Shinhan Bank to cut jobs via early retirement

Shinhan Bank, South Korea's leading lender, plans to remove jobs via a voluntary retirement program, continuing the wave of downsizing moves that swept through the sector last year, industry sources said Friday. The bank plans to receive applications for voluntary retirement from its workers for about seven days starting next week, becoming the first financial institution this year to announce such a program.The bank's labor and management agreed to adopt a wage peak system starting this year in

Jan. 8, 2016

Seoul shares, currency take hit from China, North Korea woes

South Korean shares shed 1.1 percent on Thursday as investor sentiment was dented by China's stock rout and heightened geopolitical risks stemming from North Korea's nuclear test. The local currency sank to a four-month low against the U.S. currency.The benchmark Korea Composite Stock Price Index lost 21.1 points to end at a four-month low of 1,904.33. Trade volume was moderate at 388 million shares worth 4.9 trillion won ($4.08 billion), with losers beating winners 607 to 223.Analysts said the

Jan. 7, 2016

China extends share sale restrictions as market plunges

China's market regulator Thursday extended restrictions on big shareholders selling stocks, on whom a ban had been due to expire at the end of the week, as trade was suspended in the morning following a seven percent plunge.The ban was first put into force in July as part of the government's extraordinary rescue package to stem a rout that had wiped trillions of dollars from market valuations and jolted investors worldwide.It bars sales by shareholders or senior executives who hold more than fiv

Jan. 7, 2016

Korea sees limited growth amid falling exports, global woes: KDI

The South Korean economy is showing a slow and fragile recovery as faltering exports and rising global uncertainties weigh heavily on Asia's fourth-largest economy, despite a modest gain in domestic consumption, a state-run think tank said Thursday."Korea's domestic demand has improved gradually, but sluggish exports and mounting external uncertainties are encumbering the economic recovery," the Korea Development Institute said in its monthly evaluation of the country's economic conditions."Expo

Jan. 7, 2016

Seoul shares open lower on North Korean woes

South Korean shares opened lower Thursday as investors' sentiment was dented by concerns over North Korea's nuclear test.The benchmark Korea Composite Stock Price Index lost 2.9 points, or 0.15 percent, to 1,922.53 in the first 15 minutes of trading.Tech shares traded lower, with Samsung Electronics falling 0.6 percent and top chipmaker SK hynix losing 0.65 percent. LG Display shed 0.43 percent.North Korea announced Wednesday it had succeeded in conducting a hydrogen bomb test, hours after what

Jan. 7, 2016

Korea sees limited impact of NK nuke test on markets, economy

South Korea expects North Korea's alleged nuclear test to have a limited impact on its financial markets and economy if past experience is any guide, the deputy chief of the country's financial regulator said Wednesday.Jeong Chan-woo, vice chairman of the Financial Services Commission, also said the government will monitor markets around the clock for the time being to cope with any "abnormal signs."Jeong made the remarks at the start of an emergency meeting of senior financial officials, called

Jan. 6, 2016

Seoul shares fall, won hits 4-month low on N.K. provocation

South Korean stocks declined 0.26 percent on Wednesday and the local currency sank to a four-month low against the U.S. dollar as North Korea claimed that it had conducted a hydrogen bomb for the first time, dampening investor sentiment here.The benchmark Korea Composite Stock Price Index lost 5.1 points to end at 1,925.43. Trade volume was moderate at 586 million shares worth 5.92 trillion won ($4.94 billion), with losers beating winners 464 to 356.The index started a tad higher, but lost groun

Jan. 6, 2016

Korean brokerage firms face growing wave of layoffs

South Korea's securities industry faces an unabated wave of layoffs this year as brokerages strive to bolster their bottom lines and cut costs amid a bearish stock market and growing online stock trading, experts said Wednesday.Over the past several years, local securities companies have been trimming their workforces and downsizing operations as investors increasingly turn to online trading platforms in line with the rapid development of information technology.This year will be no exception as

Jan. 6, 2016

Korea's growth potential to suffer further erosion: report

South Korea's growth potential will likely continue dwindling over the next three years weighed by poor consumer spending and sluggish investment, a central bank report said Wednesday.According to a report by Kang Hwan-koo, an official from the Bank of Korea's research department, the country's growth potential suffered a heavy loss after the 2008 global financial crisis, dipping from an annual growth of around 5 percent between 2000 and 2005 to the mid-3-percent range in the 2011-2014 period.Ba

