HSBC Korea named best cash management bank

HSBC Korea was voted the best domestic cash management bank in South Korea for the fourth consecutive year in U.K.-based magazine Euromoney’s survey on the cash management sector.The bank also won Best Global Cash Management Bank in both the financial and nonfinancial institution categories for the second year running.The recognition is based on a recent poll of more than 24,000 senior finance executives, cash managers and treasurers worldwide.HSBC Korea president Martin Tricaud said that “the a

Oct. 28, 2013

Won-dollar drops despite government caution

Korea’s foreign exchange market opened Monday with the local currency slightly weakening against the U.S. dollar as forex officials continued to caution traders as a means to prevent the won from excessive gains.The won-dollar exchange, however, closed down 0.7 won to 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

Oct. 28, 2013

Seoul shares end up 0.68 pct on tech, auto gains

South Korean stocks closed 0.68 percent higher Monday, boosted by gains in tech and auto large-caps on the back of firm foreign buying, analysts said. The local currency rose slightly against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 13.75 points to finish at 2,048.14. Trading volume was light at 252.3 million shares worth 3.83 trillion won ($3.61 billion), but decliners outstripped gainers 436 to 382. The main index bobbed in and out of positive territory

Oct. 28, 2013

Seoul shares up 0.17 pct in late-morning trade

South Korean stocks traded 0.17 percent higher late Monday morning, boosted by gains in tech and auto blue chips, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.47 points to 2,037.86 as of 11:20 a.m.Samsung Electronics and Hyundai Motor, the first top two companies by market cap, soared more than 2 percent, with Hyundai Mobis, an auto-parts maker, hiking 4 percent. But shipping lines and logistics companies lost ground, with Hyundai Merchant Marine slumping more tha

Oct. 28, 2013

Seoul shares turn lower after higher start

South Korean stocks reverted to negative territory Monday after starting the session a little higher, as worries about Chinese economic policy dented investor sentiment, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 1.4 points, or 0.07 percent, to 2,032.99 in the first 15 minutes of trading. Chemical companies and shipbuilders led the drop in the main index, with LG Chem and Hyundai Heavy Industries both dipping more than 2 percent each. Analysts forecast tha

Oct. 28, 2013

23 state projects fail feasibility studies

Almost two dozen infrastructure projects pursued by Korea’s central and regional governments and state-run enterprises risk wasting taxpayers’ money due to lack of economic feasibility.The National Assembly Budget Office’s data presented to the Strategy and Finance Committee showed that 23 ongoing infra projects carried out since 2003 fell well short of business potential measured by the standard evaluation method, or the so-called analytic hierarchy process. The data was based on studies by the

Oct. 27, 2013

Foreign firms’ tariff evasion on rise: report

An opposition lawmaker claimed Sunday that customs authorities have serious difficulty in collecting back taxes from multinational companies manipulating prices of goods for tariff benefits.The Korea Customs Service levied multinational companies 285 billion won ($260 million) in back taxes in 2011 for seeking to evade or enjoy lower tariffs on goods, according to Rep. Lee In-young of the Democratic Party.Citing the KCS data, the main opposition lawmaker said that the authorities have collected

Oct. 27, 2013

Woori Bank, Hanwha Investment biggest violators of real name law

Woori Bank was caught the most in the banking sector for violating laws banning the creation of individual or corporate accounts using false names potentially for illicit transactions.Data by the Financial Supervisory Service presented to the National Policy Committee of the National Assembly on Sunday showed that Woori Bank broke the so-called Real Name Financial Transactions Law 72 times over the last three years.Kookmin Bank and SC Bank, both of which violated 31 times, and Shinhan Bank’s 29

Oct. 27, 2013

Chinese become No. 1 buyers at Korean duty-free shops

Chinese tourists have replaced Koreans as the biggest buyers at South Korea’s duty-free shops, data showed Sunday, amid a surge in the number of visitors from the world’s No. 2 economy.According to Korea Customs Service data submitted to parliament, Chinese nationals spent some $863.3 million at the duty-free shops here through July this year, hovering above $845.7 million won spent by South Koreans.It marked the first time for a foreign group to spend more than local residents at duty-free shop

Oct. 27, 2013

Samsung Heavy Q3 net drops

Samsung Heavy Industries Co., a major shipbuilder, said Friday that its third-quarter earnings dropped 39 percent from a year earlier as it built a high percentage of low-priced ships.Net profit reached 169 billion won ($159 million) in the July-September period, compared with a profit of 215 billion won a year earlier, it said in a regulatory filing.Sales sank 12 percent on-year to 3.58 trillion won over the cited period and operating income plummeted 37 percent to 206 billion won.From the prev

