The number of babies born in South Korea dipped in 2014, but rose for the fourth straight month in June this year, a government report showed on Wednesday.According to the report by Statistics Korea, some 435,400 babies were born last year, down around 1,000, or 0.2 percent, from a year earlier. But some 35,500 babies were born here in June, up 3.8 percent from the same month last year. The annual increase follows a 2.5 percent on-year rise in the previous month. The figure gained 2.4 percent on

Aug. 27, 2015

South Korea is not faced with a capital flight situation stemming from increased external volatility despite lingering global economic uncertainties, the top economic policymaker said Thursday.Delivering a keynote speech at the Korea Treasury Bonds International Conference in Seoul, Finance Minister Choi Kyung-hwan expressed confidence that Asia's fourth-largest economy is not being confronted with a capital outflow problem. Finance Minister Choi Kyung-hwan (Yonhap)"Despite less money being inve

Aug. 27, 2015

Mirae Asset Financial Group chairman Park Hyeon-jooMirae Asset Financial Group chairman Park Hyeon-joo was conferred the top accolade by South Korean academia for its leading contribution in elevating the nation’s economic presence globally, the group said Wednesday. In the 17th Korean Academic Society of Business Administration’s annual award ceremony last week, Mirae Asset won the Best Company Award, in congregation of some 1,500 professors and graduates. This is the first time that the honor

Aug. 26, 2015

Finance Minister Choi Kyung-hwan(left) speaks during a meeting of the economic-related ministers at Seoul Government Complex on Wednesday. (Yonhap)The government will lower consumption taxes in its desperate effort to stimulate the sagging economy, officials said Wednesday.The decision was announced after a meeting of economic-related ministers to discuss measures to boost consumer spending. Finance Ministry officials said the government would temporarily cut consumption taxes on cars and large

Aug. 26, 2015

South Korea’s Finance Minister Choi Kyung-hwan dismissed Wednesday market analysis that the nation’s stock market was showing signs of being coupled with that of China, whose index recently plummeted.His refutation came a day after China’s monetary policymakers cut the country’s benchmark interest rate to shore up its economy. Later in the day, shares on the Shanghai bourse lost ground again. Though the domestic market is being affected by concerns over China’s slowdown, the recent synchronizati

Aug. 26, 2015

South Korean stocks surged 2.57 percent on Wednesday, cheered by Beijing's surprise rate cut which helped reduce risk-averse sentiment in the financial market, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared 47.46 points to 1,894.09, moving higher for a second straight session. Trading volume was moderate at 445.6 million shares worth 6.8 trillion won ($5.7 billion), with gainers dwarfing decliners 741 to 100. (Yonhap)Wednesda

Aug. 26, 2015

Hanwha Life Insurance recommended its Smart Family Love Disaster Insurance to customers who are highly exposed to outdoor leisure activities or disaster risks.The disaster insurance, which was launched in July, offers a high level of death benefits and guaranteed income to families of those who have died in a sudden disaster, according to officials.Should the subscriber die a disaster-caused death, the designated family members are to be paid a lump sum death benefit of 30 million won ($25,000).

Aug. 25, 2015

 China’s stock market panic is casting a deep shadow over the global economy.News reports said major economies including the U.S. and Europe, and Asian countries are feared to take a fresh hit from China’s continued stock plunge caused by concerns over its economic slowdown.Stung by escalating worries about the health of the world’s No. 2 economy, China’s main Shanghai stock index plunged 8.49 percent on Monday alone, with the country’s purchasing managers’ index falling to a over six year low o

Aug. 25, 2015

This is the fifth in a monthly series contributed by executive members of the Financial Supervisory Service to address key ongoing financial issues. ― Ed. Kim Yong-wooJoseph Alois Schumpeter is an economist well known for his emphasis on creative destruction and entrepreneurship for innovation. He said that the biggest obstacle of all to innovation is resistance from old institutions and practices. Indeed, bringing changes to age-old, deeply entrenched practices could be a more difficult task th

Aug. 25, 2015

The Export-Import Bank of Korea opens a meeting with a group of CEOs of major companies in Seoul last week. Korea EximbankThe Export-Import Bank of Korea pledged strong support to key industries, especially the overseas construction sector, which has been pressed by weak exports and a domestic economic slowdown.“Our economy is currently facing the toughest challenge ever,” said Eximbank president Lee Duk-hoon in a recent conference with the CEOs of leading domestic companies.“As a financial poli

Aug. 24, 2015

Caught in a years-long economic recession and political turbulence, the Latin American region is largely considered a risk factor in the global financial sector.But as signs of economic rebound are starting to show, now may be an optimal time for overseas investors to enter the market when the barriers are low, according to a regional expert.“Some speak of an impending financial crisis upon Latin America, but the truth is that the region is already in the midst of a crisis,” Italo Lombardi, dire

Aug. 24, 2015

Uncertainty in South Korea’s financial markets has widened due to the recent inter-Korean tension and a variety of bearish economic indexes in the U.S. and China.　 An electronic board installed at Korea Exchange Bank in Seoul shows KOSPI and foreign exchange rates on Monday. (Ahn Hoon/The Korea Herald)Stock prices on the main bourse dropped to their lowest level in 25 months. The won-dollar exchange rate touched the 1,200 mark during the session with the Korean currency value falling to a 61-mon

Aug. 24, 2015

The South Korean won continued to lose ground against the U.S. dollar for a second straight session Monday to reach a five-year low, amid reduced appetites for risky assets stemming from increased geopolitical risks and global economic uncertainties.The local currency closed at 1,199.00 to the greenback, down 4 won, or 0.33 percent, from the previous session's close, marking the lowest level in almost five years.Right after the market opened, the local currency briefly dipped below the psycholog

Aug. 24, 2015