Articles by 박윤아
박윤아
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Excess funds of Korean households grow in Q1
[THE INVESTOR] Even as local companies saw their funds dwindle, excess funds held by Korean households continued to rise in the first quarter despite a dip in their borrowing, central bank data showed on June 30.Excess funds held by local households, including nonprofit organizations, came to 24.3 trillion won (US$21.07 billion) as of end-March, up 3.2 trillion won from three months earlier, according to preliminary data from the Bank of Korea.Excess funds refer to the amount of money that remai
June 30, 2016
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Pantech back after 20-month hiatus with IM-100 smartphone
[THE INVESTOR] Korean cellphone manufacturer Pantech has made a comeback after a 20-month hiatus with the launch of new model on June 30, hoping to regain its stature as the nation’s No. 3 mobile phone maker.The mid-tier Sky IM-100 hit the local market through two domestic mobile service providers -- KT and SK Telecom.Around 7,000 units were reportedly sold in preorders from June 24-29 in spite of fierce competition in the budget phone market.The IM-100’s factory price is 449,900 won (US$430). B
June 30, 2016
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Sharp hike in household debt alarming: BOK
[THE INVESTOR] The surge in household debt is alarming and could cause serious problems as it is growing at a faster pace than income or ability to pay back, the central bank said on June 30.The country’s overall financial system remained stable based on improving profitability and financial soundness of local financial institutions, the Bank of Korea said in a report to the National Assembly.However, “in the case of households, their delinquency rate and debt structure have improved, but their
June 30, 2016
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Coal consumption to rise 2.7% this year:South Korea
[THE INVESTOR] Despite efforts to scale back coal-fired power generation on growing concerns over fine dust, Korea’s coal consumption is likely to grow by 2.7 percent in 2016 from a year earlier, a report said on June 30.According to the report by Korea Energy Economics Institute, coal consumption will likely climb on increased demand from thermal power stations, with its total energy demand rising 1.5 percent on-year to 289 million tons of oil equivalent. Korea is scheduled to put on line five
June 30, 2016
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US exports to Korea up on bilateral FTA: report
[THE INVESTOR] The Korea-US free trade agreement has led to an increase of $4.8 billion-$5.3 billion in total American exports, the second-largest among 13 FTAs signed by the US, according to a report by the US trade agency on June 30.The International Trade Commission report shows that bilateral deal has been highly effective in increasing US exports to Korea, contrary to claims by Republican presidential candidate Donald Trump that it brought little benefits.The report, titled “Economic Impact
June 30, 2016
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Korean Foreign Minister calls for closer economic ties with Latin America
[THE INVESTOR] South Korea Foreign Minister Yun Byung-se on June 29 called for closer economic ties with Latin American countries, saying distance is no longer an issue now.He was speaking at the Korea-Latin America Partnership forum which is expected to bring together more than a 1,000 government officials, businessmen and students from both sides over the next three days.“Central and South America form an important pillar in our promotion of connectivity through global networking diplomacy,” h
June 29, 2016
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Korea pledges aggressive fiscal expansion
[THE INVESTOR] Finance Minister Yoo Il-ho on June 29 pledged all fiscal means to get over the lingering downside risks at home and abroad and revive the growth momentum in Korea.“As we face severe economic conditions within and outside the country, we have to take an aggressive (fiscal) stance to deal with mounting risks,” he said in a parliamentary session in Seoul.“The government will carry out corporate restructuring, job creation programs and other economy-boosting measures in a timely manne
June 29, 2016
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Korea’s stock performance better than G20 average
[THE INVESTOR] Korea’s stock market suffered a slight decline in the first six months this year as investors took a risk-averse stance, data showed on June 29.The benchmark Korea Composite Stock Price Index fell 1.76 percent to 1,926.85 points on June 27 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. Among the G20 countries, Argentina was the bes
June 29, 2016
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Tax cut effect weakens in car sales
[THE INVESTOR]South Korean car sales dwindled this year despite consumption tax cuts, industry data showed on June 29.South Korean and foreign carmakers sold a combined 637,369 units in the first five months of this year, up 8.3 percent from 588,541 units from the same period in 2015, according to the Korea Automobile Manufacturers Association and the Korea Automobile Importers and Distributors Association.It reflected a slowdown from the September to December period in 2015 when a total of 594,
June 29, 2016
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Ex-head of Hanjin Shipping summoned again for insider trading
[THE INVESTOR] The prosecutors summoned a former head of Hanjin Shipping for the second time on June 29 over insider trading allegations, according to legal sources.The Seoul Southern District Prosecutors’ Office summoned Choi Eun-young as a suspect on charges of violating the Financial Investment Services and Capital Markets Act.The 54-year-old and her two daughters are suspected of selling stocks of the financially troubled Hanjin Shipping in April, after obtaining information that the company
June 29, 2016
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Korea's household loan interest rates decline in May
[THE INVESTOR] Bank interest rates on new household loans dropped from a month earlier in May, central bank data showed on June 29.However, interest paid by banks on fresh deposits fell at a faster clip, further widening the gap between the interest rates on deposits and loans.The average interest rate on fresh household loans came to 3.16 percent in May, down 0.01 percentage point from the previous month, according to the data from the Bank of Korea.The May reading marked the second consecutive
June 29, 2016
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Shanghai Baosteel merger with Wuhan Iron & Steel may benefit Korean steelmakers: analysts
[THE INVESTOR] The merger of two Chinese state-run steelmakers may bring short-term benefits to POSCO and other Korean mills, but could pose a long-term threat, analysts said on June 29.Shanghai Baosteel Group and Wuhan Iron & Steel Group are reportedly in talks on a merger, which would create a company with an annual capacity of 61 million tons. Currently, ArcelorMittal is the top industry player with 114 million tons.The merged entity’s capacity would far exceed that of POSCO, Korea’s top stee
June 29, 2016
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KERI cuts S. Korea’s growth outlook to 2.3%
[THE INVESTOR] A leading private think tank on June 29 cut Korea’s growth outlook for this year, following Britain’s vote to leave the European Union and other unfavorable external factors. In its latest report, the Korea Economic Research Institute lowered its 2016 growth outlook for Asia’s fourth-largest economy to 2.3 percent from an earlier 2.6 percent.The economy is projected to expand 2.7 percent in the first half of this year from a year earlier, but the growth rate will likely slow to 1.
June 29, 2016
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Retail sales drop in May
[THE INVESTOR] Sales of major department stores and discount chains in Korea declined in May from a year earlier due to reduced holidays, government data showed on June 29.The combined sales of three department stores -- Hyundai, Lotte and Shinsegae -- fell 2.7 percent on-year last month, while those of major discount stores E-mart, Lotte Mart and Home Plus fell 6.3 percent, according to the data compiled by the Ministry of Trade, Industry and Energy.The ministry said people spent less as the nu
June 29, 2016
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FSC vows preemptive steps to ease market volatility
[THE INVESTOR] Korea’s top financial regulator vowed on June 29 to act preemptively to minimize any market fallout in the wake of Britain’s vote to leave the European Union .As Brexit may have a lingering and lasting impact on global markets in the long term, Korea will take quick and bold steps to ease any post-Brexit market turmoil while thoroughly preparing to ride out the changes ahead, Financial Services Commission chairman Yim Jong-yong told lawmakers.“Market volatility has eased this week
June 29, 2016
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