BOK to brace for global tightening

Emerging markets should brace for signs of monetary policy shifts in developed nations, and South Korea will remain vigilant to such signs that are moving toward ending a decade of fiscal stimulus, Bank of Korea Gov. Lee Ju-yeol said Tuesday.“The massive amount of cash flow into global financial markets will be on the decrease at any rate,” Lee said, while presiding over a conference on economic trends. “The BOK will respond to this by closely watching the shift in developed na

July 4, 2017

FDI pledges drop 9.1 pct in H1

New foreign direct investment pledged to come into South Korea fell 9.1 percent in the first six months of the year, amid rising uncertainties at home and abroad, the government said Tuesday.Fresh FDI commitments made in the January-June period came to $9.6 billion, down from $10.56 billion a year earlier, according to the Ministry of Trade, Industry and Energy. The amount of new FDI actually entering the country also retreated 4.4 percent on-year to $4.96 billion over the cited period, the mini

July 4, 2017

Eximbank chief Choi Jong-ku nominated as FSC head

Choi Jong-ku, CEO of the state-run Export-Import Bank of Korea, has been nominated as the chairman of the Financial Services Commission.Cheong Wa Dae on Monday said it expected Choi to become a game changer in curbing household debt, tackling unemployment, stabilizing people‘s quality of life and seeking efficiency in corporate restructuring. “As a nominee of the FSC chief in charge of crafting financial policies for the national economy, I feel grave responsibility,” Cho said

July 3, 2017

Bills move to give bitcoin legal grounds

A set of bills to give cryptocurrencies, including bitcoin and ethereum, legal grounds is being prepared by a South Korean lawmaker, a long-awaited move to protect South Koreans from potential risks in transactions.Rep. Park Yong-jin of the ruling Democratic Party of Korea said in a release Monday he would introduce three revisions in July to build a set of regulatory frameworks for digital currencies.Under the bill that aims to revise the Electronic Financial Transactions Act, traders, brokers,

July 3, 2017

[Photo News] Standard Chartered Korea celebrates 88 years

July 3, 2017

LG Electronics simplifies rank structure to break up work hierarchy

LG Electronics said Monday it has simplified titles among its workers to break the previous hierarchical structure and to induce employees to become more creative.The South Korean tech giant said it has streamlined the five-level ranking system to three in a bid to help workers better communicate with each other. Starting Monday, the workers were given one of three titles, namely professional, specialist and associate. Complicated ranking systems closely linked to deep-rooted hierarchical cultur

July 3, 2017

Stocks open slightly higher on chemicals, banks

South Korean stocks opened slightly high Monday, as investors scooped up chemicals amid a rebound in oil prices.The benchmark Korea Composite Stock Price Index rose 3.17 points, or 0.13 percent, to 2,394.96 in the first 15 minutes of trading. Market kingpin Samsung Electronics remained unchanged, and SK hynix was 1.93 percent down.Hyundai Motor, the No. 1 automaker, surrendered 0.31 percent, while AmorePacific, the country's top cosmetics maker, rose 1.32 percent.LG Chem, the country's top

July 3, 2017

Foreign investors' net purchase tops W10tr in 1st half

Foreign investors’ net purchase of South Korean stocks are estimated to go beyond 10 trillion won ($8.7 billion) in the first half of 2017, the highest since 2009, data showed Sunday. Their combined net purchase in the first-tier and second-tier stock markets reached 10.3 trillion won from January until Friday, according to data by Koscom, a market watcher launched by the Finance Ministry and the Korea Exchange.Of the total 10.3 trillion won, offshore net purchase in the main bourse amount

July 2, 2017

Seoul stocks fall on foreign, institutional sell-off

South Korea's main stock index declined on Friday, driven by the sell-offs by foreign and institutional investors with risk aversion on the rise. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 3.87 points, or 0.16 percent, to close at 2,391.79. Trade volume was moderate at 332 million shares worth 5 trillion won ($4.4 billion). The local stock market opened lower, tracking declines on the Wall Street overnight. However, the main stock index, w

June 30, 2017

Korea's finance minister has no immediate plan to raise growth forecast from 2.6%

South Korea's finance minister said Friday that he has no immediate plan to raise the current economic growth forecast of 2.6 percent despite an uptick in exports and world trade."If the supplementary budget is approved and implemented in a timely manner and we see its effect, the growth rate can probably go up," Finance Minister Kim Dong-yeon told reporters after an event held in Goyang on the northern outskirts of Seoul. The government submitted an 11.2 trillion won ($9.8 billion) ex

June 30, 2017

Korea’s Eximbank helps develop Uganda’s agriculture

The Export-Import Bank of Korea said Friday it held a joint workshop with World Bank to come up with details on how to support agriculture development in Uganda.The four-day workshop in the capital city of Kampala aimed to further the discussion for the $300 million joint program between the Eximbank’s Economic Development Cooperation Fund and the World Bank to develop the African country’s agriculture, energy, and information, communications and technology sectors during 2015-2019.T

June 30, 2017

Korean shares down in late morning trading

South Korean shares traded lower late Friday morning, as investors opted to cash in part of their recent gains.The benchmark Korea Composite Stock Price Index shed 10.34 points, or 0.43 percent, to 2,385.32 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics falling 1.34 percent, and global chipmaker SK hynix down 1.75 percent.Top automaker Hyundai Motor fell 0.93 percent, and its smaller affiliate Kia Motors traded 0.66 percent lower.POSCO, the No. 1 steelmaker, adva

June 30, 2017

Seoul stocks open lower on Wall Street drop

South Korea's main stock index retreated from an all-time high Friday, tracking declines on Wall Street overnight. The benchmark Korea Composite Stock Price Index fell 12.5 points, or 0.52 percent, to 2,383.16 in the first 15 minutes of trading. Most large caps traded mixed with market kingpin Samsung Electronics falling 1.67 percent.Top automaker Hyundai Motor remained flat, and top steelmaker POSCO slipped 0.53 percent.The local currency was trading at 1,146.75 won against the U.S. 

June 30, 2017

Kospi touches historic 2,400 mark

South Korea’s main bourse index touched 2,400 for the first time in its history in early morning trade Thursday, before closing at record-high.Opening at 2,396.81, up 0.6 percent from Wednesday’s close, the benchmark Korea Composite Stock Price Index surpassed 2,400 at around 9:50 a.m. Thursday.Following the historic touch, the Kospi closed at 2,395.66, up 0.55 percent from the day before. It marked the third this week that the Kospi hit an all-time high. Foreign and institutional in

June 29, 2017

Korea to impose higher taxes on wealthy: advisory panel

South Korea’s presidential policy advisory panel made it official Thursday that the liberal Moon Jae-in government will impose higher taxes on high-income earners and conglomerates in the long term, while continuing tax incentives for low-income households.The State Affairs Planning Advisory Committee, in charge of setting up long-term five-year policy plans, said it will seek to establish a tentatively-named “Special Committee on Taxation and Fiscal Reform” in the second half.

June 29, 2017

Seoul stocks finish at new record high on large-cap gains

South Korea's main stock index finished at a fresh record high Thursday, helped by gains in large-cap stocks amid optimism on global economic growth. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 13.1 points, or 0.55 percent, to close at 2,395.66. Trade volume was moderate at 433 million shares worth 5.38 trillion won ($4.71 billion). The local stock market opened higher, tracking overnight gains on Wall Street. On the back of a buying spree

June 29, 2017