Shares fall below 2,000 points to close at one-month low

South Korean stocks sank 1.57 percent on Monday on disappointing U.S. economic indicators, analysts said Monday. The local currency declined against the U.S. dollar.The benchmark KOSPI lost 31.95 points, or 1.57 percent, to close at 1,997.08. Trading volume was moderate at 458 million shares worth 4.27 trillion won ($3.75 billion), with losers outpacing gainers 726 to 151.The bourse was battered by worse-than-expected U.S. employment numbers, with the number of jobs created in March falling to a

April 9, 2012

KDB seals deal to acquire HSBC Korea

KDB Financial Group said on Monday it has signed a memorandum of understanding with HSBC to acquire the U.K-based bank’s retail operations in Korea. KDB said the takeover of 11 retail branches of HSBC Korea would be implemented in the form of purchase and assumption. The lender said due diligence is scheduled for the assets to be acquired, and a sale and purchase agreement would be signed. The process, including regulatory approval, should be finished quickly. The P&A deal does not involve a tra

April 9, 2012

Listed firms’ debt-repaying ability worsens in 2011

South Korean listed companies’ ability to pay back their debt deteriorated last year as their earnings declined amid increased bond issues, data showed Monday.The average interest coverage ratio of 616 firms listed on the main bourse came to 4.67 in 2011, down from 5.51 a year earlier, according to the data by the Korea Exchange and the Korea Listed Companies Association.The ratio, a firm’s operating profit divided by its interest costs, measures the company’s ability to pay interest on outstand

April 9, 2012

Global center holds lecture on succeeding

The Seoul Global Business Support Center will hold a lecture on April 17 to answer questions foreign entrepreneurs might have concerning starting a business in Korea.Karim Khouider, co-founder of Direct Optic, will discuss his story and answer questions about starting and running a foreign business in Seoul, what it takes to make a business successful and the steps and difficulties foreign entrepreneurs have to go through when starting a company, officials said.Founded in Seoul in 2008, Direct O

IndustryApril 9, 2012

Austcham to hold forum on economic policy

The Australia Chamber of Commerce will hold a forum on Thursday to gain insight on the future role of Korean conglomerates and the impact on foreign business.During the monthly breakfast forum, Ewha Womans University professor Kim Byoung-joo will speak about the topic and his theories on how Korea’s economic policy may change as a result of the two critical elections this year, organizers said.Kim is a former policy counselor and special assistant to two Korean trade ministers, has sat on a numb

IndustryApril 9, 2012

Marketing trends examined at French chamber

The French Chamber of Commerce plans to have a luncheon on marketing trends on Thursday.The topic for the meeting will be new standards for digital communication in Korea and will be held at Lotte Hotel in central Seoul.With the rapid growth of mobile digital platforms and the consumer behavior evolution, speakers at the luncheon will give their insight on the digital marketing trends and how to implement adapted strategies. Speakers lined up are commercial director for Air France-KLM Simon Scho

IndustryApril 9, 2012

Samsung retains top spot in LCD, LED markets

South Korean tech behemoth Samsung Electronics Co. retained its No. 1 market share in liquid-crystal display and light-emitting diode monitors in 2011, a market research firm said Monday.DisplaySearch said Samsung’s share stood at a combined 15.1 percent, outperforming rivals such as Dell Inc. and Hewlett-Packard Co. that controlled 12.9 percent and 11.2 percent of the market each.The South Korean company’s market share was unchanged from the year before when it ranked first overall in LCD and L

TechnologyApril 9, 2012

Apple’s Cook highest-paid CEO as pay gains: report

Apple Inc.’s Tim Cook was the highest-paid chief executive officer in the U.S. last year as compensation gained 2 percent overall from 2010, the New York Times reported. Cook received about $378 million, which includes salary, perks and bonuses ($1.8 million) and a one-time stock award ($376.2 million), that extends over 10 years. One-half of the award vests in 2016 and the other in 2021, the news

IndustryApril 9, 2012

Ovarian stem cells make human eggs in possible aid to fertility

Stem cells taken from human ovaries were used to produce early-stage eggs by scientists in Boston who may have created a new method to help infertile women.Females have a fixed number of eggs from birth that are depleted by the time of menopause. The finding, published today in the journal Nature Medicine, challenges the belief that their ovaries can’t make more. The research was led by Jonathan T

TechnologyApril 9, 2012

SKMtek eyeing Chinese market with driving assistance system

SK Telecom said Sunday that its system-on-chip solution unit SKMtek will enter the Chinese driver assistant system market in a business partnership with ImageNext, a local around view monitor developer. The advanced driver assistant system, or ADAS, aims to enhance road safety. The market is growing quickly, especially in China where the demand for high-end vehicles has been soaring recently.According to SK Telecom, the nation’s No. 1 telecom carrier, SKMtek and ImageNext on Sunday signed a memo

IndustryApril 8, 2012

Private banking needs overhaul to stay competitive, urges report

The Korea Institute of Finance, a state-run think tank, said in a report on Sunday that the country’s private banking market needs a revision to the related law to bolster growth and stay competitive in the long term. In a report titled “The potential and limitation of South Korean private banking,” the KIF said the PB industry appears to be growing at a steady pace but the quality of services is falling behind, with lenders struggling to turn out a profit from their supposedly premium banking s

April 8, 2012

Ministry ramps up financing for small builders

The government is ratcheting up efforts to shore up cash-strapped small- and mid-size builders by bankrolling their overseas expansion. The Ministry of Land, Transport and Maritime Affairs said Sunday it will provide 3.01 billion won ($2.66 million) for new construction projects this year, up more than 38 percent from 2011. It plans to frontload 2.84 billion won, or 94.4 percent, in the first half to sponsor 76 programs. Sixty small and midsize companies will receive at total of 2.44 billion won

IndustryApril 8, 2012

Rumor resurfaces on GM Korea’s relocation

Shanghai being mentioned as new Asian production base for GMObservers in the automobile industry are reviving the rumor that GM Korea will relocate its automobile manufacturing base in Incheon to a foreign country.The rumor has resurfaced as the Korean unit of U.S. General Motors has failed to post noteworthy sales performances despite changing the company name from GM Daewoo to GM Korea and introducing the Chevrolet brand in 2011.Following earlier speculation that GM Korea’s core production fac

MobilityApril 8, 2012

Q1 earnings, election to impact Seoul shares

South Korean stocks are likely to be influenced by first quarter earnings reports to be released this week, and the outcome of the parliamentary elections, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 2,029.03 on Friday, up 0.7 percent from a week earlier, and a 0.01 percent gain from the previous session. The bourse’s modest gains were fueled by improvements in U.S. consumer sentiment figures and Moody’s Investors Service decision to upgrade its outlook on So

April 8, 2012

Korea to tighten grip on public firms’ debts

The government will tighten its financial management of nearly 40 public corporations with large amounts of debt in a bid to keep them from placing a burden on the nation in the future, the Finance Ministry said Sunday.A total of 39 public companies with assets of 2 trillion won ($1.8 billion) or more, including Korea National Oil Corp. and Korea Asset Management Corp., will be required to submit plans to improve their balance sheets by the end of June, the ministry said.The ministry will then r

April 8, 2012