Concerns linger on slow economic growth, sluggish industries

The South Korean economy grew by a six-year low of 2.7 percent last year due to sluggish corporate investment, but its per capita income surpassed US$30,000 for the first time, preliminary data by the central bank showed Tuesday.The revised 2018 reading by the Bank of Korea (BOK) is on par with its earlier estimate of 2.7 percent growth released in January.But it is the slowest on-year gain since 2012, when the country pulled off 2.3 percent annual growth.For the fourth quarter of 2018, the econ

South Korea's consumer prices gained 0.5 percent in February from a year earlier on a rise in prices for utility and service charges, government data showed Tuesday.The reading marks the lowest since August 2016, when the comparable figure was 0.5 percent, Statistics Korea said.From a month earlier, the index rose 0.4 percent. "The biggest reason behind lower consumer prices is a decline in petrochemical products," said Kim Yun-sung, director of Statistics Korea's price statistics divi

Hyundai Motor on Monday raised the stakes in an ongoing conflict with credit card companies over a transaction fee hike, announcing that it will be terminating its partnerships with five local credit companies The firm, however, left room for resolving the conflict by stating that the suspension would take effect from March 11, leaving the following week up for negotiations. “Hyundai Motor opposes the unilateral transaction fee hike initiated by some card companies. And with this, we

South Korean securities firms saw their local branch network fall below 1,000 in late 2018, with the rise of mobile trading infrastructure here, data showed Monday.According to the Korea Financial Investment Association, the number of brick-and-mortar branches of 55 securities firms with at least one business unit here came to 979 at the end of last year. This is 46 branches less than the previous year.  Along with the shrinking branch network, the number of employees at the firms declined

South Korea said Monday it is maintaining round-the-clock tabs of financial markets and set to take necessary steps in case of volatility.The move came four days after the leaders of North Korea and the United States ended their high-stakes nuclear summit in Hanoi with no agreements being reached. Still, the breakdown is unlikely to have any big direct impact on South Korea's financial markets, the Ministry of Economy and Finance said after Lee Ho-seung, the first vice minister of economy and fi

South Korea logged a record-high balance of payments surplus for Hallyu-related products and services last year, owing to the global success of Korea-made video games and K-pop, statistics from the Bank of Korea showed Sunday.　Hallyu, or the Korean Wave, refers to the proliferation of Korean cultural content overseas, including K-pop, food, TV programs and movies as well as PC and mobile games produced by Korean firms.　According to the Bank of Korea Economic Statistics System, Korea’s BOP

South Korea’s financial regulators tentatively approved three new real estate trust operators on Sunday, enabling new players to join the business segment for the first time in 10 years. The Financial Services Commission granted preliminary licenses to three new companies in the works: Shinyoung Asset Trust, Korea Investment and Securities Real Estate Trust and Daishin Asset Trust. Shinyoung Asset Trust is a company being formed by Shinyoung Securities in partnership with Eugene Investment

South Korean shares are expected to trade in a limited range next week, with investors set to take a wait-and-see stance on key economic indexes, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,195.44 on Friday, down 1.57 percent from last week’s close. Earlier this week, South Korean shares were nearly flat ahead of the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, which took place in Hanoi on Wednesday and Thur

Analysts recommend stocks related to new industries and technologies for investors mulling to expand their investment portfolios this year, with the latest rally in the Seoul bourses boosted by a foreign buying spree clouding judgments. The main keywords are electric vehicle, 5G, and content streaming services, they say.  Among them, the EV battery market is projected to expand 30 percent annually for a decade, according to Han Byung-hwa, an analyst at Eugene Investment & Securities.Ana

KEB Hana Bank, the core affiliate of the banking group, said Thursday that it has appointed Ji Sung-kyoo, vice president of global business, as its new CEO, replacing Ham Young-joo, who had served two consecutive terms.The move indicated a thaw in tension between the bank and the financial watchdog over the reappointment of its embattled chief.The commercial bank had stood at odds with the Financial Supervisory Service concerning the reappointment of Ham for the third time. While the FSS had exp

Share prices of North Korea-related businesses on the Seoul bourses took a brutal hit Thursday on news of failed nuclear negotiations between the US and North Korea, while defense shares surged.The South Korean stock market and the won plunged Thursday, with the benchmark Kospi closing 1.8 percent lower from the previous closing, the biggest one-day fall since Oct. 23, and the won slipping 0.5 percent against the US greenback.  Once soaring shares of South Korean firms with business ties to

Facing charges of questionable hiring, KEB Hana Bank CEO Ham Young-joo has decided against running for his third term, industry sources said Thursday.　According to the sources, Ham pulled out of the race during a meeting of Hana Bank‘s candidate recommendation committee.　Ham took over KEB Hana Bank in September 2015. He was indicted without physical detention last June on allegations of hiring irregularities and obstruction of duties. He has been on trial since last August, and the court v

The South Korean stock market, the Korean won and bond prices lost ground Thursday following the summit between US President Donald Trump and North Korean leader Kim Jong-un, which ended without any agreement contrary to widespread anticipation for a breakthrough.The nation’s main bourse Kospi closed 1.76 percent or 39.35 points lower from the previous trading day at 2,195.44, while the Kosdaq ended 2.8 percent lower at 731.25. The Kospi marked its biggest daily percentage loss since late

South Korean stocks closed lower Thursday following uncertainties over the US-North Korea summit, analysts said. The local currency gained against the US dollar.The benchmark Korea Composite Stock Price Index plunged 39.35 points, or 1.76 percent, to 2,195.44. Trading volume was high at 489 million shares worth 8 trillion won ($7.15 billion), with losers outpacing gainers 748 to 115.Analysts said Seoul shares closed lower as investors expressed concern over the outcome of the meeting between US