Unemployment rate in South Korea fell to 3.7% in May

[THE INVESTOR] Although the youth unemployment rate in South Korea remains high, it fell slightly in May, with a rise in employment in the health and accommodation industry, according to a government report on June 15. According to the report by Statistics Korea, the fourth-largest economy in Asia had a jobless rate of 3.7 percent last month, compared to 3.9 percent in April. The seasonally adjusted unemployment rate remained flat at 3.7 percent in May. Job creation soared compared to the previo

June 15, 2016

Seoul fails to make MSCI cut

[THE INVESTOR] South Korea failed to put its stock market back on Morgan Stanley Capital International review list of developed market index candidates after failing to accept requirements from the widely followed global index provider, the financial regulator said Wednesday. MSCI cited the absence of an around-the-clock market to exchange Korean won with other currencies and delays in Seoul‘s packages of financial reforms that will take effect after 2017, as some of the main reasons, the Financ

June 15, 2016

Seoul bourse opens lower on pending Fed decision

[THE INVESTOR] South Korean shares opened lower June 15 in light of growing “Brexit” rumors and investors adopting an uncertain attitude while waiting for the decision on rates by the U.S. Federal Reserve. The benchmark Korea Composite Stock Price Index slid down by 0.87 point, or 0.04 percent, to 1,970.16 in the first 15 minutes of trading. As decision on the U.S rate has been inching toward finalization since June 14, investors are keen on receiving more information on the matter.  123rf.Marke

June 15, 2016

Seoul rejects some MSCI requirements

[THE INVESTOR] South Korean government authorities have rejected some of the requirements issued by Morgan Stanley Capital International Inc. for joining its list of developed market index candidates.“Requests, such as operating an around-the-clock market to exchange Korean won is going to be tough,” said FSC Vice Chairman Jeong Eun-bo. “This is owing to Korea’s high reliance on exports, making market stability an important factor.” On June 14, MSCI said the Seoul bourse had failed to make it to

June 15, 2016

Seoul bourse opens lower on pending Fed decision

[THE INVESTOR] South Korean shares opened lower June 15 in light of growing “Brexit” rumors and investors adopting an uncertain attitude while waiting for the decision on rates by the U.S. Federal Reserve. The benchmark Korea Composite Stock Price Index slid down by 0.87 point, or 0.04 percent, to 1,970.16 in the first 15 minutes of trading. As decision on the U.S rate has been inching toward finalization since June 14, investors are keen on receiving more information on the matter. (Yonhap)Mark

June 15, 2016

Samsung Heavy plans drastic labor cut by 2018

[THE INVESTOR] Samsung Heavy Industries Co. will cut its workforce by up to 40 percent by 2018 as part of restructuring plans, its CEO Park Dae-young revealed on June 15. At present, the company’s regular workforce stands at about 13,000 workers. Speaking on the company’s internal broadcasting network, Park said that between 30 to 40 percent of the workforce will be cut by the end of 2018. He also said that the company will begin a voluntary redundancy campaign this year aiming to cut the workfo

June 15, 2016

Lotte Card begins restructuring

[THE INVESTOR] Lotte Card has begun restructuring process, a local daily reported on June 14. The move comes while the authorities are turning up the heat on Lotte Group in an expanding corruption probe. Since June 10, the prosecutors’ office has been raiding Lotte Group offices and questioning officials over alleged embezzlement. According to the news report, Lotte Card launched a voluntary retirement scheme on June 14 in a move unusual for a Lotte firm. Employees above the age of 45 and those

June 14, 2016

Brexit to weigh down Korean financial market

[THE INVESTOR] As the vote over whether Britain should leave or remain in the European Union is drawing near, analysts are issuing a series of warnings that Britain’s EU exit, or “Brexit,” would have a severe impact on the global economy.A Brexit would also deal a blow to Korea, whose biggest free trade partners include the EU, as investors are expected to pull their funds out of Asian markets exposed to risks stemming from Britain’s EU referendum.(Yonhap)Confidence has already begun to be negat

June 14, 2016

Seoul stocks down on Fed meeting, Brexit woes

[THE INVESTOR] South Korean stocks fell for four straight sessions on Tuesday as investors awaited the U.S. Federal Reserve‘s meeting amid concerns over Britain’s possible exit from the European Union. The Korean won edged up against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 7.05 points, or 0.36 percent, to close at 1,972.01. Trade volume was moderate at 434.38 million shares worth 4.91 trillion won ($4.19 billion), with losers far outnumbering winners 546 to 259.(Yonh

June 14, 2016