The Korea Herald

Korea Exchange wins int'l award for Azerbaijan's trading system

Sept 23, 2016

South Korea's stock exchange said Friday it has received an international award for its innovative trading system exported to Azerbaijan.The Korea Exchange installed the new information and trading system on the Baku Stock Exchange last year.It was selected as the 2016 Best Technology Innovation by an Exchange in a Singapore ceremony hosted Thursday by the Futures and Options World, a global capital data service provider, according to the KRX.It added the award demonstrates the superiority of th
Korea's exports to China shrink for 14 consecutive months

Sept 23, 2016

South Korea's exports to China continued to drop for the 14th consecutive month in August, the longest streak in history, data showed Friday.Outbound shipments to China came to $10.3 billion last month, down 5.3 percent from the same month last year, according to the data from the Korea International Trade Association.The rate marked the slowest on-year drop since the country's exports began to dwindle in July 2015. The rate of decline peaked at a 21.5 percent on-year plunge in January.The cut i
Korean shares open tad higher

Sept 23, 2016

South Korean stocks opened slight higher Friday as the US Federal Open Market Committee meeting results were in line with market expectations, analysts said.The benchmark Korea Composite Stock Price Index gained 0.88 point, or 0.04 percent, to 2,050.58 in the first 15 minutes of trading.The FOMC on Wednesday maintained its target range for the federal funds rate unchanged at 0.25 percent to 0.5 percent.Large-cap stocks were mixed across the board. Market bellwether Samsung Electronics Co. shed 2
[Graphic News] Overseas orders for Korean builders may hit lowest level in 10 years

Sept 22, 2016

Overseas orders won by South Korean builders this year is expected to drop to the lowest level in a decade possibly due to the impact of low oil prices and a protracted global economic slump, a trade association said Thursday.This year’s combined overseas orders came to $18.47 billion by Wednesday, according to data compiled by the International Contractors Association of Korea.The figure represents 53.7 percent of the $34.59 billion posted during the same period of last year, and also compares
[Monitor] Agencies under Trade Ministry hit by nearly 12,000 hacking attacks

Sept 22, 2016

There were nearly 12,000 hacking attempts over the past five years on organizations under the Trade Ministry, a report submitted to the parliament said Thursday. During the period, 1,119 attempts were carried out against Korea Hydro & Nuclear Power Co., including 91 so far this year.
Ruling, opposition parties debate hiking corporate taxes

Sept 22, 2016

South Korea's ruling and opposition lawmakers clashed during an interpellation session in parliament over whether an increase in corporate taxes will be effective in revitalizing the economy.While opposition lawmakers claim that corporate taxes, which were significantly reduced in the previous administration, must be increased again, the government maintains that such a move will adversely impact business operations, eventually leading to an economic slump.Rep. Choi Woon-youl of the main opposit
US Fed keeps key rate unchanged but hints of coming hike

Sept 22, 2016

The Federal Reserve is keeping its key interest rate unchanged but signaling that it will likely raise rates before year’s end.The Fed said in a statement ending its latest policy meeting Wednesday that the US job market has continued to strengthen and economic activity has picked up. But it noted that business investment remains soft and inflation too low and that it wants to see further improvement in the job market.The central bank characterized the near-term risks to its economic outlook as
[Monitor] Producer prices fall in August

Sept 21, 2016

South Korea’s producer prices dropped slightly from a year earlier in August in response to large cuts in the prices of coal and petroleum products, central bank data showed Wednesday. The producer price index for August came to 99.02, down 1.7 percent from the same month last year, according to the Bank of Korea.
Long-term unemployment hits record

Sept 21, 2016

Long-term unemployment, one of the most worrisome signs of a sinking economy, has risen sharply in Korea in recent months, approaching levels last seen in the aftermath of the so-called IMF crisis in the late 1990s, data showed Wednesday. According to Statistics Korea, over 182,000 Korean workers had been out of work for six months or longer in August, accounting for 18.27 percent of the population without jobs. This represents an increase of 62,000 from July, the data showed. That monthly gain
Economy comes as priority over Constitution revision debate: PM

Sept 20, 2016

South Korea's Prime Minister Hwang Kyo-ahn said Tuesday that the country need to focus its efforts on revitalizing the national economy, amid the rising voice among some lawmakers that Seoul should seek to revise the Constitution to change the current presidential system."Although there are talks on Constitution revision, the government believes it is more important to revitalize the economy and stabilize the living quality of ordinary people at present," Hwang said during an interpellation sess
Korea's GDP per capita to top $30,000 in 2018: report

Sept 20, 2016

South Korea will likely see its gross domestic product per capita touch the landmark $30,000 level in 2018, a parliamentary report predicted Tuesday.If the $30,000 plateau is attained in two years, it will have taken 12 years since South Korea reached the $20,000 level in 2006.Other leading economies of the world have spent 8.2 years on average in raising their per capita income from $20,000 to $30,000.Switzerland needed only two years to make the jump and Japan spent five years, while it took 1
Tax revisions to result in 4.7 tln won in additional corporate tax: report

Sept 20, 2016

Local businesses are expected to pay an additional 4.7 trillion won ($4.2 billion) per year in corporate tax due to tax revisions over the past four years, a study showed Tuesday, amid growing calls from the opposition bloc to further hike corporate tax.Since the incumbent administration came into office in early 2012, the government has enacted 14 separate revisions to various tax-related laws that have resulted in a significant increase in the amount paid by local firms, according to the Feder
[Graphic News] Korean exports' global market shares shrink

Sept 19, 2016

The global market shares of major Korean export products like ships and display panels are dwindling, indicating that their international competitiveness is weakening, according to a report on Sunday.The market share of Korea‘s top 13 export items accounted for 5.3 percent in the global market in 2015, shedding 0.4 percentage points from 2011, the Korea International Trade Association said in a report. The key export items include semiconductors, autos, ships, steel, flat panel displays, wireles
Korea’s underground economy larger than OECD peers: research

Sept 19, 2016

The size of South Korea’s underground economy in 2014 is estimated at 161 trillion won ($143 billion), or nearly 11 percent of the nation‘s gross domestic product, a report showed Monday.According to a research paper which analyzed the underground economy and tax evasion in 26 Organization for Economic and Cooperation Development countries, Korea’s shadow economy is, on average, bigger than 25 of its OECD peers. Between 1995 and 2014, Korea’s underground economy, on average, made up 10.89 percen
Turnover rate of deposits hits 11-year low

Sept 19, 2016

The turnover rate of deposits in South Korea hit a record low in more than 11 years in July, central bank data showed Monday, in the latest indication that money circulation is clogged.The deposit turnover rate for July recorded 20.3, the lowest since February 2005 when it stood at 18.1, according to the Bank of Korea.The rate is calculated monthly based on the amount of withdrawals and the average account balance. Less turnover means fewer withdrawals, signaling that people are holding on to th