The Korea Herald

Korea plans new W10tr stimulus

Mar 20, 2015

The government plans to frontload a 3 trillion won ($2.67 billion) stimulus budget in the first half of the year and raise an additional investment of 7 trillion won from both public and private sectors this year to spur the nation’s weak consumption and sluggish economic recovery, financial officials said Friday. On the U.S. Federal Reserve’s upcoming key rate hike, Bank of Korea Gov. Lee Ju-yeol said that the pace is more important than the timing. “Our economy is showing signs of gradual imp
FSC chief urges stricter non-house mortgages

Mar 20, 2015

The national financial regulator will strengthen risk management over the land- and commercial building-backed mortgage loans, seeking to control the country’s snowballing household debt, its top official said.New Financial Services Commission chairman Yim Jong-yong said in the weekly working-level meeting on Friday that the regulator would “make precise analyses of the household debt conditions, as if performing an MRI.” “We are planning on more active management on the land- and commercial bui
KOSDAQ SOARS

Mar 20, 2015
Seoul shares almost flat on profit-taking

Mar 20, 2015

South Korean stocks closed marginally lower Friday, as investors opted to lock in part of recent gains spurred by the U.S. Federal Reserve's dovish stance on its monetary policy, analysts said. The local currency lost ground against the U.S. dollar. The Korea Composite Stock Price Index fell 0.65 point, or 0.03 percent, to 2,037.24. Trading volume was moderate at 345.9 million shares worth 5.12 trillion won ($4.56 billion) with decliners outpacing gainers 409 to 407. Analysts said the KOSPI,
IBK expands financing for cultural content production

Mar 19, 2015

This is the first in a four-part series featuring IBK’s support for cultural content. ― Ed When director Steven Spielberg’s “Jurassic Park” was released worldwide in 1992, the blockbuster about genetically-engineered dinosaurs going rampant in a pilot theme park was a wake-up call for South Korea’s economy.The movie, which was based on Michael Crichton’s bestselling science fiction novel of the same title, earned some $850 million at the global box office that year. This was equivalent to Hyunda
[Herald Interview] Korean firms advised to adopt data-driven talent search

Mar 19, 2015

In today’s competitive business environment, it is crucial that organizations should have the best available talent positioned in the right place and in order to address such needs, a combined mechanism of behavioral science and business strategy may be of use.“Companies pay much attention to talent, as well as to their organization, but few tend to take the two aspects in a comprehensive perspective,” said Ted Bililies, managing director and chief talent officer at AlixPartners, in an interview
Citibank targets zero customer complaints

Mar 19, 2015

Citibank Korea’s top priority management target this year is to achieve a zero customer complaint status.Under the leadership of president Park Jin-hei who took office in October last year, the U.S.-based bank has successfully reduced the number of civil complaints by up to 40 percent so far.Earlier this month, the bank held a resolution ceremony and distributed a “complaint zero” wristband to all employees, celebrating its recent achievement and renewing its aspiration for the zero complaint ta
Banks likely to face avalanche of bad corporate loans this year

Mar 19, 2015

South Korean banks are expected to shoulder snowballing corporate loan defaults in the upcoming months as a growing number of cash-starved companies are turning insolvent amid a long-protracted economic slump, industry data showed Thursday.Keangnam Enterprises, a local major builder, has been in the red for the recent few years, posting losses of 310.9 billion won ($279.3 million) in 2013 and 182.7 billion won in 2014 due to a deep slump in the local housing market, according to the data.The bui
Pension fund's stock investment pushes up KOSPI

Mar 19, 2015

South Korea's National Pension Service (NPS) has become a major driver of the local equity market this year as it launched stock investments at the highest level ever, bourse data showed Thursday.The government-owned pension fund has bought a net 2.5 trillion won ($2.2 billion) in the main KOSPI market this year as of Tuesday, mostly picking up battered blue-chip stocks, the Korea Exchange (KRX) said. Samsung Electronics Co., the nation's biggest firm by market value, and top automaker Hyundai M
Seoul shares open higher on FOMC meeting

Mar 19, 2015

South Korean stocks opened higher Thursday as the U.S. Federal Open Market Committee (FOMC) meeting results were in line with market expectations, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 16.23 points, or 0.8 percent, to 2,044.68 in the first 15 minutes of trading.Tech shares led the rise, with Samsung Electronics adding 0.27 percent and top chipmaker SK hynix climbing 1.08 percent. LG Electronics advanced 0.33 percent.Builders also opened higher, with Hyund
Foreign stock funds log cash inflows for 2nd month

Mar 19, 2015

Funds that invest in foreign stocks have received a 470 billion won ($416 million) net inflow so far this year as investors chased after higher investment returns in overseas markets amid low interest rates at home, data showed Thursday. Foreign equity funds had a net 315 billion won cash inflow last month following 155 billion won in January, according to the data compiled by fund tracker Zeroin. January's tally marked the first monthly net positive since June 2009.Foreign stock funds have suff
Busan to host IDB-IIC board meeting next week

Mar 18, 2015

Global financial leaders and experts will gather in Busan next week to discuss developing finance and boosting trade with Latin America and the Caribbean, the South Korean Finance Ministry said Wednesday. The Annual Meeting of the Boards of Governors of Inter-American Development Bank and Inter-American Investment Corporation, cohosted by the Ministry of Strategy and Finance, will run for four days from March 26 at BEXCO. Finance Minister Choi Kyung-hwan, who concurrently serves as deputy prime
Diageo launches low alcohol spirit

Mar 18, 2015

Global alcoholic beverage manufacturer Diageo Korea launched a low alcohol-content spirit brand Wednesday to respond to diversifying customer needs.The product launch, based on two years of research and development, is part of the company’s innovation plan to stimulate the slow-growing whiskey market and to discover new customer groups. Cho Kil-soo (center), CEO of global whiskey-maker Diageo Korea, promotes “W Ice by Windsor,” the company’s new low alcohol-content whiskey brand, at a launch in
KCCI calls for reduced tax burden

Mar 17, 2015

The nation’s largest business community has called for easing tax audits and further deductions for corporate entertainment expenses.In a lunch meeting with the National Tax Service Commissioner Lim Hwan-soo on Tuesday in Seoul, members of the Korea Chamber of Commerce and Industry said that the government should boost corporate investment by reducing the regulatory burden on legitimate business activities.“In order for the Korean economy to make a new leap, it is crucial that corporates and the
Korea’s growth grinding to halt

Mar 17, 2015

South Korea’s economic growth is expected to be virtually flat in the first quarter of this year, with its gross domestic product posting in the near zero percent range for six consecutive fiscal quarters, analysts said Tuesday.Concerns are mounting that Asia’s fourth-largest economy will be entering an indefinite period of low growth amid sluggish consumption, investment and production.Korea has been growing below 1 percent since the fourth quarter of 2013 when its growth stood at 0.9 percent a