The Korea Herald

Korean shares down in late morning trading

Jul 20, 2016

Korean shares traded lower late Wednesday morning, but pared part of earlier losses on gains in tech stocks.The benchmark Korea Composite Stock Price Index shed 5.32 points, or 0.26 percent, to 2,011.57 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics adding 0.26 percent.Global chipmaker SK hynix shed 1.54 percent, and POSCO, the country's leading steelmaker, dropped 1.14 percent.Naver, the operator of the country's top Internet portal, dipped 2.79 percent.In contr
Koreans spend more than $3,000 a year on insurance

Jul 20, 2016

Koreans paid more than a combined $3,000 per policy holder in insurance premiums for the year ended in March, a market researcher said Wednesday.Koreans' insurance density stood at $3,034 in the financial year 2015-16, compared with $2,332 in 2010, Swiss Re, the world's second-largest reinsurer based in Switzerland, said in its sigma report, referring to per capita premiums.It said Korea's premium per person is the 18th highest in the world, five notches higher than in 2010.The Cayman Islands, a
Korea's exports to China dip for 12th consecutive month

Jul 20, 2016

Korean exports to China fell 9.4 percent on year last month, marking the 12th straight month of declines, data showed Wednesday. Shipments to China declined to $10.2 billion in June, compared with $11.3 billion for the same month last year, according to the data from the Korea International Trade Association.China grappling with slow growth is South Korea's biggest export destination. The pace of declines in exports to China has slowed since May with exports dipping 9.1 percent on year during th
Seoul stocks open weak on economic uncertainty

Jul 20, 2016

Korean shares started lower Wednesday as investors opted to cash in part of recent gains amid increased economic uncertainties.The benchmark Korea Composite Stock Price Index slipped 7.04 points, or 0.35 percent, to 2,009.85 in the first 15 minutes of trading.Most large caps traded mixed with market kingpin Samsung Electronics falling 0.20 percent.Top automaker Hyundai Motor shed 0.77 percent, and top steelmaker POSCO also fell 1.82 percent.In contrast, Naver, the operator of the country's top I
Teetering S. Korean economy hit by spreading labor dispute

Jul 19, 2016

[THE INVESTOR] Labor disputes are spreading across South Korean industries with Hyundai Motor and Hyundai Heavy’s unions striking on July 19, while other major unions are taking steps to follow suit. The unions of Hyundai Motor and Hyundai Heavy Industries on July 19 staged a partial strike, collaborating in industrial dispute for the first time in 23 years. Hyundai Motor’s union is demanding a 7.2 percent raise and 30 percent of 2015 net profits as bonus of employees, among other conditions. Hy
BOK chief stresses accommodative monetary policy

Jul 19, 2016

[THE INVESTOR] The head of South Korea’s central bank has emphasized the need for an accommodative monetary policy to cope with a drawn-out economic slump but cautioned against its potential adverse impact causing financial instability.“It’s necessary to implement monetary policy in a direction that supports the recovery of a growth trend and also to pay keen heed to risks to financial stability,” Bank of Korea Gov. Lee Ju-yeol said in an international forum on July 19. BOK Gov. Lee Ju-yeolHe ci
Korean shares down in late morning trading

Jul 19, 2016

Korean shares traded lower late Tuesday morning, on losses in automakers and some tech stocks.The benchmark Korea Composite Stock Price Index shed 9.1 points, or 0.45 percent, to 2,012.01 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics adding 0.53 percent.Global chipmaker SK hynix shed 2.29 percent, and POSCO, the country's leading steelmaker, dropped 3.29 percent.Top automaker Hyundai Motor fell 1.14 percent, and its smaller affiliate Kia Motors traded 0.85 perce
BOK chief warns of fallout from monetary expansion

Jul 19, 2016

The head of Korea's central bank emphasized the need Tuesday for an accommodative monetary policy to cope with a drawn-out economic slump but cautioned against its potential adverse impact causing financial instability."It's necessary to implement monetary policy in a direction that supports the recovery of a growth trend and also to pay keen heed to risks to financial stability," Bank of Korea Gov. Lee Ju-yeol said in an international forum here. (Yonhap)He cited the vulnerability of a "small o
Food, beverage shares lose early luster

Jul 19, 2016

Food and beverage shares that were bullish earlier in the year have slumped back on concerns that domestic demand will be subdued, market analysts said Tuesday.The composite index for food and beverage industry stocks on the main bourse ended 0.27 percent down on Monday from the previous closing, marking a third consecutive day of losses. Monday's closing of 4,733.17 is 17.49 percent lower than 5,736.92 at last year's end.The sector received attention when it started recouping early in the year
Producer prices drop in June

Jul 19, 2016

Korea's producer prices dropped slightly from a year earlier in June on a large cut in prices of coal and petroleum products, central bank data showed Tuesday.The producer price index for June came to 99.01, down 2.7 percent from the same month last year, according to preliminary data from the Bank of Korea. (123rf)Producer prices serve as an indicator of future consumer inflation.The June index marked a slight increase from a revised 98.79 in the previous month.Prices of manufactured goods gain
KOICA teams up with USAID, Bill Gates' foundation to nurture Korean social ventures

Jul 18, 2016

South Korea's official development assistance provider, KOICA, has signed deals with its U.S.counterpart and Microsoft founder Bill Gates' foundation to help Korean social ventures make inroads into the global market, the state agency said Monday.Under the deals, KOICA, or the Korea International Cooperation Agency, will invest US$1 million in Global Innovation Exchange (GIEx), a global platform for marketing social innovation ideas over the next five years. The investment will enable KOICA to
[Graphic News] Global oil consumption on steady increase

Jul 18, 2016

Despite global efforts to reduce greenhouse gases, the world’s oil consumption is steadily increasing, according to an energy review by British Petroleum.The report said the global oil consumption per day on average stood at 95 million barrels last year, a 2 percent increase from the previous year and 3.2 percent higher than 2013.The U.S. and China took a combined share of nearly one-third of global oil consumption. South Korea ranked eighth in the world. Analysts said some advanced countries in
[Monitor] Minimum wage for 2017

Jul 18, 2016

South Korea‘s minimum wage has been set at 6,470 won ($5.70) per hour for next year, up 7 percent from this year. The new minimum wage translates to 51,760 won a day for those who work eight hours a day and some 1.35 million won a month for those who work 40 hours a week.
Little sign of economic retaliation from China

Jul 18, 2016

China seems to have substantial limits to making economic retaliations against South Korea for its decision earlier this month to allow the U.S. to deploy an advanced missile defense system on its soil, experts here note.Last week’s measure by China’s Commerce Ministry to slap antidumping duties of 4.1 percent on acrylic fiber produced by a South Korean chemical company -- a 2 percent cut from its initial ruling in April -- has put Seoul’s trade officials somewhat at ease, though they still guar
S. Korea, Mongolia to work on trade agreement

Jul 18, 2016

[THE INVESTOR] South Korea and Mongolia are to push for a trade agreement. According to Seoul’s presidential office, South Korean President Park Geun-hye and Mongolian President Tsakhiagiin Elbegdorj agreed on the issue during their meeting on July 17. Seoul said that the two countries agreed to launch a feasibility study on forming an economic partnership agreement saying that the development was tantamount to the two nations working on a free trade agreement. The two nations will complete the