Won forecast to stay strong against dollar

The South Korean currency is expected to strengthen further against the US dollar for the time being on the Fed's confirmation of its tight monetary policy and other factors, analysts said Wednesday.With the greenback remaining weak against major Asian monetary units, the local currency is highly likely to rise above 1,100 won per dollar in April, but it will have a limited impact on South Korean exporters and the stock market. (Yonhap)Donald Trump's victory in the US presidential election in No

March 29, 2017

Seoul shares inch up on earnings hopes

South Korean stocks edged up on Tuesday, driven by gains in large-cap exporters, as a rosy outlook on their quarterly earnings is raising the specter for better performance in the country's overall exports, analysts said. The local currency fell slightly against the US dollar.The benchmark Korea Composite Stock Price Index added 7.65 points or 0.35 percent to finish at 2,163.31. Trading volume was moderate at 386.7 million shares worth 4.94 trillion won ($4.43 billion) with gainers outpacing dec

March 28, 2017

Seoul shares slightly up in late-morning trade

South Koreans stocks traded slightly higher late Tuesday morning, buoyed by gains in blue-chip exporters, analysts said. The benchmark Korea Composite Stock Price Index added 3.31 points, or 0.15 percent, to 2,158.97 as of 11:20 a.m. Tech giant Samsung Electronics climbed 0.83 percent, with steelmaker POSCO advancing 1.3 percent. Top cosmetics maker AmorePacific also rose 1.4 percent. But auto and IT shares moved in negative territory. Kia Motors, the smaller affiliate of Hyundai Motor, fell 0.4

March 28, 2017

Seoul shares open higher on Samsung Electronics

South Korean stocks opened higher Tuesday, backed by a bullish start of market behemoth Samsung Electronics Co. and chemical companies, analysts said. The benchmark Korea Composite Stock Price Index rose 6.58 points, or 0.31 percent, to trade at 2,162.24 in the first 15 minutes of trading. Shares of Samsung Electronics, a global leader in smartphones and memory chips, jumped 1.07 percent, with LG Chem, a leading chemical firm, also soaring 1.6 percent. Samsung stocks account for more than 20 per

March 28, 2017

Net profit of 6 credit bureau firms in Korea jump 31% last year

The combined net profit of six credit bureau firms in South Korea jumped 31 percent on-year in 2016, as they expanded their business portfolio into new sectors, the nation's financial regulator said Tuesday. The combined net income of the six credit bureau firms, which collects and evaluates credit data between consumers and financial firms, stood at 57.2 billion won ($51.3 million) last year, up 13.6 billion won from 2015, the Financial Supervisory Service (FSS) said in a statement. (Yonhap)The

March 28, 2017

Banks step up downsizing amid growing mobile, Internet banking

Banks in South Korea sharply downsized their headcounts, branches and automated instruments in 2016 to cut costs amid rapid growth in mobile and Internet banking, government data showed Tuesday.The combined workforce of lenders operating in the country stood at 114,775 as of the end of last year, down 2,248 employees from a year earlier and the largest on-year decline since 2010, according to the data by the Financial Supervisory Service.(Yonhap)The number of bank branches and representative off

March 28, 2017

Shinhan Financial chief eyes M&As overseas

Cho Yong-byoung, chairman of Shinhan Financial Group, said Monday that he would eye M&A opportunities in Asia and the US market as part of the group’s growth strategy to become a leading financial institution in Asia by 2020.Cho took office as the chief of the largest financial group in South Korea on Thursday, vowing to widen the market gap against the second-largest KB Financial Group in banking and credit card sector, as well as to enhance the growth of other Shinhan subsidiaries.Cho Yong-byo

March 27, 2017

Combating money laundering is a must, not an option

In 1920s, Al Capone, a notorious American gangster, made money illegally by gambling and selling liquor and pretended that the money came from a laundry shop that he ran legitimately. Shop users paid in cash, which made it difficult to know how many visited the shop, and Al Capone abused this situation. This story suggests where the term “money laundering” came from. Money laundering is the process whereby the proceeds of crime are transformed into ostensibly legitimate money.The US regulators f

March 27, 2017

Seoul shares fall 0.61% on US policy jitters

South Korean stocks closed 0.61 percent lower on Monday, as investors took to the sidelines on weakened risk appetite following a thwarted legislation of a US healthcare bill pushed forward by the Donald Trump administration, analysts said. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index finished down 13.29 points to 2,155.66. Trading volume was moderate at 390.9 million shares worth 5.02 trillion won ($4.51 billion) with decliners outnumbering gaine

March 27, 2017

Prepaid card use drops sharply due to inconvenience

The use of prepaid cards has dropped sharply in recent years, data showed Monday, as credit card companies have shunned promoting their use due to inconvenience.Credit card firms have been reluctant to stage marketing campaigns for prepaid cards as such payment methods are burdensome to issuers with little benefits.(Yonhap)The amount purchased by prepaid cards issued by eight credit card firms declined 22.9 percent to 379.9 billion won ($340.8 million) last year from a year earlier, according to

