South Korea has closed the economic gap with Japan as its per capita gross domestic product has neared the level of its neighbor, mainly due to the currency exchange rate in 2015, a report showed Tuesday. Korea’s per capita GDP was estimated to stand at $27,226 in 2015, which reaches 84 percent of Japan’s $32,432, according to a report by Hyundai Research Institute.This is the first time that the gap in per capita GDP between the two countries comes below 20 percent since the International Monet

Business March 1, 2016

South Korea’s top financial regulator said Thursday it will push ahead with the second phase of financial reforms aimed at expanding a range of new services and sharpening the competitive edge. Financial Services Commission chairman Yim Jong-yong (Yonhap)The Financial Services Commission said it has mapped out the plan to reorganize listing procedures and the public subscription system in stock markets to facilitate better access to finance for Korean companies on the heels of last year’s reform

Business Feb. 25, 2016

Doosan Infracore, South Korea’s largest construction equipment maker, plans to list its unit Doosan Bobcat on Korea’s stock exchange this year to raise money to reduce debts. Doosan Bobcat, a subsidiary of Doosan Infracore, said Tuesday that it is seeking an underwriter for an initial public offering following Monday’s board meeting where the company chose Korea as its listing venue. Acquired by Doosan Infracore in 2007 for $4.9 billion from Irish manufacturer Ingersoll-Rand, Doosan Bobcat has 3

Feb. 23, 2016

South Korea’s outbound shipments are expected to fall by up to 0.5 percent in 2016 from a year ago amid tepid global demand, a report showed Sunday.  (Yonhap)“Sluggish global demand, and weaker European and Japanese currencies will drag down the nation’s exports by 0.4 to 0.5 percent in 2016 compared to 2015,” said the report compiled by the Export-Import Bank of Korea.The report underlined the increasing uncertainties of the Chinese economy and the impact of the U.S. interest rate hike as key f

Feb. 21, 2016

Korean bank customers will soon be able to make online transactions without using security cards or one-time passwords as the government is seeking ways to make online payments easier so as to drive innovation in the sector, financial authorities said Sunday. (123rf)“As a part of financial reforms, we plan to abolish the mandatory use of password-based authentication system by revising online financial transaction regulations during the first half of this year,” said an official from the Financi

Feb. 21, 2016

Hyundai Group chairwoman Hyun Jeong-eun said she would donate some 30 billion won ($24.4 million) of her personal funds in a bid to revive her group’s cash-strapped shipping unit Hyundai Merchant Marine, the firm said Thursday.  Hyundai Group chairwoman Hyun Jeong-eun“We have decided to raise share capital by issuing 6 million shares (at 5,000 won apiece) through a third-party allotment,” Hyundai Merchant Marine said in a regulatory filing. Hyun and her mother Kim Moon-hee will buy around 30 bil

Industry Feb. 18, 2016

The Chinese arm of South Korea’s biggest entertainment agency, SM Entertainment, is expected to list its shares in China following its partnership with Alibaba, a local brokerage said Thursday. EXO (SM Entertainment)The K-pop giant established two corporate entities, in Beijing and Shanghai -- both 100 percent owned by SM Entertainment -- through its subsidiary Dream Maker Entertainment in late 2015. “Dream Maker has the possibility to go public on the stock market in mainland China or Hong Kong

Industry Feb. 18, 2016

South Korea’s stock market will see another booming year with a record-high volume of initial public offerings in 2016, but a bearish market sentiment could hamper expectations, analysts said. Korea Exchange and Eugene Investment & Securities expect this year to rank as the best for IPOs with over 130 companies going public on the main bourse KOSPI and the secondary tech-heavy KOSDAQ to raise a combined 11 trillion won ($9 billion), beating the record high of 10.9 trillion won in 2010. Despite r

Feb. 17, 2016

Local banks and brokerage firms are rushing to attract more customers ahead of a new regulation that would allow the entry of a new savings product entailing bigger tax benefits, industry sources said Tuesday. (Yonhap)Starting from March 14, lenders and securities companies will be able to introduce the tax-exempt Individual Savings Account.With the ISA, users can manage a broad range of financial products including cash deposits, funds and stock investment accounts, from a single account. The g

Business Feb. 16, 2016