Korea's overseas direct investment jumps 22% in H1

South Korea's overseas direct investment expanded 21.6 percent in the first six months of the year from a year earlier on a sharp rise in purchases of real estate overseas, government data showed Thursday.The country's overseas direct investment came to $21.75 billion in the January-June period, compared with $17.89 billion tallied in the same period last year, according to the data compiled by the Ministry of Strategy and Finance.Investments by financial institutions, including insurers, soared

Aug. 11, 2016

KDB inks partnership with State Bank of India

The state-run Korea Development Bank inked a memorandum of understanding with the State Bank of India, the country’s largest commercial lender, this week to form a business partnership, KDB officials said Thursday.Under the memorandum, a Korea Desk will be installed in the Indian government-invested SBI and mutual cooperation in syndicated loans and trade finance business will be strengthened, according to the officials. KDB chairman Lee Dong-geol (second from left, front row) and his SBI counte

Aug. 11, 2016

Korea's ICT exports shrank 6.6% in July

South Korea's exports of information and communication technology products fell 6.6 percent in July from a year earlier due largely to decreased shipments of flat displays and mobile phones, government data showed Thursday.ICT exports reached $13.02 billion last month, down from $13.93 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.It marked the 10th consecutive on-year decline since October last year.Exports of ICT goods accounted for 31.7 perce

Aug. 11, 2016

Seoul stocks open lower as global oil prices slump

South Korean shares opened lower Thursday, retreating from fresh yearly highs a day earlier, as the market came under pressure over a renewed slump in global oil prices. The benchmark Korea Composite Stock Price Index fell 5.42 points, or 0.27 percent, to 2,039.22 in the first 15 minutes of trading.The Bank of Korea is set to hold a rate-setting meeting, with many analysts expected the central bank to keep its key interest rate unchanged. Most large caps were in negative territory with market ki

Aug. 11, 2016

FSC chief says DSME still a big problem

The nation’s top financial regulator on Wednesday refuted criticism on its exclusion of Daewoo Shipbuilding and Marine Engineering from the latest credit screening process, adding that the ailing company is not exempted from government monitoring and remains a big problem. “The financial authority is well aware of the fact that DSME is a company in need of intense corporate restructuring and it is already under one of the toughest self-correcting plans,” said Yim Jong-yong, tge chairman of the F

Aug. 10, 2016

Korea's money supply up 7.2% in June: BOK

Money supply in South Korea grew more than 7 percent on-year in June, largely due to a rise in household debt, the central bank said Wednesday.The nation's "M2" totaled 2,335.5 trillion won ($2,135.4 billion) for the month, up 7.2 percent from a year earlier, according to the Bank of Korea. It marks a 0.7-percent rise from May.M2 is a measure of money supply counting the currency in circulation, including bank debentures and deposits with a maturity of less than two years, along with stock inves

Aug. 10, 2016

Tax revenue up by nearly 20 tln won in H1

South Korea's tax revenue increased by nearly 20 trillion won ($18.2 billion) in the first six months of the year on an increase in corporate and value-added taxes, the government said Wednesday.In the January-June period, the government collected 125.6 trillion won, up from 106.6 trillion won tallied over the same period last year, according to the Ministry of Strategy and Finance.The six-month tally represents 56.3 percent of the government's annual target of 222.9 trillion won.Corporate tax g

Aug. 10, 2016

FSC chief rules out aid for Hanjin Shipping

South Korea's top financial regulator on Wednesday said the country's largest shipping line, reeling from huge debts, should stand on its own feet or face court receivership.Yim Jong-yong, chairman of the Financial Services Commission, reaffirmed that the government has no plan to offer financial aid to Hanjin Shipping Co."Hanjin Shipping is in talks over ship mortgage loans with 34 financial institutions" in addition to charter rate negotiations and private debt rescheduling efforts, he said in

