Business sentiments among South Korean manufacturers remained flat at low levels in July, a survey by the Bank of Korea showed Friday, with the auto industry's confidence plunging over sluggish exports.  The monthly business survey index, an indicator of the manufacturers' outlook for the coming month, was 78 in July, flat from a month earlier, according to the BOK survey. The index fell for a second straight month in June after rising to 83 in April. A reading above 100 means that more com

Economy July 28, 2017

South Korean stocks traded higher late Thursday morning, after Samsung Electronics, the top cap here, reported its all-time high earnings for the second quarter.  The benchmark Korea Composite Stock Price Index rose 6.73 points, or 0.28 percent, to 2,441.24 as of 11:20 a.m.Market kingpin Samsung Electronics gained 0.32 percent, while SK hynix, a major chipmaker, was up 3.89 percent.LG Chem, South Korea's top chemicals firm, rose 0.77 percent, while AmorePacific, the country's leading cosmet

Market July 27, 2017

South Korean small and medium-sized enterprises "indirectly exported" over 80 trillion won ($71.5 billion) worth of goods in 2015 by supplying raw materials or intermediate products to local exporters, an industry report showed Sunday. According to the report by the Korea International Trade Association, all production-related materials supplied to exporters, was valued at 170.8 trillion won ($152.6 billion) in the one-year period with SMEs responsible for 82.7 trillion won worth of go

Economy July 23, 2017

Talks to forge a mega free trade agreement encompassing Asia and Oceania will take place in India this week with countries striving for an early settlement of the accord, the government said Sunday.The Ministry of Trade, Industry and Energy said its chief FTA negotiator Yu Myeong-hui will lead a 60-person team to Hyderabad, India for the Regional Comprehensive Economic Partnership talks that run from Monday through Friday. RCEP involves the Association of Southeast Asian Nations, South Korea, Ja

Economy July 23, 2017

The number of counterfeit South Korean banknotes detected here in the first half of this year rose 36.5 percent from a year earlier, the central bank said Sunday. A total of 912 counterfeit bills were found in the January-June period, up from 668 in the same period last year, according to the Bank of Korea.The increase came as 469 10,000-won ($9) counterfeit bills with the same serial number were found.In South Korea, the 10,000-won bill is the second-highest denomination behind the 50,000-won b

Market July 23, 2017

South Korean banks posted surprisingly good first half earnings on the back of an economic recovery and an uptick in interest rate, industry data showed Sunday, stirring up concerns over their bonus plans amid ballooning household debt. According to the data, the country's four biggest banking groups -- Shinhan Financial Group Co., KB Financial Group Inc., Woori Bank and Hana Financial Group Inc. -- posted a combined 5.88 trillion won ($5.25 billion) in net profit for the first six months of the

Market July 23, 2017

South Korea's sole bourse operator has sent a warning to all listed companies against possible insider trading as it cracks down on unfair stock transactions, market sources said Sunday. In the warning sent to a combined 2,151 companies listed on the country's benchmark KOSPI, the secondary KOSDAQ and the tertiary KONEX on Thursday last week, the Korea Exchange said it will keep closer tabs on company officials who engage in stock trading using nonpublic information, sources said.The move came a

Market July 23, 2017

The size of assets under management by South Korea's state pension fund surpassed the 600 trillion won ($536.2 billion) mark for the first time ever, the government said Sunday. According to the Ministry of Health and Welfare, the total value of funds controlled by the National Pension Service reached 601 trillion won as of Monday, making it the world's third-largest in terms of size after Japan's Government Pension Investment Fund and the Government Pension Fund of Norway. The NPS has over 20 m

Economy July 23, 2017

South Korea's car exports to the United States have declined, rather than increased, after the two countries abolished import taxes last year as part of their free trade agreement, data showed Sunday.  The Korea Automobile Manufacturers Association published the analysis that rebuts a widespread belief in the US that lower tariffs increased Korean car sales in the country. It underlies the recent US calls for amendments to their five-year-old FTA. Korea's car exports to the US have increase

Economy July 16, 2017

A majority of South Korean retailers remain downbeat on their business conditions in the third quarter amid concerns over weak domestic demand and high household debt, a poll showed Sunday. The Korean Chamber of Commerce and Industry said its retail business survey index stood at 91 for the July-September period of the year, up from 90 from three months earlier.The figure is based on a poll of some 1,000 retail businesses in Seoul and six other major cities nationwide. A reading below 100 means

Economy July 16, 2017

South Korea's top economic policy chief said Sunday the government will promptly come up with measures to relieve smaller businesses of the burden from a decision to hike the minimum wage for next year. A panel representing the government, labor and management decided Saturday to raise the minimum hourly wage to 7,530 won ($6.64) for 2018, up 16.4 percent from this year. It is the highest on-year increase after a 16.6 percent hike in 2000.  "The decision will be a huge momentum for an

Economy July 16, 2017

The value of South Korea's overseas investment funds has jumped more than 40 percent over the past year as big-time investors look overseas for high returns despite the recent bull of the domestic stock market, data showed Sunday. According to the data by the Korea Financial Investment Association, the combined net worth of overseas investment funds came to 110.75 trillion won ($97.7 billion) as of Wednesday, up 40.4 percent from a year earlier.Funds investing in special overseas assets, excludi

Market July 16, 2017

South Korea's central bank is expected to maintain its key interest rate at a record low until mid-2018, according to an economist at Goldman Sachs on Saturday, after the Bank of Korea hinted that it may keep a dovish tone. Goldman Sachs economist Kwon Goo-hoon also expected the nation's inflation rate to slow down as prices of raw materials are predicted to fall off. This week, the central bank announced it will keep its policy rates at the present record-low of 1.25 percent for a 13th consecut

Economy July 16, 2017

South Korea's initial public offering market is expected to lose ground sharply in the second half of the year as several large candidates have scrapped or postponed their plans, sources said Sunday. The country's IPO market was white-hot in the first six months of the year thanks to share sales by South Korea's largest mobile games maker Netmarble Games Corp. and three other companies that were listed on the main stock market.The four companies raised 3.9 trillion won ($3.44 billion) by selling

Market July 16, 2017

South Korea's corporate lobbies on Sunday expressed concerns over a decision to hike the minimum wage for next year, saying it could worsen business conditions and hamper job creation.  A panel representing the government, labor and management decided Saturday to increase the minimum hourly wage to 7,530 won ($6.64) for 2018, up 16.4 percent from this year. It is the highest on-year increase after a 16.6 percent hike in 2000. "It was a decision that ignored small and mid-sized business

Economy July 16, 2017