The Korea Herald

S. Korean banks' bad loan ratio edges down in Q2

Aug 28, 2015

The bad loan ratio of South Korean banks edged down in the second quarter of this year from three months earlier on a rise in cleared debts, the financial watchdog said Friday.The combined bad loan ratio stood at 1.5 percent at the end of June, down 0.06 percentage point from the previous quarter, according to the Financial Supervisory Service.The bad loan ratio refers to the proportion of a bank's non-performing loans to their total lending. A debt that has been in arrears for more than 90 days
[Graphic News] Childbirths rebound in Korea

Aug 27, 2015

The number of babies born in South Korea dipped in 2014, but rose for the fourth straight month in June this year, a government report showed on Wednesday.According to the report by Statistics Korea, some 435,400 babies were born last year, down around 1,000, or 0.2 percent, from a year earlier. But some 35,500 babies were born here in June, up 3.8 percent from the same month last year. The annual increase follows a 2.5 percent on-year rise in the previous month. The figure gained 2.4 percent on
Seoul shares up for 3rd day on hopes of delay in U.S. rate hike

Aug 27, 2015

South Korean stocks rallied for the third session in a row to regain the 1,900-point threshold on Thursday on growing expectations that a U.S. interest rate hike could come later than expected, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 13.91 points, or 0.73 percent, to 1,908, extending its winning streak to a third straight session. Trading volume was moderate at 476.2 million shares worth 6.6 trillion won ($5.5
Finance minister dismisses concern over capital flight

Aug 27, 2015

South Korea is not faced with a capital flight situation stemming from increased external volatility despite lingering global economic uncertainties, the top economic policymaker said Thursday.Delivering a keynote speech at the Korea Treasury Bonds International Conference in Seoul, Finance Minister Choi Kyung-hwan expressed confidence that Asia's fourth-largest economy is not being confronted with a capital outflow problem. Finance Minister Choi Kyung-hwan (Yonhap)"Despite less money being inve
Conglomerates' internal trades edge down in 2015

Aug 27, 2015

Transactions among affiliates of South Korea's large conglomerates edged down in 2015 as they heeded growing criticism over unfair business practices, the antitrust watchdog said Thursday.According to the Fair Trade Commission, cross-affiliate deals accounted for 12.4 percent of all business contracts inked by South Korea's 48 largest conglomerates this year. The value of the deals totaled 181.1 trillion won ($153.1 billion), down 400 billion won from the year before."The numbers are still high,
Mirae Asset chairman honored by academia

Aug 26, 2015

Mirae Asset Financial Group chairman Park Hyeon-jooMirae Asset Financial Group chairman Park Hyeon-joo was conferred the top accolade by South Korean academia for its leading contribution in elevating the nation’s economic presence globally, the group said Wednesday. In the 17th Korean Academic Society of Business Administration’s annual award ceremony last week, Mirae Asset won the Best Company Award, in congregation of some 1,500 professors and graduates. This is the first time that the honor
Korea to reduce consumption taxes to boost economy

Aug 26, 2015

Finance Minister Choi Kyung-hwan(left) speaks during a meeting of the economic-related ministers at Seoul Government Complex on Wednesday. (Yonhap)The government will lower consumption taxes in its desperate effort to stimulate the sagging economy, officials said Wednesday.The decision was announced after a meeting of economic-related ministers to discuss measures to boost consumer spending. Finance Ministry officials said the government would temporarily cut consumption taxes on cars and large
Korea downplays stock contagion

Aug 26, 2015

South Korea’s Finance Minister Choi Kyung-hwan dismissed Wednesday market analysis that the nation’s stock market was showing signs of being coupled with that of China, whose index recently plummeted.His refutation came a day after China’s monetary policymakers cut the country’s benchmark interest rate to shore up its economy. Later in the day, shares on the Shanghai bourse lost ground again. Though the domestic market is being affected by concerns over China’s slowdown, the recent synchronizati
KOSPI, won jump on China rate cut

Aug 26, 2015

South Korean stocks surged 2.57 percent on Wednesday, cheered by Beijing's surprise rate cut which helped reduce risk-averse sentiment in the financial market, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared 47.46 points to 1,894.09, moving higher for a second straight session. Trading volume was moderate at 445.6 million shares worth 6.8 trillion won ($5.7 billion), with gainers dwarfing decliners 741 to 100. (Yonhap)Wednesda
Hanwha Life offers special cover for deaths caused by disasters

Aug 25, 2015

Hanwha Life Insurance recommended its Smart Family Love Disaster Insurance to customers who are highly exposed to outdoor leisure activities or disaster risks.The disaster insurance, which was launched in July, offers a high level of death benefits and guaranteed income to families of those who have died in a sudden disaster, according to officials.Should the subscriber die a disaster-caused death, the designated family members are to be paid a lump sum death benefit of 30 million won ($25,000).
[Graphic News] China's stock crash batters global economy

Aug 25, 2015

China’s stock market panic is casting a deep shadow over the global economy.News reports said major economies including the U.S. and Europe, and Asian countries are feared to take a fresh hit from China’s continued stock plunge caused by concerns over its economic slowdown.Stung by escalating worries about the health of the world’s No. 2 economy, China’s main Shanghai stock index plunged 8.49 percent on Monday alone, with the country’s purchasing managers’ index falling to a over six year low o
KOSPI rebound stifled by global tumbles

Aug 25, 2015

Foreigners net-sell W2tr this month, but bet big on futures
Seoul shares, won rebound on inter-Korean breakthrough

Aug 25, 2015

South Korean stocks snapped a six-day losing streak to end nearly 1 percent higher on Tuesday, with the local currency also gaining ground versus the U.S. dollar, as the two Koreas reached a dramatic deal to end tensions on the peninsula, analysts said. After starting lower at the opening bell, the benchmark Korea Composite Stock Price Index closed up 16.82 points, or 0.92 percent to 1,846.63. Trading volume was moderate at 444.8 million shares worth 6.6 trillion won ($5.4 billion) with advancer
Significance of financial reform tasks aimed at daily transaction practices

Aug 25, 2015

This is the fifth in a monthly series contributed by executive members of the Financial Supervisory Service to address key ongoing financial issues. ― Ed. Kim Yong-wooJoseph Alois Schumpeter is an economist well known for his emphasis on creative destruction and entrepreneurship for innovation. He said that the biggest obstacle of all to innovation is resistance from old institutions and practices. Indeed, bringing changes to age-old, deeply entrenched practices could be a more difficult task th
Stock funds inflows continue amid foreign sell-off

Aug 25, 2015

Funds that invest in local equities have drawn bargain hunters over the past week while foreigners exited the Korean market amid rising uncertainties in the world's two major economies, data showed Tuesday.Domestic stock funds took in 814.2 billion won ($677.4 million) from Aug. 17-24, far surpassing a 14.2 billion net inflow into foreign stock funds, data by market researcher FnGuide showed.On Friday, local stock funds had a net inflow of 262.6 billion won, the largest daily amount since March