U.S.-EU trade deal expected to have little impact on Korea

A trade deal between the European Union and the U.S would have little impact on the Korean economy, which has its own free trade agreements with the two major export destinations, experts in Seoul said on Thursday. “It is too early to talk about the detailed fallout of the EU and U.S. trade pact, but Korean exporters could be shielded by the two effective trade pacts with the U.S. and EU,” an official from the Korea International Trade Association said. Concerns have been raised over the afterma

Feb. 14, 2013

FSS tells banksto support risky debtors

The Financial Supervisory Service has asked commercial banks to prevent customers with overdue payments from becoming credit delinquents via a pre-workout program.A pre-workout program is a debt rescheduling method, under which banks reduce heavy payment burdens on individuals and corporate customers, who suffer from cash flow problems.Key methods include rollover of payment dues and lower interest.Banks have run a pre-workout program worth about 10.3 trillion won ($9.5 billion) for about 150,00

Feb. 14, 2013

Shares gain on eased uncertainties

South Korean stocks closed 0.18 percent higher Thursday as a spate of negative factors began to fade, whetting investors’ appetite for risk, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index advanced 3.54 points to finish at 1,977.42. Trading volume was moderate at 330.5 million shares worth 3.36 trillion won ($3.09 billion) with gainers outstripping decliners 481 to 304. “North Korea’s nuclear test had little impact, currency worries

Feb. 14, 2013

Fitch maintains S. Korea’s ratings after N.K. nuke test

SEJONG (Yonhap News) ― Global credit appraiser Fitch Ratings will maintain its sovereign ratings on South Korea despite heightened geopolitical tension following the recent nuclear test by North Korea, government officials said Thursday.The credit ratings agency officially notified the Seoul government of the decision through an email, according to the finance ministry. Fitch also said it will maintain its rating outlooks at “stable.”Last September, Fitch raised the ratings on South Korea from “

Feb. 14, 2013

Trade surplus hits one-year low in January: data

South Korea logged a trade surplus for the 12th straight month in January but the surplus dropped to the lowest level ever during the same period as exporters faced tough competition in global markets, customs data showed Thursday.According to the customs clearance trade figures provided by the Korea Customs Service, South Korea’s exports rose 10.9 percent on-year in January to $45.68 billion, while imports grew 3.9 percent to $45.21 billion. As a result, South Korea posted a trade surplus of $4

Feb. 14, 2013

Ssangyong E&C turns to overseas sales

Driven into a corner by the protracted slump in the local housing market, the nation’s No. 13 builder Ssangyong Engineering & Construction is struggling to survive while anticipating a boom in the overseas high-end construction market.Ssangyong E&C’s net loss last year was around 400 billion won ($369 million), snowballing from a 157 billion won net loss in 2011, according to officials on Thursday.The net loss has impaired Ssangyong’s capital worth 148.8 billion won, which means that the builder

IndustryFeb. 14, 2013

Weak battery demand delays operation at LG’s U.S. plant

LG Chem Ltd., the world’s largest battery maker, said Thursday weak demand for vehicle batteries has led to a delay in the start of its American lithium-ion battery plant’s commercial operation, denying U.S. media reports that the factory is not run effectively.Citing the U.S. Department of Energy Special Report, The Washington Post and other U.S. media reported Wednesday that the factory in Holland, Michigan, into which $142 million of American taxpayer money was injected, is allowing workers t

CompaniesFeb. 14, 2013

Seoul shares gain 0.18 pct on eased uncertainties

South Korean stocks closed 0.18 percent higher Thursday as a spate of negative factors began to fade, whetting investors' appetite for risk, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 3.54 points to finish at 1,977.42. Trading volume was moderate at 330.5 million shares worth 3.36 trillion won (US$3.09 billion) with gainers outstripping decliners 481 to 304. "North Korea's nuclear test had little impact, curren

Feb. 14, 2013

Fitch maintains sovereign ratings on S. Korea despite Pyongyang's nuke test

Global credit appraiser Fitch Ratings said Thursday that it maintains its sovereign ratings on South Korea despite heightened geopolitical tension following the recent nuclear test by North Korea.The credit ratings agency also said it maintains its rating outlooks at "stable."Last September, Fitch raised the ratings on South Korea from "A+" to "AA-," the fourth-highest of its rating system, and has maintained the level ever since.North Korea conducted its third nuclear test on Tuesday in defianc

Feb. 14, 2013

Seoul shares up 0.13 pct in late-morning trade

South Korean stocks traded 0.13 percent higher late Thursday morning, buoyed by gains in steelmakers and tech shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.51 points to 1,978.58 as of 11:20 a.m.Leading steelmaker POSCO moved up 1.3 percent, with tech behemoth Samsung Electronics rising 0.07 percent. But telecom shares continued to trend downward from the previous session, with top mobile carrier SK Telecom dipping 1.7 percent. The local currency was changi

Feb. 14, 2013

Samsung chief Lee's stock value tops 12 tln won

Lee Kun-hee, chairman of South Korean tech giant Samsung Electronics Co., has retained his position as the wealthiest shareholder in the country thanks to a surge in share prices of the company and a key affiliate, industry data showed Thursday.Lee held 12 trillion won (US$11 billion) worth of shares as of Wednesday, up 31.2 percent from a year earlier, according to the data compiled by Chaebul.com, which tracks the country's conglomerates.The researcher said the rise came as shares of Samsung E

IndustryFeb. 14, 2013

Mirae Asset to underwrite Boo-Kang Tech for KOSDAQ listing

Boo-Kang Tech, an environmental tech company, is seeking to list on the tech-heavy KOSDAQ possibly in the first half of this year with Mirae Asset Securities as its lead underwriter, a BKT official said.BKT is looking to raise around 30 to 40 billion won via an initial public offering. The IPO proceeds will be used to finance environment and energy plant engineering projects both at home and abroad.Also, the stock floatation will help the company secure funding from banks for further project inv

Feb. 14, 2013