Overseas card spending by South Koreans expanded more than 5 percent in the second quarter of 2016 despite a decline in the number of outbound travelers, central bank data showed Friday.Their credit, check and debit card purchases abroad rose 5.2 percent on-quarter to $3.47 billion during the April-June period, according to the Bank of Korea.It marks a 4.5-percent increase from the $3.32 billion recorded a year earlier.The rise came in spite of a fall in the number of people traveling abroad. It

Aug. 19, 2016

CEO Cho Hwan-eik of Korea Electric Power Corp. (left) talks with Vice Industry Minister Woo Tae-hee during a government-ruling party meeting in Seoul on Thursday on a controversial plan to cut monthly electricity bills for households, which are expected to be excessive due to the record-breaking summer heat. (Yonhap)

Aug. 18, 2016

Samsung Electronics’ Samsung Electronics shares soared to an all-time high Thursday on expectations of the better performance of the Korean electronics giant for the rest of the year, not only in smartphones, but also in chips and display panels. The shares closed at 1.64 million won ($1,481) apiece on Seoul’s main stock exchange, up 4.73 percent from the previous day. It was the highest closing price for the stock since Jan. 3, 2013 when it recorded 1,576,000 won. The market bellwether opened h

Aug. 18, 2016

South Korean shares ended higher on Thursday helped by increased buying by foreigners and pension funds. The local currency climbed against the US dollar.The benchmark Korea Composite Stock Price Index gained 11.72 points, or 0.57 percent, to 2,055.47.The rise followed overnight gains on Wall Street. The Dow Jones industrial average gained 0.12 percent, with the tech-heavy Nasdaq composite index climbing 0.03 percent."Robust earnings of Samsung Electronics Co. also helped the main index, and eas

Aug. 18, 2016

Finance Minister Yoo Il-ho said Thursday that Korea will firmly stand against trade protectionism by further seeking economic partnerships with other economies despite growing uncertainties, while urging again the National Assembly to approve its extra spending proposal.In a meeting to review its external economic conditions, the finance minister said that the issue of protectionism is rising amid uncertainties on Brexit and becoming a major topic in the US presidential race.About 10 industrial

Aug. 18, 2016

The race to succeed Han Dong-woo, the chairman of Shinhan Financial Group, is shaping up to be a battle between the two incumbent CEOs of its banking and credit card arms.Wi Sung-ho, Shinhan Card’s chief executive since August 2013 and a potential candidate for the group chairmanship, received a clear boost in his standing in Korea’s largest and most profitable banking group Thursday when its committee decided to retain him at the card company for another year. The committee, which oversees the

Aug. 18, 2016

Nearly 4 out of 10 listed units of South Korea's top 10 conglomerates saw their sales drop in the first half of 2016 from a year earlier due mainly to falling exports, data showed Thursday.According to the data by the Korea Exchange, 26 out of 68 listed affiliates of the 10 largest family-controlled conglomerates, or 38 percent, suffered on-year falls in revenue for the January-June period. Those underperformers include leading steelmaker POSCO, major shipbuilder Hyundai Heavy Industries Co., ch

Aug. 18, 2016

The U.S. International Trade Commission on Wednesday endorsed antidumping duties the Commerce Department imposed on steel pipe imports from South Korea and two other countries.Last month, the department decided to levy 2.34-3.82 percent of antidumping duties on imports of heavy walled rectangular welded carbon steel pipes and tubes from South Korea, 3.83-5.21 percent of duties on imports from Mexico and 15.08-35.66 percent of duties on imports from Turkey.The ITC said it "determined that a U.S.

Aug. 18, 2016

South Korean stocks fell slightly on Wednesday, sliding for a second consecutive session, as investors sought to cash in on recent gains amid growing expectations that the U.S. Federal Reserve may raise its interest rate. The Korean won dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 4.01 points, or 0.20 percent, to close at 2,043.75. Trade volume was light at 388 million shares worth 4.31 trillion won ($3.89 billion), with losers outnumbering gainers outnumb

Aug. 17, 2016

The Korean financial authority on Wednesday unveiled a draft of new measures for the country’s money market to increase access for institutional investors and reduce potential risks accumulating in the market. The money market is where financial products with maturities less than one year are traded, such as calls, repurchase papers, certificates of deposit, commercial papers and asset-backed short-term bonds. Repurchase papers, more frequently referred to as repos or RPs by market participants,

Aug. 17, 2016

The Seoul stock market took a dive Wednesday following overnight losses on Wall Street after one of the key members of the US Federal Open Market Committee sent a clear message to the world that it could raise its interest rates next month.Based on strong employment data and positive growth forecast, New York Fed Reserve President William Dudley spoke in a televised interview about the possibility of a rate hike in September. It sent the Dow Jones Industrial down more than 84 points at 18,552.02

Aug. 17, 2016

The overall performances of Kospi-listed firms improved in the first half of 2016, announced Korea Exchange on Wednesday. The average growth of operating profits of 633 companies that closed their books in December stood at 14.4 percent, while their net profit rose 20.2 percent on average compared to the same period last year. As for manufacturers, sales fell 1.66 percent during the period, while operating profits and net profits climbed 5.04 percent and 9.55 percent, respectively. Except for Sa

Aug. 17, 2016

Foreign currency deposits held at banks in South Korea grew from a month earlier in July on a sharp rise in U.S. dollar deposits from exporters, central bank data showed Wednesday.Outstanding foreign currency deposits held by local residents came to $66.23 billion as of end-July, up $6.62 billion from the previous month, according to the data from the Bank of Korea.Foreign deposits include deposits held by foreigners who have stayed in South Korea for more than six months, as well as foreign com

Aug. 17, 2016

South Korea is considering selling state bonds that mature in 50 years as part of efforts to manage fiscal policy in a more stable manner, the finance ministry here said Tuesday.It will decide the exact timing of the issuance and detailed terms and conditions, as well as the amount, after collecting opinions from experts later this month, according to the Ministry of Strategy and Finance. The ministry said that a low interest rate trend and narrowed difference between long-term and short-term ra

Aug. 16, 2016

Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, said Tuesday that it returned to the red in the second quarter of the year from three months earlier, largely thanks to increased costs.Net loss came to 1.22 trillion won ($1.12 billion) in the April-June period, compared with a profit of 31.4 billion won in the previous quarter, the company said in a regulatory filing.Second-quarter operating loss came to 424 billion won, widening from an operating loss of 26.3 bill

Aug. 16, 2016