Korea's intellectual property trade deficit narrows in Q2

South Korea's trade balance from intellectual property rights stayed in the red in the second quarter, but the deficit shrank significantly from a year earlier on a large cut in deficits from industrial property rights, central bank data showed Thursday.  In the April-June period, the country posted a trade deficit of $550 million in the intellectual property sector, according to the Bank of Korea.  The Q2 tally marks a 63.6 percent drop from a deficit of $1.51 billion in the same period last ye

Nov. 26, 2015

Korea's consumer sentiment improves in Nov.

Consumer sentiment in South Korea continued to improve from a month earlier in November, mainly on a better outlook for income, central bank data showed Thursday.  The composite consumer sentiment index for November came to 106, up 1 point from the previous month, according to data from the Bank of Korea (BOK).  A reading above 100 means optimists outnumber pessimists.  The index has been on a steady rise since it dipped to below the benchmark 100 in June for the first time since December 2012.

Nov. 26, 2015

Brokerage houses post big drop in Q3 net profit

South Korean securities companies saw their third-quarter earnings tumble 38.7 percent from three months earlier due to huge losses from derivatives amid a bearish stock market, the financial watchdog said Wednesday.   The combined net profit of 56 brokerage houses came to 747.2 billion won (US$652.2 million) in the July-September period, compared with an eight-year high of 1.2 trillion won in the second quarter, according to the Financial Supervisory Service.  The weak on-quarter bottom line ca

Nov. 25, 2015

Terms of trade improve in Oct. on falling import prices

South Korea's terms of trade continued to improve last month despite a large cut in exports as import prices dropped at a faster rate than export prices, central bank data showed Wednesday.  The country's terms of trade index spiked 12.4 percent on-year to 101.72 in October, according to preliminary data from the Bank of Korea.  The index gauges the amount of imports a country can purchase for each unit of exports, which shows how the country's exports are doing in comparison with those of other

Nov. 25, 2015

S. Korea's economy fares well despite challenges: finance minister

South Korea's economy has performed relatively well in 2015 despite domestic and overseas challenges, the country's top economic policymaker said Monday.   In a meeting with senior finance ministry officials in Sejong City, Finance Minister Choi Kyung-hwan said the timely injection of an 11.5 trillion won (US$9.94 billion) extra budget and other stimulus measures have kept alive the country's growth momentum.   "Despite a slew of difficult conditions at home and abroad, the economy has put up a

Nov. 23, 2015

Seoul shares up 0.7% on eased U.S. rate woes

South Korean stocks closed 0.7 percent higher on Monday as investor sentiment was boosted by eased uncertainties on the U.S. Fed's interest rate policy. The local currency fell against the greenback.  The benchmark Korea Composite Stock Price Index advanced 13.84 points to 2,003.70. Trading volume was low at 375.2 million shares worth 4.4 trillion won ($3.8 billion), with losers outpacing gainers 420 to 373.  Analysts said investors' concerns over the Fed's rate policy eased following the releas

Nov. 23, 2015

Seoul shares open higher on retailers, builders

South Korean stocks started higher Monday on the back of gains in retailers and construction shares.  The benchmark Korea Composite Stock Price Index added 5.92 points, or 0.3 percent, to 1,955.78 in the first 15 minutes of trading.  Retailers gained ground, with Lotte Shopping rising 0.9 percent and GS Retail climbing 1.68 percent. Samsung C&T, the trading unit of Samsung Group, shot up 5.32 percent.  Builders also opened bullish, with Hyundai Engineering & Construction moving up 1.84 percent a

Nov. 23, 2015

Korea, Central America to hold FTA talks

South Korea and Central American countries will engage in talks aimed at laying a firm foundation for a free trade pact that can benefit all sides, the government said Monday.  The five-day talks, scheduled to run from Monday through Friday in El Salvador, will focus on tariff concessions, liberalization of the service sector, business investment, e-commerce, financial markets and intellectual property rights, the Ministry for Trade, Industry and Energy said.   "There will be comprehensive discu

Nov. 23, 2015

Korean economy to grow some 3% in 2016: economists

The South Korean economy is expected to expand around 3 percent in 2016 from this year unless external uncertainties worsen further, local economists predicted Sunday.  In a survey conducted by Yonhap News Agency, the heads of six major economic think tanks forecast Asia's fourth-largest economy will grow moderately next year on the back of recovering domestic demand.  Their prediction is slightly lower than the government's estimate. The finance ministry has predicted Asia's fourth-largest econ

