Seoul shares open flat

South Korean share prices opened nearly flat Thursday despite some support from tech and logistics stocks. Screens display market numbers at a South Korean brokerage in Seoul. (Yonhap)The benchmark Korea Composite Stock Price Index added 2.07 points, or 0.11 percent, to 1,847.52 in the first 15 minutes of trading.But the index soon fell into the negative, and was trading more than 1 percent lower at 1843.86 as of 9:46 a.m. Samsung Electronics opened 0.97 percent higher, and No. 1 chipmaker SK hy

Jan. 21, 2016

Barclays to completely pull out of Korea

British investment bank Barclays will shut its Korean operations after 39 years as the bank seeks to slash costs through global restructuring, sources said Wednesday.The London-headquartered financial institution will close its bank and equities units in Seoul before the end of the year as part of the wider pullback in Asia. “Barclays decided to exit from Korea to refocus on Hong Kong, Singapore and India markets in the Asian region,” an official of the bank said. Some 103 employees work for Bar

Jan. 20, 2016

Record amount of W50,000 bills issued in 2015

South Korea issued a record amount of 50,000 won banknotes -- the country’s highest denomination bills -- in 2015, according to data from the central bank.                South Korea’s highest denomination 50,000 won bills are being stacked at               a local bank. (Yonhap)Last year, the Bank of Korea issued some 20.5 trillion won ($16.99 billion) worth of 50,000-won notes, up 34.8 percent from the previous year, breaching the 20-trillion-won mark for the first time since it introduced the

Jan. 20, 2016

Global oil money expected to leave Korean bourse

Oil-producing countries will continue to pull their money out of the Korean stock market as they grapple with the prolonged slump in oil prices, a Korean brokerage house said Tuesday.  (Yonhap)According to KDB Daewoo Securities, the Korean equity market has suffered 15 trillion won ($12.45 billion) in net outflows from foreign investment since June 2015, and the biggest exit came from Saudi Arabia. “Of the amount, withdrawals by Saudi Arabia accounts for nearly 30 percent at some 4.5 trillion wo

Jan. 19, 2016

Former WB director takes helm of KIC

Eun Sung-soo, a former World Bank director and long-time Korean Finance Ministry official, has taken the helm of Korea’s sovereign wealth fund Korean Investment Corp, the Seoul-based fund said Tuesday. Eun Sung-sooEun, 54, began his three-year term on Tuesday, filling the void left by Ahn Hong-chul, a controversial leader who resigned in November after criticism for low investment returns, mismanagement and alleged irregularities. A prosecutorial investigation into the allegations is currently o

Jan. 19, 2016

Rising savings rate may further dampen consumption

Government policymakers are racking their brains to work out measures to boost domestic consumption to prop up the country’s sluggish economy. Briefed on 2016 economic policies last week, President Park Geun-hye urged them to step up efforts to expand domestic demand.While trying to bolster domestic spending, policymakers may be put into a dilemma over the country’s increasing savings rate.According to data from the Bank of Korea, the nation’s total savings rate rose from 35 percent in the first

Jan. 18, 2016

Cosmetics a bright spot in Korea’s stock market

The Korea Herald  publishes a series of articles looking at the performance of various sectors on Korea’s main bourse KOSPI. The following is the first installment. -- Ed.The Korean cosmetics industry will continue to be a bright spot for investors as companies continue to expand overseas beyond the Asian market with strong sales of skin care products at duty-free shops abroad expected to underpin strong growth, analysts said. Customers cram a duty-free store located at Lotte World Tower in Jams

Jan. 18, 2016

Consumer agency to sue SK chairman, mistress

A private financial consumer group said Monday that it would bring SK Group chairman Chey Tae-won and his mistress to the prosecution on charges of embezzlement and violation of the local foreign exchange control law.SK Group chairman Chey Tae-won (Yonhap)The Financial Consumer Agency referred the case to the Seoul Central District Prosecutors’ Office, alleging that the SK chairman’s 41-year-old mistress, identified by her surname Kim, made an unreasonably quick fortune through illegal transacti

Jan. 18, 2016

Korea aims to reach top 5 in exports

Korea’s new finance minister pledged Friday to improve the country’s trade competitiveness and target China’s consumer market to make it the world’s fifth-largest exporter. Finance Minister Yoo Il-ho (center) visits to the port of Pyeongtaek, one of the biggest maritime gateways on the west coast, on Friday. (Yonhap)“The team of new economic ministers will seek to pave the way for the country to become the global top 5 exporting country through industrial structure upgrading by discovering new m

Jan. 15, 2016

Finance Minister, BOK chief agree to work together

Two of the nation’s top economic policymakers have agreed to work together to shape fiscal and monetary policies for managing economic risks. Finance Minister Yoo Il-ho (left) greets Bank of Korea Gov. Lee Ju-yeol (Yonhap)Finance Minister Yoo Il-ho, who took office on Wednesday, met with Bank of Korea Gov. Lee Ju-yeol to discuss measures for bolstering Asia’s fourth-largest economy.The two officials were quoted as saying they would pursue “harmonious fiscal and monetary policies” to overcome the

Jan. 15, 2016