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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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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Opposition leader awaits perjury trial ruling
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Korea ranked 29th in globalization: report
Korea has been ranked the 29th most globalized country in the world, up four spots from last year, a study by consulting firm Ernst & Young said Wednesday.The latest ranking places Korea ahead of China (39th) and Japan (40th). Korea is now the fourth most globalized nation in Asia, after top-ranking Hong Kong, third-place Singapore and 12th-ranked Taiwan.“The process of globalization paused a little with the 2008 financial recession, but it is accelerating again with the sharing of technological
Jan. 25, 2012
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Ministry creates bureau on low birth rate, aging
The Finance Ministry created a new bureau tasked to tackle demographic challenges related to the aging population and low fertility rates, it said on Monday.Dubbed the Bureau of Future Strategy, the new team will be at Seoul’s central tower developing policy responses for the country’s long-term challenges threatening the sustainability of public finances.“Long-pending questions about the aging society and other demographic issues haven’t been getting proper attention. The new team will organize
Jan. 25, 2012
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Korean firms’ direct financing soars in 2011
Companies raise record 143 trillion won with stock and bond issuancesKorea’s direct financing surged last year as local firms rushed to secure extra capital in the face of the worsening eurozone fiscal crisis, data showed Wednesday. According to the Financial Supervisory Service, Korean companies raised a record 143.39 trillion won ($126.31 billion) in 2011 through stock and bond issuances, up 16.3 percent from 123.26 trillion won tallied the previous year. The sharp increase came as Korean comp
Jan. 25, 2012
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Euro breakup would cause global ‘meltdown, Soros warns
Billionaire George Soros said “the euro must survive because the alternative, a breakup, would cause a meltdown that Europe, the world, can’t afford,” Newsweek Magazine reported, citing an interview in New York ahead of his participation at the World Economic Forum in Davos. George Soros (Bloom
Jan. 25, 2012
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IMF cuts global growth on intensifying risks
The International Monetary Fund has lowered the world’s 2012 economic growth to 3.3 percent, down from its September projection of 4.0 percent, citing the faltering global recovery and greater risks.“The global recovery is threatened by intensifying strains in the euro area and fragilities elsewhere. Financial conditions have deteriorated, growth prospects have dimmed, and downside risks have escalated,” the IMF said in its update of the World Economic Outlook.The IMF said the downward revision
Jan. 25, 2012
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Korea, Bermuda to exchange tax info
NEW YORK (Yonhap News) ― Korea signed a bilateral agreement Monday with Bermuda on the exchange of tax information which officials said would serve as a stepping stone for the improvement in the two countries’ relations.South Korea proposed the Tax Information Exchange Agreement with Bermuda, known as a major tax haven in the North Atlantic Ocean, in 2009.“This pact, the first between South Korea and Bermuda, will be an important starting point for the development of ties between the two sides,”
Jan. 24, 2012
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Shares seen rallying this week
Korean stocks will likely extend their gains next week and approach to 2,000 points on the back of continued foreign buying and easing fears over the eurozone debt crisis, analysts said Saturday.Last week, the KOSPI rose 3.95 percent from the previous week to 1,949.89, closing at its highest level since the first-ever downgrade of U.S. sovereign rating on Aug. 5.The weekly gain came as France and Spain’s strong debt auctions helped stave off investor concerns following eurozone sovereign rating
Jan. 24, 2012
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Big brokerages earn half of profit from stock commissions
Major South Korean securities firms reaped more than half of their commission income from stock consignments in the fiscal first half, with the stock commission profits of the top 10 players exceeding 100 billion won ($88 million) on average, data showed Monday.The commission profits that 62 local securities firms earned by selling and buying stocks for their customers totaled 2.94 trillion won in the April-September period, accounting for 70.3 percent of their total commission income, according
Jan. 24, 2012
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Shinhan to launch ‘bank plus brokerage’ business
CEO says lender leading Korean banks’ globalization with 59 network channels in 14 nationsShinhan Bank plans to offer high-end financial products by launching an upgraded business sector this year that connects the commercial bank and its brokerage affiliate.“We are about to introduce the independent business sector. It is designed to elevate synergy between Shinhan Bank and Shinhan Investment Corp.,” bank president & CEO Suh Jin-won told The Korea Herald.While the bank and the securities firm o
Jan. 24, 2012
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Iran sanctions may hit exports, fan price hikes
Experts warn of Korea’s economic losses from joining U.S.-led punitive action on TehranKorea’s joining of the U.S.-led sanctions against Iran will fan inflation and cause $7 billion in losses for exporters a year, international relations experts warned Tuesday.Lee Hee-soo, a professor at Hanyang University, said the U.S. demand for Korea to reduce trade activities with Iran last week is the strongest push made in its 30 years of sanctions against Iran’s nuclear ambitions.“Iran is the No. 1 marke
