Emerging economies of the world should shift to more domestic demand-driven growth in order to push the global recovery forward, South Korea’s central bank governor said.In a speech made at Goethe University in Germany on Monday, Kim Choong-soo stressed that in order for the world to pull off sustainable growth and maintain financial stability, there is a need to forge closer international economic cooperation between emerging and advanced market economies.He added that for the world to move ahe

South Korean stocks closed 0.37 percent lower on Tuesday on mixed economic data from the United States and lingering eurozone concerns, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index, which started trading in positive territory, surrendered 7.33 points to close at 1,985.30. Trading volume was moderate at 439 million shares worth 3.92 trillion won ($3.44 billion), with losers outpacing gainers 416 to 390.The slight drop marks the sec

South Korean companies are bearish on increasing investments this year mainly because they see few viable growth opportunities, a poll conducted by the country’s largest economic organization showed Monday.The Korea Chamber of Commerce and Industry survey carried out on 1,026 local companies showed the investment sentiment index standing at 35.8 in the first half and reaching 49.2 in the July-December period.The two readings are below the break-even 50 mark for the index. A reading above 50 and

South Korean stocks closed 0.81 percent lower Monday on persistent eurozone concerns and China’s economic slowdown, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 16.28 points to close at 1,992.63. Trading volume was moderate at 445 million shares worth 3.84 trillion won ($3.37 billion), with losers outpacing gainers 470 to 343.The drop came after the bellwether stock market index regained the psychologically important 2,000-point mark on Friday.“Eurozone

South Korea’s import prices rose at their slowest clip in two years last month mainly due to a low base of comparison, the central bank said Monday.In local currency terms, import prices gained 3.5 percent on-year in March, slowing from a 5.2 percent on-year gain in February, according to the Bank of Korea.Last month’s figure marks the lowest on-year gain since March 2010, when import prices contracted 4.3 percent from a year earlier, the central bank said.The slowdown in the growth of import pr

China’s expansion of the trading band for the yuan will likely generate positive effects such as greater investment of Korean firms in the Chinese market, analysts said on Monday. China began to allow the currency to move up and down by as much as 1 percent on a daily basis, up from 0.5 percent, from Monday. The move attracted keen attention as the country has long been under pressure to loosen its tight grip on the yuan. “As a result of the expansion of the trading band, the Chinese currency wi

The Korea Exchange, the country’s bourse operator, suspended trading of Himart shares on Monday over alleged embezzlement and corporate malpractice by the head of the home appliance retailer. According to the KRX, Himart chairman Sun Jong-koo engaged in embezzlement and other irregularities amounting to about 259 billion won ($227 million), or 18.1 percent of the company’s total paid-in capital. Citing the stock market regulations, the KRX halted the trading of Himart shares at 1:59 p.m.As the s

South Korean stocks are expected to hover around the psychologically important 2,000-point mark range this week as the market waits on key economic data from the United States and Europe, local analysts said.The country’s key stock index, the KOSPI, closed at 2,008.91 on Friday, down 0.99 percent from a week earlier. The numbers represent a 1.12 percent or 22.28 point gain from the previous session. The bourse’s weekly loss reflected weak employment numbers in the United States, concerns over sl

South Korea’s finance minister has urged members of the Group of Twenty to jointly tackle soaring global crude prices that can hurt economic growth.The Ministry of Strategy and Finance said Bahk Jae-wan sent letters to finance ministers and central bankers of other G-20 members ahead of an upcoming group meeting scheduled for Thursday and Friday in Washington. In the letters, the policymaker said that in order to settle the current problem, the G-20 must show resolve and secure assurances from o

South Korea’s listed firms will begin paying dividends Monday with Samsung Electronics Co. taking the lead with 851.8 billion won ($751 million), the Korea Securities Depository said Sunday.More than 300 companies will pay 4.8 trillion won ($4.2 billion) of dividends by Friday, the KSD said in a statement.SK Telecom comes second with 678.3 billion won, Hyundai Motor third with 504.7 billion won and SK Innovation fourth with 262.5 billion won.As many as 149 firms listed with the main bourse KOSPI

South Korea needs to set up a comprehensive competitive strategy to stay ahead of China in high-end products, the Finance Ministry said Sunday.In a policy review outlining recent developments taking place in the world’s second largest economy, the Ministry of Strategy and Finance said Chinese products are already competing with South Korean goods in markets around the world.It said Beijing is pushing to produce more value-added products and making inroads into emerging markets, fueling the need