The Korea Herald

Korea rated top emerging market for investors

South Korea is regarded as the most attractive and less risky destination to invest among major emerging economies, according to a report from a global association of financial institutions Sunday.Finance Minister Choi Kyung-hwan (left) shakes hands with his U.S. counterpart Jacob Lew prior to their talks on the sidelines of the 2015 IMF/World Bank Annual Meetings in Lima, Peru, on Saturday. (Yonhap)The Institute of International Finance data showed that global investors raised the proportion of

Oct. 11, 2015

Korea rated top emerging market for investors

Outstanding value of state bonds to top 600 tln won next year

The outstanding amount of South Korea's state bonds is expected to exceed the 600 trillion-won ($517 billion) mark for the first time in 2016, a government report showed Sunday.According to the report by the finance ministry, the amount of government debt outstanding is projected to reach 606.4 trillion won next year, up 50.2 trillion won from this year's estimate.The outstanding value of government debt is likely to rise to 655.9 trillion won in 2017 and 697.4 trillion won in 2018 before breaki

Oct. 11, 2015

[Newsmaker]Competition heats up for KDB Securities stake

Korean securities companies are waging a fierce competition to take over KDB Daewoo Securities Co., one of the nation’s leading brokerages, in a deal that could come as a game changer for the industry.　The Korea Development Bank, a state-run policy lender, is seeking to sell off its stake in brokerage unit KDB Daewoo Securities as part of the government’s privatization plan. The headquarters of KDB Daewoo Securities Co. (Yonhap)　A successful buyer is widely expected to take the lead in reshapin

Oct. 8, 2015

[Newsmaker]Competition heats up for KDB Securities stake

Korean bourse operator opens temp office in Singapore

South Korea's stock market operator said Thursday it has opened a temporary office in Singapore as part of its efforts to attract foreign investors.The Korea Exchange said its ad hoc office held an opening ceremony in the Southeast Asian country, with KRX Chairman Choi Kyung-soo and Asian financial officials attending, including Bill Herder, president of FIA Asia, a regional organization of the International Swaps and Derivatives Association."We expect the Singapore office to play a leading role

Oct. 8, 2015

Foreign firms in Korea continue to grow: data

The number of foreign companies operating in South Korea continued to grow in 2014 as the country steadily attracted more businesses from abroad, government data showed Thursday.According to the data by the National Tax Service, the number of foreign invested firms reached 8,095 in 2014, up 0.5 percent from 8,056 the year before. The number of foreign firms with local branches or affiliates reached 1,770 last year, up 2.8 percent from 1,722 in 2013. Liaison offices of foreign firms which can lea

Oct. 8, 2015

Samsung Electronics' profits jump 79.8% in Q3

South Korea's top tech behemoth Samsung Electronics Co. said Wednesday its third-quarter operating income spiked nearly 80 percent from a year earlier on its robust chip and display businesses, far beating market estimates.Operating income was estimated at 7.3 trillion won ($6.25 billion) for the July-September period, up 79.8 percent from the 4.06 trillion won posted a year earlier, Samsung said in a regulatory filing. (Yonhap)The third-quarter operating income also marks a 5.8 percent rise fro

Oct. 7, 2015

Samsung Electronics' profits jump 79.8% in Q3

S. Korea eyes listing of foreign ETFs on local bourse

The South Korean bourse operator said Monday that it will seek to lure overseas exchange traded funds into the local stock market in order to meet rising demand for overseas direct investment by locals.An ETF refers to an investment fund traded on stock exchanges and represents a basket of stocks that reflects an index, which provides retail investors and institutions with a more liquid and risk-hedging tool.The Korea Exchange said it will move to bring foreign big-name ETFs, including SPDR Gold

Oct. 5, 2015

S. Korea's foreign reserves rise in Sept.

South Korea's foreign exchange reserves gained slightly from a month earlier in September mainly on an increase in foreign deposits that more than offset a large dip in securities, the central bank said Monday.The country's foreign exchange reserves reached $368.11 billion as of the end of last month, up $180 million from a month earlier, according to the Bank of Korea.The September tally marked a turnaround from a $2.9 billion on-month drop in August. The country's foreign exchange reserves dwi

Oct. 5, 2015

Manufacturers' Q4 biz outlook still gloomy: poll

South Korea's major manufacturers are more pessimistic about business conditions for the fourth quarter of this year due to China's slowing growth and a potential interest rate hike in the U.S., a poll showed Monday.The Korea Chamber of Commerce & Industry said its business survey index for the October-December period came to 87, down from 88 tallied in the third quarter. The index dropped for the third quarter, falling from 97 the previous quarter, amid the fallout of the Middle East Respirator

Oct. 5, 2015

[Photo News] Prudential Life Insurance Korea celebrates 19th Global Volunteer Day

GLOBAL VOLUNTEER DAY -- Prudential Life Insurance Company of Korea employees and their families and friends participate in a baking project for the patients of the Red Cross Hospital in Majang-dong, Seoul, Saturday. As a global project, about 2,600 volunteers get involved in 78 Prudential community service projects to celebrate the 19th Global Volunteer Day on Oct. 5. (Prudential Life Insurance Company of Korea) (Prudential Life Insurance Company of Korea)

