Seoul stocks to move in tight range next week

South Korean stocks are expected to move in a tight range next week as investors remain wary over the US-China trade row, analysts said Saturday. On Friday, the benchmark Korea Composite Stock Price Index ended down 17.25 points, or 0.83 percent, at 2,060.69 as China's third-quarter growth slowed to a 27-year low of 6 percent.This week, the KOSPI gained 0.79 percent. In a widely expected move, the Bank of Korea slashed its key rate to 1.25 percent from 1.5 percent this week -- the second rate cu

Oct. 19, 2019

US to consider S. Korea’s stance on looming auto tariffs: Mnuchin

As US President Donald Trump mulls a list of countries to impose auto tariffs on, US Treasury Secretary Steven Mnuchin said Washington will take South Korea’s stance on the matter into account, Korea’s Ministry of Economy and Finance said Friday. According to the ministry, Deputy Prime Minister and Finance Minister Hong Nam-ki requested the US Treasury support the exemption of South Korea from auto import tariffs on cars that the Trump administration deems a threat to national securi

Oct. 18, 2019

US to take into account S. Korea's position over possible auto tariff

US Treasury Secretary Steven Mnuchin has said Washington will fully take into account South Korea's position on possible auto tariffs, South Korea's finance ministry said Friday.Mnuchin made the remarks in Washington on Thursday (local time) during a meeting with South Korean Finance Minister Hong Nam-ki, who called for an exemption from US tariffs on South Korean automobiles, according to the ministry.Hong is in Washington for the Group of 20 finance ministers and central bank governors' meetin

Oct. 18, 2019

[News Focus] Korea to vitalize FTA talks with S. American countries

SEJONG -- South Korea has become the first Asian country to sign a free trade agreement with a Central American trade bloc, composed of five countries -- Honduras, Nicaragua, El Salvador, Costa Rica and Panama.The Korea-Central America FTA took effect on Oct. 1, as the initial effectuation with Honduras and Nicaragua. The deal with the other three will be implemented after ratification by their legislatures.Korea is pinning big hopes on its 16th FTA deal with the Central American countries, and

Oct. 17, 2019

Moon urges more expansionary budget spending, signals no shift in key economic policy

President Moon Jae-in said Thursday his liberal administration is determined to maintain its expansionary fiscal policy and continue efforts to revitalize civilian investment in response to deepening woes facing Asia's fourth-biggest economy.Moon reiterated that South Korea, like many other countries, is suffering economic troubles due to such external factors as trade disputes and the sharp shrinking of the global manufacturing sector. He was apparently undaunted by attacks from political oppon

Oct. 17, 2019

BOK slashes key rate to record-low 1.25%　

South Korea’s central bank on Wednesday cut the country’s key interest rate to 1.25 percent, reflecting the sluggish economic growth, low inflation and declining exports.Its second rate cut in three months -- to the lowest ever level -- is in line with the global trend toward monetary easing.“We have cut the base rate considering the lower-than-expected growth outlook and low inflation,” said Bank of Korea Gov. Lee Ju-yeol in a press conference. The BOK’s rate-setti

Oct. 16, 2019

Jobless rate hits 6-year low in September, job additions largest in 5 yrs

South Korea's jobless rate hit a six-year low in September and there were more new jobs added than at any time in the past five years, government data showed Wednesday.  The unemployment rate fell 0.5 percentage point on-year to 3.1 percent last month from a year earlier, marking the lowest level for any September since 2013, Statistics Korea said in a statement.In particular, the unemployment rate for young adults -- those aged between 15 and 29 -- declined to 7.3 percent last month from 8

Oct. 16, 2019

IMF lowers global economic growth forecast to lowest since financial crisis

The International Monetary Fund has forecast this year’s global economic growth rate at 3 percent, the lowest since the 2008 financial crisis, Seoul’s Ministry of Economy and Finance said Tuesday.It also lowered the outlook for South Korea to 2 percent, slashing 0.6 percentage point from its earlier outlook, data showed.In its World Economic Outlook Update, the IMF said that the world economy will grow 3 percent in 2019 and 3.4 percent in 2020.Its latest estimate is down 0.3 percenta

Oct. 15, 2019

S. Korea to lift regulations to boost exporters: Deputy PM

The government plans to eliminate various regulations that hinder the development of new technologies and overseas expansion of local firms amid the recent economic uncertainties, South Korea’s top financial policymaker said Monday.It is proposed to allow overseas affiliates of securities companies to take loans from Korean lenders, simplify the screening procedures for chemical facilities, and alleviate the authentication of certified industrial robots. “(The government) will lead t

Oct. 14, 2019

Biz sentiment worsens for Q4

South Korean manufacturers' business sentiment for the fourth quarter of the year worsened due to external uncertainties, a survey showed Monday.The business sentiment index, compiled by the Korea Chamber of Commerce and Industry, stood at 72 for the October-December period, slightly down from 73 the previous quarter, KCCI said in a statement. The BSI figure has stayed below the break-even threshold of 100 for the past 14 consecutive quarters. The last time the BSI was above 100 was in the third

