The Korea Herald

Korean shares open lower

Oct 21, 2016

South Korean shares started mildly lower Friday, tracking overnight losses on Wall Street, amid a renewed uncertainty over the European Central Bank's monetary policy. The benchmark Korea Composite Stock Price Index dropped 8.15 points, or 0.4 percent, to 2,032.45 in the first 15 minutes of trading.In New York, the Dow Jones industrial average closed at 18,162.35, down 40.27 points, or 0.2 percent, from a day earlier, after the ECB kept its policy rate unchanged and some major US firms issued di
Korea, EU see surge in intellectual property rights exchange

Oct 20, 2016

Experts of intellectual property rights gathered for the fourth annual Korea-EU Intellectual Property Rights Conference on Thursday, highlighting the rising exchange of intellectual property rights and sharing recent legal developments in the field. The conference, organized by the European Chamber of Commerce in Korea, drew 200 participants and 25 speakers from both public and private sectors to share information on the current status and recent developments in Korea and Europe as well as tech
KIPO vows to offer strategic consulting for UAE

Oct 20, 2016

South Korea vowed to provide the United Arab Emirates strategic consulting to establish a patent screening agency there as part of a move to boost global ties in the intellectual property sector, the Korean office said. Korean Intellectual Property Office Commissioner Choi Dong-gyou and Mohammed al-Shihhi, the undersecretary of the UAE Ministry of Economy, inked a memorandum of understanding on the strategic consulting at the high-ranking bilateral talks held at the 56th World Intellectual Prope
Economically active foreign residents surpass 1m

Oct 20, 2016

The number of economically active foreigners in South Korea surpassed 1 million as of May this year for the first time, government data showed Thursday.According to data by Statistics Korea, the total number of foreign residents aged 15 or older came at 1.42 million in May, rising 3.7 percent from a year earlier.Among foreign residents, the number of economically active population inched up 1.9 percent in May from a year earlier to hit over 1 million.The number of foreigners working in Asia’s fo
[Monitor] Rising costs for owners living in own home

Oct 19, 2016

While overall prices are on a downward trend, the cost of residing in one’s own home has continued to rise.Statistics Korea said the owner-occupied housing price index increased by 2.7 percent between January and September this year compared to the same period last year. The overall consumer price index, meanwhile, increased by 0.9 percent.The owner-occupied housing price index shows changes in the cost of goods and services required to live in one’s own residence and the level of rent that thei
Concerns rise over declining exports

Oct 19, 2016

The latest customs data showed South Korea’s exports tumbled by 18.2 percent from a year earlier in the first 10 days of October, making it almost certain that this month will post another sharp decline in outbound shipments.The country’s exports had decreased for a record 19th consecutive month through July before slightly rebounding in August. But its outbound shipments fell by 5.9 percent on-year to $40.9 billion last month, while imports edged down 1.7 percent to $34 billion.Accordingly, the
Row over THAAD deployment unlikely to hurt economic cooperation with China: ambassador

Oct 19, 2016

The top Chinese envoy in South Korea said Wednesday that the row over Seoul's plans to deploy an advanced US missile defense system on the Korean Peninsula will not affect economic cooperation between the two countries, though it could hurt their political and military ties."I would not mention a specific pending issue between China and South Korea," Chinese Ambassador to South Korea Qiu Guohong said during a forum held by a local business association in Seoul."(But) if a certain factor in the S
Cost of owning home up 2.7% amid rising home prices

Oct 19, 2016

The cost of owning and living in a home rose 2.7 percent in the first nine months of this year from a year earlier due mainly to a hike in home prices, government data showed Wednesday.The cost of owning a house and living there refers to overall spending related to maintenance, utility payments and other residential services, Statistics Korea said.In comparison, consumer prices rose 0.9 percent during the cited period. It means that the cost of owning and living in a home has jumped three times
Anti-graft law makes cheaper meals popular at hotel restaurants

Oct 19, 2016

Lower-priced meal sets have been gaining popularity at restaurants run by major South Korean hotels as more customers shy away from expensive meals following the implementation of a draconian anti-graft law, sources said Wednesday.The law, which took effect on Sept. 28, bans public servants, educators and journalists from receiving free meals valued over 30,000 won ($26.50), gifts worth more than 50,000 won or congratulatory or condolence money of more than 100,000 won. Kim Young-ran (R), the f
Producer prices fall in September

Oct 19, 2016

South Korea's producer prices dropped slightly from a year earlier in September on a large cut in prices of coal and petroleum products, central bank data showed Wednesday.The producer price index for September came to 99.24, down 1.1 percent from the same month last year, according to preliminary data from the Bank of Korea.Producer prices serve as an indicator of future consumer inflation.The September index marked a slight increase from a revised 99.00 in the previous month.Prices of manufact
[Monitor] Apartment sales prices mostly below previous highs

Oct 18, 2016

Sales prices of apartment complexes slated for reconstruction are still soaring in affluent southern Seoul, but recent data showed that only those in Seocho-gu surpassed previous highs, as of this month.Property consultancy Real Estate 114 released the apartment sales prices of the “Bubble Seven” regions that led the upsurge of real estate prices a decade ago.The numbers showed that despite the concerns of a real estate bubble, the prices of the apartment complexes were below previous highs, esp
Policymakers clash on how to boost economy

Oct 18, 2016

South Korea’s top financial and monetary policymakers have recently given the impression of pushing each other to assume a more active role in propping up the fourth-largest economy in Asia.Finance Minister Yoo Il-ho said earlier this month the country has room to use more monetary policy, though he conceded he is not in a position to ask the central bank to lower its key rate.(Yonhap)In an interview with a foreign news outlet in Washington where he was staying to attend the annual conferences o
PM vows stern action against truck, railroad strikes

Oct 18, 2016

Prime Minister Hwang Kyo-ahn said Tuesday the government will deal sternly with all laws broken by truckers and railroad workers currently engaged in strikes, urging them to return to work."The strikes by unionized railroad workers and cargo truck drivers are hindering the transport of critical export and import cargo, emerging as a heavy burden on the national economy and the people's livelihood," Hwang said during a Cabinet meeting. Prime Minister Hwang Kyo-ahn (Yonhap)Unionized railroad worke
Home transactions grow 6.3% on-year in Sept.

Oct 18, 2016

South Korea's home transactions continued to rise from a year earlier in September, the government said Tuesday, apparently reflecting a recent surge in demand for homes triggered by a government move to limit the supply of new homes in the future as a way of curbing household debts.The number of home transactions came to 91,612 last month, up 6.3 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.September marked the second consecutive month o
Watchdog set to curb savings banks' household loans

Oct 18, 2016

South Korea's financial watchdog is seeking to curb savings banks' lending to households as part of efforts to tackle the nation's soaring household debt, officials said Tuesday.Savings banks' loans to the household sector have been rising at a rapid clip since last year due to their aggressive marketing activities for borrowers with poor credit in South Korea already gripped by high household indebtedness.According to the officials, the Financial Supervisory Service is considering toughening ru