Woo Tae-hee and a senior Israeli official in Jerusalem, according to South Korea.Korea and Israel began talks on a free trade deal in 2009, but progress has been slow amid Seoul's efforts to seal free

May 24, 2016

KDI cuts 2016 growth outlook to 2.6 pct

Korea's top state-run think tank revised down its growth outlook for the local economy Tuesday, citing a continued slump in exports and sluggish demand at home and abroad.The Korea Development Institute (KDI) said Asia's fourth-largest economy was expected to expand 2.6 percent this year, down from 3 percent forecast six months earlier.The latest projection is the most pessimistic outlook yet offered by a local institute. Bank of Korea (Yonhap)The Bank of Korea predicted 2.8 percent growth in it

May 24, 2016

[Graphic News] Domestic gas prices continue to rise

Gasoline prices in the nation are steadily rising in line with global oil prices that are showing signs of increase, data showed Sunday. The average price of gasoline was 1,393.79 won per liter on May 20, an increase of 2.05 won from the previous day, according to the Korea National Oil Corp.’s oil price information system Opinet. The average diesel price also increased by 3.34 won to 1,165.76 won per liter.Oil prices are expected to increase to $60 per barrel next year after hitting a low of $2

May 23, 2016

With no room to maneuver, BOK might be at standstill

Korea's central bank appears to be fast running out of options for its key rate with a looming U.S. rate hike and the country's sluggish economy crippling its move in either direction, experts noted Monday.The Bank of Korea (BOK) has stood pat on its key rate after sending it to a record low of 1.5 percent in June 2015. Bank of Korea (Yonhap)The experts said the bank might be forced to again extend its wait-and-see mode for another month in June, not by necessity but by its lack of options. The

May 23, 2016

Poll cites 'China slowdown', household debt as major threats

Slowing economic growth in China and growing household debt in South Korea are two major risks facing the country's financial system, the outcome of a recent survey showed Monday.In a poll conducted by the Bank of Korea (BOK), 73 percent of respondents cited China's slowing growth as a potential threat that could cause havoc in South Korea's financial market. Apartment complex in Seoul (Yonhap)The semiannual survey was conducted April 6-20 on 78 economists that included bank officials and foreig

May 23, 2016

Over 2,000 jobs disappeared at top 100 companies in Q1

Amid a wave of corporate restructuring and downsizing, Korea’s top 100 listed companies by revenue shed over 2,000 jobs in the first three months of this year, data showed Sunday. According to Chaebul.com, an online financial information provider, the 100 firms’ combined workforce reduced by 2,116 to 857,412 at the end of March compared to three months earlier.  (123rf)Some 51 companies saw their workforce shrink, 17 of them by more than 100. Among some of the biggest losses, Samsung SDI shed 1,

May 22, 2016

[Graphic News] Koreans’ overseas card spending hits record for Q1

Overseas card spending by South Koreans hit $3.3 billion in January-March, the highest figure recorded for the first quarter, government data showed Sunday.According to the Bank of Korea, overseas spending – using credit cards, debit cards and direct payment cards -- in the first three months this year rose 2.7 percent year-on-year from $3.2 billion a year earlier.The number of Koreans who traveled overseas jumped 18.3 percent to 5.56 million in the first quarter from a year earlier, according t

May 22, 2016

Koreans’ overseas card spending hits record for Q1

Overseas card spending by South Koreans hit $3.3 billion in January-March, the highest figure recorded for the first quarter, government data showed Sunday.According to the Bank of Korea, overseas spending -- made with credit cards, debit and direct payment cards -- in the first three months this year rose 2.7 percent year-on-year from $3.2 billion a year earlier.The number of Koreans who traveled overseas jumped 18.3 percent to 5.56 million in the first quarter from a year earlier, according to

May 22, 2016

Korea's exports may be rebounding: data

Korea's exports have posted a 2.1-percent increase so far this month from a year earlier, raising hopes of an end to negative growth that lasted for more than a year, data showed Sunday.Outbound shipments totaled $24.8 billion from May 1-20, up 2.1 percent from the same period last year, according to the Korea Customs Service (KCS).It marks the first time in 2016 for South Korea's export volume to record an increase on-year in the first 20 days of a month.Korea, a major regional economy, suffere

May 22, 2016

Park meets officials from SMEs

Korean President Park Geun-hye met with officials from local small and medium-sized enterprises, and vowed to provide them with administrative support for sustainable growth.The gathering, held in every third week of May, first kicked off in 2009 by the presidential office to express gratitude to small enterprises. Around 240 officials, including Trade Minister Joo Hyung-hwan, joined this year's event. President Park Geun-hye (Yonhap)Park said she wishes to acknowledge the contributions made by

May 20, 2016

Foreign ownership of Korean land grows in 2015

Foreign ownership of land in Korea grew slightly last year from a year earlier amid rising Chinese investment in the southern resort island of Jeju, the government said Friday.The amount of land owned by foreign entities came to 228.27 million square meters as of end-2015, up 9 percent from the previous year's 208.28 million, according to the Ministry of Land, Infrastructure and Transport.The land owned by foreign investors or companies accounted for 0.2 percent of the country's total area, with

May 20, 2016

Trillions of won in fresh bank notes to be relocated, along with BOK

Literally trillions of won will be physically relocated early next year in what will be a once-in-a-lifetime event for South Korea's central bank, bank officials noted Friday, though the actual event itself may not be for everyone to see.The scheduled relocation of the money comes as the Bank of Korea's Seoul headquarters is set to undergo a three-year renovation that will include the reconstruction of the main annex building.It will mark the first time the central bank, as well as its cash rese

May 20, 2016

Korea, Mongolia agree to seek increase in flights, bolster development cooperation

The leaders of Korea and Mongolia agreed Thursday to seek an increase in flights between the two nations and expand cooperation in the latter's infrastructure construction and overall economic development.President Park Geun-hye and her Mongolian counterpart, Tsakhiagiin Elbegdorj, signed three memorandums of understanding (MOUs) on strengthening bilateral economic cooperation and another on cooperation in the sports sector. President Park Geun-hye (right) shakes hands with her Mongolian counter

May 19, 2016

Park calls for fair, transparent trade

President Park Geun-hye called Thursday for "fair and transparent" trade, expressing concerns that a global economic slowdown is fueling a move toward nontariff barriers and unfair trade practices.During an international forum on trade remedies, Park also stressed that Korea will remain a staunch supporter of free and open trade. President Park Geun-hye (Yonhap)"As the volume of trade has recently contracted due to a global economic slump, the temptation has also been increasing for nontariff ba

May 19, 2016