S. Korea closely monitoring financial markets for herd behavior

SEJONG (Yonhap News) -- South Korea is closely watching financial market conditions amid worries that market volatility could intensify down the road, the finance ministry said Wednesday.The ministry also worried that there is a possibility that the market could see a repeat of the so-called "herd behavior" similar to what was witnessed late last year."The level of alert has been rising recently against foreign capital flow in and out of bond markets and movements in foreign exchange rates," the

May 8, 2013

Shipbuilding orders likely to rebound

A global survey has found that falling global shipbuilding orders have hit bottom after a five-year depression. According to Clarkson, a global shipping and shipbuilding market information provider, 277 new shipbuilding orders were reported in the first quarter of this year, which is a 93 percent increase from the same period in 2011 and a 39 percent increase from 2012. The new shipbuilding price index, another indicator to gauge the market direction, stopped falling from November last year, hov

IndustryMay 8, 2013

KB hosts forum of Asian financial leaders

A two-day annual conference of financial leaders in Asia will be held in Seoul on Thursday on the auspices of KB Financial Group.KB Financial said Wednesday that it invited 116 chief executives and senior regulatory officials for the 2013 Institute of International Finance Asia CEO Summit, slated for May 9-10 at the Westin Chosun Hotel in downtown Seoul.Following the Bangkok meeting a year before, the annual gathering in Seoul will cover three major agenda ― Asia & the World, Asian Financial Sys

May 8, 2013

Loss-making public firms pay chiefs W3b in bonuses

Chiefs of the nation’s loss-generating public agencies raked in performance-based benefits worth about 3 billion won ($2.7 million) in total last year.According to financial info provider Alio, CEOs of 104 state-funded agencies that failed to log a net profit in 2012 received a combined 2.98 billion won in bonuses.The state-run companies that posted net losses or reaped zero net profit included Korea Finance Corp., Korea Deposit Insurance Corp., Korea Credit Guarantee Fund, Korea Electric Power

May 8, 2013

Banks’ household loans rise for 2nd month

South Korean banks’ household loans rose for the second straight month in April on the back of the government’s measures to revitalize the sluggish property market, the central bank said Wednesday.Local banks’ household loans, including home-backed and credit loans, reached 462.5 trillion won ($425.6 billion) as of the end of April, up 924.9 billion won from the previous month, according to the Bank of Korea.Banks’ home loans grew by less than 1 trillion won for the second straight month in Apri

May 8, 2013

Only 1 in 10 SMEs say they are globally competitive

Only about 1 out of every 10 small and medium-sized enterprises in the country said they are or have the potential to become globally competitive, the outcome of a survey released Wednesday showed, calling for a dramatic change in government support for small firms.According to the survey conducted by the Korea Institute for Industrial Economics and Trade, only 12 percent or 47 out of 393 companies surveyed said they were globally competitive in terms of both market share and their ability to ad

IndustryMay 8, 2013

UPS Korea names new managing director

UPS Korea said Wednesday that it has named J.K. Rha, former air export and package operations manager at the company, as its new managing director. Rha joined the Korean unit of the Atlanta-based global logistics company UPS in 1990 and has served diverse positions in Korea, Hong Kong and Singapore. He holds a bachelor’s degree in mathematics and master’s in business administration, both from Chung-Ang University in Seoul.His predecessor, Steven Chang, has been appointed as vice president for gl

IndustryMay 8, 2013

FSS to impose stricter rule on dormant cards

The financial watchdog said Wednesday it will beef up its surveillance of credit card firms to reduce the hefty number of dormant plastics in the market, which has resulted from heated competition in the industry.The move came as the number of dormant cards in South Korea totaled 23.4 million at end-April, remaining almost flat from 23.5 million tallied at end-January, according to the Financial Supervisory Service.Dormant credit cards refer to accounts without transaction records during a 12-mo

IndustryMay 8, 2013

Number of mobile subscribers switching carriers nears record

Mobile Number Portability in South Korea still ran high over the past weekend as local mobile carriers lured subscribers with new pay plans and lower prices, industry sources said Tuesday.According to the sources, the country’s three mobile carriers ― SK Telecom Co., KT Corp. and LG Uplus Corp. ― received a total of 105,035 MNP applications during the May 4-6 period, nearing an all-time high of 116,055 MNP applications seen late last month.The figure translates into around 35,000 mobile telephon

TechnologyMay 8, 2013

LS Group inks e-car MOU with China’s Dongfeng Motor

LS Group, a South Korean conglomerate specializing mostly in electricity materials, said Wednesday that it has signed a memorandum of understanding with China’s Dongfeng Motor Group to cooperate in developing parts for electric cars and hybrid automotives.Under the deal, the South Korean business group will work with the Chinese automaker for the development of power trains, energy storage components and other parts used for automotives, according to the group.Also, the two groups will cooperate

TechnologyMay 8, 2013

Seoul shares edge up 0.11 pct amid global stimulus moves

South Korean stocks closed 0.11 percent higher Wednesday on rising hope over the global economic recovery following a series of advanced countries' stimulus moves, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 2.1 points to finish at 1,956.45. Trading volume was moderate at 332.7 million shares worth 4 trillion won (US$3.7 billion) with gainers outnumbering decliners 493 to 315."Seoul shares gathered ground on the m

May 8, 2013

Seoul OKs Mount Kumgang-related biz projects

South Korea has approved 14 business projects related to a scenic mountain resort in North Korea, according to a government Web site Wednesday, raising speculation Seoul may be moving to lift restrictions on the resort that has been put on ice for nearly five years. The Ministry of Unification's Web site showed approval was given on Feb. 15 to businesses that applied to engage in various business operations at the scenic mountain resort on the communist country's east coast.This marks the first

IndustryMay 8, 2013

Seoul shares open higher on U.S. gains

South Korean stocks opened higher on Wednesday, tracking gains on Wall Street in the previous trading session, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.85 points, or 0.2 percent, to 1,958.20 in the first 15 minutes of trading.Shares gathered ground across the board, with leading chipmaker SK hynix rising 0.87 percent and top steelmaker POSCO climbing 0.31 percent. No. 1 auto parts manufacturer Hyundai Mobis moved up 0.58 percent.U.S. stocks ended higher on

May 8, 2013