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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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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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Job creation lowest on record among under-30s
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NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
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Consumer inflation slows in March
South Korea’s consumer prices grew at a slower pace in March than a month earlier amid the government’s push to tame inflationary pressure, a report showed Monday.According to the report by Statistics Korea, the country’s consumer price index rose 2.6 percent in March from a year earlier, slowing from a 3.1 percent gain in February. The index lost 0.1 percent compared to a month ago. Last month’s reading is the lowest in 20 months and marks the first time since August 2010 that inflation stood i
April 2, 2012
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Korea should seek more trade agreements: Bahk
Finance minister discusses major economic issues in interview with The Korea HeraldThe following are excerpts from the interview with Finance Minister Bahk Jae-wan. ― Ed. Korea Herald: How meaningful is the Korea-U.S. FTA?Bahk: Korea’s relationship with the United States has gone through many ups and downs but the deal essentially is a major turning point in that it isn’t just about lowering taxes for more trade benefits. The effectuation of the trade pact should become an opportunity for Korea
April 2, 2012
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Samil PwC chairman’s term extended
Ahn Kyung-tae, chairman and territory senior partner of Samil PricewaterhouseCoopers, will serve as the chief of the accounting firm for five more years.The nation’s largest accounting firm’s panel, composed of 13 executives, endorsed Ahn’s consecutive terms at a board member meeting last Friday.Ahn was initially appointed to top post of the Korean network firm of U.S.-based PwC in 2003, following the retirement of Suh Tae-sik, who founded Samil Accounting Corp. in 1971. Ahn, a certified public
April 2, 2012
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Moody’s raises Korea’s outlook to positive
Moody’s Investors Service on Monday raised Korea’s sovereign credit outlook to “positive” from “stable,” placing the country right below Japan and Taiwan for strong fiscal fundamentals and resilience in external financing. “Korea’s fiscal fundamentals are very well-placed among its like-rated advanced and emerging economy peers. Its fiscal fundamentals have withstood the global financial crisis, as well as the ongoing eurozone crisis and the drag in global growth,” the credit rating agency said
April 2, 2012
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Financial chief promises measures to boost foreign currency deposits
Minister Bahk says Korea-U.S. FTA a ‘third opening’ in bilateral relationsSouth Korea will soon announce a set of measures to encourage saving in foreign currencies, Finance Minister Bahk Jae-wan said, announcing a plan to boost the private sector buffer against possible capital flight.Detailing the need for a stronger firewall on top of the central bank’s $306.4 billion in foreign exchange reserves, Bahk told The Korea Herald that the ministry would announce a set of incentives for depositors t
April 2, 2012
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Food exports to reach $30b by 2020: minister
This is the fifth of a series of interviews with top officials and trade-related association chiefs on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed. Despite the expected blow to Korea’s agricultural industry in the wake of its free trade pacts with the United States and the European Union, the nation’s food exports will top $30 billion by 2020, the agriculture minister said.Listing the fresh wave of K-pop as a major potential boost to the industry, Agriculture Minister Seo Gyu-yong ex
April 1, 2012
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Gap between inward and outward FDI widens: report
South Korea’s outward foreign direct investment continues to rise while the inflow of such funds remains sluggish, data showed Sunday.The Ministry of Strategy and Finance said in a report that OFDI has climbed at an annual average of 24 percent since 2000 but inward foreign direct investment has grown at a mere 3 percent during the same period. The net outflow of foreign direct investment is expected to continue as Korean companies invest more in foreign markets. In contrast, the inflow of forei
April 1, 2012
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Shares remain flat despite economic woes
Korean stocks finished almost unchanged on Friday as fresh concerns over the global economy were muted by the buying of undervalued stocks, analysts said. The local currency rose against the U.S. dollar. After volatile trading, the benchmark Korea Composite Stock Price Index lost 0.37 point, or 0.02 percent to close at 2,014.04. Trading volume was moderate at 445 million shares worth 5.25 trillion won ($4.63 billion) with gainers outpacing 509 to 317.“Upside momentum of the U.S. economy is weak,
March 30, 2012
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Woori seeks M&A and privatization at the same time
Woori Financial Group chairman Lee Pal-seung said the group would seek mergers and acquisitions in the non-banking sector and the state-controlled group’s privatization concurrently.“Though it (the non-banking unit M&A) may be desirable after we complete the privatization, the best timing for M&As is now,” Lee told reporters Friday.Lee reiterated his resolution to take over at least one financial company in the non-banking sector such as insurance and credit card, as he said that the “financial
March 30, 2012
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Korea’s purchasing power tops $30,000 for first time
GDP growth records 3.6 percent in 2011, thriving exports offset lackluster consumptionKorea’s per capita gross national income is estimated to have surpassed $30,000 (34.2 million won) for the first time in history last year when the actual purchasing power of the population is reflected.The Bank of Korea said Friday that the per capita GNI posted $22,489 in 2011, inching up 1.5 percent from a year earlier.But per capita GNI adjusted for purchasing power parity, or the average buying power, is e
