The Korea Herald

Kim Yon-se

안녕하세요 Kim Yon-se 기자입니다.

Articles by Kim Yon-se

Business sentiment hits 6-year low

Jun 30, 2015

Manufacturing firms’ business confidence has dipped to the lowest level in more than six years, hit by the outbreak of Middle East respiratory syndrome, data from the central bank showed Tuesday.According to the Bank of Korea, the manufacturing confidence index, called the business survey index, stood at 66 in June, lower than 73 a month before. The monthly BSI marked its lowest figure since it posted 53 in March 2009.An index reading of 100 is the dividing line between positive and negative sen
Stocks, currency lose on Greek woes

Jun 29, 2015

South Korean stocks and currency fell sharply Monday in the wake of mounting concern over Greece’s state default.Though the nation’s financial policymakers tried to ease volatile investor sentiment earlier in the day, foreigners dumped local equities on the main bourse Korea Exchange.The benchmark KOSPI dropped 29.77 points, or 1.42 percent, from a trading session earlier to close at 2,060.49. The secondary KOSDAQ fell by 2.33 percent to close at 733.04.Foreign investors net-sold stocks, listed
Korea plans W15tr stimulus injection

Jun 25, 2015

The Finance Ministry on Thursday announced a fiscal stimulus of 15 trillion won ($13.6 billion) through a supplementary budget and state funds this year to boost the economy hit by the Middle East respiratory syndrome outbreak.In addition, the government revised its 2015 GDP growth outlook down to 3.1 percent from its earlier forecast of 3.8 percent, citing sagging exports and weaker-than-expected recovery in domestic demand.At a news briefing, Deputy Prime Minister and Finance Minister Choi Kyu
Government to pour more than W15tr to secure 3% growth

Jun 25, 2015

The Finance Ministry on Thursday announced a fiscal stimulus of 15 trillion won ($13.6 billion) through a supplementary budget and state funds this year to boost the economy hit by the Middle East respiratory syndrome outbreak.In addition, the government revised its 2015 GDP growth outlook down to 3.1 percent from its earlier forecast of 3.8 percent, citing sagging exports and weaker-than-expected recovery in domestic demand.At a news briefing, Deputy Prime Minister and Finance Minister Choi Kyu
MERS impact on consumption weakening: BOK chief

Jun 24, 2015

The nation’s central bank head said Wednesday that the negative impact of the outbreak of Middle East respiratory syndrome on private consumption is weakening.“(Like the first and second week), data showed that private consumption during the third week also fell on an on-year basis. But the reduction extent was found to have tapered compared to the first and second week,” said Bank of Korea Gov. Lee Ju-yeol.Lee’s remarks, under which he predicts a bounce-back in the domestic demand in the near f
Korea sees savings rate surge amid lackluster consumption

Jun 23, 2015

Weak consumer sentiment has pulled up Korea’s savings rate to the highest in more than 16 years, official data showed Tuesday.According to the Statistics Korea and the Bank of Korea, the nation’s savings rate came to 36.5 percent in the first quarter, compared with 35 percent and 34.7 percent, in the corresponding period in 2014 and 2013, respectively.On a quarterly basis, this is the highest since the rate peaked at 37.2 percent in the third quarter of 1998.The savings rate is calculated by sub
[Newsmaker] Korea plans July bidding to sell Woori

Jun 22, 2015

Financial authorities plan to unveil a revised method for the sale of state-funded Woori Bank next month in their move to recoup taxpayers’ money, regulatory officials said Monday.Market attention is again focused on the coming announcement of the Public Fund Oversight Committee, after the agency successfully completed the sale of the now-defunct Woori Financial Group’s stock brokerage unit and two provincial bank units over the past year.Officials said the committee, as an arm of the Financial
KB Financial wins status of finance holding firm in U.S.

