The Korea Herald

Electronic payment hits record high in Q2

Oct 10, 2016

The amount of payments made electronically hit a record quarterly high in the second quarter, central bank data showed Monday, in the latest sign that a growing number of South Koreans are using electronic means for financial transactions.The daily average amount of electronic financial transactions came to 322 billion won ($289 million) in the April-June period, up 7 percent from the previous quarter, according to the data from the Bank of Korea (BOK).The Q2 reading marks a slight decline from
Park to meet Japanese business leaders over economic cooperation

Oct 10, 2016

South Korean President Park Geun-hye will meet with a Japanese business delegation Monday in Seoul to discuss ways to bolster bilateral economic cooperation, her office Cheong Wa Dae said.At the presidential office, Park will hold the 19-member delegation of the Japanese Business Federation, also known as Keidanren, presidential spokesman Jung Youn-kuk said. The Keidanren delegation, led by its Chairman Sadayuki Sakakibara, is in Seoul to attend a meeting with their South Korean counterparts."Pr
Gov't to tighten oversight of banks over household debts

Oct 10, 2016

South Korea's chief financial regulator said Monday that it needs to turn the screws on local banks and other lenders extending mortgage loans at a rapid pace, as the government is struggling to curb household debts."The government will take strong, specific follow-up measures" to the Aug. 25 announcement aimed at slowing the growth in the amount of household debts, Yim Jong-yong, chairman of the Financial Services Commission (FSC), told reporters.His remarks came amid public criticism that the
‘More room’ to cut interest rate for S. Korea: minister

Oct 9, 2016

South Korea’s Finance Minister Yoo Il-ho said over the weekend there is “more room” to use monetary policy at the central bank and partly admitted that lower interest rates led to a rise in household debt.His comments came as the Bank of Korea is to decide its key rate on Thursday this week amid weak exports, slow manufacturing production and growing household debt.South Korea's Finance Minister Yoo Il-ho(right) talks with the U.S. Federal Reserve Chair Janet Yellen before the G20 Finance Minist
S. Korea, Britain agree to bolster trade ties

Oct 8, 2016

Finance Minister Yoo Il-ho met with his British counterpart on Friday (local time) in Washington, D.C., to discuss ways to expand ties between the two countries after London's exit from the European Union (EU).Yoo is on a U.S. trip to attend the conferences of the World Bank and the International Monetary Fund, as well as the G20 Finance Ministers and Central Bank Governors meetings.During his visit, Yoo and his British counterpart Philip Hammond discussed post-Brexit issues, especially as the c
Samsung head's shares valued over 14 tln won

Oct 8, 2016

Samsung Electronics Chairman Lee Kun-hee saw his stakes value surpass 14 trillion won (US$12.5 billion) for the first time, data showed Saturday, as shares under Samsung Group soared after U.S. hedge fund Elliott Management urged the tech giant to split into two.According to the data compiled by industry tracker Chaebul.com, the combined value of shares held by Lee advanced 25 percent on Friday compared to the first trading session of 2016.Market watchers said the increase came after Elliott als
Korean shares down in late morning trading

Oct 7, 2016

South Korean shares traded 0.25 percent lower late Friday morning as investors awaited a closely watched US jobs report to figure out the timing of an interest rate hike. The benchmark Korea Composite Stock Price Index lost 5.25 points to 2,060.05 as of 11:20 a.m.Investors remained cautious ahead of US nonfarm payroll report later in the day to get clues on whether the Federal Reserve will raise rates before the end of this year.Most market heavyweights traded weak, while Samsung affiliates we
14% of professionals earn less than $1,800 a month: lawmaker

Oct 7, 2016

Nearly 14 percent of South Korea's professionals posted less than 2 million won ($1,800) in monthly earnings last year, an opposition party lawmaker said Friday.Rep. Park Kwang-on of the main opposition Minjoo Party said 4,609 out of 33,319 professional workers such as lawyers and accountants said their average annual earnings stood at less than 24 million won last year, citing data by the National Tax Service.By job, 20.1 percent of architects reported to the tax authorities that their annual e
Korean stocks start lower ahead of US jobs data

Oct 7, 2016

South Korean shares opened a tad lower Friday as investors awaited a closely watched US jobs report to figure out the timing of an interest rate hike. The benchmark Korea Composite Stock Price Index shed 1.9 points, or 0.09 percent, to 2,063.4 in the first 15 minutes of trading. Investors remained cautious ahead of US nonfarm payroll report later in the day to get clues on whether the Federal Reserve will raise rates before the end of this year.Most market heavyweights traded weak, while Samsun
Seoul to spend extra W10t to stimulate economy

Oct 6, 2016

The South Korean government said it will spend an extra 10 trillion won ($8.9 billion) in the fourth quarter this year to prop up the slowing growth rate, as exports and manufacturing are hit by a series of strikes at automakers and corporate restructuring.Finance Minister Yoo Il-ho said in an economy-related ministers meeting that the local economy’s fourth quarter will face mixed elements.“Spending the scheduled extra budget in the fourth quarter and the consumption event Korea Sale Festa will
Court dismisses suit against current electricity rate system

Oct 6, 2016

A Seoul court on Thursday ruled in favor of the state-run electric power supplier, dismissing a suit filed against the country's controversial electricity rate system which critics say excessively charges users. In August 2014, a total of 17 plaintiffs filed the case against the Korea Electric Power Corporation, saying the power supplier made unfair profits by overcharging ordinary citizens.The plaintiffs cited the Act on the Regulation of Terms and Conditions, which stipulated that any clause w
Gov't to purchase all surplus rice to stabilize market prices

Oct 6, 2016

The South Korean government said Thursday that it will purchase all of this year's rice surplus as part of efforts to deal with a chronic supply glut of the staple crop.The Ministry of Agriculture, Food and Rural Affairs projected that some 300,000 tons of rice will be in excess this year, as the estimated 4.2 million ton supply will outnumber the 3.9 million ton demand."The government will pull the total rice oversupply out of the market before the end of this year," said the ministry. "The exa
Manufacturers' Q4 biz outlook still gloomy: poll

Oct 6, 2016

South Korea's major manufacturers are still pessimistic about business conditions for the fourth quarter of this year due to China's slowing growth and growing protectionism, a poll showed Thursday.The Korea Chamber of Commerce & Industry said its business survey index for the October-December period came to 86, slightly up from 85 tallied in the previous quarter. The result is based on a survey of 2,400 manufacturing companies nationwide. A reading of under 100 means pessimists outnumber optimi
[MONITOR] Asset inherited to underaged offspring reach W3.05 trillion

Oct 5, 2016

The number of underage South Koreans who have inherited assets from their parents reached 26,227 in the past five years, with the average value per person reaching 120 million won.They included some 2,207 who are aged less than 2, who received a total worth of 196.9 billion won.The Minjoo Party of Korea Rep. Park Kwang-on, who released the data during the parliamentary audit, said the effective inheritance tax rates among such underaged receipients was low, at 20.9 percent.
Views clash on economic policies in parliamentary audit

Oct 5, 2016

Rival party lawmakers gave clashing reviews of the country’s economy and the government’s economic policies during a parliamentary audit Wednesday. Lawmakers from opposition parties stressed that expansionary policies to bolster the property market resulted in rising housing expenses for the ordinary citizen and snowballing household debt. But those from the ruling Saenuri Party noted the Korean economy is in better shape in some areas compared to that under former President Lee Myung-bak.Korea’