By Chung Joo-wonNorth Korea’s gross national income reached 34.2 trillion won ($29.8 billion) last year, about 2.3 percent of that of South Korea, data showed Friday. According to the Bank of Korea’s report on the North Korean economic growth in 2014, the communist nation’s nominal GNI per capita stood at 1.39 million won, meaning an average North Korean individual produces approximately 4.7 percent of what the average South Korean does.Meanwhile, North Korea’s trade volume in 2014 amounted to

Korea Investment & Securities Co. is considering acquiring KDB Daewoo Securities, the nation’s second-largest brokerage by capital, industry sources said Thursday. The firm is weighing the bidding conditions and profitability of the acquisition, but has yet to declare participation in the bidding. Both Korea Investment & Securities and Daewoo Securities are among the top three brokerages by turnover. If Korea Investment & Securities’ acquires KDB Daewoo, which has 4.2 trillion won ($3.7 billion)

 Fitch Ratings Inc., one of the world’s major credit raters, Tuesday maintained Korea’s sovereign ratings at “AA-” and long-term outlook at “stable,” citing the country’s solid growth and strong control over bad loans. “The Korean sovereign ratings reflect a strong macro-economic performance, moderate government debt and strong external balances, while exposure to geopolitical risk arising from the longstanding conflict with North Korea and low per capita income weigh on the rating,” Fitch state

The Hana Financial Group building is reflected in the window of a KEB office in Seoul. (Yonhap)Hana Financial Group and the Korea Exchange Bank labor union reached an agreement on the Hana Bank-KEB merger deal Monday, heralding the launch of Korea’s largest lender by assets.The banking group said it would complete the merger process by Sept. 1, as the last hurdle was now cleared. Hana Financial has pushed for the merger since its acquisition of KEB from U.S. buyout fund Lone Star in 2012. But th

Tax revenue from tobacco sales grew 38 percent in six months after the government-led tobacco price hike, while the sales volume dropped considerably, the Finance Ministry data revealed Sunday. In the January-June period, the government collected about 4.3 trillion won ($3.8 billion) in tax revenue from tobacco sales, up 1.2 trillion won from a year earlier. During the same period, cigarette sales dropped 28.3 percent due to the drastic tobacco tax hike that started on Jan. 1. After the new ciga

Camel Color Neon Edition. (JTI Korea)Japan Tobacco International Korea on Sunday launched the latest limited edition of Camel in iconic neon packing designs. Camel Color Neon Edition comes in four neon colors ― blue, yellow, pink and green and dark blue ― under the slogan “As bold as you want.”“Camel Color Neon Edition will provide opportunities for creative self-expression with Camel’s classic smooth taste and high-quality tobacco at a reasonable price,” JTI Korea’s manager said.“Whether you ar

The Bank of Korea on Thursday revised its outlook on the nation’s gross domestic product growth down to 2.8 percent from its earlier forecast of 3.1 percent, citing weaker-than-expected consumer sentiment due to the outbreak of Middle East respiratory syndrome in May and June and an ongoing export slump. This is the second downgrade of the year, three months after the central bank cut the 3.4 percent outlook to 3.1 percent in April due to the weak Japanese yen versus the Korean currency and inte

The regulator plans to slash the maximum interest rate that nonbanking lenders can charge. The Financial Services Commission recently investigated several private lenders, to find that their borrowing rate policies were all high, and did not reflect the central bank’s recent rate cuts. On June 11, the Bank of Korea lowered the base interest rate to a record low of 1.5 percent, following the economic losses due to the outbreak of the Middle East respiratory syndrome and weak yen. This was the fou

South Korea’s household debt hit a record high in May, although its monthly growth rate has slowed considerably due to a sharp drop in household bank loans, the central bank reported Tuesday. According to Bank of Korea data, the nation’s total household debt rose to 768.2 trillion won ($679.2 billion) as of the end of May, up 2.9 trillion won. The figure increased for 16 consecutive months since January of last year, when the amount decreased by 2 trillion won. Of the 2.9 trillion won rise in bo

Korea’s benchmark stock price index recorded the 10th biggest gain among the Group of 20 economies in the first half, up nine notches in six months, the Korea Exchange revealed Monday. The Korea Composite Stock Price Index grew 8.3 percent to 1,293 trillion won ($1.15 trillion) in the January-June period this year, slightly below the G20’s average 8.7 percent. At the end of 2014, the KOSPI had marked negative growth of 4.8 percent, ranking 19th among the G20 economies in gains. With Korea elevat