Oct. 4, 2015

[Photo News] Prudential Life Insurance Korea celebrates 19th Global Volunteer Day

Mortgage loan growth hits 5-year high in Sept

(123RF)Mortgages issued by Korean banks grew at the fastest pace in five years last month due to rising rents and seasonal factors, industry data showed Sunday.　In September, the mortgage loans of the country’s six major banks – KB Kookmin, Shinhan, Woori, KEB-Hana, Nonghyup and Industrial Bank of Korea – stood at 331.9 trillion won, ($280.6 billion), up 3.9 trillion won from a month ago. 　The monthly growth marks the sharpest rise since relevant data was compiled in 2010.　Mortgage loans have gr

Oct. 4, 2015

Mortgage loan growth hits 5-year high in Sept

Korea to allow pension funds to invest in ETFs

The financial regulator said Sunday that it will allow public and private pension funds to invest in exchange traded funds in a bid to provide a safer and decent yield-generating investment tool in the low rate environment.An ETF refers to an investment fund traded on stock exchanges and represents a basket of stocks that reflects an index, which provides retail investors and institutions with a more liquid and risk-hedging tool. The Financial Services Committee will revise related regulations t

Oct. 4, 2015

Financial markets face lackluster month as U.S. rate issue resurfaces

South Korea’s financial market is likely to face another tough test this month as the possibility of a base rate hike in the U.S. has come to the fore again, even as many market participants had expected it to remain unchanged for two more months.The nation’s stocks and currency appeared to be rising after the Chuseok holidays in late September. But the benchmark KOSPI dropped and the won lost ground against the U.S. dollar again on Friday after gaining for the second consecutive trading session

Oct. 2, 2015

Financial markets face lackluster month as U.S. rate issue resurfaces

KEB-Hana Bank chief Ham emphasizes love for community

KEB-Hana Bank on Thursday vowed to widen the scope of its community service activities under the slogan “2015 Chuseok Happy Sharing.”　This year, a total of 450 branches will participate in the operation, almost triple that of last year’s 175. 　“Nanum (sharing) is the hope that brightens the whole world -- something that can’t be more meaningful and beautiful, because it drives us to share dreams and hopes with our socially disadvantaged neighbors,” said KEB-Hana Bank president and CEO Ham Young-

Oct. 1, 2015

KEB-Hana Bank chief Ham emphasizes love for community

Seoul shares gain 0.84 pct on eased global woes

South Korean stocks closed nearly 1 percent higher Thursday as eased worries about a slowdown in China and a U.S. interest rate hike whetted investor appetite for risky assets, analysts said. The local currency rose sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index finished up 16.51 points, or 0.84 percent to 1,979.32. Trading volume was heavy at 667.4 million shares worth 5.09 trillion won ($4.3 billion) with gainers far outstripping decliners 565 to 235.Analysts

Oct. 1, 2015

Demand for bank loans expected to rise in Q4: poll

Demand for loans by households and companies in South Korea is expected to remain strong in the fourth quarter of the year, a survey showed Thursday.The overall index measuring demand for bank loans stood at 23 for the October-December period, jumping from 21 for the previous quarter, according to a survey of 16 local banks conducted by the Bank of Korea.The increase was largely attributed to an expected rise in demand from small and medium-sized enterprises amid growing uncertainties here and

Oct. 1, 2015

Labor, finance holding back Korea: WEF

The World Economic Forum, commonly known as “Davos Forum,” called for improvements in Korea’s financial and labor sectors Wednesday, leaving the country’s global competitiveness ranking unchanged.　In this year’s “Global Competitiveness Report,” Korea rated 26th in the overall rankings of 140 member economies, the same place as last year. 　To serve as a reference point for investors worldwide, the report assigns rankings based on a total of 114 items divided unevenly into 12 categories. Among the

Sept. 30, 2015

Regulator starts receiving applications for Internet-only banks

South Korea's financial regulator on Wednesday started to receive preliminary applications from consortiums for a license to launch the country's first Internet-only bank.The Financial Services Commission said that it will accept bids through Thursday and give approval to one or two operators by the end of this year.An Internet-only bank, or a direct bank, is a bank that offers financial services online without brick-and-mortar buildings. Such banking emerged in the 1990s with the advent of onli

Sept. 30, 2015

Applications for Internet-only banks begin

(123RF)Financial authorities will start accepting preliminary applications for Internet-only banks, a new banking business platform, Wednesday, the Financial Services Commission said Tuesday. 　The submission runs for two days, from 9 a.m. on Wednesday through 6 p.m. on Thursday. The financial regulators are planning to give preliminary approval to one or two bidders by December. 　Internet-only banks offer the usual savings, wiring and loan services online, without conventional brick-and-mortar b

Sept. 29, 2015

Applications for Internet-only banks begin

Financial groups still reliant on banking profits

South Korea’s financial sector has yet to mature in terms of diversifying its profit-taking structure, data from the Financial Supervisory Service showed Tuesday.According to an analysis of eight financial groups by the regulator, the commercial banking segment still accounted for their major earnings during the first half of the year.Further, the proportion of earnings reaped by their banking business rose to 67.1 percent during the January-June period of 2015, up more than 10 percentage points

Sept. 29, 2015