Articles by Kim Yon-se
Kim Yon-se
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Seoul pledges incentives for regional investment
Companies relocating their headquarters to provincial areas will enjoy wider tax benefits under the government’s commitment to bolster policies for a balanced growth nationwide.Economy-related ministries including the Strategy and Finance Ministry on Wednesday unveiled their policy on vitalizing provincial economies, which include providing businesses with tax deductions should they leave Seoul and satellite cities for regional districts.“While the tax benefits for relocating businesses were imp
March 12, 2014
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Korea to partially lift Iran sanctions
Some sectors of South Korea’s business industry will be allowed to resume trading with Iran as policymakers have decided to partly lift a ban on exports to the Middle Eastern country on March 17.The Finance Ministry said Tuesday that it decided on the policy ― restrictive and will apply only for some service industries ― following the U.S. administration’s recent easing of economic sanctions on Iran for six months between Jan. 20 and July 20 this year.The ministry said the beneficiaries of the c
March 11, 2014
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Businesses wary of pension fund’s veto
The conglomerate sector is expected to raise its vigilance level against a possible veto by the state-controlled pension fund during an upcoming annual general meeting of shareholders in the wake of a case at Mando Corp., a subsidiary of Halla Group.During Mando’s shareholder meeting on Friday, the National Pension Service, the second-largest shareholder of Mando, voted against the proposal to reappoint company CEO Shin Sa-hyeon to the post for another term. In a statement, the NPS argued that S
March 7, 2014
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[Newsmaker] Economic team blasted for inconsistency
The Park Geun-hye administration appears to be discontented with the economic policies created by Deputy Prime Minister and Finance Minister Hyun Oh-seok.This was suggested through the remarks of Prime Minister Chung Hong-won on Thursday, who claimed that the state economic policy team has failed to gain public credibility due to its inconsistency in carrying out major policies.During a ministerial meeting for national policy fine-tuning, Chung criticized the Finance Ministry’s recent reversal o
March 6, 2014
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Big biz hiring to match or exceed last year’s level
Hiring of new employees by big businesses this year is expected to be on par with or exceed numbers reached in 2013, industry sources said Wednesday.The forecast comes as conglomerates open their hiring season for the first half that usually sets the tone for job market conditions throughout the year.Family-run conglomerates like Samsung, Hyundai Motor, SK and LG all plan to start their hiring process this month.The government predicted earlier in the year that Asia’s fourth-largest economy woul
Industry March 5, 2014
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Hyundai’s new Sonata gets bump in price
Hyundai Motor Co.’s brand-new Sonata sedan has received a modest bump in price over the outgoing model that reflects various updates in handling and safety, the carmaker said Wednesday.The price for the base 2.0-liter-engine Sonata LF with a continuously variable valve lift has been set at 22.7 million won ($21,000), a gain of 600,000 won from the current sixth-generation Sonata YF that has been in production since 2009.It said for the highest trim level, the new car’s price goes up to 28.8 mill
March 5, 2014
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Household savings growth lowest in 6 years
South Korean households’ savings increased at the slowest pace in six years in 2013 as they struggled to meet spending commitments and sought after investment vehicles offering higher returns amid low interest rates, data showed on Tuesday.Households’ deposits at banks stood at 501.7 trillion won ($469 billion) at the end of last year, up 6.6 percent from a year earlier, according to the data compiled by the Bank of Korea.Of them, savings deposits, which earn interests for a relatively long peri
March 5, 2014
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KRX union files complaint against finance minister
Unionized workers of the Korea Exchange on Wednesday filed a complaint against Deputy Prime Minister and Finance Minister Hyun Oh-seok with the prosecution for abuse of authority and neglect of duties.The KRX union continuously criticized the Finance Ministry’s recent decision not to privatize the main bourse and to maintain it in the public agency list. “It was a practice going against the law and principles,” the union said in a statement. The workers argued that the government is hampering gl
March 5, 2014
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Financial companies eye Middle East
Korea’s financial firms are poised to expand their presence in the Middle East as part of efforts to diversify foreign direct investment sources. Previously, the nation mainly resorted to funds from Europe and the United States.Targeting royal societies in countries such as Qatar and the United Arab Emirates, the financial sector is seeking to establish high-level communication channels with royal families and sovereign wealth funds in the Middle East. As the initial step, senior executives of m
March 4, 2014
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Former senior deputy chief named to head BOK
President Park Geun-hye appointed a former senior deputy governor of the Bank of Korea as the central bank’s new governor Monday.The presidential office said that Lee Ju-yeol, who had worked for the BOK since 1977 and retired as deputy chief in 2012, was chosen to succeed Kim Choong-soo as BOK governor.Kim’s four-year term expires at the end of March. Kim has been regarded as a close confidant of former President Lee Myung-bak.Nominee Lee is “more versed than anybody else in BOK business” and ha
March 3, 2014
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SMEs expect sales to increase in 2014
The majority of South Korean small and medium enterprises expect sales to rise in 2014 compared with the year before as the global economy improves and the government lifts unnecessary red tape, a poll showed Monday.According to the Center for Large and Small Business Cooperation under the Federation of Korean Industries, 54.8 percent, or 190, of the 347 SMEs polled said they are forecasting a rise in sales.Another 30.3 percent of the companies expected sales numbers to be on par with 2013, with
Industry March 3, 2014
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GM Korea receives preorders for Malibu diesel sedan
GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., started receiving preorders for its new Malibu diesel midsize sedan on Monday.The country’s third-largest original equipment manufacturer said the new model will take on European imports that have expanded their market presence in the country in recent years, thanks largely to their competitiveness in diesel engines. The cars are expected to go on sale later this month.The car, to be officially unveiled on Thursday, will h
Industry March 3, 2014
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KITA to provide W80b SME export marketing support in 2014
South Korea’s international traders organization said Monday that it will provide 80 billion won ($74.7 million) in export marketing support to small and medium enterprises this year to help them expand overseas.The money will come from a designated trade support fund and provided to companies that reported exports of less than $10 million last year, with up to 200 million won for each company, the Korea International Trade Association said.It said the annual interest rate for the fund has been
Industry March 3, 2014
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Banks’ bad loan ratio marks 3-year high
The banking sector saw its bad loan ratio rise to its highest level in three years in 2013 due mainly to insolvency in some manufacturing segments including shipbuilding and construction.According to the Financial Supervisory Service, the bad loan ratio at 18 first-tier banks in Korea posted 1.77 percent last year, marking the highest since it reached 1.9 percent in 2010. The figures for 2011 and 2012 were 1.36 percent and 1.33 percent, respectively.“While delinquent bank or credit card loans to
Feb. 28, 2014
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Seoul shares close flat on Yellen’s optimistic remarks
South Korean stocks closed almost flat Friday as investors had mixed reactions to remarks by U.S. Fed Chair Janet Yellen, analysts said. The Korean won closed higher against the greenback.The benchmark Korea Composite Stock Price Index edged up 1.56 points, or 0.08 percent, to 1,979.99. Trading volume was low at 247.1 million shares worth 4.8 trillion won ($4.51 billion), with gainers outpacing losers 414 to 394.Analysts said hopeful remarks by Yellen, who attributed the latest weak U.S. data to
Feb. 28, 2014
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