Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Job creation lowest on record among under-30s
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Opposition chief acquitted of instigating perjury
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Trade terms fall to over 3-year low in Q1
South Korea’s terms of trade worsened to the lowest level in over three years in the first quarter as high crude and commodities prices hiked import costs, the central bank said Monday.The country’s net terms-of-trade index for goods came in at 75.1 in the January-March period, down 6.4 percent from a year earlier, the Bank of Korea said in a report. The number also equals the terms of trade index tallied in the fourth quarter of 2008.The index is calculated by dividing the export price index by
May 14, 2012
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Banks’ short-term foreign borrowing falls in April
South Korean banks’ short-term overseas borrowing declined in April as lenders secured enough funds in the past few months to make it possible to cut back on incurring fresh debt, the financial watchdog said Monday.According to the Financial Supervisory Service, the spread on short-term foreign borrowing by local banks stood at 8.9 basis points, a drop from 15.3 basis points in March. A basis point is 0.01 percentage point.“The move by local banks to secure sufficient funds from late 2011 onward
May 14, 2012
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Shares dip on eurozone woes
South Korean stocks closed 0.18 percent lower Monday due to persistent European fiscal uncertainties, analysts said. The local currency fell against the U.S. dollar.After swerving in and out of positive territory, the benchmark KOSPI fell 3.40 points to 1,913.73, extending its losing run to four sessions. Trading volume was light at 386 million shares worth 3.97 trillion won ($3.45 billion), with losers clearly outpacing gainers 571 to 280.“Developments unfolding in Europe’s political landscape
May 14, 2012
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Regulator to inspect Nonghyup Bank, NACF
Financial authorities are set to launch an inspection into the National Agricultural Cooperative Federation and Nonghyup Bank over frequent online transaction system breakdowns and irregular lending practices.“We plan to begin a comprehensive check-up on Nonghyup Bank within May. The inspection will take more than a month,” an official at the Financial Supervisory Service said, suggesting the high intensity of the examination.Nonghyup Bank’s cyber network broke down several times after transacti
May 14, 2012
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World Bank to bring Korean development model to emerging markets
Korea is one of the world’s most connected countries with people enjoying high-speed Internet access and advanced information and communication technology. Its transportation system integrating with ICT is highly modernized and efficient.These are two of Korea’s most competitive development models the World Bank hopes to bring to developing and underdeveloped countries.Rachel Kyte, vice president of the World Bank, said whether it is fragile, poor, middle-income or low-income economies, they are
May 14, 2012
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Joris Dierckx to head BNP Paribas Seoul
BNP Paribas announced on Friday the appointment of Joris Dierckx as country head for Korea and general manager of BNP Paribas Seoul branch. Dierckx started his post on Monday. Dierckx has been the country head for Greece for BNP Paribas since 2010. He started his career in Asia in 2001 at Fortis Bank, where he held management positions in Singapore and Tokyo in the area of export and project finance. He served as country manager for Japan as well as acting head for Merchant Banking Asia. He has
May 14, 2012
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Seoul stocks to follow European, U.S. development, economic data
South Korean stocks are expected to be influenced by European political developments and U.S. economic data next week, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,917.13 on Friday, a drop of 3.62 percent or 72.02 points from a week earlier, mainly due to anti-austerity election results in France and Greece and disappointing U.S. labor market reports. The KOSPI tends to track Wall Street and reacts to overseas developments affecting trade and investments. Th
May 13, 2012
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Korea’s overseas property purchases reach $49m in Q1
Local residents’ acquisition of overseas real estate reached $49.5 million in the first three months of this year, government data showed Sunday.The figure represents an increase from $27.7 million recorded during the last quarter of last year but falls far short of $63 million, the quarterly average between 2010 and 2011, according to the Ministry of Strategy and Finance.North America was the most popular destination between January and March for South Korean real estate buyers, accounting for
May 13, 2012
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S. Korea's overseas property purchases reach $49 mil. in Q1
Local residents' acquisition of overseas real estate reached $49.5 million in the first three months of this year, government data showed Sunday.The figure represents an increase from $27.7 million recorded during the last quarter of last year but falls far short of $63 million, the quarterly average between 2010 and 2011, according to the Ministry of Strategy and Finance.North America was the mos
May 13, 2012
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Seoul stocks to follow European, U.S. developments, economic data
South Korean stocks are expected to be influenced by European political developments and U.S. economic data next week, local analysts said Saturday.The country's key stock index, the KOSPI, closed at 1,917.13 on Friday, a drop of 3.62 percent or 72.02 points from a week earlier, mainly due to anti-austerity election results in France and Greece and disappointing U.S. labor market reports. The KOSP
