South Korea’s central bank should keep the key rate unchanged and turn to alternative means of injecting liquidity in the near future, a U.N. economic institution reported Thursday. In its Economic and Social Survey of Asia and the Pacific 2015, the U.N. Economic and Social Commission for Asia and the Pacific warned that further rate cuts by the Bank of Korea may be difficult to execute due to the already high level of household debt.“The central bank may have to consider alternative means of in

The chairman of South Korea's top cosmetics maker AmorePacific Group become the country's second businessman with stock holdings worth more than 10 trillion won (9.2 billion) on Thursday as shares of listed subsidiaries surged, industry data showed.Suh Kyung-bae had 10.37 trillion won of shares in the four group subsidiaries as of Thursday, according to the data complied by corporate tracker Chaebul.com. Suh follows Samsung Group Chairman Lee Kun-hee, who holds stocks worth 12.35 trillion won, S

South Korean stocks closed higher Thursday, as investors digested the options expiration ahead of the central bank's rate-setting meeting this week, analysts said. The local currency rose against the U.S. dollar. The Korea Composite Stock Price Index climbed 6.17 points, or 0.29 percent, to finish at 2,120.33. Trading volume was moderate at 424.2 million shares worth 5.04 trillion won ($4.61 billion) with gainers outnumbering decliners 465 to 335."We could've seen more sell-offs as the options e

Korean Air Lines Co., South Korea's top air carrier, said Thursday its loss narrowed in the first quarter of this year from a year earlier on the back of reduced fuel costs and a higher number of passengers.Consolidated net loss came to 133.1 billion won ($121.95 million) in the January-March period, compared with a 155.76 billion won loss a year earlier, the company said in a regulatory filing. Sales edged down 0.9 percent on-year to 2.87 trillion won, while operating profit jumped nearly nine

Hanjin Shipping Co., South Korea's leading shipping line, said Thursday that it swung to the black in the first quarter from a year earlier thanks to lower fuel costs and better streamlined shipping routes.Net profit came to 22.91 billion won ($21 million) in the January-March period, a turnaround from a loss of 224.45 billion won a year earlier, the company said in a regulatory filing. Operating profit came to 155.03 billion won during the cited period, also switching back to the black from a l

South Korea has become a safe haven for overseas investors by successfully differentiating itself from emerging markets that have been hurt by the U.S. central bank's tapering, Seoul's economic czar said Thursday.Speaking at a global investors conference in Seoul, Choi Kyung-hwan said that each time the economy was hit by external shocks in the past, its financial and economic stability has actually become sounder."South Korea's external soundness improved after the 1997 Asian financial crisis,

Daum Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday its first-quarter profit dipped 40.4 percent in the first quarter from three months earlier, dented by falling advertisement revenue.Consolidated net profit came to 30.8 billion won ($28.1 million) in the January-March period, compared with the 51.7 billion won posted a quarter earlier, the company said in a regulatory filing. Operating profit also dropped 38.3 percent on-quarter to 40.3 billion won, wi

President Park Geun-hye called Wednesday for efforts to speed up a fiscal reform to reduce state debts.South Korea's operational fiscal balance was in the red by 30.2 trillion won ($27.6 billion) for the January-November period last year, the latest months for which statistics are available, according to the government data.The balance has been on the negative side since 2008, reaching a peak in 2009 when it surged to 43.2 trillion won."We need to speed up a fiscal reform to minimize the public

Eight out of 10 listed firms in South Korea are expected to post better earnings in the second quarter than a year earlier, led by chemicals, airlines and securities firms, data showed Wednesday.Out of 208 listed firms whose earnings guidances were available, 82.2 percent said they expected to see their operating profits rise in the April-June period from a year earlier, according to the data compiled by market researcher FnGuide. Among them, 150 are projected to show on-year growth, while 19 ar

Major economies in the Asia-Pacific region are engaging in close competition to lower their currency values, which could aggravate the slowdown of Korea’s exports and put more pressure on local policymakers to consider an additional rate cut, according to analysts.Many investment banks at home and abroad predict Korea will keep its rate untouched at the current level of 1.75 percent per annum during the Bank of Korea’s Monetary Policy Committee meeting, slated for Friday.Analysts say could be ri

Weighed down by the government-led loan transfer program last month, local banks are increasing the interest charges for their fixed-rate mortgages and placing more focus on floating-rate products.Borrowers now have either to bear a higher fixed rate or take the risk of future rate hikes, which has led to complaints that banks are attempting to shift their financial burden onto consumers.According to industry officials on Monday, major banks here upped their housing mortgage fixed rate by up to

South Korea is expected to hold the fourth-largest stake in the new China-led regional infrastructure development bank in light of Seoul's economic power, the top economic policymaker said Monday.In late March, South Korea announced its decision to join the Asian Infrastructure Investment Bank as one of its founding members in a bid to further Seoul's own economic interests in the region.Almost all Asian countries, except for Japan, have applied for membership, along with major European countrie