Late Samsung chief's stock value rises more than 21% this year

The stock value of Lee Kun-hee, the late chief of South Korea's top conglomerate Samsung Group, soared more than 21 percent this year due largely to a surge in the share price of group flagship Samsung Electronics Co., data showed Tuesday. The value of stocks held by Lee, who died on Oct. 25 after being bedridden following a heart attack in 2014, totaled 21.04 trillion won ($19.4 billion) as of Wednesday, according to the data from market researcher CXO Institute. It was up 21.1 percent from L

Dec. 8, 2020

S. Korea's tax revenue up W6.8tr in October

South Korea's tax revenue grew 6.8 trillion won ($6.3 billion) in October due largely to a rise in income tax revenue, the finance ministry said Tuesday. The country collected 39.1 trillion won in taxes in October, compared with 32.3 trillion won the previous year, according to the Ministry of Economy and Finance. The rise in tax revenue mainly came as income tax revenue rose 4.1 trillion won on-year to 10.5 trillion won. In October, the government's total revenue, including tax income, amoun

Dec. 8, 2020

Over 70% of state fiscal spending to be implemented in H1 2021 amid pandemic

The finance ministry said Tuesday it has allocated 72.4 percent of state fiscal spending to be implemented during the first half of next year in an effort to cope with the new coronavirus outbreak and an economic slowdown. The government plans to front-load 331 trillion won ($305.2 billion) of next year's fiscal spending totaling 459.9 trillion won in the January-June period, according to the Ministry of Economy and Finance. The amount is higher than 71.4 percent of the budget spending allocat

Dec. 8, 2020

China exports surge by forecast-beating 21.1% in November

China's exports rose in November at their fastest pace in almost three years, official figures showed Monday, as a surge in demand in key markets ahead of the festive period also helped the country post a record trade surplus. The reading is the latest spot of good news out of the world's number two economy, which has been enjoying a bounceback from virus-induced lockdowns that sent it into a rare contraction earlier in the year. Overseas shipments grew 21.1 percent on-year last month to $268

Dec. 7, 2020

S. Korea unveils road map to reach carbon neutrality by 2050

South Korea’s government vowed Monday to achieve carbon neutrality by 2050 by realigning the carbon emission tax cheme and nurturing ecofriendly automobile industries. When it comes to the introduction of new carbon tax rules here, however, immediate action would still be premature, officials said. “As can be seen in US President-elect Joe Biden’s vow for carbon neutrality, the paradigm shift into a sustainable economy is an unavoidable global trend,” Deputy Prime M

Dec. 7, 2020

Brokerages' Q3 profit rises 19.3% on robust gain in commission fees

South Korean brokerage firms saw their combined net profit rise 19.3 percent in the third quarter from three months earlier due mainly to a robust gain in commission fees, data showed Monday. The combined net profit of 56 brokerages stood at 2.16 trillion won ($1.9 billion) in the July-September period, compared with 1.81 trillion won, according to the data from the Financial Supervisory Service. The combined brokerage fees stood at 3.7 trillion won in the third quarter, compared with 3.2 tri

Dec. 7, 2020

Economic recovery momentum slows down amid flare-up in COVID-19 cases: KDI

South Korea's economic recovery momentum is slowing down due largely to a resurgence in new coronavirus cases, despite improving exports, a state-run think tank said Monday. The country's manufacturing sector sustained a moderate recovery on improving exports, but the service sector remained sluggish due to a flare-up in COVID-19 cases, according to a monthly economic assessment report by the Korea Development Institute (KDI). "Despite a recovery in the manufacturing industry owed to impr

Dec. 7, 2020

Foreign IBs slightly upgrade S. Korea's growth outlook

Foreign investment banks (IBs) have slightly upgraded their forecasts for South Korea's economic growth for this year on growing hopes of a recovery, a report showed Monday. However, economic uncertainties are high over a third wave of coronavirus infections, with the country reporting more than 600 daily new cases for the second straight day. As of end-November, nine major global IBs, including Barclays and Goldman Sachs, projected Asia's fourth-largest economy to shrink 1.1 percent this ye

Dec. 7, 2020

Almost 30% of instructors at private institutes lost jobs amid pandemic: survey

More than one out of four instructors at private institutes lost their jobs during the course of the new coronavirus pandemic, predominantly without unemployment benefits, a survey showed Monday. In an online survey on the effect of COVID-19 on 500 instructors released by Gabjil 119, a workers' advocacy group, 27 percent of the respondents said they experienced unemployment in the past 10 months since the virus outbreak. Commissioned by Gabjil 119, the survey was conducted from Nov. 20-24 on

Dec. 7, 2020

Gold prices on downswing amid stock market surge

Gold prices in South Korea have been on the skids in recent months amid a soaring local stock market, data showed Monday. A gram of gold changed hands at 64,320 won ($59.23) on the domestic market Friday, down 0.80 percent from the previous session, according to the Korea Exchange. The closing prices were down 19.7 percent from an all-time high of 80,100 won per gram recorded on July 28 this year. International prices of the yellow metal have also dropped to the $1,800 range per ounce from th

