South Korea extended its current account surplus to a 28th consecutive month in June but saw the figure slip from the previous month as the surplus for goods narrowed, central bank data showed Tuesday.The current surplus reached US$7.92 billion last month, compared with a revised $9.08 billion in May, according to the preliminary data by the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.With the June data out, South Korea's current account surplus for the

South Korean stocks closed at their highest this year on Monday on improved economic data from China, the country’s No. 1 trading partner, and growing anticipation on a string of stimulus measures unveiled by the government, analysts said. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 14.96 points, or 0.74 percent, to close at 2,048.81. Trading volume was moderate at 343.3 million shares worth 4.56 trillion won ($4.44 billion), with lose

The South Korean government said Monday that it will introduce alternative online payment systems to offer foreign shoppers easier, simpler access to local shopping malls as part of its deregulation drive to boost the economy. The financial authorities have removed the authentification system that limited foreign shoppers from making direct purchases and caused inconveniences in May, but many shops and stores are still using the process for payments of more than 300,000 won ($293), citing securi

Conglomerates pressured to improve governance

The European Union’s legislative commission on Wednesday postponed its decision on whether to designate South Korea as a country conducting illegal deep-sea fishing on the heels of heightened efforts from the local government to hold off related sanctions. “After the European Commission had warned three countries ― Curacao, Ghana and South Korea ― that they were not doing enough to fight illegal fishing in November 2013, it will now grant each country an extra six months. The Commission will rev

　The European Union on Wednesday postponed its decision on whether to designate South Korea as a country conducting illegal fishing in the deep oceans on the heels of heightened efforts from the government here to hold off related sanctions. 　“After the European Commission had warned three countries -- Curacao, Ghana and South Korea -- that they were not doing enough to fight illegal fishing in November 2013, it will now grant each country an extra six months. The Commission will review their pr

South Korea's economy will grow 3.7 percent in 2014, the government predicted Thursday, revising down its previous estimate as it worried that anemic consumption and slowing exports growth could hurt its overall economic recovery.The latest estimate is lower than the 3.9 percent gain the government expected earlier this year, later hiked to 4.1 percent to reflect amended statistics standards, according to the finance ministry. The government also projected the economy will grow 4 percent in 2015

South Korean stocks took a breather Wednesday after hitting a yearly high the day before, closing flat from net selling by institutions and private investors, analysts said. The local currency rose against the U.S. dollar. Starting the day in negative territory, the benchmark Korea Composite Stock Price Index finished at 2,028.32, down a marginal 0.03 percent, or 0.61 point, from the previous trading session. Tuesday’s closing number of 2,028.93 was the highest for the country’s main bourse this

The dividend yield ratio of South Korea’s top 10 business groups averaged 0.8 percent last year, delivering even less than interest on bank deposits, industry data showed Wednesday.The 92 affiliates of the country’s top 10 conglomerates paid 7.29 trillion won ($7.13 billion) in dividends in fiscal 2013, posting a 0.82 percent dividend yield ratio, according to Chaebul.com, which tracks the country’s conglomerates. The dividend yield ratio, a percentage of the share price a company returns to inv

Finance Minister Choi Kyung-hwan and the nation’s business leaders met on Tuesday, agreeing to work together in boosting investment and alleviating government regulations.However, tension lingered as the two parties remained at odds on Choi’s plans to impose taxes on excessive corporate cash reserves. Local conglomerates, which have recently been stockpiling cash to prepare for future risks, are vehemently opposed. “In order to stabilize the economy, it is crucial that the business circles step

South Korean stocks ended at a yearly high Tuesday, bolstered by market expectations that economic policymakers are focused on fueling economic growth. The local currency rose against the U.S. dollar. Starting the day in positive territory, the benchmark Korea Composite Stock Price Index finished at 2,028.93, up 0.52 percent, or 10.43 points, from Monday’s close, brushing off geopolitical concerns such as the downing of a passenger plane in the Ukraine and the armed conflict in the Middle East. 

South Korea’s large-cap stocks lag behind their smaller local rivals in terms of both dividend payout ratio and dividend yield ratio despite their huge cash reserves, data showed on Tuesday.SK Telecom Co. and KT&G Corp. were the only large-cap shares among the 41 local stocks whose dividend yield ratios topped 3 percent for the third consecutive year, according to data compiled by Korea Exchange.SK Telecom, the country’s top mobile operator, posted an average dividend yield ratio of 4.83 percent