Oct. 14, 2019

[News Focus] Korean stocks lag behind foreign rivals

SEJONG – It’s still too early to call it confidence, but optimism is growing among some capital-market participants and analysts in South Korea over the possibility that stock prices will rebound. They cite favorable external factors involving eased concerns about the trade dispute between the US and China as the prospects of a bilateral compromise grow.The benchmark Kospi has been swayed by external factors like global financial crisis over the past few years or decades. However, li

Oct. 13, 2019

Korea, Japan end 1st round of talks on trade row, agree to meet again

Korea and Japan on Friday ended their first round of talks on a bilateral trade dispute with an agreement to meet again for further consultations.    The two sides met in Geneva to discuss South Korea's complaint with the World Trade Organization over Japan's export controls against the South.    "We agreed that further consultations are necessary, and decided to schedule a second round of bilateral talks through diplomatic channels," Chung Hae-kwan, the c

Oct. 12, 2019

Seoul, Tokyo begin consultations over WTO dispute

South Korea and Japan launched their bilateral talks on Friday in Switzerland to discuss the ongoing trade row between the two Asian neighbors, the first step toward resolving the dispute at the World Trade Organization (WTO).    The meeting, held in Geneva, came after Japan implemented regulations on the export to South Korea of three industrial materials vital for the production of chips and displays.     Last month, South Korea formally filed a complain

Oct. 11, 2019

S. Korea to provide full support to boost industrial competitiveness

   South Korea will provide support worth more than 2 trillion won ($1.6 billion) each year to strengthen industrial competitiveness, the finance minister said Friday, amid an ongoing trade row with Japan.   Hong Nam-ki also said South Korea will push for a stable supply of key industrial materials, parts and equipment.   The move is the latest in a series of South Korea's efforts to reduce South Korea's heavy reliance on Japan in the key industrial sector amid Jap

Oct. 11, 2019

S. Korea voices hope for replenishment of Green Climate Fund

South Korea's finance minister expressed hope Thursday that Seoul's increased contribution to the U.N. Green Climate Fund could help with its successful replenishment. Hong Nam-ki made the comment in a meeting with Yannick Glemarec, executive director of the Green Climate Fund, at the government complex building in central Seoul.Last month, Asia's fourth-largest economy announced that it would double its contribution to US$200 million for this first round of the replenishment of the fund. Seoul

Oct. 10, 2019

Consumers overseas lust after Korean beauty products most: survey

Online consumers outside of South Korea are mostly interested in buying Korean brand beauty products like cosmetics and perfumes, a survey from the Korea International Trade Association showed Wednesday. The survey of 460 consumers in the US, China and Europe conducted by online shopping platform Kmall24 showed that 26 percent of them picked K-beauty as the most desired shopping category. Following that were K-pop-related products such as music albums and DVDs at 24 percent and food and beverage

Oct. 9, 2019

2.78 pieces of sushi sold a second at E-mart: data

Riding on word-of-mouth through social media, E-mart is seeing a whopping increase in its sales of sushi products, the retail chain said Wednesday.With 65 million pieces of sushi having been sold within the January to September period this year, E-mart said it expects sales to reach 100 million by the year’s end. An official explained the sales amount translates to 2.78 pieces of sushi being sold each second over that period.E-mart has been targeting the sushi market by using fresh fish in

Oct. 9, 2019

[New Economic Non-Order: 4] APEC becomes battleground for US, China

The Korea Herald is publishing a series of articles to look into the weakening of the global economic framework in light of fading liberalism and the rise of trade protectionism and nationalism. This is the fourth installment. -- Ed.After last year’s Asia-Pacific Economic Cooperation summit, the headlines announced a first in the forum’s 25-year history: Its 21 members had failed to reach a consensus on a joint communique, one repercussion from the ongoing US-China trade war. In rece

Oct. 9, 2019

BOK chief says economic slump may last but depends on US-China dispute

The ongoing slump facing South Korea and the rest of the world is widely expected to continue for some time, but the duration and degree of its impact will largely depend on how the trade conflict between the world's two largest economies will end, the chief of South Korea's central bank said Tuesday."The growth of the global economy is slowing down," Bank of Korea Gov. Lee Ju-yeol told the parliamentary finance committee at the start of its annual audit. "Such a slowdown is expec

Oct. 8, 2019

More than 1 in 10 S. Korean companies remain marginal in 2018: BOK

The number of companies unable to service their debts with earnings rose from a year earlier in 2018, posing a threat to the country's financial and economic stability, central bank data showed Tuesday.According to a report submitted by the Bank of Korea for parliamentary audit, the number of the so-called marginal companies came to 3,236 last year, up from 3,112 a year earlier.The number represents 14.2 percent of 22,869 companies here that are subject to external audit. Marginal firms refer to

Oct. 8, 2019