Jan. 6, 2016

Seoul shares down 0.54% in late morning trade

Seoul shares down 0.54 pct in late morning tradeSouth Korean stocks traded 0.54 percent lower late Wednesday morning on losses in techs and automakers.The benchmark Korea Composite Stock Price Index lost 10.36 points to 1,920.17 as of 11:20 a.m.Tech and auto stocks led the overall market decline. Top market cap Samsung Electronics shed 2.98 percent, and global chipmaker SK Hynix fell 0.49 percent.No. 1 automaker Hyundai Motor declined 1.39 percent, and its smaller affiliate Kia Motors went down

Jan. 6, 2016

Seoul shares start weaker on tech, chemical losses

South Korean shares opened lower on Wednesday on losses in tech and chemicals firms.The benchmark Korea Composite Stock Price Index (KOSPI) edged down 1.72 points, or 0.09 percent, to 1,928.81 in the first 15 minutes of trading.Market heavyweights traded mixed.Top market cap Samsung Electronics fell 0.66 percent, while global chipmaker SK Hynix advanced 0.16 percent.No. 1 automaker Hyundai Motor gained 0.7 percent, and its smaller affiliate Kia Motors rose 0.59 percent.LG Chem, the country's top

Jan. 6, 2016

Seoul shares rebound after China stock rout

South Korean stocks bounced back from a four-month low on Tuesday as China's stock market rout eased on hopes that authorities may take action to stem severe volatility.The local currency fell against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) added 11.77 points, or 0.61 percent, to end at 1,930.53. Trade volume was moderate at 441 million shares worth 4.09 trillion won (US$3.44 billion), with winners beating losers 463 to 349.On Monday, the KOSPI shed more than 2 perc

Jan. 5, 2016

Seoul shares up 0.8% in late morning trade

South Korean stocks traded 0.8 percent higher late Tuesday morning, recovering from the previous session's plunge triggered by China's stock rout.The benchmark Korea Composite Stock Price Index added 4.81 points to 1,933.57 as of 11:20 a.m.Tech firms led the overall market gain. Top market cap Samsung Electronics gained 0.17 percent, and global chipmaker SK Hynix rose 2.65 percent.In contrast, No. 1 automaker Hyundai Motor remained unchanged, and its smaller affiliate Kia Motors went down 0.2 pe

Jan. 5, 2016

Korea downplays impact of China stock rout

South Korea downplayed the impact of China's stock market crash on its domestic financial market on Tuesday, saying the market will regain stability again.Chinese stock tumbled nearly 7 percent Monday on the year's first trading session due to concerns over its manufacturing sector, rattling South Korean and other financial markets.The benchmark Korea Composite Stock Price Index (KOSPI) plunged more than 2 percent to a four-month low on Monday, with the South Korean currency sinking to the lowes

Jan. 5, 2016

Seoul shares start higher recovering from China-triggered sell-off

South Korean shares opened higher on Tuesday, recovering from the previous day's plunge triggered by Chinese turmoil, as investors scooped up oversold stocks.The benchmark Korea Composite Stock Price Index edged up 0.49 points, or 0.03 percent, to 1,919.25 in the first 15 minutes of trading.Market heavyweights traded mixed.Top market cap Samsung Electronics slumped 0.08 percent, while global chipmaker SK Hynix rose 2.65 percent.No. 1 automaker Hyundai Motor gained 0.69 percent, and its smaller a

Jan. 5, 2016

Korea's current account surplus widens on narrowing service deficit in Nov.

South Korea's current account surplus grew from a month earlier in November as the deficit in the service sector narrowed, nearly offsetting a drop in the goods account, preliminary data from the central bank showed Tuesday.The current account surplus came to US$9.4 billion in November, compared with a revised $9.12 billion surplus in the previous month, according to the data from the Bank of Korea.The November tally, however, marks a significant drop from the$10.76 billion surplus in November 2

Jan. 5, 2016

Shanghai, Hong Kong stocks dive on China data

Shanghai stocks plunged almost four percent Monday morning while Hong Kong also tumbled after another batch of data highlighting weakness in China's economy, while dealers are also on edge over flaring Middle East tensions.The benchmark Shanghai Composite Index sank 3.94 percent, or 139.27 points, to 3,399.91, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, slumped 5.34 percent, or 123.28 points, to 2,185.63.Hong Kong's benchmark Hang Seng Index lost 2.31 perc

Jan. 5, 2016