Jun 19, 2015

KB Financial Group said Friday that it has received regulatory approval from the Federal Reserve to operate as a finance holding company in the U.S. market.With the eligibility endorsed, the South Korean group has been entitled to carry out comprehensive financial businesses for both commercial banking and nonbanking in North America.KB Financial, which was operating only KB Kookmin Bank in the U.S., had to apply for the finance holding firm status as its acquisition target, LIG Insurance, has U
Currency, stocks gain on U.S. dovish position on rate hike

Jun 18, 2015

The dollar’s continuous gain against the Korean won halted Thursday as currency traders widely predicted that the U.S. Federal Reserve would raise the key interest rate, but on a moderate basis.In addition, both the benchmark KOSPI and secondary KOSDAQ gained, though the extent was slight. Foreign investors, however, were net sellers on the bourses.Though the Federal Open Market Committee, which held its monthly meeting from June 16-17 in Washington, D.C., has hinted at a rate hike in the coming
Heads of 3 public firms face dismissal for lax management

Jun 17, 2015

Three state-funded corporation chiefs are facing dismissal and three others received a regulatory warning for negligent management, the Finance Ministry said Wednesday.In its announcement of the result of the 2014 assessment of 116 government agencies and public firms, the ministry said it has asked President Park Geun-hye to lay off two chiefs.They are Korea Resources Corp. president Koh Jung-sik and Korea Midland Power CEO Choi Pyeong-rak, both of whom took office in 2012 during the Lee Myung-
Daum Kakao faces tax investigation

Jun 16, 2015

Tax authorities launched an audit into Daum Kakao Corp. as they dispatched inspectors to the Internet portal giant’s Pangyo office in Gyeonggi Province on Tuesday.While the background of the probe from the National Tax Service has not been confirmed, some market insiders alleged that the move was to verify possible allegations such as irregular intragroup trading and tax evasion.Further, the NTS reportedly carried out the raid without making prior notifications to Daum Kakao, whose headquarters
Industries pledge to maintain investment despite virus outbreak

IndustryJun 11, 2015

South Korea’s major business groups pledged Thursday to cooperate with the government to minimize the negative impact of the spread of Middle East respiratory syndrome on industrial activity amid growing concerns over a downswing in consumer and investor sentiment. The five major business lobby groups, including the Federation of Korean Industries, the Korea Chamber of Commerce & Industry and the Korea International Trade Association, said they would “handle the impact of the MERS outbreak undau
[Graphic News] Overseas construction orders of Korean firms surpass $700b

IndustryJun 11, 2015

The cumulative overseas construction orders of South Korean builders has exceeded $700 billion since they first ventured abroad in 1965, data showed Thursday.According to the Ministry of Land and the International Construction Information Service, the amount of construction order commissions reported was $699.54 billion as of June 10. However, if Samsung C&T’s order of $694 million for the WestConnex construction in Sydney, Australia, on June 4 it included, the total reaches $700.23 billion.Sout
SK hynix enhances partnership in China

IndustryJun 11, 2015

South Korea’s leading chipmaker SK hynix beefed up partnerships with Chinese customers during its 2015 SK hynix Mobile Solution Day event in Shenzhen on Wednesday. Around 300 officials from partner firms in China, including Huawei, Lenovo, and China Mobile, partook in the event themed “Creating the future mobile experience together.”The Korean chipmaker introduced its business strategies to cement its position as a leading player in the Chinese market. In line with the efforts to increase its pr
Hyundai Motor establishes Korean studies program in U.S. think tank

IndustryJun 11, 2015

Hyundai Motor will sponsor a Korea-related research unit at the Woodrow Wilson International Center for Scholars in Washington D.C., the company said Thursday.This is the first Korea-oriented scholastic program at the center. “We hope the programs will deepen U.S. opinion leaders’ understanding of Korea and Korean businesses,” Hyundai stated. Hyundai, alongside Korea Foundation, sealed a deal on Wednesday to establish the Hyundai Motor-KF Center for Korean History and Public Policy at the think