Oct. 27, 2013

Authorities to toughen enforcement of real-name transaction

The state financial authorities said Sunday they plan to take a stronger action against violation of real-name financial transaction law in a bid to enhance market transparency.The Financial Services Commission and Financial Supervisory Service said they plan to impose heavier fines on violators and also take a stronger measure against the usage of borrowed-name accounts by business tycoons.The move came amid rising criticism from the public that the existing rules are perfunctory due to the lax

Oct. 27, 2013

Tongyang Life offload all shares in holding firm

Tongyang Life Insurance Co., South Korea's fifth-largest insurer, said Sunday it has offloaded all its shares in the troubled holding company, in an apparent bid to tide over falling credibility.   According to the data by the Financial Supervisory Service, the life insurer sold its 4.25 million shares in Tongyang Inc., the de facto holding company of Tong Yang Group, last week at 2.8 billion won ($2.6 million).   The number accounts for a 1.67 percent stake in the holding company of South Korea

Oct. 27, 2013

Seoul shares to trade flat amid weak Q3 earnings

The South Korean stock market is expected to trade flat amid weak corporate earnings for the third quarter and the U.S. Federal Open Market Committee meeting slated for next week, analysts said Saturday.The benchmark Korea Composite Stock Price Index decreased 0.9 percent Friday from a week earlier.On Monday, Seoul shares remained almost unchanged as investors sat on the sidelines as the U.S. was scheduled to announce its jobs data for September before the next trading session.Analysts said the

Oct. 26, 2013

Economy posts fastest growth in 7 quarters

Korea’s economy grew 3.3 percent in the third quarter from a year earlier and 1.1 percent from the previous quarter mainly due to increased private spending and facility investment, the central bank said on Friday.The on-year performance marks the highest growth in gross domestic product since the last quarter of 2011, which posted 3.4 percent. “The (country’s) economic growth rate in the third quarter is seen to be on the path of going up,” said Jung Young-taek, the head of the economic statist

Oct. 25, 2013

Hyundai Steel Q3 net soars 38.6% on currency gains

Hyundai Steel Co., South Korea’s No. 2 steelmaker, said Friday that its third-quarter profit surged 38.6 percent from a year earlier due mainly to currency gains and cost-cutting efforts.Net profit reached 323 billion won ($304 million) on a consolidated basis in the July-September period, compared with a profit of 233 billion won a year earlier, the company said in a regulatory filing.Sales sank 10.7 percent on-year to reach 3.2 trillion won in the third quarter, and operating income declined 2

Oct. 25, 2013

Industrial Bank of Korea wins bank automation award

The Industrial Bank of Korea won this year’s “Best Automation Project Award” from the Asian Banker, an Asia-Pacific financial magazine, the bank said on Friday. The honor recognizes the country’s first banking delivery services launched by IBK in August 2011. Dubbed “The Portable IBK,” the financial delivery service has IBK sales employees carry briefcases with equipment needed to open accounts, for card signups and other common bank services. The Portable IBK was recognized for its innovative s

Oct. 25, 2013

Seoul shares down 0.6 pct on weak eurzone data

South Korean stocks fell 0.6 percent Friday due mainly to weak data from the eurozone which sparked concerns over economic turmoil in advanced countries, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) declined 12.3 points to finish at 2034.39. Trading volume was low at 230 million shares worth 3.95 trillion won ($3.72 billion), with losers outpacing gainers 470 to 318.Analysts said Seoul shares lost ground as a weak economic

Oct. 25, 2013

Seoul shares down 0.83 pct in late-morning trade

South Korean stocks traded 0.83 percent lower late Friday morning, dented by losses in large-cap shipyard and chemical companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.91 points to 2,029.78 as of 11:20 a.m.Blue-chip shipyard and chemical makers lost ground. Hyundai Heavy Industries, the world's biggest shipyard, slumped more than 3 percent, with LG Chem dipping 2.6 percent. But auto shares trended bullish. Hyundai Motor was up nearly 2 percent, with its a

Oct. 25, 2013

Seoul shares open lower amid Chinese woes

South Korean stocks opened lower Friday as investors continued to take a wait-and-see approach on the Chinese economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 9.55 points, or 0.47 percent, to 2,037.14 in the first 15 minutes of trading.Mobile carriers traded lower, with No. 1 player SK Telecom falling 1.48 percent and KT losing 0.98 percent. LG Uplus, the smallest player, shed 2.38 percent.Carmakers also declined, with No. 1 Hyundai Motor falling 0.39 per

Oct. 25, 2013

Won expected to further gain on fundamentals

The Korean won is expected to strengthen against major currencies as foreign investors reallocate their funds from emerging markets with weak fundamentals such as Indonesia to economies with stable outlooks such as Korea, Asia’s fourth-largest economy.The won-dollar exchange rate rose 5.2 won to 1,061 won on Thursday as forex officials from the Bank of Korea and the Ministry of Strategy and Finance jointly intervened for the first time this year by openly expressing concerns over the rate “exces

Oct. 24, 2013