Hana Financial's Q3 net drops 8.2 % on merger cost

Hana Financial Group Inc., a major South Korean banking group, said Friday its third-quarter net profit fell 8.2 percent from a year earlier due mainly to one-off costs from the recent merger of its key units.Net income amounted to 253.5 billion won ($223.6 million) in the July-September period, compared with 276 billion won the previous year, the financial firm said in a regulatory filing. The third-quarter net profit also marks a 32.4 percent tumble from three months earlier. The weaker bottom

Oct. 23, 2015

Seoul stocks, won sharply up on ECB stimulus hope, upbeat data

South Korean stocks jumped 0.86 percent Friday as hopes for additional stimulus measures in Europe and better-than-expected domestic growth data boosted appetites for riskier assets, analysts said. The South Korean won sharply rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index leaped 17.39 points to 2.040.39. Trading volume was moderate at 641.85 million shares worth 5.23 trillion won ($4.65 billion), with winners beating losers 481 to 332.Analysts said ECB's dovish st

Oct. 23, 2015

Korean bourse operator signs MOU with Iran

South Korea's bourse operator said Friday it has agreed with the Iranian financial regulator to enhance bilateral cooperation in the financial sector, following a landmark nuclear deal to open a potential market in the Middle Eastern country.The Korea Exchange said it signed a memorandum of understanding with the Securities and Exchange Organization of Iran in Tehran on Thursday to share each others' experience and information and collaborate in building related infrastructure.The SEO is Iran's

Oct. 23, 2015

Regulator to expand bad bank's role in corporate restructuring

South Korea's financial regulator said Thursday that it will expand the role of a leading bad asset management firm in overhauling debt-laden companies next month, in an effort to speed up the country's corporate restructuring.United Asset Management Company will take charge of leading debt workout programs through debt-for-equity swaps worth up to 28 trillion won ($24.6 billion), the Financial Services Commission said.UAMCO, co-owned by six major banks including Shinhan Bank and Kookmin Bank, i

Oct. 22, 2015

Seoul shares edge up on steelmakers, tech stocks

South Korean stocks closed higher Wednesday as investors scooped up steelmakers and some tech stocks on expectations that their earnings have bottomed out, analysts said. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared 3.61 points, or 0.18 percent, to 2,042.97. Trading volume was moderate at 660.79 million shares worth 5.09 trillion won ($4.49 billion), with losers outnumbering gainers 455 to 348.Analysts said the market sentiment remains

Oct. 21, 2015

Korean won high performer among major currencies: data

South Korea's won has logged the sixth-highest gain among 38 major currencies over the past five years, data by the Bank for International Settlements showed Wednesday, undermining the competitiveness of the country's exports.In terms of the real effective exchange rate, the South Korean won has only underperformed five other currencies -- the Chinese yuan, the Icelandic krona, the U.S. dollar, the British pound and the Swiss franc, according to the data.The BIS has been checking the REER of dif

Oct. 21, 2015

Seoul shares end flat after weak China growth data

South Korean stocks ended almost unchanged Monday as investors remained cautious after Chinese data showed the world's second-largest economy slowing further but not heading toward a hard landing. The South Korean won firmed against the U.S. dollar.The benchmark Korea Composite Stock Price Index ticked up 0.01 point to 2,030.27. Trading volume was heavy at 707.69 million shares worth 4.11 trillion won ($3.66 billion), with decliners beating gainers 453 to 350.China said Monday its economy grew 6

Oct. 19, 2015

Samsung chairman Lee keeps No. 1 stock-rich person status

Lee Kun-hee, the bedridden chairman of South Korea's largest conglomerate Samsung Group, maintained his status as the No. 1 stock-rich person in South Korea, industry data showed Monday.Lee had 11.48 trillion won ($10.13 billion) worth of stock assets as of Friday, according to the data from market researcher Chaebul.com.The amount marked a 13.6 percent spike from a year earlier.The 73-year-old business tycoon has been immobile and hospitalized since he suffered a heart attack in May 2014.Lee wa

Oct. 19, 2015

Loan guarantees among conglomerate units up nearly 2.8-fold in 2015

Loan guarantees among affiliates of South Korea's major conglomerates surged about 2.8-fold in 2015 from the previous year, the country's corporate watchdog said Sunday.According to the Fair Trade Commission, loan guarantees made among the affiliates of the nation's 61 conglomerates came to a little over 2.04 trillion won ($1.8 billion) as of April 1, compared with just 738.8 billion won tallied a year earlier.The jump is attributed to the addition of one business group to the government's watch

Oct. 18, 2015

Seoul shares likely to remain range-bound next week

South Korean stocks are expected to move in a tight range next week ahead of key events, including a release of Chinese economic data, analysts said Saturday.The benchmark Korea Composite Stock Price Index rose 10.73 points this week to close at 1,930.26 on Friday.Throughout the week, the index swerved in and out of positive territory on rising concerns about a Chinese economic slowdown ahead of the corporate earnings season.This week, KOSPI started bullish on news that a Fed official hinted at

Oct. 17, 2015

Full text of BOK's statement on monetary policy decision for Oct.

Following is a translation of the full text of the Bank of Korea's statement on its monetary policy decision for October. The central bank's monetary policy committee voted Thursday to freeze the base rate at 1.5 percent.   ---------------------  The Monetary Policy Board of the Bank of Korea decided today to leave the Base Rate unchanged at 1.50% for the intermeeting period.  Based on currently available information the Board considers that the trend of economic recovery in the US has been sust

Oct. 15, 2015

BOK freezes key rate at record low of 1.5 pct in Oct.

South Korea's central bank on Thursday held its key interest rate steady for a fourth month amid growing uncertainties from the world's two largest economies and budding signs of a recovery in domestic demand.  In a widely expected move, the monetary policy committee of the Bank of Korea (BOK) froze its base rate at a record low of 1.50 percent for October.  The committee said the local economy was showing signs of improvement, but that global uncertainties surrounding the economy may worsen dow

Oct. 15, 2015

Woori sale may face further delay

The privatization of state-controlled Woori Bank originally scheduled for this year appears to have hit more roadblocks after four failed attempts since 2010.The government ― which bailed out the bank in the aftermath of the 1997-98 Asian financial crisis ― had planned to sell its dominant stake in the bank this year, but it may be further delayed, according to industry sources.Further, the Public Fund Oversight Committee in charge of the Woori sale has also hinted at a delay in the auction proc

Oct. 13, 2015

BOK expected to hold key rate amid growing uncertainties

South Korea's central bank is widely expected to stand pat on its key interest rate for another month as it continues to gauge the impact of external developments on the country's economy, a poll showed Monday.  In a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, 12 out of 15 economists surveyed projected the Bank of Korea will keep its policy rate unchanged at a record low of 1.5 percent for October at its monthly rate-setting meeting Thursday.  In efforts to bo

Oct. 12, 2015