The Korea Herald

[Herald Interview] ‘Stable investment fuels cultural productivity’

Apr 3, 2015

This is the third in a four-part series featuring IBK’s support for cultural content. ― Ed.The film or television drama production industry may look grand from the outside but for those who work in the trade, bidding contracts and meeting deadlines is a nerve-wracking process ― especially as it is operated on a tight budget.But what if banks provide a direct and sustainable investment channel so that these companies could focus on their cultural content production?This is what the Industrial Ban
‘Korean economy relies too much on property’

Apr 3, 2015

Experts have warned against the government’s reliance on boosting the real estate market as a way to revive the nation’s sagging economy. Government economic policymakers seem to believe an activated real estate sector could have a spill-over effect on other sectors, according to the experts. An increase in interest rates could also deal a blow to the nation’s economy as it is expected to have a significant influence on the real estate market.Analysts said measures the government has taken so fa
Export slump reduces current account surplus

Apr 2, 2015

Exports’ contributionto GDP drops to lowestlevel in five years
AmorePacific head overtakes Samsung heir on superrich list

Apr 2, 2015

Suh Kyung-bae, chairman of South Korean cosmetics giant AmorePacific Group, has outpaced Samsung Electronics’ vice chairman Lee Jay-yong to become the nation’s second richest person, according to market data released Thursday.Suh ranked 169 on the Bloomberg Billionaire Index, which lists the world’s richest people. Suh’s stocks were valued at around 8.8 trillion won ($8 billion) as of Thursday. Suh Kyung-baeSamsung heir apparent Lee was placed 182nd on the index. Lee’s father and Samsung chairm
FSC not prepared for low-incomers’ debt relief

Apr 2, 2015

Critics claim financial regulators have been negligent in cracking down on the excessively high or illicit lending rates for low-income earners charged by private moneylenders. Regulators recently instructed first-tier commercial banks to offer lower interest rates to homeowners.Though the average rate on mortgages or housing-collateralized loans ranged between 3 and 5 percent, some middle- and high-income households can access lower rates due to the government’s effort to revitalize sagging pro
S. Korean stock market's daily turnover hits 3-year high in Q1

Apr 2, 2015

The average daily turnover of the South Korean stock market reached a three-year high in the first quarter of the year on the back of a bullish run driven by strong foreign buying, data showed Thursday.According to the data by the Korea Exchange, the daily turnover of the country's main bourse averaged 4.7 trillion won ($4.28 billion) in the January-March period, the highest level since the first quarter of 2012, when the comparable figure was 5.9 trillion won.The average daily turnover of the m
S. Korea's current account surplus slips for 3rd month in Feb.

Apr 2, 2015

South Korea's monthly current account surplus narrowed for a third consecutive month in February but extended its surplus streak to 36 months in a row, data showed Thursday.The current account surplus hit US$6.44 billion in February, inching down from a revised $6.58 billion a month earlier, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.With the latest result, Asia's fourth-largest economy is poised to renew its record s
Retailers turn rosier about Q2 biz conditions

Apr 2, 2015

South Korean retailers are slightly more upbeat about their business conditions in the second quarter of the year than the previous quarter on expectations of strong performances by online shopping malls and department stores, a poll showed Thursday. According to the survey of 944 retailers by the Korea Chamber of Commerce & Industry, the retail business survey index easuring retailers' sentiment about the upcoming quarter came to 100 for the April-June period, up 1 point from 99 for the first q
S. Korean insurers' investment return edges down in 2014

Apr 2, 2015

South Korean insurance companies saw their investment returns inch down in 2014 from the previous year due to persistent low interest rates, data showed Thursday.The investment return of local life and non-life insurers averaged 4.4 percent last year, down 0.1 percentage point from a year earlier, according to the data by the Financial Supervisory Service.Last year, the insurers earned a combined 1.5 trillion won ($1.36 billion) from investments in bonds and other assets, compared with 700 billi
Consumer price growth slowest in sixteen years

Apr 1, 2015

South Korea’s consumer prices continued anemic growth for the fourth straight month in March, the state-run Statistics Korea said Wednesday.Consumer prices increased just 0.4 percent last month from the same period a year ago, marking the slowest growth in 15 years and eight months. Consumer inflation increased 0.3 percent in July 1999. In February, the consumer price index gained 0.5 percent on-year.Inflation has stayed below 1 percent since October 2013 when the rate stood at 0.9 percent, and
Central bank loan issuance soars

Apr 1, 2015

The total number of loans by the Bank of Korea hit the highest level in 21 years in February, as more loans were approved to local companies for facility investment, data showed Wednesday. Loans provided through BOK’s money issuance reached 15.4 trillion won ($13.9 billion) as of the end of February, up 66.5 percent from a year ago, according to the BOK report.The level of loan issuance marks the highest since July 1994 when it reached 15.6 trillion won, excluding inflationary factors. Since the
Philip Morris rolls out new Marlboro cigarette

Apr 1, 2015

Philip Morris Korea has rolled out Marlboro Zing Fusion, the latest brand from its flagship Marlboro lineup, in Korea on Wednesday. “In addition to Marlboro’s signature smooth taste, the capsule-inserted cigarette exudes a distinctive note of refreshing MixballTM capsule,” the Korean operation of the world’s largest tobacco maker said. Marlboro Zing FusionBefore this, the company launched a number of brands in the Marlboro Fresh category, including Marlboro Ice Blast and Marlboro Hybrid, target
Shinhan Card ranked as top financial brand

Apr 1, 2015

Shinhan Card, the credit card brand affiliated with the nation’s largest banking group Shinhan Financial Group, has been selected as No. 1 for brand power in finance.Brand assessment and research firm Brandstock picked Shinhan Card as having the highest brand value among local financial companies in the first quarter of this year, officials said Wednesday.With 898 points in BrandStock Top Index, the credit card company was 10th in the general becoming the only financial to the top 10 list.Brands
Seoul shares drop 0.62 pct on profit-taking

Apr 1, 2015

South Korean stocks ended 0.62 percent lower Wednesday as investors took a breather following a recent rally that sent the main stock index to a yearly high, analysts said. The Korean won shot up against the U.S. dollar.The benchmark Korea Composite Stock Price Index slumped 12.58 points to 2,028.45. Trading volume was heavy at 523 million shares worth 5.2 trillion won ($4.7 billion), with gainers outnumbering decliners 423 to 395."Overnight losses on Wall Street, as well as recent gains, prompt
Fiscal spending in H2 to depend on tax revenue: finance minister

Apr 1, 2015

South Korea's fiscal spending in the second half of the year will be determined by the amount of tax revenue and the effect that front-loading the budget will have on economic growth, the top economic policymaker said Wednesday.Speaking to reporters after chairing a fiscal policy advisory meeting in Seoul, Finance Minister Choi Kyung-hwan said that the top priority for now is to inject as much money as possible into the economy in the January-June period.The finance ministry said the goal is to