Trade Ministry ill at ease over Finance Ministry’s direct involvement in semiconductor export agenda

While South Koreans drink as frequently as they used to, the average volume of alcohol consumed on each occasion has dropped consistently, a survey showed. The survey of 2,000 adults conducted jointly last year by the Food Ministry and Korea Agro-Fisheries & Food Trade Corporation showed that consumers of alcoholic beverages drank an average of 8.8 days per month. Frequency of drinking was the same as the previous year.Respondents said they drank 6.3 cups of alcohol on each occasion, down fr

South Korea's central bank said Monday that it will entrust local asset management firms with investment of its foreign reserves into advanced market stocks this year.The Bank of Korea held more than $400 billion worth of foreign reserves in 2018, consisting of securities and deposits denominated in overseas currencies, as well as International Monetary Fund reserve positions, special drawing rights and gold bullion. As of end-2017, the BOK manages 80.9 percent of its foreign assets directly, wi

South Korea's trade minister will attend a meeting of the World Trade Organization this week to discuss its reform measures, his office said Monday. Kim Hyun-chong will visit Davos, Switzerland, on Thursday and Friday to join a 30-member ministerial meeting on ways to reform the embattled institution. The Swiss trade minister will host the gathering on the sidelines of the World Economic Forum in the resort town. Kim will attend talks to discuss measures to recover confidence in the multilateral

State-run Korea Trade-Investment Promotion Agency on Monday opened its third Vietnamese office in Da Nang, seeking to support exporters in line with Seoul's New Southern Policy that centers on strengthening ties with Southeast Asian countries.The trade agency, which operates offices in Hanoi in the north and Ho Chi Minh City in the south, claimed the Da Nang branch will help around 50 South Korean firms in the central region of the country. There are some 20 South Korean companies in Da Nang.&nb

South Korea's exports dropped 14.6 percent on-year in the first 20 days of January, hit by a plunge in overseas shipments of semiconductors, customs data showed Monday. The country's exports stood at $25.7 billion in the January 1-20 period, according to Korea Customs Service.The customs office said daily average exports -- which reflect working days -- declined 8.7 percent on-year to $1.77 billion.By product, exports of semiconductors nosedived 28.8 percent, while shipments of passenger cars ju

The members of the Group of 20 leading economies have agreed to work together to tackle global imbalances and aging populations, viewing them as structural issues that could hinder sustainable and inclusive growth of the global economy, South Korea’s finance ministry said Sunday.　The G-20 will look into imbalances between savings and investments for multilateral solutions to global imbalances while seeking various policy options, such as fiscal, monetary and structural reform, to deal with

Korea's top two banks hold key meetings to recognize recent business performance, to set fresh strategies for new year

South Korea’s state-run pension fund suffered valuation losses from its investment in the country’s 10 major conglomerates due to declines in their stocks, data showed Sunday.　The National Pension Service held an average 7.76 percent stake in the conglomerates at the end of 2018, compared with 6.62 percent at the end of 2017, according to data compiled by Chaebul.com, which tracks South Korean conglomerates. 　But the value of the NPS’s stock holdings in the 10 conglomerates fel

South Korea‘s antitrust watchdog said Sunday that it has fined four foreign banks 693 million won ($618,000) for fixing the prices of foreign exchange derivatives and selling them to five South Korean companies.　The Fair Trade Commission said Standard Chartered Bank Korea and the local units of Deutsche Bank AG, JPMorgan Chase & Co. and HSBC agreed on prices of foreign exchange derivatives on seven occasions between March 2010 and February 2012. 　Deutsche Bank, JPMorgan Chase & Co.

The central bank has issued a new art catalogue, offering a periodic introduction to South Korea’s currency, officials said Sunday.The Bank of Korea’s Money Museum has published “Korea’s Money,” a catalogue that lists the country’s currencies dating back to the Goryeo Dynasty. The latest catalogue, a new edition of its previous art books, includes large- pictures of various currency designs, according to the BOK.“The focus was to improve the visual effec

South Korean stocks are expected to move sideways next week as concerns about lackluster corporate earnings and China's slowing economy could dent investor sentiment, with eyes trained on ongoing trade negotiations between Washington and Beijing, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,124.28 points on Friday, marking a 2.3 percent surge from a week earlier.The index started on a weak note as the prolonged US government shutdown and concerns over the sl

Card operators blame commission fee cuts for this year’s dismal profit projections

Fueled by the government’s road map to build a “hydrogen economy,” South Korea’s top automaker and hydrogen-powered car parts firms continued a two-day gaining streak.Hyundai Motor, which launched the fuel cell electric vehicle Nexo early last year, closed at 131,000 won ($116.80) per share Friday, up 1.16 percentage point from the previous close and hitting a 16-week high. Companies that manufacture or supply hydrogen electric vehicle parts also marked sharp gains.