Dec. 7, 2020

S. Korea's imports of Japanese beer jump in Oct. amid weaker boycott

South Korea's imports of Japanese beer spiked in October from a year earlier due to stepped-up marketing activities amid a weaker local boycott of goods from the neighboring country, data showed Monday. Seoul brought in $370,000 worth of Japanese beer in October, up a whopping 873.7 percent from the same month last year when the boycott was in full swing, according to the data from the Korea Customs Service and the liquor industry. Imports of Japanese beer had been on the upswing in recent mon

Dec. 7, 2020

[Women in Finance] Finance industry faces gender equality test in time of crisis

The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared to other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, reflect on changes being made, and explore ways to boost inclusion in the sector. -- Ed. In the face of the unprecedented pandemic crisis, improved gender equality is no long

Dec. 6, 2020

Recovery of private consumption needs more expenditure by high-income group: report

The high-income group should spend more to revive South Korea's public consumption amid the COVID-19 pandemic, a report said Sunday. Public consumption has recovered slightly from the second quarter of the year, but it is still lackluster compared with before the new coronavirus pandemic occurred, said the report by the Korea Institute of Finance (KIF). According to data from the Bank of Korea (BOK), private consumption rose an average 0.7 percent from 2017 to 2019. But the first quarter o

Dec. 6, 2020

S. Korea's economy forecast to recover in 2nd half of next year: report

South Korea's economy is predicted to recover from the downturn caused by the COVID-19 pandemic in the second half of next year unless the pandemic resurges, a report said Sunday. But the report by the Hyundai Research Institute said the South Korean economy is expected to face another downturn in the first quarter of next year if the pandemic resurges. A resurgence of the pandemic next year would cause the economic recovery of the country to be delayed till the first half of 2022, the repor

Dec. 6, 2020

11 logistics firms fined W5.45b over price collusion

South Korea's antitrust regulator said Sunday it has decided to fine 11 logistics firms a combined 5.45 billion won ($4.98 million) for colluding to fix their bidding prices for transportation of imported agricultural products. Leading logistics firms CJ Logistics, its rival Lotte Global Logistics and 10 other firms colluded to fix their quotations in 2006-2018 for 60 rounds of bidding over distributions of imported agricultural goods, according to the Korea Fair Trade Commission (KFTC). They

Dec. 6, 2020

Q1 exports outlook rosy: poll

A majority of South Korean exporters expect their business conditions to improve in the first quarter of next year on the back of the growing hope over the post-pandemic economic recovery, a survey showed Sunday. The country's export business survey index (EBSI) for the January-March period in 2021 came to 112.1, according to a survey carried out by the Korea International Trade Association (KITA). It marks the first time since 2017 that the EBSI has exceeded 110. A reading above 100 means op

Dec. 6, 2020

Current account surplus rises to three-year high in Oct.

South Korea’s current account surplus, a key barometer of the nation’s trade, surpassed $10 billion for two consecutive months and hit a three-year high in October, the central bank said Friday. The surplus increased 48.9 percent on-year to $11.6 billion in October on the back of recovering exports, despite the coronavirus pandemic, according to the Bank of Korea. It marked the largest surplus since September 2017, when the corresponding figure stood at $12.3 billion, and the t

Dec. 4, 2020

No. of working moms with underage children dips by most amid pandemic

The number of working mothers with underage children fell by the most during the six-month period ending in April as the job market remained sluggish amid the new coronavirus outbreak, data showed Friday. The number of working mothers with children aged under 18 reached 2.67 million as of end-April, down 5.5 percent from a year earlier, according to the data by Statistics Korea. It marked the sharpest decline since 2016, when the statistics agency began compiling related data. The fall was ma

Dec. 4, 2020

Foreign ownership of S. Korean land rises 1.2% in H1

Foreign ownership of South Korean land rose 1.2 percent in the first half of 2020 from the end of 2019, the land ministry said Friday. Foreigners owned 251.6 square kilometers -- slightly more than four times the size of Manhattan -- at the end of June. It represents 0.25 percent of South Korea's total land area, the Ministry of Land, Infrastructure and Transport said in a statement. The value of land held by foreigners increased 1.4 percent to 31.21 trillion won ($28 billion) over the cited

Dec. 4, 2020

S. Korea's current account surplus hits 3-year high in October on export recovery

South Korea's current account surplus hit a three-year high in October as exports showed signs of a modest recovery amid the coronavirus pandemic, the central bank said Friday. The current account surplus reached $11.66 billion in October, widening from a surplus of $10.13 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. It marked the largest surplus since September 2017. Since the country logged a deficit o

Dec. 4, 2020