Corporate sentiment in South Korea hit a six-month low in February as companies remained increasingly worried about unfavorable business conditions at home and abroad, a survey showed Thursday.  According to the survey by the Federation of Korean Industries of the country's top 600 companies by sales, the business survey index for this month stood at 89.4, the lowest level since August when it was 89.  A BSI reading below 100 means pessimists outnumber optimists.  By sector, the sub indices for

South Korea's top economic policymaker sounded caution Thursday against raising corporate taxes, warning it could cause capital outflow and thwart economic recovery.  Speaking at a National Assembly interpellation session, Choi Kyung-hwan stressed it would be ill-advised for South Korea to mark up tax rates when other countries are doing the opposite.  "Raising corporate taxes can potentially lead to a slowdown in the economic recovery," the finance minister told lawmakers. Slower growth can lea

The newly elected chief of a major South Korean business lobby group said Thursday he will focus on helping small and medium enterprises expand overseas and boost exports as part of plans to improve the country's sluggish economic growth.   "(We) have a firm belief that further overseas expansion of our local firms will be the impetus for their growth as well as the country's development," said Kim In-ho, new chairman of the Korea International Trade Association during his inauguration speech.  

The value of mergers and acquisitions reported last year surged as many corporate realignments involved large companies, while total numbers dipped, South Korea's antitrust watchdog said Thursday,   The value of the reported M&As in 2014 jumped 27.3 percent to 210.3 trillion won, up 45.1 trillion won from 165.2 trillion won in 2013, the Fair Trade Commission said.  The number of transactions stood at 571, down by 14 cases, or 2.4 percent, from the year before. The total includes 451 domestic cas

Cargo processed at South Korean seaports fell slightly from a year earlier in January on a slump in exports and imports, the government said Thursday.  The amount of cargo handled at seaports here came to some 120.85 million tons last month, down 2.6 percent from 124.02 million tons in the same month last year, according to the Ministry of Oceans and Fisheries.  Import-export cargo slipped 0.8 percent on-year to about 103.44 million tons amid a drop in imports and exports.  The trade ministry ea

The prices of imported agricultural, livestock and fishery products fell in January compared with the month before, mainly due to a drop in fruits and processed food, customs data showed Wednesday.  According to the data by the Korea Customs Service, the price index for imported agricultural, livestock and fishery goods stood at 113.3 last month, down 3.9 percent from a month earlier, when numbers stood at 117.8. Import prices had been rising toward the end of 2014.   Compared to January 2014, t

South Korea's petrochemicals exports fell slightly last year, marking the first fall in five years since 2009, mainly due to a drop in demand in their biggest export destination, China, data showed Wednesday.   Exports of petrochemicals produced by South Korean firms declined 0.3 percent to $48.2 billion in 2014, with outbound shipment of petrochemicals to China dropping 6.2 percent to $22 billion, according to data by the Korea Petrochemical Industry Association.   The proportion of South Korea

South Korean households spent less on buying clothes and shoes last year, the first such fall on record, data indicated Wednesday, a trend economy watchers say reflect crimped spending.  According to Statistics Korea, a two-person household spent an average 169,000 won ($153) per month on clothes and shoes last year, down 0.1 percent from the year before.  This is the first dip since recordkeeping began in 2003.  While the drop is miniscule in number, it comes against the backdrop of increased h

Consumer sentiment in South Korea improved for a second month in a row in February as a growing number of people pinned hopes on economic recovery, data showed Wednesday.  The overall consumer sentiment index reached 103 in February, inching up from a revised 102 in the previous month, according to the Bank of Korea. A reading above 100 means that optimists outnumber pessimists.  After slumping by four notches in the aftermath of the Sewol ferry sinking in April last year, the monthly index has

Choi Kyung-hwan, South Korea's finance minister, denied Tuesday that he personally made the order to buy a disputed Canadian oil company Harvest Operation Corp. during the previous government.   In a parliamentary hearing to investigate problems with overseas resource development carried out by the 2008-2013 Lee Myung-bak government, lawmakers from rival parties exchanged strong words over Choi's role in the purchase of the Canadian company, which has been losing money and become the target of c

South Korea is determined to avoid Japan's "timidity trap," which was responsible for some 20 years of lost growth, by aggressively pursuing an expansionary policy stance, a senior policymaker said Tuesday.  In a keynote speech at a gathering hosted by the Korean Economics Association in Seoul, Vice Finance Minister Joo Hyung-hwan said Tokyo's passive macroeconomic policies are largely the causes of the so-called two lost decades. Such policies sapped total factor input, which led to a drop in t

Payments processed via debit cards continued to post double-digit growth last year as more card users switched to debit cards from credit cards for bigger tax benefits, central bank data showed Tuesday.  Daily debit card payments averaged 312 billion won ($282 million) in 2014, increasing 18.3 percent on-year and accelerating from 13.7 percent growth in 2013, according to the data by the Bank of Korea.  In the same period, credit card payments reached 1.4 trillion won, growing 3.1 percent from t

Thanks to the influx of Chinese tourists and their shopping sprees, Korea’s retail industry took a huge leap forward during the Lunar New Year’s holiday, from Feb. 18 to 22 this year, industry sources said.Around 130,000 Chinese tourists, often referred to as “youke,” reportedly visited Korea during the holiday period, according to immigration officials. Lotte, Shinsegae and Hyundai department stores, the country’s three major high-end retailers, said they saw double-digit growth in sale revenue

South Korea's top central banker said Monday that the central bank would maintain its easing policy to help Asia's fourth-largest economy keep its growth momentum, while closely monitoring financial stability.  The Bank of Korea has been keeping its policy rate steady at a record low of 2 percent for the fourth straight month up to February after trimming the rate two times, in August and October.  "Going forward, an easing policy mode will be maintained to support a growth momentum," BOK Gov. L