The Korea Herald

Income gap between firms, household widens faster

Sept 29, 2011

The income growth rate of Korean corporations jumped rapidly last year, widening the gap with the growth trend of household income, the Bank of Korea data showed on Thursday.The total income of firms here was tallied at 280.6 trillion won ($240 billion) in 2010, up 18.3 percent from a year earlier.
FSC to auction off halted savings banks

Sept 28, 2011

Authorities say about half of 85 savings banks suffer from financial difficultiesFinancial authorities are set to put debt-ridden savings banks up for auction to find preferred bidders among bigger financial companies, following a former case during the first half.As an initial step, the Financial S
Korea plans to triple food exports by 2017

Sept 28, 2011

Korean Finance Minister Bahk Jae-wan (left) shakes hands with his Chinese counterpart Zhang Ping at the opening of the economic ministers’ meeting in Seoul on Wednesday. (Yonhap News)The Agriculture Ministry announced on Wednesday its six-year plan to strengthen the food industry to match the soarin
Weak won a major obstacle to stock gains

Sept 28, 2011

With fears about the eurozone debt crisis and a slower recovery of the U.S. economy weighing down investor sentiment, a recovery of the KOSPI hinges on the stabilization of the local currency, analysts said on Wednesday. (Yonhap News)The Korean stock market in the past week went through gyrati
Korea, China agree to tighten policy cooperation

Sept 28, 2011

Finance chiefs of Korea and China agreed to tighten policy cooperation to boost regional developments and seek solutions to social problems they share, Korea’s Finance Ministry said Wednesday. The agreement was reached during a four-hour meeting between Korean Finance Minister Bahk Jae-wan and his C
Manufacturing sentiment for Oct. hits 21-month low

Sept 28, 2011

Faltering U.S. economic recovery dampens business sentimentKorean manufacturers’ business confidence for October stayed at a 21-month low as debt woes in Europe and a faltering U.S. economic recovery dampened sentiment. The index of manufacturers’ outlook on business conditions stood at 86, unchange
Kyobo’s life insurance offers stable income

Sept 28, 2011

Kyobo Premier Variable Whole Life Insurance offers monthly annuities for families wanting a stable income stream for retirement, and protection in case of a breadwinner’s death. Launched in May, the product guarantees up to 6 million won ($5,151) per month for the family even after the subscriber di
Budget targets jobs, welfare

Sept 27, 2011

The government has proposed increasing its spending next year by 5.5 percent to 326.1 trillion won ($286.2 billion), prioritizing job creation and fiscal soundness to protect the country’s economy from ongoing debt crises abroad.The Finance Ministry said the 2012 budget plan will cut the government
More savings banks may be suspended

Sept 27, 2011

Speculation is growing in the market that more savings banks could be subject to suspension of operations in the coming months as policymakers appear poised to raise the target for state funds to be injected to restructure the ailing secondary banking sector.The Financial Services Commission had pre
2012 budget prioritizes jobs, fiscal balance

Sept 27, 2011

The government proposed to increase its spending next year by 5.5 percent to 326.1 trillion won ($286.2 billion), prioritizing job creation and fiscal soundness to protect the country’s economy from ongoing debt crises abroad.The Finance Ministry said the 2012 budget plan will cut the government def
Korean markets slip further on U.S., EU woes

Sept 26, 2011

(Yonhap News)KOSPI drops 2.64%, Korean currency tumbles to 1,195.8 won vs. U.S. dollarKorea’s stock market had another turbulent session on Monday, with key indexes struggling with heavy sell-offs amid growing concerns over the debt problem plaguing the eurozone and recession fears in the U.S. econo
More Korean companies incapable of repaying debt

Sept 26, 2011

BOK data shows 3 out of 10 Korean firms failed to cover their debts in Q2Three out of every 10 Korean firms listed on the stock market failed to service their debt in the second quarter of this year, Bank of Korea data showed Monday. A total of 30.2 percent out of 1,491 firms said their average inte
Korea's foreign reserves 'enough' to cope with crisis: official

Sept 26, 2011

South Korea holds a sufficient amount of foreign exchange reserves to cope with any crisis, a senior finance ministry official said Monday, dismissing worries that the nation's financial system is vulnerable to foreign capital flight. Media reports speculated earlier that the nation's foreign r
Effective corporate tax rate falls in 2010

Sept 26, 2011

South Korea’s effective corporate tax rate fell more than 3 percentage points in 2010 from a year earlier as the government pushes to lower tax burdens on businesses, data showed Monday.According to the data by the finance ministry and Statistics Korea, the country’s effective corporate tax rate sto
Solid bank profits expected in Q3

Sept 26, 2011

KB Financial Group projected to record about 670 billion won in net profits: analystsIt is estimated that four major financial groups and their banking units will secure robust performance during the third quarter, according to analysis by local securities firms.Securities firms such as Kyobo,