Korea can hit growth targets: Hyun

Deputy Prime Minister and Finance Minister Hyun Oh-seok said that Korea was able to achieve growth of 2.7 percent this year and will hit 3.9 percent next year as projected last June.In a state audit by the Strategy and Finance Committee of the National Assembly on Thursday, the finance minister said that the Korean economy was on a recovery path toward its projections, based on positive signs from various indices.“Industrial production, employment and exports showed significant quarterly pattern

Oct. 31, 2013

Watchdog fines DSME W26.7b for unfair business

South Korea’s antitrust watchdog said Thursday that it has decided to fine Daewoo Shipbuilding & Marine Engineering Co. about 26.7 billion won ($25.1 million) for its involvement in unfair business practices with subcontractors.DSME, a major South Korean shipbuilder, is accused of “unilaterally” cutting prices in deals with 89 smaller subcontractors for assembling, painting and other works related to manufacturing ships, according to the Fair Trade Commission.The unfair business practices were u

Oct. 31, 2013

Seoul shares dip 1.43 pct on Fed uncertainties

South Korean stocks declined 1.43 percent Thursday, snapping its three-day streak of gains, as uncertainties over U.S. Federal Reserve's next move regarding its stimulus cut stoked renewed fear among investors, analysts said.The local currency fell slightly against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 29.49 points to finish at 2,030.09. Trading volume was light at 241.9 million shares worth 4.01 trillion won ($3.78billion) with decliners far outpacin

Oct. 31, 2013

Seoul shares down 0.66 pct in late-morning trade

South Korean stocks traded 0.66 percent lower late Thursday morning, as large-caps widened their losses led by airlines and shipbuilders, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) declined 13.68 points to 2,045.90 as of 11:20 a.m.Korean Air Lines, the top air carrier, plunged more than 8 percent, a day after its announcement that it will provide liquidity worth 150 billion won ($141 million) to its troubled affiliate Hanjin Shipping.Daewoo Shipbuilding & Marine Engin

Oct. 31, 2013

Seoul shares open lower on U.S. stimulus woes

South Korean stocks got off to a weak start Thursday on worries about the direction of the U.S. monetary policy following a vague stance from the Federal Reserve after its meeting, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.13 points, or 0.44 percent, to 2,050.45 in the first 15 minutes of trading. Most shares lost ground across the board, with top-cap Samsung Electronics sliding 0.3 percent and Hyundai Heavy Industries, the world's biggest shipyard, dipping 1.

Oct. 31, 2013

Seoul urges big firms to boost investment

Deputy Prime Minister and Finance Minister Hyun Oh-seok urged the private sector to increase investment and employment to put the economy on a stronger growth path amid lingering external uncertainties.In a meeting with economic-related ministers on Wednesday, the finance minister said that various economic indices show positive signs that the economy is recovering backed by brisk exports, revived construction investment and consumption.Korea recorded around 3 percent annual growth in the third

Oct. 30, 2013

Shinhan Financial Group poised to choose new chairman

Shinhan Financial Group has launched the process to select its next chief to succeed incumbent chairman Han Dong-woo, whose three-year term ends in five months.While Han’s tenure expires in March 2014, market insiders predict he will seek a second term, citing his success in resolving woes in the wake of the group’s internal feud among senior executives in late 2010.Shinhan had suffered a management crisis due to allegations surrounding its top three executives, who eventually resigned.While a n

Oct. 30, 2013

Seoul shares gain 0.38 pct amid U.S. policy woes

South Korean stocks closed 0.38 percent higher Wednesday as investors remained anxious over the outcome of the U.S. Federal Reserve's monetary meeting on a stimulus cut, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.82 points to finish at 2,059.58. Trading volume was light at 258.0 million shares worth 4.06 trillion won (US$3.82 billion) with gainers outnumbering losers 450 to 351. Analysts said the KOSPI

Oct. 30, 2013

Seoul shares up 0.17 pct in late-morning trade

South Korean stocks traded 0.17 percent higher late Wednesday morning, led by gains in tech and financial large caps, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.55 points to 2,055.31 as of 11:20 a.m.Market behemoth Samsung Electronics edged up 0.4 percent, with chip giant SK hynix soaring 2.5 percent. Shinhan Financial Group and Hana Financial Group gained 0.3 percent and 2 percent, respectively. But auto and telecom issues trended lower, with Kia Motors fallin

Oct. 30, 2013

Seoul shares turn lower after starting higher

South Korean stocks turned lower after starting off higher on Wednesday, dented by bearish auto and IT service blue-chips, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 3.12 points, or 0.15 percent, to 2,048.64 in the first 15 minutes of trading. Hyundai Motor, the world's fifth-largest automaker, and its affiliate Hyundai Mobis dropped 1.5 percent and nearly 2 percent each. NAVER, Korea's top Internet portal provider, sank almost 3 percent. The local currency was t