Nov. 22, 2015

Aging population to cut growth rate to 1% level: expert

The aging population and subsequent cut in the labor force could bring down South Korea's growth rate to the 1-percent level in 20 years, an expert said Friday. According to government data, Koreans aged 65 or older accounted for 12.2 percent of the total population of some 50 million in 2014, with the ratio to shoot up to over 30 percent by 2040. "Starting next year, the number of the economically active population aged 15-64 is forecast to begin diminishing, and it will continue to go on the d

Nov. 20, 2015

Standard Chartered announces voluntary retirement plan

Standard Chartered Korea on Friday unveiled a voluntary retirement scheme for its employees, apparently as part of a global restructuring program by its London-based holding company, Standard Chartered PLC.The bank said it planned to receive applications for voluntary retirement for five days starting Monday. It did not specify the number of its employees eligible for the early retirement plan, only saying anyone who is aged over 40 years old and has worked at the bank for more than 10 years wil

Nov. 20, 2015

Korea's household spending dips to new low in Q3

South Korea's household spending dropped to an all-time low in the third quarter due mainly to lingering effects of the Middle East Respiratory Syndrome outbreak amid slowing growth in income, a government report showed Friday.In the July-September period, the average consumption propensity, or the ratio of total consumption spending to disposable income, came to 71.5 percent, down 0.9 percentage point from the same period last year, according to the report from Statistics Korea.The Q3 tally is

Nov. 20, 2015

BOK chief says Korean economy stays strong despite uncertainties

The head of South Korea's central bank said Friday that the country's economy remains little affected by the recent terror attacks in Europe, but that it may not be completely safe from external uncertainties stemming from a U.S. rate hike and China's economic slowdown.In a Seoul meeting with heads of local commercial banks, Bank of Korea Gov. Lee Ju-yeol said the effect of last week's terror attacks in Paris has been limited, noting the global financial market has "quickly regained stability."H

Nov. 20, 2015

Korea to focus on new growth strategies: finance minister

South Korea will focus on building new growth strategies in drawing up its economy management plan for next year that could help the country tide over the fast-changing economic environment at home and abroad, the top economic policymaker said Friday.In a meeting with heads of major economic research institutes in Seoul, Finance Minister Choi Kyung-hwan voiced concerns that the country needs to stay vigilant amid mounting uncertainty which has intensified, especially in the wake of the recent at

Nov. 20, 2015

International marriages fall to 12-year low

The number of international marriages of a Korean and foreign spouse is on a steady decrease, along with falling divorce and childbirth rates among multicultural families, the state-run statistics agency said Thursday.　According to a multicultural family report compiled by Statistics Korea, the number of international marriages stood at 24,387 in 2014, the lowest since 2003. It fell 9.5 percent from a year earlier, showing a steady annual decline since 2008. 　The steady decline has been attribut

Nov. 19, 2015

Korea to launch 'K-Sale Day' ahead of Black Friday

South Korea's major retailers are set to kick off another massive sales event on Friday to attract customers with aggressive discounts on various items for nearly a month through the year-end holiday season. The Federation of Distribution Industry said 72 companies, both in stores and online, will offer huge discounts on their stockpiles across the board during the 26-day sales event called "K-Sale Day."K-Sale Day begins one week before "Black Friday", the biggest sales event in the United State

Nov. 19, 2015

New highway to Sejong City due in 2025

From news reportsThe government announced a plan Thursday to build a new highway linking Seoul and the country’s administrative capital Sejong by 2025.After a meeting of economic-related ministries, officials said the government will invest 6.7 trillion won ($5.75 billion) for the project, including 5.3 trillion won from the private sector.Transport Ministry officials said the government made the decision to reduce traffic congestion on the current main highways of the Gyeongbu and Jungbu expres

Nov. 19, 2015

Korean pension fund ranks 3rd worldwide by assets: report

South Korea's state-run National Pension Service’s total asset reached $429.8 billion last year, ranking third among state pension operators in the world, a report showed Thursday.Japan's Government Pension Investment Fund topped the list with $1.14 trillion in assets, followed by Norway's Government Pension Fund with $884 billion, according to the report by the Nation Pension Research Institute, which cited a survey on top 300 pension funds conducted by Towers Watson, a global marketing service

Nov. 19, 2015

Korean banks to tighten mortgage rules in provincial areas

South Korean banks will likely impose tougher rules for screening mortgages in non-capital areas starting next year, joining government-led efforts to rein in the country's runaway household debt, industry sources said Thursday.The financial authorities have asked local banks to use the debt-to-income ratio when they screen mortgage requests from borrowers in provincial regions, according to the sources.The DTI ratio is a set of household loan controlling measures, along with the loan-to-value r

Nov. 19, 2015