Aug. 10, 2016

Lotte most active player in Korean M&A market

Lotte Group, South Korea's fifth-largest conglomerate, was the most active among local business groups in the mergers and acquisitions field over the past six years, data showed Wednesday. The nation's top 30 business groups were engaged in 272 M&As worth a combined 46.75 trillion won ($42.9 billion) since 2010, according to CEO Score that tracks the nation's large enterprises.So far this year alone, 17 M&A cases worth 7 trillion won have been reported by the family-run conglomerates, called cha

Aug. 10, 2016

Unionized pilots of Korean Air urge tax probe into management

A labor union of pilots at the country's major flag carrier Korean Air on Tuesday accused their company and its leaders of evading taxes Tuesday, also calling for a probe by the national tax office.A group of some 150 Korean Air pilots gathered in front of the Seoul regional office of the National Tax Service and demanded the launch of an official tax investigation."As change from within seems impossible now, we hope to correct the immoral managerial behaviors of the company through a strict pro

Aug. 9, 2016

Seoul stocks hit 9-month high on foreign buying

South Korean stocks extended gains on Tuesday, with its main stock index hitting a nine-month high, as foreign investors continued to buy local stocks. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 12.66 points, or 0.62 percent, to close at 2,043.78. Trade volume was moderate at 433 million shares worth 4.09 trillion won (3.69 billion), with gainers outnumbering losers 491 to 302.The KOSPI last surpassed the 2,040-level on Nov. 6 last year. The

Aug. 9, 2016

Korea won’t change electricity charging scheme

South Korea’s Ministry of Trade, Industry and Energy said Tuesday that it is not considering changes to its electricity charging scheme for households, despite litigations against the state’s “unfair and excessive” billing amid the scorching summer heat.The government said that it would need social consensus before it can actually change the scheme, which it added was developed in favor of the low-income group.“This would need social consensus given that there are a variety of opinions on this s

Aug. 9, 2016

[Photo News] Public statement on extra budget

Finance Minister Yoo Il-ho (center) and other economic policymakers attend a news conference to make a public statement on the government’s extra budget spending in Seoul on Tuesday. (Yonhap)

Aug. 9, 2016

Finance minister calls for swift passage of extra budget bill

South Korea's finance minister on Tuesday called on parliament to quickly pass the extra budget bill to invigorate the economy, which has been in the doldrums amid faltering exports and slowing domestic demand."This is the right time for South Korea to revive momentum for an economic recovery," Finance Minister Yoo Il-ho said in a press conference in Seoul with other economy-related ministers, including Trade Minister Joo Hyung-hwan. "An extra budget bill will have less effect if we miss out on

Aug. 9, 2016

Korean shares edge up in late morning trading

South Korean shares traded slightly higher late Tuesday morning, with sentiment improved as OPEC hinted at taking actions next month to increase oil prices.The benchmark Korea Composite Stock Price Index rose 4.85 points, or 0.24 percent, to 2,035.97 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics shedding 0.57 percent, and global chipmaker SK hynix up 0.29 percent.Top carmaker Hyundai Motor gained 1.88 percent and its affiliate Kia Motors rose 1.34 percent. Amore

Aug. 9, 2016

Gov‘t to open financial information portal

South Korea's state financial watchdog on Tuesday said it will launch a new far-reaching financial information service next month as part of efforts to bridge the information divide."The Financial Information Network, http://fine.fss.or.kr, will offer financial consumers various kinds of useful information, which is necessary in making financial transactions," the Financial Supervisory Service said.The portal is scheduled to open Sept. 1, it added.The FSS and some public and private financial gr

Aug. 9, 2016

MMF's net value tops 130 tln won

The net asset value of money market funds in South Korea has exceeded 130 trillion won ($117 billion) for the first time, as investors have increasingly favored short-term financial instruments, data showed Tuesday.MMFs are short-term debt securities such as Treasury bills and commercial papers, considered as safe as bank deposits but with a relatively quick and high return.Their growing popularity here reflects an increase in "floating" capital amid unrelenting economic uncertainties at home an

Aug. 9, 2016