Oct. 30, 2013

Bride older than groom in one of six marriages

In one out of six marriages in South Korea last year, the bride was older than the groom, data showed Tuesday, implying that the notion of marriage in a country of strict Confucian-based tradition is changing.According to the data compiled by state-run Statistics Korea, 15.6 percent of all married couples had a female older than her male parter last year.It marked a sharp increase from the 11.6 percent tallied in 2002. Couples where the groom was older than the bride, in contrast, came to 68.2 p

Oct. 29, 2013

Korean investment banks to debut in financial market

The Financial Services Commission is set to approve the investment banking businesses of major brokerage firms here to improve the local financial market.Officials at the FSC said Tuesday that the authorities would unveil the list of approved IB-oriented securities firms later this week.According to market insiders, the list may include KDB Daewoo Securities, Woori Investment & Securities, Samsung Securities, Korea Investment & Securities and Hyundai Securities.Each of the five holds equity capi

Oct. 29, 2013

Minister calls for corporate investment

The South Korean government again called on the country’s large businesses Tuesday to boost their investment and create more jobs.The call came at a special meeting between Minister of Trade, Industry and Energy Yoon Sang-jick and chief planning officers of the country’s top 30 conglomerates, according to ministry officials.In the meeting, held at a Seoul hotel, Yoon stressed the need to boost investment as a way of revitalizing the economy and creating new jobs.“(The minister) again stressed th

Oct. 29, 2013

Seoul shares end up 0.18 pct ahead of FOMC meeting

South Korean stocks gained marginally higher Tuesday as investors took a wary approach ahead of the U.S. Federal Reserve's policy-setting meeting, analysts said. The local currency edged up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.62 points, or 0.18 percent, to close at 2,051.76. Trading volume was light at 303.0 million shares worth 3.56 trillion won ($3.35 billion), but decliners outnumbered gainers 412 to 385. The KOSPI swerved in and out of posi

Oct. 29, 2013

Seoul shares up 0.26 pct in late-morning trade

South Korean stocks snapped earlier losses and traded 0.26 percent higher late Tuesday morning, as steelmakers and chemical firms drove up the main index, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 5.37 points to 2,053.51 as of 11:20 a.m.POSCO, a leading steelmaker, climbed nearly 1 percent, with major chemical producer LG Chem advancing 1.7 percent. But autos declined. Hyundai Motor fell 1.3 percent, and its smaller affiliate Kia Motors slid 1.1 percent. The lo

Oct. 29, 2013

Seoul shares open lower ahead of FOMC meeting

South Korean stocks opened lower Tuesday ahead of the U.S. Federal Reserve's policy meeting, as they keep a wary eye on whether the Fed will give a signal to start the stimulus cut, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.76 points, or 0.28 percent to 2,042.38 in the first 15 minutes of trading. Most shares lost ground across the board, led by financial firms and automakers. Shinhan Financial Group shed 0.75 percent and Hyundai Motor, the world's fifth-large

Oct. 29, 2013

Won strengthens against U.S. dollar despite forex caution

Korea’s foreign exchange market opened Monday with the local currency slightly weakened against the U.S. dollar as forex officials continued to caution traders as a means to prevent the won from excessive gains.But won-dollar exchange rate closed 0.7 won lower at 1,061.10 won on Monday despite the government’s reaffirmed stance against a stronger won.Foreign capital inflow into Korea’s stock market kept the U.S. dollar weak against the won, while boosting the benchmark KOSPI by 0.68 percent to 2

Oct. 28, 2013

Samsung, Hyundai dominate corporate profit

Samsung Electronics, the flagship unit of Samsung Group, and the two automakers of Hyundai Motor Group make up more than a quarter of the combined net profit of about 460,000 companies in the nation.According to the Bank of Korea and financial data provider FnGuide, the three firms ― Samsung Electronics, Hyundai Motor and Kia Motors ― collectively logged 24.8 trillion won ($22.5 billion) last year.The figure takes up 28.6 percent of the total 86.6 trillion won in earnings reaped by 464,425 enter

Oct. 28, 2013

Brokerages mired in hyped estimates controversy: report

The local securities industry is engaged in controversy as many brokerage houses have overestimated their outlooks for listed companies’ operating performances, elevating the anxiety of non-institutional investors.They overestimated the total earnings of companies on the main and secondary bourses by about 20 percent above the actual outcome on average over three quarters from October 2012 to June 2013, according to data of financial info provider FnGuide.The financial researcher, in partnership

Oct. 28, 2013