The Korea Herald

Korea to control housing supply in Seoul

Jul 24, 2013

Land Ministry poised to reduce apartment projects to revitalize market
KDB Financial to pour W3tr into ‘innovative firms’

Jul 24, 2013

The state-controlled KDB Financial Group plans to foster 3 trillion won ($2.7 billion) in policy loans for businesses seeking to tap uncharted areas, its chairman Hong Ky-ttack said Wednesday.Hong, who took office as the group chief 100 days ago, told a news conference that he would prioritize supporting the Park Geun-hye administration’s vision for a so-called creative economy. Hong reiterated the roles of small innovators in powering the Korean economy to advance beyond its current growth limi
Global economy being more dependent on G3: BOK

Jul 24, 2013

South Korea’s top central banker said Wednesday that countries around the globe are seen as more sensitive to economic conditions facing the group of three major economies in the wake of the global financial crisis.Bank of Korea Gov. Kim Choong-soo said in a monthly meeting with economists that countries are closely watching how economic conditions in the U.S., the eurozone and China will evolve in a bid to receive any guideline for steering their economies.“Compared with the past, it seems that
Samsung Electronics boasts top working conditions

Jul 24, 2013

Samsung Electronics Co., the world’s leading smartphone marker, was found to have one of the most favorable working conditions in South Korea and to have contributed the most to the local economy, a report showed Wednesday.According to the report released by Chaebul.com, a business researcher, the tech giant saw its working environment index reach 66.3 points out of 100, marking the highest grade among 300 local companies tallied.The index takes four criteria ― contributions to the economy, empl
Seoul shares gain 0.42 pct on low hopes for earnings

Jul 24, 2013

South Korean stocks inched up 0.42 percent on Wednesday, as investors took to the sidelines on low hopes for second-quarter corporate earnings, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 7.93 points to close at 1,912.08. Trading volume was moderate at 315.9 million shares worth 3.47 trillion won (US$3.11 billion) with gainers outstripping decliners 443 to 339."The main index managed to close in positive
Seoul shares almost flat in late-morning trade

Jul 24, 2013

South Korean stocks were almost flat late Wednesday morning, as large-caps traded mixed amid upbeat expectations on improved corporate earnings, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 1.63 points, or 0.09 percent, to 1,905.78 as of 11:20 a.m.Top-cap Samsung Electronics lost 0.3 percent, while second-largest Hyundai Motor went up 0.2 percent. Chemical companies and shipyards were bullish but financial blue chips lost ground. No. 4 lender Shinhan Financial Gro
Seoul shares turn higher after weak start

Jul 24, 2013

South Korean stocks reverted to a slight gain on Wednesday after a bearish start, following the 1.3 percent rally of the previous session, analysts said. After opening a tad lower, the benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.34 points, or 0.02 percent, to 1,904.49 in the first 15 minutes of trading. Tech and auto blue-chips led the decline, with Samsung Electronics slipping 0.3 percent and Hyundai Motor falling 0.2 percent. But LG Chem, a leading chemical maker, and top g
Central, local officials lock horns over real estate tax cuts

Jul 23, 2013

Governors and mayors oppose tax reduction amid concerns over revenue shortfall
Financial consumer protection agency set to debut next year

Jul 23, 2013

Financial regulators have decided to spin off the consumer protection board from the Financial Supervisory Service, officials said Tuesday.The Financial Services Commission, whose executive arm is the FSS, announced that an independent consumer protection entity could be set up during the second quarter of next year.Concerning uncertainty over policy efficacy following a separation, FSC Chairman Shin Je-yoon told The Korea Herald that “the policy reflects the strong determination of President Pa
FSS seeks to curb banks’ dividend payouts

Jul 23, 2013

Citibank Korea, SC Bank Korea slash interim dividend payouts
Trade terms improve to 26-month high in June

Jul 23, 2013

South Korea’s terms of trade improved to a 26-month high in June as import costs fell at a sharper pace than export prices amid the global economic slowdown, the central bank said Tuesday.The country’s net terms-of-trade index for goods ― a gauge of trade terms ― came in at 90.5 in June, up 5.4 percent from a year earlier, according to the Bank of Korea.The on-year growth in the trade terms in June slowed from a 6.1 percent on-year gain tallied in May, but the June reading marked the highest sin
Plastic card spending growth slows in June

Jul 23, 2013

South Korea’s plastic card spending maintained a stagnant growth in June as card holders continued to hold back their purchasing amid the economic slowdown, a trade association said Tuesday.Purchases made with plastic cards totaled 44.5 trillion won ($39.7 billion) last month, up 4.1 percent from 42.7 trillion won tallied a year earlier, according to the data by the Credit Finance Association.The country’s card spending growth sank to an all-time low in February, growing 3.4 percent on-year. It
Seoul shares hike 1.27 pct on earnings hopes

Jul 23, 2013

South Korean stocks closed 1.27 percent higher Tuesday as investor sentiment was boosted by upbeat expectations on second-quarter corporate earnings, analysts said.The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) soared 23.80 points to finish at 1,904.15. Trading volume was moderate at 347.8 million shares worth 4.24 trillion won ($3.79 billion) with advancers outpacing decliners 495 to 301. "Investors are getting their hopes high as compan
Seoul shares up 1.04 pct in late-morning trade

Jul 23, 2013

South Korean stocks traded 1.04 percent higher late Tuesday morning, fueled by gains in large-cap tech and financial firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) soared 19.57 points to 1,899.92 as of 11:20 a.m.Top-cap Samsung Electronics jumped 2.2 percent, with No. 4 lender Shinhan Financial Group surging 3.7 percent. LG Electronics shot up 4.3 percent. But auto shares lost ground. Hyundai Motor and its smaller affiliate Kia Motors fell more than 1 percent and 0
Seoul shares open higher on earnings hopes

Jul 23, 2013

South Korean stocks got off to a strong start Tuesday on hopes of second-quarter corporate earnings, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 14.44 points, or 0.77 percent, to 1,894.79 in the first 15 minutes of trading. Top-listed firms moved upward, with market bellwether Samsung Electronics gaining 0.7 percent and No. 1 steelmaker POSCO jumping more than 2 percent. South Korean companies have started posting their results for the second quarter from Monda