The Korea Herald

Seoul shares rise to 5-month high on ECB meeting

Mar 6, 2015

South Korean stocks rose to their highest in five months on Friday as investors, lifted by the European Central Bank's (ECB) upgrade in its outlook for the eurozone economy and its quantitative easing bond-buying, scooped up stocks, analysts said. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose14.56 points, or 0.73 percent, to 2,012.94. Trading volume was moderate at 390 million shares worth 4.75 trillion won (US$3.58 billion), with
S. Korea to sell 5.5 tln won in Treasury bills in March

Mar 6, 2015

South Korea plans to sell 5.5 trillion won (US$4.99 billion) worth of Treasury bills in four separate auctions in March, the finance ministry said Friday."The extra funds generated will be used to cover temporary shortfalls in the money supply and make it possible to push forward various state- supported projects in the first half," the ministry said. The money generated can further help stabilize the management of state-controlled funds.The bills are usually sold to banks, brokerages and other
Seoul shares up in late morning trade

Mar 6, 2015

South Korean stocks traded higher late Friday morning on expectations that the European Central Bank's bond-purchasing program will boost liquidity in the local bourse, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.37 points, or 0.42 percent, to 2,006.75 as of 11:20 a.m. Tech, auto, and brokerage stocks gathered ground, while telecom and banking stocks suffered a decline.Top market cap Samsung Electronics advanced 0.7 percent and chipmaker SK hynix went up 1.32 per
Foreign stock funds receive net inflows in Feb.

Mar 6, 2015

Funds that invest in foreign stocks received net inflows in February for the first time in nearly six years as investors turned to lucrative offshore markets, data showed Friday. Foreign equity funds drew a net 22.4 billion won (US$20.3 million) last month, the first monthly net positive since June 2009, according to the Korea Financial Investment Association (KFIA). Foreign stocks peaked in popularity in 2007, when Korean investors poured money into BRIC countries (Brazil, Russia, India and Chi
Korean investments in foreign securities grows most in 7 years in 2014

Mar 6, 2015

South Korean institutions' investments in foreign securities grew at the fastest pace since 2007 last year on a rise in massive buying of foreign bonds and so-called Korean paper, central bank data showed Friday.The outstanding value of foreign securities held by institutional investors jumped by US$20.9 billion in 2014 to $95.4 billion, marking the largest on-year gain since the $61.1 billion spike in 2007, according to the Bank of Korea. The annual reading also represents a twofold increase fr
Top banks focus on profits

Mar 5, 2015

Shinhan to work on leadership, KB eyeing mergers
‘Seoul’s debt portfolio still sound’

Mar 5, 2015

Despite increase in short-term debt ratio, Korean economy on solid footing: BOK
Ruling party backs Choi’s proposal for wage hike

Mar 5, 2015

The government and the ruling Saenuri Party have agreed to raise the minimum wage and begun preparations to discuss the legislation with opposition parties.“We will put in our utmost effort to find common ground between the ruling and opposing parties over the minimum wage increase,” Saenuri Party floor leader Rep. Yoo Seong-min said in the party’s supreme council meeting Thursday.Yoo’s remarks came after Finance Minister Choi Kyung-hwan, who also serves as deputy prime minister, stressed the ne
Choi expresses deflation concerns

Mar 4, 2015

South Korea’s Deputy Prime Minister and Finance Minister Choi Kyung-hwan on Wednesday expressed concerns about deflation and high youth unemployment.In an economic policy conference in Seoul on Wednesday, the country’s top fiscal policymaker said that although Korea’s inflation had not turned negative, concerns were mounting due to a continuing drop in consumer prices increase.When excluding an increase in cigarette prices, Korea’s consumer price growth has moved into negative territory.“We are
Antigraft law sparks retail worries

Mar 4, 2015

Retail industries are expressing concerns about the new tough anticorruption law that was passed in the National Assembly on Tuesday, on fears of revenue falling.In particular, golf clubs, department stores and high-end restaurant industries voiced discontent with the so-called Kim Young-ran bill, claiming that the law would likely drag down domestic consumption by incriminating even businesspeople and civil servants who attend casual business gatherings.The bill, to go into effect September 201
Magnetic cards no longer work for ATM cash services

Mar 4, 2015

Magnetic strip credit cards that do not have integrated circuit chips will be restricted from cash advance and card loan services at automatic teller machines.Other functions such as purchasing goods at stores will still be available.Starting from Thursday, users will no longer be able to take cash advance and loan services at ATMs using their conventional MS type credit cards, according to the Financial Supervisory Service.“The purpose is to fundamentally prevent crimes using forged credit card
Consumer inflation slowest in 16 years

Mar 3, 2015

South Korea’s consumer price growth was nearly flat for the third straight month in February, the state-run statistics office said Tuesday.Statistics Korea reported that consumer prices increased 0.5 percent last month from a year ago, marking the slowest growth since 1999.The consumer price index has seen its annual growth stay below 1 percent since October 2013, when the inflation rate stood at 0.9 percent. Inflation dropped to 0.8 percent in Dec. last year and January this year.The Korean sta
KOSPI back above 2,000 after 5 months

Mar 3, 2015

The Korea Composite Stock Price Index recovered to the 2,000 mark for the first time in five months on expectations of growing tech business and stronger quantitative easing in the eurozone and the U.S.The benchmark KOSPI closed at 2,001.38, up 4.57, or 0.23 percent, on Tuesday. The tech-heavy Korean Securities Dealers Automated Quotations index, or KOSDAQ, also finished higher at 625.64, up 3.83, or 0.62 percent. The KOSPI started at 2,000.26, thanks to the overnight Wall Street gains of the KO
IBK to expand loans for tech start-ups

Mar 3, 2015

Technology-based companies may get loans backed by their patent rights, without the need to present other tangible assets.In a pledge to promote technology financing, the Industrial Bank of Korea launched a special loan product that allows companies to take loans amounting to 100 percent of the evaluated price for their patent rights, officials said Tuesday.Companies that hold a patent recognized by the Korea Intellectual Property Office can apply for a loan from IBK after obtaining a technology
Monthly rent trades in Seoul hit new record in February

Mar 2, 2015

The trade volume for monthly rent apartments in Seoul reached a record high last month, especially in districts with popular high schools.As bank interest rates and housing prices continued to remain low, house owners turned to monthly rent for sustainable income. This imposed a burden on house seekers, but affluent parents were willing to pay in order for their children to gain access to prestigious schools, market analysts said. A real estate agency posts apartment rent price tags in its windo