May 12, 2012
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Shares fall 1.43% on lack of leads
South Korean stocks closed 1.43 percent lower Friday on lack of upward momentum and growing European debt concerns, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 27.80 points to 1,917.13, in its third straight session of decline.Trading volume was moderate at 522 million shares worth 4.32 trillion won ($3.76 billion), with losers clearly outpacing gainers 607 to 206.“There was no real momentum to bolster the bourse and counter
May 11, 2012
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Seoul shares fall 1.43% on lack of leads
South Korean stocks closed 1.43 percent lower Friday on lack of upward momentum and growing European debt concerns, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 27.80 points to 1,917.13, in its third straight session of decline.Trading volume was moderate at 522 million shares worth 4.32 trillion won (US$3.76 billion
May 11, 2012
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Korea to grow 3.2% in 2012: KERI
South Korea’s economy is expected to grow 3.2 percent in 2012 in the face of persistent eurozone woes and uncertainties surrounding the U.S. and Chinese markets, a local think tank said Wednesday.The prediction made by the Korea Economic Research Institute is lower than the government’s official growth target of 3.7 percent set for this year, and 3.5 percent growth forecast made by the country’s central bank. The research arm of the Federation of Korean Industries, the leading business lobby, ad
May 10, 2012
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EU woes grip global, Korean economies: Minister Bahk
Growing concern over Europe’s debt problems is fueling global market uncertainties that are affecting South Korea’s economy, a senior economic policymaker said Thursday.In a weekly meeting of top economic officials, Finance Minister Bahk Jae-wan said political developments in some European countries are exerting a negative impact on the international financial market. “Developments are raising market volatility and influencing foreign exchange rates,” he said. He added that a slowdown in China’s
May 10, 2012
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BOK freezes key rate for 11th month in a row
The Bank of Korea on Thursday froze the benchmark interest rate for May for the 11th consecutive month, as widely expected, citing persistent fiscal woes in Europe and slow economic recovery at home. The BOK monetary policy committee unanimously agreed to keep the key seven-day repurchase rate unchanged at 3.25 percent, BOK governor Kim Choong-soo said. The decision came as the pace of Korea’s economic growth weakened, with consumption and investment dipping while exports maintained sound levels
May 10, 2012
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Shares down on European debt woes
South Korean stocks closed 0.27 percent lower Thursday as election results renewed European debt concerns and caused U.S. stocks to fall in overnight trading, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 5.36 points to 1,944.93, in the second straight session of decline.Trading volume was light at 404 million shares worth 4.36 trillion won ($4.29 billion), with losers outpacing gainers 431 to 389.U.S. stocks, which exert considerable influence on the KO
May 10, 2012
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BOK freezes key rate for 11th month in May
South Korea's central bank on Thursday left the key interest rate unchanged for the 11th straight month in May, as persistent European debt concerns and the weak pace of domestic economic growth challenge policymakers. Bank of Korea Gov. Kim Choong-soo and his fellow policymakers froze the benchmark 7-day repo rate at 3.25 percent for this month, as widely expected. The decision was in line with t
May 10, 2012
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Securities firms’ profits plunge 19.2% in 2011
Brokerage houses in South Korea saw their earnings nosedive 19.2 percent in fiscal 2011 from a year earlier due to decreased commission and stock-related income, the financial regulator said Wednesday.The combined net profit of 62 local and foreign securities firms operating here came to 2.26 trillion won ($1.98 billion) in the year that ended on March 31, down from 2.80 trillion won a year earlier, the Financial Supervisory Service said in a report.The weaker bottom line is attributable to an o
May 9, 2012
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Korea’s money supply almost flat in March
South Korea’s money supply remained nearly unchanged in March from the previous month as gains in short terms trusts and savings were offset by contractions in funds and certificates, the central bank said Wednesday.The country’s M2, a narrow measure of the money supply, reached a seasonally adjusted 1,768.5 trillion won ($1.54 trillion) in March, effectively unchanged from 1,756.3 trillion won for the previous month, according to the Bank of Korea. Compared with a year earlier, the M2 expanded
May 9, 2012
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Standard Chartered to foster trade between Korea, Southeast Asia
Standard Chartered Bank said on Wednesday it will bolster efforts to facilitate the growth of trade flows between Korea and Southeast Asia and assist Korean companies doing business in the region.“Standard Chartered is superbly positioned to facilitate the growth of trade flows between Korea and South East Asia. With our long history of over 150 years, deep local knowledge and a strong network in South East Asia, we are able to help Korean companies expand their businesses in these markets,“ Ric
May 9, 2012