March 27, 2017

Kospi tipped to flirt with 2,300-point level in H2

South Korea's main stock price index is expected to flirt with the 2,300-point level in the second half of this year on high expectations for improved corporate earnings, brokerages said Monday.Citing a recovery in the global economy, NH Investment & Securities Co. said in a research note that it has raised its 2017 target for the benchmark Korea Composite Stock Price Index to 2,350 from an earlier 2,250.(Yonhap)"After walking sideways for years, Kospi is on pace to breach the previous record,"

March 27, 2017

Seoul shares down 0.41% in late morning trade

South Korean stocks traded 0.41 percent lower late Monday morning led by a drop in auto and financial large-caps, analysts said.The benchmark Korea Composite Stock Price Index retreated 8.93 points, or 0.41 percent, to 2,160.02 as of 11:20 a.m.Top automaker Hyundai Motor slipped 1.2 percent, with its auto parts-making affiliate Hyundai Mobis dipping more than 2 percent.KB Financial Group lost nearly 2.3 percent. Market bellwether Samsung Electronics also inched down 0.1 percent. But shares of it

March 27, 2017

521 employees at financial industry disciplined over irregularities

A total of 521 executives and employees in the nation's financial industry were disciplined last year over their irregularities, data showed Monday, representing that moral hazard was still rampant in the financial markets. Some employees were accused of allegedly swindling customers' money, while others were criticized for neglecting their duties of securing customer information, according to the data by the Financial Supervisory Service.  (Yonhap)Of the 521 people who were disciplined last yea

March 27, 2017

Seoul shares open lower on banks, brokerage losses

South Korean stocks got off to a weak start Monday, driven by losses in banks and brokerage firms, analysts said. The benchmark Korea Composite Stock Price Index slipped 7.29 points, or 0.34 percent, to trade at 2,161.66 in the first 15 minutes of trading. Financial stocks led the decline, with leading lender Shinhan Financial dipping more than 2 percent and brokerage firm NH Investment & Securities sliding nearly 3 percent. In contrast, domestic-focused issues gathered ground, with SK Telecom,

March 27, 2017

Listed firms' rights issues jump 21.4% in 2016

South Korean listed companies' rights issues soared 21.4 percent in 2016 from a year earlier with firms on the main bourse taking up the lion's share, data showed Monday.A total of 276 companies listed on the main KOSPI market and secondary KOSDAQ bourse raised a combined 12.6 trillion won ($11.2 billion) through rights offerings last year, compared with 10.4 trillion won a year earlier, according to the data by the Korea Exchange. (Yonhap)Rights offerings by 199 KOSDAQ firms spiked 68.1 percent

March 27, 2017

Citibank expands WM service in Korea

Citibank Korea has been expanding its global network-based wealth management service to differentiate its customer service in the South Korean financial market, the bank said Sunday.The Korean unit of the US bank opened its largest wealth management center in Cheongdam-dong, an affluent neighborhood in southern Seoul, last December. It has been seeking ways to further enhance its exclusive service by introducing a variety of programs to help expand customers’ assets. The Cheongdam center has a W

March 26, 2017

Deloitte Anjin gets 1-year new business suspension

The financial regulator said Friday it has decided to ask for Deloitte Anjin to be made to suspend its opening of new accounting services for a year for “turning a blind eye” on the window dressing of troubled shipbuilder Daewoo Shipbuilding & Marine Engineering.The Securities & Futures Commission announced that it has decided to request such a penalty on the company to the Financial Services Commission, which will review the request and make a final decision on April 5. The logo of Deloitte (De

March 24, 2017

'Transformed' FKI vows to boost transparency, take on more think tank role

The Federation of Korean Industries, the largest lobby body for large companies here, said Friday that it would boost transparency and switch to the role of a think tank for the corporate sector.Huh Chang-soo, chairman of the FKI, announced a set of reform measures that centers around its pledge to cut its murky connection with the political circle and the government, and to better serve as a think tank for the corporate sector and society as a whole. (Yonhap)Among others, in a gesture to show i

March 24, 2017

Korea to sell W8tr state bonds in April

South Korea plans to sell 8 trillion won ($7.1 billion) worth of state bonds next month, the finance ministry said Friday.The government will issue 1.85 trillion won worth of bonds with a maturity of three years and 1.95 trillion won worth of five-year bonds. (Yonhap)It also plans to sell 1.85 trillion won worth of 10-year Treasurys and a combined 2.35 trillion won of bonds with a maturity of between 20 and 30 years.For May, it also has a plan to issue a combined 8 trillion won worth of state bo

March 24, 2017

Seoul stocks fall on foreign sell-off

South Korean stocks fell Friday as foreign investors remained net sellers of local stocks, with sentiment partly subdued after Samsung Electronics said it may have to delay adopting a holding company format at present. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 3.77 points, or 0.17 percent, to close at 2,168.95. Trade volume was moderate at 354 million shares worth 5.04 trillion won ($4.48 billion). Samsung Electronics Vice Chairman Kwon Oh-hyu

March 24, 2017