WHAT’S THE STORY?2H policy includes plan to stabilize presales market: Korea’s Ministry of Strategy and Finance yesterday released its 2H economic policy, with a KRW20t financial improvement plan (including a KRW10t supplementary budget), while policies related to housing and construction comprise measures to: 1) stabilize the nation’s overheated presales market; 2) stimulate rentals via REITs; 3) expand the infrastructure for publicprivate partnerships [PPPs]; and 4) support overseas orders. We

[THE INVESTOR] South Korea will become a member of the Paris Club, a group of creditor countries, the Finance Ministry said on June 29. Asia’s fourth largest economy will join the club as the 21st member this week at the club’s meeting to celebrate its 60th anniversary on July 1 in Paris, according to the ministry.South Korea’s Vice Finance Minister Choi Sang-mok will attend the ceremony, it added.The Paris Club is an association of creditor countries with the major aim of finding sustainable so

Korean stocks trimmed earlier gains late Thursday morning in the face of lingering uncertainties surrounding concerted global efforts to underpin markets reeling from the post-Brexit rout. The benchmark Korea Composite Stock Price Index traded 7.01 points, or 0.36 percent, higher at 1,963.37 as of 11:20 a.m. after hitting an intraday high of 1971.54.  (Yonhap)The local stock market rebounded this week from Friday's 3.09 percent loss following Britain's vote to quit the European Union. Trillions

[THE INVESTOR] JB Asset Management said on June 30 that it invested 46.5 billion won (US$40 million) in a project involving the renovation of the Pacific Beach Hotel in Hawaii. Located on Waikiki beach in Honolulu, the hotel features 839 rooms with nearly 90 percent of occupancy rate over the past three years.JB Asset Management expects to gain an annual return of 7 percent from the 5-year investment. The South Korean management firm raised capital by forming a real estate fund in which a handfu

South Korean households are taking out loans at a faster clip than the increase in their income or ability to pay back, suggesting that household debt may cause serious problems down the road, the central bank said Thursday.In a report to the National Assembly, the Bank of Korea said the country's overall financial system remained stable based on improving profitability and financial soundness of local financial institutions.However, "in the case of households, their delinquency rate and debt st

South Korean shares opened higher Thursday, tracking gains in U.S. stocks amid expectations that a new stimulus package along with market stabilization steps will ease the impact of Britain's vote to exit from the European Union.  The benchmark Korea Composite Stock Price Index rose 9.68 points, or 0.49 percent, to 1,966.04 in the first 15 minutes of trading.The main index almost wiped out a sharp plunge sparked by the Brexit rebounding for three consecutive days on Wednesday.Investors will clos

Hong Kyttack, the Korean vice president of the Asian Infrastructure Investment Bank since February, has taken a six-month leave of absence from the Beijing-based institution amid a scandal back home surrounding his previous stint at Korea Development Bank. “Hong cited personal reasons for the leave,” Seoul’s Finance Ministry official said, confirming Hong’s absence at AIIB since last week. The Korean executive was absent at the regional bank’s maiden general meeting in Beijing on June 25, where

Korean shares advanced for a third straight session on Wednesday as investors scooped up oversold stocks following firm pledges by authorities to underpin the markets reeling from the post-Brexit turmoil. The benchmark Korea Composite Stock Price Index rose 20.14 points, or 1.04 percent, to 1,956.36. Some 446.7 million shares worth 4.76 trillion won ($4.1 billion) traded hands on the main bourse, with 696 stocks advancing against 140 declining.Investors had welcomed policy actions promised by ce

Seoul stocks ended higher Wednesday as foreign investors returned to their buying mode with concerns over Brexit easing amid expansionary measures worldwide.The benchmark KOSPI and the Korean currency gained along with the British pound after days of volatility since the U.K.’s vote to leave the European Union, as the market worldwide sees Brexit more as a political crisis than a financial crisis. (Yonhap)The benchmark equity index closed at 1956.36 up 1.04 percent on Wednesday, with the won-dol

[THE INVESTOR] Telecom operator KT and its subsidiary BC Card have partnered with Chinese bank card firm UnionPay International to launch UnionPay HCE mobile QuickPass in Korea, which will enable local cardholders to pay by tapping their mobile phones, the companies said Wednesday. Mobile QuickPass is UnionPay’s new mobile payment solution. It supports both offline contactless payment and online payment. It encompasses many mobile payment products, including HCE, Apple Pay and Samsung Pay. Accor

Shinhan Financial Group, the nation’s largest banking group by assets and profits, launched a combined rewards system called the “Shinhan Fan Club” on Thursday. “The new rewards system was introduced so that customers would conveniently collect and spend points,” said a Shinhan Financial Group official. A model promotes “Shinhan Fan Club.” Shinhan Financial GroupThe new rewards system replaces the previous “My Shinhan Point” rewards system that only allowed Shinhan members to collect points when

Korea's stock market suffered a slight decline in the first half of the year largely due to investors taking a risk-averse stance, data showed on Wednesday.The benchmark Korea Composite Stock Price Index fell 1.76 percent to 1,926.85 points on Monday from 1,961.31 points on December 30. The fall is better than the average decline of 3.08 percent for the world's 20 major economies during the same period, according to data from the Korea Exchange.  (Yonhap)Among the G20 countries, Argentina was th

[THE INVESTOR] National Agricultural Cooperative Federation chairman Kim Byeong-won is to be questioned by the prosecution for alleged wrongdoing in the election process on June 30. The NACF is Korea’s largest agroindustry body that counts NongHyup Financial Group among its affiliates. Its chairman is elected among chiefs of regional branches who run for office. Kim was elected as the chairman of NACF in January, and it has since emerged that he may have been involved in illegal campaign activit

Korea's chief economic policymaker on Wednesday said he will use all fiscal means to get over the lingering downside risks at home and abroad and revive the growth momentum in Asia's fourth-largest economy."As we are in severe economic conditions inside and outside the country, we have to take an aggressive (fiscal) stance to deal with mounting risks," Finance Minister Yoo Il-ho said in a parliamentary session in Seoul."The government will carry out corporate restructuring, job creation programs