Eximbank strengthens support for projects overseas

The Export-Import Bank of Korea vowed to strengthen its support for overseas project financing by cooperating with foreign investment banks and other financial institutions.The state-controlled bank hosted a forum for the three parties ― Korea Eximbank, IBs and financial institutions ― on active information sharing and organic support for local firms entering the overseas markets. “The overseas business expansion of Korean companies is not just about business growth but also closely involves the

Dec. 13, 2013

Koreans' excess cash holdings fall in Q3

Excess funds held by South Korean households and non-profit agencies fell to their lowest level in three quarters in the third quarter as consumer spending rose, the central bank said Friday.The value of their excess funds amounted to 21.4 trillion won (US$20.3 billion) in the July-September period, down from 28.2 trillion won three months earlier, according to the Bank of Korea (BOK).The third-quarter data marked the smallest amount since the fourth quarter of 2012 when such funds reached 20.4

Dec. 13, 2013

Seoul shares close 0.26 pct lower on U.S. woes

South Korean stocks closed 0.26 percent lower Friday due mainly to financial uncertainties from the United States, analysts said. The local currency traded lower against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.02 points to 1,962.91. Trading volume was low at 221.4 million shares worth 3.33 trillion won (US$3.16 billion) with losers outpacing gainers 424 to 362.Analysts said Seoul shares lost ground due to better-than-expected economic indicators from the U.

Dec. 13, 2013

Seoul shares trade lower in late morning trade

South Korean stocks traded lower late Friday morning due mainly to financial uncertainties from the United States, analysts said, while North Korea's instability had a limited impact.The benchmark Korea Composite Stock Price Index (KOSPI) shed 10.55 points, or 0.54 percent, to 1,957.38 as of 11:20 a.m.Shares lost ground across the board, with tech giant Samsung Electronics falling 1.06 percent and top steelmaker POSCO losing 0.76 percent. Leading chipmaker SK hynix moved down 0.82 percent.Concer

Dec. 13, 2013

Seoul shares open lower on improved U.S. data

South Korean stocks opened lower Friday as improved economic data from the United States is feared to induce an early stimulus cut by the Federal Reserve, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 10.11 points, or 0.51 percent, to 1,957.82 in the first 15 minutes of trading.Carmakers traded weak, with No. 1 Hyundai Motor remaining unchanged from the previous trading session, and its auto parts affiliate Hyundai Mobis losing 0.86 percent. Kia Motors shed 0.36 perc

Dec. 13, 2013

State firms expected to increase fees

The full-scale debt restructuring of Korea’s state-run enterprises, including 12 companies under tight government scrutiny, would likely lead them to increase public utility, transportation and other service fees, analysts said.This comes as state-run companies will be required to wind down by 2017 their debts that have ballooned due to overexpansion and overspending. Should companies show a lack of progress in debt reduction in their midterm evaluation, the government would remove their chief e

Dec. 12, 2013

Visa, MasterCard to halve fees

Visa and MasterCard will be obliged to cut their membership fees for Korean consumers by 50 percent compared to the current level, under instructions by financial authorities.“After offering a grace period of about six months, the regulatory policy will take effect in the latter half of 2014,” said an official at the Financial Supervisory Service.The stern action of the authorities comes after allegations that the two major companies have allegedly made dubious contracts with Korean credit card

Dec. 12, 2013

Seoul shares close 0.51 pct lower on U.S. woes

South Korean stocks closed 0.51 percent lower Thursday as investors stayed on the sidelines amid looming concerns that the United States may commence the tapering of its economic stimulus, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 10.04 points to 1,967.93. Trading volume was low at 234.4 million shares worth 3.86 trillion won ($3.66 billion) with losers outpacing gainers 418 to 372.Analysts said Seoul shares clos

Dec. 12, 2013

Seoul shares trade lower in late morning trade

South Korean stocks traded lower late Thursday morning as investors' sentiment was dented by rising woes that the United States may start tapering its economic stimulus sooner than expected, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 8.49 points, or 0.43 percent, to 1,969.48 as of 11:20 a.m.Tech shares continued to lose ground, with Samsung Electronics slipping 1.2 percent and top chipmaker SK hynix decreasing 1.9 percent. Flat panel maker LG Display shed 1.02 per

Dec. 12, 2013

Seoul shares open lower ahead of U.S. uncertainties

South Korean stocks opened lower Thursday amid rising financial uncertainties from the United States as its central bank may announce a tapering of quantitative easing next week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 11.28 points, or 0.57 percent, to 1,966.69 in the first 15 minutes of trading.Tech shares opened bearish, with Samsung Electronics slipping 1.2 percent and top chipmaker SK hynix decreasing 1.77 percent. LG Electronics remained unchanged from the

Dec. 12, 2013

Hyun vows to get tough on public firms’ borrowing

Deputy Prime Minister and Finance Minister Hyun Oh-seok said Wednesday that the government would require state-run enterprises ― especially the 12 companies whose debt has increased most ― to reduce their borrowing and executive bonuses.He said that state-owned enterprises would have to reduce their debt ratios to less than 200 percent by 2017, with the current average at 220 percent. Hyun added that he would strengthen monitoring of the 12 public companies’ finances over the next four years.The

Dec. 11, 2013

FSC gives MBK go ahead to acquire ING Life

The Financial Services Commission, the country’s highest financial decision maker, gave permission Wednesday for the acquisition of ING Life Korea by MBK Partners, the country’s largest private equity fund company.The FSC approved the deal in a general meeting, presided over by chairman Shin Je-yoon.Life Investment Corp. Ltd., run by MBK, sought to acquire 100 percent of the 8.2 million shares of ING Life Korea, a subsidiary wholly owned by ING Insurance International II B.V., the FSC said in a

Dec. 11, 2013

Two foreign banks hit by customer data leaks: sources

Information on customers of two major foreign banks in South Korea has been leaked, sources said Wednesday, spawning concerns about an online security breach.Personal data of some 130,000 customers of Standard Chartered Bank Korea and Citibank Korea leaked from branches in the southern city of Changwon, South Gyeongsang Province, according to the sources.Bank officials related to the incident were taken into custody to be interrogated, they said.Representatives at the banks said they are in the

Dec. 11, 2013

Seoul shares close 0.78 pct lower on FOMC woes

South Korean stocks closed 0.78 percent lower Wednesday as investors took a breather ahead of the U.S. monetary policy meeting scheduled for next week, analysts said. The local currency inched up against the U.S. dollar to set a year-high level.The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.48 points to 1,977.97. Trading volume was low at 228.1 million shares worth 3.42 trillion won ($3.26 billion) with losers outpacing gainers 541 to 261.Analysts noted the U.S. policy-setting F

Dec. 11, 2013