British American Tobacco Korea marked down the price of its Vogue Prima brand to 4,100 won ($3.60) from 4,300 won Monday.BAT Korea said the price cut will allow smokers a broader opportunity to enjoy the superslim Vogue “at a more reasonable price to adult smokers in Korea, in order to meet the increasing demand for superslim cigarettes in Korea.”According to a survey conducted by AC Nielsen 2015, superslims have become an influential player in the domestic cigarette market, accounting for more

The government announced a 22 trillion won ($19.6 billion) stimulus package Friday, including an extra budget of about 12 trillion won.The Finance Ministry disclosed the expenditure plan designed to prop up the sagging economy as the Cabinet passed the supplementary budget proposal on Friday.The 11.8 trillion won budget increase plan will be submitted to the National Assembly on Monday for final approval.“The extra budget can revitalize the economy and stabilize the livelihoods of ordinary peopl

Herald Corp. on Thursday launched a partnership with the Korean chapter of World Wide Fund for Nature, the world’s leading conservationist organization, to promote the awareness of environmental protection and healthy, eco-friendly lifestyles. Chairman Jungwook Hong (left) of Herald Corp. shakes hands with World Wide Fund for Nature Korea Cochairman Jean-Paul Paddack after singing an MOU at Herald Square in Yongsan, Seoul, Thursday. Between the two chairmen is a panda figurine, an emblem of the

The capital controls introduced by the Greek government do not apply to foreign visitors to Greece, the Greek Ministry for Economy, Infrastructure, Shipping and Tourism said Wednesday.Foreigner visitors are free to make financial transactions, such as ATM withdrawals and credit or debit card payments that are issued outside Greece, the Greek Embassy to Seoul said, citing the Greek Tourism Ministry. There are adequate fuel supplies, products and services throughout the Greek mainland the islands,

Financial regulators plan to tighten their monitoring of lenders’ mortgage issuances in a move to tame the country’s snowballing household debt. The Financial Services Commission, the Financial Supervisory Service and the Finance Ministry will announce a set of policies to tackle household debt, including the lenders’ stricter assessment of the borrowers’ debt-to-income ratios, sources said. DTI is widely used as a gauge for a borrower’s ability to manage monthly payments and repay debts.The DTI

You may get a glimpse of taste of the latest trends in Korea if you travel Jejudo Island, Busan or Songdo in Incheon. Challenging the old beach vacation formula, with tons of almost-identical seafood restaurants, Woljeong-ri Beach in Jejudo is accompanies by a boulevard of cafes, boasting unique interior designs and localized menus. “I dropped by to spend a few relaxing hours at the beach, to feel the ocean breeze and have fun in a comfortable way,” a soldier in his 20s said at a cafe on the bea

NongHyup Bank will shut down low-profit branches to enhance the margin rate, its holding company NongHyup Financial Group said Monday.The group said it will shut down, integrate or transfer around 30 branches with low profitability, as part of the annual “branch efficiency booster plan.” “We enforced the branch efficiency booster plan to 30-some branches last year, and we are expecting to do the same to a similar number this year as well,” a spokesperson of NongHyup Financial Group said. The num

Conglomerates took out the lion’s share of state-backed foreign currency loans, a type of super-low interest loan originally intended to support small and mid-sized companies, a parliamentary report revealed Sunday. In May last year, the South Korean Finance Ministry authorized two state-run banks ― the Export-Import Bank of Korea and the Industrial Bank of Korea ― to offer the foreign currency loan through the exchange stabilization fund.The corporate loan program was explicitly aimed at boosti

Just five days remain until Korea’s two main stock exchanges double the daily stock price limits, a state-driven move to boost liquidity and reduce speculative investment.Starting June 15, the benchmark KOSPI and the tech-laden KOSDAQ will expand the price limits to 30 percent, double the current 15 percent. This is the first revision of its kind in 17 years since the authorities raised the figure from 12 percent to 15 percent in 1998.While the Korea Exchange, South Korea’s main bourse operator,

Exports in the agricultural sector fell significantly last month as the record-cheaper Japanese yen undermined the price competitiveness of the South Korean farmed goods, government data showed Tuesday. According to the South Korean Ministry of Agriculture, Food and Rural Affairs, the outbound shipments of fresh and processed food products in May was $480.4 million, down 8.1 percent from a year earlier. The January-May exports stood at 2.5 billion won, down 1.3 percent on-year, accounting for on