SEOUL, KOREA - Although the two Koreas are set to hold talks, the two sides still squabble over where to hold the talks. To a suggestion by the South to hold a ministerial-level meeting in Seoul on June 12, the North responded on the 7th, "Let's have a working-level contact at Kaesong on the 9th." The South offered again to meet in the Panmunjom truce village straddling the border. On the same

SEOUL, KOREA - The government will spend 40 trillion won for the next five years as part of a creative economy initiative and create as many as 650,000 jobs. Government ministries held a joint briefing on June 5 at the government complex in downtown Seoul and announced an action plan to foster the creative economy ecosystem. Earlier on May 15, the government had revealed a plan to finance tech ven

SEOUL, KOREA - Korea's May foreign reserves fell in three months. The Bank of Korea said on June 5, foreign reserves as of the end of May were US$328.1 billion, down $700 million from the previous month's $328.8 billion. International reserves peaked in January at $328.91 billion, falling to $327.4 billion in February and rising again in March and April to $327.4 billion and $328.8 billion res

SEOUL, KOREA - North Korea has passed a law on special economic zones which would make possible foreign investment. The state-run Korean Central News Agency said on June 5, "The Supreme People's Assembly Standing Committee has announced on May 29 a law related to special economic zones." The zones will host industry, agriculture, tourism, and export processing, as well as technology and other

SEOUL, KOREA - As much as 85 percent of paper companies in tax havens run by Korean companies are special-purpose corporations related in one way or another to the shipping industry. CEO Score, the website specializing in corporate performance said on June 4 that of the 281 companies established by 16 domestic business groups 238 of them have links with shipping business, including 224 shipping fi

SEOUL, KOREA - Labor market participation by women in their age between 20 and 29 has outstripped that for men in their 20s. According to the Korea Statistics Office on June 3, both the labor market participation ratio and employment ratio for young women have been higher than those for their men counterparts for four consecutive quarters since the second quarter last year. It resembles a pattern

SEOUL, KOREA - Year-on-year monthly consumer prices have remained below the 2 percent level for seven consecutive months since November last year. The Korea Statistical Office said on June 3 that the May consumer prices have risen 1.0 percent from the same month last year. A Ministry of Strategy and Finance official said the month saw less price pressure thanks to favorable climate conditions

SEOUL, KOREA - President Park Geun-hye held a summit meeting on June 4 with the Mozambican President Armando Guebuza at Cheongwadae, Presidential palace, and discussed ways to expand areas of mutual cooperation. This is the second occasion for President Park since her inauguration in late February to meet an African leader, following a meeting with Yoweri Museveni Ugandan President on May 30. 

SEOUL, KOREA - The Ministry of Trade, Industry and Energy said on June 1 that the May export figures were a record high for the year at US$48.37 billion, up 3.2 percent from the same month last year. But the exports to Japan fell more than 10 percent for four consecutive months due to the weak yen. As for import figures, they fell 4.8 percent to $42.34 billion. For the month, the trade balance

SEOUL, KOREA - A shipment of wheat and wheat flour from the U.S. state of Oregon has been found to contain genetically modified varieties. Most of the cargo has been delivered to Korea's major flour mills, including CJ Foods, Daehan Flour Mills, Samyang Milmax, DongA One, Samhwa Flour Mills, Korea Flour Mills, and Daesun Flour Mills. The Ministry of Food and Drug Safety said on May 31 it has v

SEOUL, KOREA - Korea's current account recorded a surplus for 15 consecutive months. The Bank of Korea said on May 29 that the current account surplus for the month of April was US$3.97 billion, down from a revised $4.93 billion in March. The cumulative surplus for the four months in 2013 has been $13.94 billion, three times more than the same period last year ($4.29 billion). But analysts sai

SEOUL, KOREA - The Organization for Economic Cooperation and Development, or OECD, said on May 29 that Korea's economy is forecast to grow 2.6 percent this year, lowering earlier forecast of 3.1 percent by 0.5 percentage point. Its 2014 growth outlook was also slashed to 4.0 percent from 4.4 percent, at a level similar to the Korean government's growth projection. The OECD forecast that the Ko

SEOUL, KOREA - Korea's global competitiveness ranking remained unchanged at 22nd for the third consecutive year in 2013. According to the 2013 World Competitiveness Yearbook announced by the International Management Development Institute, Korea ranked 22nd in terms of global competitiveness among 60 countries surveyed. The United States and Switzerland gained one notch to the first and second

SEOUL, KOREA - A study said the economy-wide loss from women giving up their jobs in order to concentrate on child rearing and homemaking is as high as 60 trillion won. LG Economic Research Institute said on May 28 in a report "Women's Income Loss from Career Quitting," "As of 2012, as many as 4.17 million women, 21 percent of the working population women in their age between 15 and 64, have given

SEOUL, KOREA - The National Commission for Cooperative Partnership (NCCP) held its 23rd meeting at the Palace Hotel in Seoul's Gangnam on May 27. At the meeting, the NCCP unveiled its 2012 Win-Win Index based on an assessment of 74 large companies which are actively engaged in cooperative partnership with their small counterparts.Nine out of the 74 companies were given excellent scores in terms

SEOUL, KOREA - Yoon Seongkyu, Minister of the Environment for Korea gave a speech on the topic of ‘Environmental Welfare for a Healthy Future’ on May 24th. On the basis of growing fears that the current generation is leaving behind an unsustainable and largely polluted natural environment, Mr. Yoon’s speech emphasized that environmental issues can no longer be placed on the backburner, and that th

SEOUL, KOREA - The Ministry of Oceans and Fisheries said on May 26 it held a second subcommittee meeting with the Japanese counterparts to determine the fish catch volume for the 2013 fishing season (July 2013 to June 2014). But the negotiations fell through because of differences in opinion. As for the fishing activity limits within the exclusive economic zone (EEZ), the Korean side proposed that

SEOUL, KOREA - The total volume of assets put away by Korea's major conglomerates is estimated at 5.7 trillion won. Chaebul.com, a website tracking statistics of Korean business groups, said on May 26 that as many as 24 groups with a sales revenue in excess of 1 trillion won have accounts under 125 overseas subsidiary names in nine offshore locations including the Cayman Islands, the Virgin Island

SEOUL, KOREA - Koreans' spending has not increased even though their income has. The first-quarter consumption spending turned to a year-on-year negative figure in four years since the first quarter of 2009. According to a report "First Quarter 2013 Household Trend" published by the Korea National Statistical Office, the monthly average income of households with more than two family members was 4,

SEOUL, KOREA - We maintain BUY on Hyundai Motor (Hyundai) with a 12M TP of W280,000 at 9x 12MF PE, the trailing average. We believe the recent rebound can continue as 1) the resumed BRIC growth engine (see our Mar 15 company note BRICs leading the growth again) continues to rev up and 2) the consequent record overseas plant sales are more than offsetting reduced output at domestic plants following