South Korean stocks turned higher Friday morning as foreigners increased their holdings. The won traded down against the dollar.  The benchmark Korea Composite Stock Price Index that started the day in negative territory rebounded to rise 1.06 points, or 0.04 percent, to 2,442.90 as of 11:20 a.m.Foreigners bought a net 65.4 billion won ($58 million) worth of stocks, outpacing stock selling worth 63 billion won by institutions and individuals. Tech and auto stocks pushed down the index, with

South Korea's exports rose 22.4 percent for the first 20 days in July from the same period last year helped by a robust shipment of ships and semiconductors, government data showed Friday. Exports totaled $30 billion in the 20-day period in July, with exports of vessels and computer chips surging 245.6 percent and 47.7 percent each, the Korea Customs Service said.  Exports to the United States and China rose 5.4 percent and 3.2 percent each in the July 1-20 period. Imports stood at $25.9 bi

A decision by the government to raise the minimum wage next year is expected to cut profits at convenience and discount store chains, but it could help bolster consumption, according to foreign investment banks on Friday. The government has decided to hike minimum wage 16 percent to 7,530 won ($6.7) per hour next year, marking its biggest rise since 2000. It would affect about 4.63 million workers. The Korea Center for International Finance report, citing Citibank, speculated the hike in the min

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street.  The benchmark Korea Composite Stock Price Index fell 1.15 points, or 0.05 percent, to 2,440.69 in the first 15 minutes of trading. The main index hit a record high of 2,441.84 points in the previous session. On Thursday (US time), the Dow Jones industrial average ended down 0.13 percent at 21,611.78. Tech and auto stocks led declines, with market bellwether Samsung Electronics Co. falling 0.94 percent a

The White House on Thursday cited the Donald Trump administration's launch of a process to renegotiate the bilateral free trade agreement with South Korea as an accomplishment during the president's first six months in office.In a statement, the White House listed what it said the president has done in his "Six Months of America First" since coming into office Jan. 20."Last week, the President began the process of renegotiating the United States-Korea Free Trade Agreement," i

Shinhan Financial Group Co., a major South Korean banking group, said Thursday that its net profit rose 30.5 percent in the second quarter from a year earlier on increased interest income.Net profit for the second quarter climbed to 892 billion won ($792 million) from 683.5 billion won a year earlier, the bank said in a regulatory filing.In the January-June period, the group's combined net shot up to 1.88 trillion won, the highest since the foundation of the financial group in 2001, it said. Shi

South Korea's economy is expected to grow 2.7 percent in 2017 from a year earlier, the Asian Development Bank said Thursday, revising up its previous outlook of 2.5 percent.The bank cited abated political uncertainties following the inauguration of the new president, along with the improving global economy and revitalization of exports.  "A sharp upswing in machinery and equipment outlays and persistently high construction growth helped boost gross domestic product growth overall, thou

President Moon Jae-in on Thursday reiterated his call for an economic paradigm shift to address weak growth and polarization, stressing a more active government role in tackling the country's economic challenges. During a forum on financial strategy, Moon also underscored that the country's financial policies should be "people-oriented," inclusive, balanced and transparent, and involve citizens' participation."There has been a blind belief in a small government, but in order to ov

After some two decades of disputes, class action suits for basic consumers may be introduced next year, according to the top 100 policy plans announced by the Moon Jae-in administration on Wednesday.The tool to allow consumers who have suffered damage from products to benefit en mass from compensation rulings without directly participating in a legal battle has always been a hot potato for the preceding governments and legislators.Despite President Moon Jae-in’s determination to promote co

Based on President Moon Jae-in’s five year administration plan, a total of 178 trillion won ($158 billion) is needed to support his major policies and tasks, according the State Affairs Planning Advisory Committee.The administration plans to prepare some 95.4 trillion won by cutting expenditures and secure 82.6 trillion won through expanding tax revenue.

South Korea will set up a new ministry in charge of small and medium-sized businesses that will be dedicated to supporting smaller companies and creating more jobs, the government said Thursday.After long-drawn-out negotiations, the National Assembly passed the bill which included elevating the Small and Medium Business Administration to a Cabinet ministry supporting SMEs, venture startups and micro-businesses, as was pledged by President Moon Jae-in during the election campaign. The SMBA is cur

South Korean Minister of Agriculture, Food and Rural Affairs Kim Yung-rok said Thursday he would not concede to any demand for an increase in rice imports from the US when talks begin regarding modifications to the Korea-US Free Trade Agreement. 　The agriculture minister said the farming industry had been struggling since the FTA came into effect five years ago, as Korea’s rice prices continue to plunge, with farmers blaming an increase in rice imports. 　“It is not a simple task, but

South Korea on Thursday created the post of trade minister in a move to strengthen its negotiating capacity ahead of crucial talks with the United States on revising the bilateral free trade deal.The move is part of a bill endorsed by parliament on government reorganization on the same day, and came days after US Trade Representative Robert Lighthizer called for a special joint committee meeting to start the process of revising the free trade agreement. According to the trade pact, a special joi

The US government this week released a 17-page summary of its proposal to renegotiate the North American Free Trade Agreement that included a ban on currency manipulation, which is also expected to impact looming talks on amending the Korea-US Free Trade Agreement. 　The Office of the United States Trade Representative on Monday issued the NAFTA amendment summary looking to reduce the US trade deficit by improving accessibility of its exports to Mexico and Canada. In particular, the USTR office a