March 30, 2012
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ASEAN Plus Three doubles swap deal to $240b: reports
Korea, Japan, China and 10 Southeast Asian countries on Wednesday agreed to double their reserve pool to $240 billion to better absorb shocks against possible crisis from Europe, the Kyodo news service reported.Deputies of finance ministries at members of the Association of Southeast Asian Nations Plus Three have agreed to double their currency swap deal, known as the Chiang Mai Initiative, at their meeting in Cambodia, Kyodo reported.The deal, designed to buffer the region from external shocks,
March 29, 2012
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Shares sink 0.85% on U.S. recovery woes
South Korean stocks dropped 0.85 percent on Thursday on concerns that the U.S. economic recovery is still weak, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 17.33 points to close at 2,014.41, extending its losing streak to a second day. Trading volume was moderate at 446 million shares worth 4.91 trillion won ($4.32 billion) with losers outpacing gainers 603 to 222.“Today’s decline is due mainly to worries over the U.S. economy and the eurozone economy,
March 29, 2012
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Eximbank to offer loans for Vietnam development projects
Export-Import Bank of Korea will extend loans for several development projects pushed by the Vietnamese government.The loans totaling $58 million will be offered to Vietnam via the Economic Development Cooperation Fund, set up by the Korean government in 1987, according to the state-run bank.Korea Eximbank chairman and president Kim Yong-hwan signed a memorandum of understanding with Vietnamese Finance Minister Vuong Dinh Hue on the development funds in Seoul on Thursday.“The projects include pr
March 29, 2012
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Groups eye non-banking sector
Financial firms seek to diversify profit amid control of banks’ loansThe nation’s four major financial groups are revitalizing their competition to expand non-banking businesses to overcome the saturated banking industry.Though chiefs of the groups ― KB, Woori, Shinhan and Hana ― had vowed to enhance the non-banking sector, the ratio of their dependency upon the banking business is still high.The ratio of banking business accounts for more than 80 percent of the total, far surpassing the three m
March 29, 2012
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Korea returns to current account surplus in Feb.
South Korea’s current account balance shifted back into the black in February from a deficit a month earlier on solid exports of key products, the central bank said Thursday.The current account surplus reached $640 million last month, compared with a $970 million shortfall in the previous month, according to the Bank of Korea. The February figure, however, was lower than a $1.13 billion surplus a year earlier.In January, the country ran a current account deficit for the first time in two years.
March 29, 2012
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Asset managers’ earnings plummet by 30 percent
Asset managers in South Korea saw their earnings shrink almost 30 percent in the first nine months of fiscal 2010 as mutual fund investors increased fund redemption amid market volatility, the financial watchdog said Thursday.The combined net profit of 82 asset managers operating in the country came to 219 billion won ($192 million) in the April-December period, compared with 310 billion won a year earlier, according to the Financial Supervisory Service.The earnings slump came as rising fund red
March 29, 2012
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Kim in 3rd year, but reviews mixed
BOK governor brings changes during a turbulent period for Korean economyBank of Korea Gov. Kim Choong-soo enters the third year of his term on April 1 amid a mixed assessment of the changes he has brought to the Korean economy and the central bank in particular. Kim, who formerly served as a presidential economic advisor, spearheaded a series of reforms at the top bank such as strengthening its research function and placing younger professionals at key posts. During the early period of his term,
March 28, 2012
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Shares edge down after Tuesday surge
South Korean stocks finished 0.39 percent lower on Wednesday after a sharp gain in the previous session and Wall Street’s retreat, analysts said. The local currency fell against the U.S. dollar. The benchmark KOSPI lost 8.02 points to close at 2,031.74. Trading volume was moderate at 426 million shares worth 4.99 trillion won ($4.39 billion) with losers outpacing gainers 467 to 340. The local currency finished at 1,135.40 won to the greenback, down 1.2 won from Tuesday’s close, on a bearish stoc
March 28, 2012
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Hana chief vows to expand insurance unit
Kim stresses significance of overseas opportunities in face of saturated local marketHana Financial Group chairman Kim Jung-tai unveiled his business policy to bolster the insurance sector during his first news conference as the group’s new chief.While the group has been operating a joint life insurance venture in coordination with HSBC, Kim expressed his willingness to expand the insurance business via mergers and acquisitions.“The insurance sector is the weakest among our business units,” he s
March 28, 2012
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European risk and oil major risks for Korean economy: IMF No. 2
David Lipton, first deputy managing director of the International Monetary Fund, on Tuesday warned that the Korean economy still faces “serious” risks from the ongoing European fiscal crisis, wild capital flows and inflationary pressure.“There remain serious risks (for Korea), including risks of recurrence problems from Europe, inflationary pressure and volatile capital flows, as well as the possibility of oil price increases,” Lipton told reporters in Seoul. On a trip to discuss the possible ex
March 27, 2012
