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Oct 14, 2019 Economy

S. Korea to lift regulations to boost exporters: Deputy PM

Government to relax loan rules for brokerages, simplify screening for chemical plants

Biz sentiment worsens for Q4

South Korean manufacturers' business sentiment for the fourth quarter of the year worsened due to external uncertainties, a survey showed Monday.The business sentiment index, compiled by the Korea Chamber of Commerce and Industry, stood at 72 for the October-December period, slightly down from 73 the previous quarter, KCCI said in a statement. The BSI figure has stayed below the break-even threshold of 100 for the past 14 consecutive quarters. The last time the BSI was above 100 was in the third

Oct 14, 2019
Economy
[News Focus] Korean stocks lag behind foreign rivals

SEJONG – It’s still too early to call it confidence, but optimism is growing among some capital-market participants and analysts in South Korea over the possibility that stock prices will rebound. They cite favorable external factors involving eased concerns about the trade dispute between the US and China as the prospects of a bilateral compromise grow.The benchmark Kospi has been swayed by external factors like global financial crisis over the past few years or decades. However, li

Oct 13, 2019
Economy
Korea, Japan end 1st round of talks on trade row, agree to meet again

Korea and Japan on Friday ended their first round of talks on a bilateral trade dispute with an agreement to meet again for further consultations. The two sides met in Geneva to discuss South Korea's complaint with the World Trade Organization over Japan's export controls against the South. "We agreed that further consultations are necessary, and decided to schedule a second round of bilateral talks through diplomatic channels," Chung Hae-kwan, the c

Oct 12, 2019
Economy
Seoul, Tokyo begin consultations over WTO dispute

South Korea and Japan launched their bilateral talks on Friday in Switzerland to discuss the ongoing trade row between the two Asian neighbors, the first step toward resolving the dispute at the World Trade Organization (WTO). The meeting, held in Geneva, came after Japan implemented regulations on the export to South Korea of three industrial materials vital for the production of chips and displays. Last month, South Korea formally filed a complain

Oct 11, 2019
Economy
S. Korea to provide full support to boost industrial competitiveness

South Korea will provide support worth more than 2 trillion won ($1.6 billion) each year to strengthen industrial competitiveness, the finance minister said Friday, amid an ongoing trade row with Japan. Hong Nam-ki also said South Korea will push for a stable supply of key industrial materials, parts and equipment. The move is the latest in a series of South Korea's efforts to reduce South Korea's heavy reliance on Japan in the key industrial sector amid Jap

Oct 11, 2019
Economy
S. Korea voices hope for replenishment of Green Climate Fund

South Korea's finance minister expressed hope Thursday that Seoul's increased contribution to the U.N. Green Climate Fund could help with its successful replenishment. Hong Nam-ki made the comment in a meeting with Yannick Glemarec, executive director of the Green Climate Fund, at the government complex building in central Seoul.Last month, Asia's fourth-largest economy announced that it would double its contribution to US$200 million for this first round of the replenishment of the fund. Seoul

Oct 10, 2019
Economy
Consumers overseas lust after Korean beauty products most: survey

Online consumers outside of South Korea are mostly interested in buying Korean brand beauty products like cosmetics and perfumes, a survey from the Korea International Trade Association showed Wednesday. The survey of 460 consumers in the US, China and Europe conducted by online shopping platform Kmall24 showed that 26 percent of them picked K-beauty as the most desired shopping category. Following that were K-pop-related products such as music albums and DVDs at 24 percent and food and beverage

Oct 9, 2019
Economy
2.78 pieces of sushi sold a second at E-mart: data

Riding on word-of-mouth through social media, E-mart is seeing a whopping increase in its sales of sushi products, the retail chain said Wednesday.With 65 million pieces of sushi having been sold within the January to September period this year, E-mart said it expects sales to reach 100 million by the year’s end. An official explained the sales amount translates to 2.78 pieces of sushi being sold each second over that period.E-mart has been targeting the sushi market by using fresh fish in

Oct 9, 2019
Economy
[New Economic Non-Order: 4] APEC becomes battleground for US, China

The Korea Herald is publishing a series of articles to look into the weakening of the global economic framework in light of fading liberalism and the rise of trade protectionism and nationalism. This is the fourth installment. -- Ed.After last year’s Asia-Pacific Economic Cooperation summit, the headlines announced a first in the forum’s 25-year history: Its 21 members had failed to reach a consensus on a joint communique, one repercussion from the ongoing US-China trade war. In rece

Oct 9, 2019
Economy
BOK chief says economic slump may last but depends on US-China dispute

The ongoing slump facing South Korea and the rest of the world is widely expected to continue for some time, but the duration and degree of its impact will largely depend on how the trade conflict between the world's two largest economies will end, the chief of South Korea's central bank said Tuesday."The growth of the global economy is slowing down," Bank of Korea Gov. Lee Ju-yeol told the parliamentary finance committee at the start of its annual audit. "Such a slowdown is expec

Oct 8, 2019
Economy
More than 1 in 10 S. Korean companies remain marginal in 2018: BOK

The number of companies unable to service their debts with earnings rose from a year earlier in 2018, posing a threat to the country's financial and economic stability, central bank data showed Tuesday.According to a report submitted by the Bank of Korea for parliamentary audit, the number of the so-called marginal companies came to 3,236 last year, up from 3,112 a year earlier.The number represents 14.2 percent of 22,869 companies here that are subject to external audit. Marginal firms refer to

Oct 8, 2019
Economy
Korea's current account surplus narrows in Aug.

South Korea's current account remained in the black for the fourth consecutive month in August, but its surplus narrowed sharply from a year earlier amid a steady decline in exports, central bank data showed Tuesday.The country's current account surplus came to $5.27 billion in the month, compared with a $8.55 billion surplus in the same month last year and a $6.95 billion surplus a month earlier, according to preliminary data from the Bank of Korea.The goods account surplus has been more than h

Oct 8, 2019
Economy
Prices of apartments in redeveloped Seoul areas soar 53% in 4 years

The average sale price of real estate in redeveloped apartment complexes in Seoul has soared more than 50 percent over the past four years, data showed Monday.According to data submitted by the state-run Korea Housing & Urban Guarantee Corporation to the parliamentary land committee, the average sale price per pyeong for reconstructed apartments stood at 31.5 million won ($26,345) as of this year. A pyeong is a unit of area used in real estate measuring, equivalent to 3.3 square meters. This

Oct 7, 2019
Economy
[Monitor] Rosy prospects for Samsung Electronics’ Q3 earnings

South Korea’s tech giant Samsung Electronics is expected to see its third quarter earnings come in well over market consensus, according to forecast by Korea Investment & Securities. Next year’s operating profit will be even greater, the securities firm predicted in its report.The revenue of Samsung in the latest quarter will be around 65.8 trillion won and its operating profit sime 7.4 trillion, each exceeding earlier predictions by 5 percent and 9 percent, respectively, the rep

Oct 6, 2019
Economy

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