The Korea Herald

Mahindra Korea chief named new Indian chamber chairman

Jun 19, 2015

The Indian Chamber of Commerce in Korea has named Dilip Sundaram, senior vice president and country director of Mahindra Korea, as its new chairman.Dilip SundaramSundaram will take over the chamber’s chairman post formerly held by Novelis Asia president Shashi Maudgal starting July 1, according to ICCK.Before becoming the chief of Mahindra Korea in 2014, Sundaram worked as senior vice president and chief financial officer at Ssangyong Motor Company, in which Mahindra & Mahindra holds a majority
S. Korea to focus on reviving economic growth: finance minister

Jun 19, 2015

South Korea will place its top policy priority on putting the economy back on the path of recovery, the finance minister said Friday, amid escalating concern over the fallout of the Middle East Respiratory Syndrome outbreak on growth.In a meeting with the heads of the country's leading economic think tanks in Seoul, Choi Kyung-hwan also said the government will come up with "sufficient" measures to prop up economic recovery if necessary.Since the first outbreak was confirmed on May 20, MERS has
Producer prices fall for 10th month in May

Jun 19, 2015

South Korea's producer prices declined on-year for the tenth straight month in May in tandem with lower oil prices, data showed Friday.The producer price index, a barometer of future consumer inflation, reached 101.87 in May, falling 3.5 percent from a year earlier, according to the preliminary data from the Bank of Korea. The May reading gained 0.1 percent from a revised 101.76 in April.The on-year fall was attributed to weak oil prices.Prices of coal and petroleum products slumped 28.8 percent
Seoul shares up 0.34 pct on dovish note from FOMC

Jun 18, 2015

South Korean stocks ended 0.34 percent higher Thursday as the U.S. Federal Open Market Committee's dovish stance helped to soothe investor concerns over an early rate hike, analysts said. The local currency gained ground against the greenback.The benchmark Korea Composite Stock Price Index moved up 7.02 points to 2,041.88. Trading volume was low at 381.13 million shares worth 5.24 trillion won ($4.73 billion), with gainers beating decliners 443 to 378. Analysts said the relatively dovish stance
BOK to offer soft loans to MERS-hit biz sectors

Jun 18, 2015

South Korea's central bank said Thursday that it will offer 650 billion won ($587 million) in soft loans to business sectors hit hard by the outbreak of Middle East Respiratory Syndrome. Since the report of the first case on May 20, MERS has claimed 23 lives and infected 165 people, with more than 6,700 others put under quarantine. Local think tanks and foreign investment banks have warned the outbreak will adversely affect some sectors and hurt overall economic growth.The Bank of Korea said sup
MERS outbreak negative for S. Korea's credit: Moody's

Jun 18, 2015

The outbreak of Middle East Respiratory Syndrome in South Korea is negative for the country's credit rating as the contagious disease has dampened consumer sentiment in Asia's fourth-largest economy, Moody's Investors Service said Thursday.South Korea on Thursday reported three more deaths, bringing the death toll to 23. Confirmed cases stood at 16, with more than 6,700 people in isolation for possible infection after coming in close contact with MERS patients."The spread of the illness is credi
MERS clouds Q2 corporate earnings outlook

Jun 18, 2015

in South Korea is making a big dent on local companies, in particular domestic-focused players, with their second-quarter earnings estimates drastically cut, data showed Thursday. The operating income estimate for 224 listed firms inched down 0.4 percent as of Thursday compared to May 20, when the first case of MERS was reported in Asia's fourth-largest economy, according to data compiled by the corporate researcher FnGuide.Among 101 companies whose profits mostly rely on domestic consumption su
U.S. rate freeze seen to have limited impact on S. Korea

Jun 18, 2015

The U.S. Federal Reserve's decision to stand pat on its key interest rate is in line with market expectations and will have a limited impact on South Korea's financial sector, the government said Thursday.Officials attending a macroeconomic and financial policy meeting in Seoul chaired by Vice Finance Minister Joo Hyung-hwan said that while the Federal Open Market Committee adjusted growth estimates, it signaled the economy remained on track for an interest rate hike this year."With the U.S. Fed
Heads of 3 public firms face dismissal for lax management

Jun 17, 2015

Three state-funded corporation chiefs are facing dismissal and three others received a regulatory warning for negligent management, the Finance Ministry said Wednesday.In its announcement of the result of the 2014 assessment of 116 government agencies and public firms, the ministry said it has asked President Park Geun-hye to lay off two chiefs.They are Korea Resources Corp. president Koh Jung-sik and Korea Midland Power CEO Choi Pyeong-rak, both of whom took office in 2012 during the Lee Myung-
BOK chief hints at downgrade of growth forecast

Jun 17, 2015

The chief of South Korea's central bank on Wednesday hinted at lowering its 2015 growth estimate as downside risks have increased due to the expanding Middle East Respiratory Syndrome outbreak.When questioned by lawmakers on the chances of trimming the Bank of Korea's 3.1 percent growth outlook, BOK Gov. Lee Ju-yeol said such a scenario is possible "under the current circumstances, if other factors do not occur."The central bank is set to announce its revised economic outlook on July 9, when it
Think tank cuts 2015 growth forecast to 2.8 pct

Jun 17, 2015

A major South Korean think tank on Wednesday projected Asia's fourth-largest economy to grow 2.8 percent this year, down from its earlier forecast of 3.7 percent, citing the stuttering economy from a slump in exports and the unexpected outbreak of Middle East Respiratory Syndrome.Exports, the country's key growth engine, were forecast to grow 2.3 percent, slowing from a 2.8 percent increase in 2014, as unfavorable currency circumstances and weakening growth in China offset economic recovery in a
Foreigners turn to net sellers in S. Korea this month

Jun 17, 2015

Foreign investors have turned to net sellers of South Korean stocks in June on concerns over a looming interest rate hike in the U.S. and continued Greek debt standoffs, data showed Thursday.Offshore investors sold a net 859.6 billion won ($769.6million) in the main KOSPI market for seven trading days starting June 8, according to the data compiled by the Korea Exchange, the main bourse operator. They dumped a net 311.1 billion won worth of shares Tuesday, marking the biggest selling in five mon
Moody's cuts POSCO unit's credit outlook to 'negative'

Jun 16, 2015

Global credit appraiser Moody's Investors Service Inc. said Tuesday it has revised down the credit outlook for the construction unit of South Korean steelmaker POSCO to "negative" from "stable," citing its weak financial condition.The outlook revision for POSCO Engineering & Construction Co. is attributable to a forecast that its profitability and financial health will likely remain vulnerable for the next one to two years, the global appraiser added. POSCO E&C's EBITDA, or earnings before inter
MERS to cut Korea's growth by 0.3 percentage point: report

Jun 16, 2015

The outbreak of Middle East Respiratory Syndrome is likely to shave 0.3 percentage point off South Korea's 2015 economic growth as households scale back spending and foreign tourists cancel their visits, a report said Tuesday.Since the first case was confirmed on May 20, the viral disease has claimed 19 lives, sparking a serious health scare and fueling concerns it could negatively impact Asia's fourth-largest economy struggling with weak domestic demand and slumping exports."We now believe that
Gov't to focus on expanding exports in H2: official

Jun 16, 2015

The government will put the top priority of its second-half economic policy on kick-starting slumping exports and bringing the Middle East Respiratory Syndrome outbreak under control at an early date, a ranking official said Tuesday.South Korea remains gripped by the sluggishness of exports, a key growth engine. Since its outbreak on May 20, the viral disease has claimed 19 lives and sickened 154 people, throwing cold water on consumer spending that has begun to show signs of recovery."The gover