Jan. 24, 2012
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Foreign investors buying Korean stocks despite Europe woes
Foreign investors are continuing to snap up Korean stocks, helping the local bourse stage a solid performance in recent sessions on renewed optimism over the eurozone debt problem. According to the Korea Exchange, the net amount of local stocks bought by foreign investors reached 4.3 trillion won ($3.7 billion) this month. The benchmark KOSPI, which closed at 1,825.74 on Dec. 29, ended up at 1,949.89 on Friday. Last week saw particularly strong buying by non-Korean investors on the local stock m
Jan. 24, 2012
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Big brokerages earn half of profit from stock commissions
Major South Korean securities firms reaped more than half of their commission income from stock consignments in the fiscal first half, with the stock commission profits of the top 10 players exceeding 100 billion won (US$88 million) on average, data showed Monday. The commission profits
Jan. 23, 2012
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Shares jump on foreign buying
Korean stocks jumped 1.82 percent Friday as signs of optimism in Europe and the U.S. eased jitters, whetting foreign investor appetite for risky assets, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI gained 34.83 points to 1,949.80. Trading volume was moderate at 397.4 million shares worth 7.24 trillion won ($6.38 billion) with gainers outpacing losers 490 to 353. “Shares gathered significant ground on eased pressure buttressed by a series of smooth debt aucti
Jan. 20, 2012
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Officials to discuss sale of Woori Finance this month
Low stock prices of the financial group could be hurdle for speeding up privatizationPolicymakers will hold their first official meeting of this year at the end of this month to revitalize the government’s stalled project to privatize Woori Financial Group.Newly formed members of the Public Fund Oversight Committee are scheduled to have a workshop on the state-controlled Woori Financial sale plan this month, according to government officials.The six members of the PFOC, under the wing of the Fi
Jan. 20, 2012
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KRX to accelerate overseas expansion
CEO discusses 2012 strategy, cross trading with Japanese exchange,corporate reforms and CSRKorea Exchange will accelerate its expansion into overseas markets this year, providing stock market solutions to strategic partners in Asia and elsewhere, its chief said. “Korea Exchange has formed solid partnerships with Southeast Asian countries by offering its market solutions, and is already making progress in central Asia, as well,” Kim Bong-soo, chairman and CEO of the KRX, told The Korea Herald. “
Jan. 19, 2012
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Finance minister urges active corporate investment, hiring
Korea’s finance minister urged the business community Thursday to ramp up its investment and hiring this year in order to help the nation’s economy tide over toughening economic conditions at home and abroad.In a meeting with heads of major business lobby groups in central Seoul, Bahk Jae-wan promised that the government will continue its efforts to improve the overall business environment by streamlining red tape deemed to be unnecessarily hampering activities in the corporate sector. “When the
Jan. 19, 2012
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Annuity savings booming on tax benefit, retirement plans
Financial firms conduct aggressive marketing campaign for customersThe total amount of Korea’s annuity savings has surged on the greater need for post-retirement plans and increased tax benefits, data showed Thursday.According to the Financial Supervisory Service and Woori Investment & Securities, the combined total of personal annuity savings held by local lenders, banks and fund management firms was estimated at 75 trillion won ($66 billion) as of end-December last year, up 25 percent from a y
Jan. 19, 2012
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Shares up 1.19 percent on market optimism
Korean stocks closed 1.19 percent higher on Thursday as investor sentiment got a boost from growing optimism over the eurozone debt crisis and surprisingly high U.S. economic data, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI closed up 22.58 points at 1,914.97. Trading volume was moderate at 368.4 million shares worth 6.36 trillion won ($5.59 billion), with gainers outnumbering decliners 467 to 337.“Overall, investor sentiment was positive following stron
Jan. 19, 2012
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Diageo Korea ordered to pay W216.7b for misreporting import prices
Korea Customs Service confirmed Wednesday it had ordered Diageo Korea last year to pay 216.7 billion won ($189.8 million) for having underreported prices when importing liquor over three years.The KCS confirmed the imposition, which would be the largest of its kind in amount levied on a business. The customs office said Diageo Korea’s transfer prices had stayed significantly lower than those of other liquor importers.“The import prices Diageo Korea reported were considerably lower than those rep
Jan. 18, 2012
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Foreign investment banks divided over key rate outlook
Foreign investment banks have contrasting opinions on the course of Korea’s policy rate as some bet on a rate freeze while others expect a rate cut, citing growing uncertainties stemming from eurozone risks, a report showed Wednesday.Korea’s benchmark seven-day repo rate currently stands at 3.25 percent after the Bank of Korea froze the rate for the seventh straight month in January.Four of 10 tallied investment banks, including Barclays Capital and Citigroup, said the BOK is expected to leave t
Jan. 18, 2012
