South Korea is one of eight emerging economies that are least likely to be jolted by an external shock, on the back of strong fundamentals, foreign investment banks said Tuesday.Nomura put Asia’s fourth-largest economy at the eighth place on the list of 26 countries it picked whose financial soundness is deemed strong enough to stay unscathed from external jolts.In the report compiled by the Korea Center for International Finance, the Japanese investment banking giant drew such an analysis based

Sept. 17, 2013

South Korean stocks declined 0.39 percent Tuesday dented by large-cap tech losses, while investors keep a wary eye ahead of a crucial U.S. monetary meeting and a long holiday in Seoul, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) closed down 7.79 points to 2,005.58. Trading volume was light at 256.6 million shares worth 4.19 trillion won (US$3.86 billion), but gainers outstripped losers 422 to 377. The main bourse snapped its gains from the previous session, moving in l

Sept. 17, 2013

Deputy Prime Minister and Finance Minister Hyun Oh-seok on Tuesday mentioned the possibility that the government may later change their current position not to increase the tax burden on the wealthy.Though Hyun clarified that tax hikes were not being pushed by policymakers at the present stage and should be a last resort, his remarks appear to be somewhat different from their strong denial over a feasible hike for the rich.Hyun reiterated ― as a policy to provide the underprivileged with state f

Sept. 17, 2013

South Korean stocks opened lower Tuesday ahead of a golden week amid lingering jitters over the U.S. Federal Reserve's next policy meeting, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 11.24 points, or 0.56 percent, to 2,002.13 in the first 15 minutes of trading. Market bellwether Samsung Electronics sank 1.2 percent, with No. 1 carmaker Hyundai Motor sliding nearly 1 percent. Analysts predicted the Seoul bourse won't see an upward move as investors will likely ret

Sept. 17, 2013

The Ministry of Strategy and Finance said Monday that Korea would discuss with three other economies of the Asia-Pacific Economic Cooperation forum to allow cross-border marketing and sales of funds.Korea’s Deputy Prime Minister and Finance Minister Hyun Oh-seok will meet his counterparts from Australia, New Zealand and Singapore to discuss the adoption of the so-called fund passport system in the four countries.They plan to ink a non-binding agreement during the APEC meeting of financial leader

Sept. 16, 2013

The government will give top priority to boosting welfare and job creation in its spending plans next year, the Ministry of Strategy and Finance said Monday.In a briefing to the National Assembly’s Strategy and Finance Committee, Deputy Prime Minister and Finance Minister Hyun Oh-seok said that the Park Geun-hye administration would seek to invest more than 100 trillion won ($92.4 billion) in welfare projects next year, by far the biggest investment in the sector by a single Korean government.It

Sept. 16, 2013

Korea’s financial authorities said it would launch a joint investigative division on Tuesday for streamlined scrutiny of alleged stock manipulation cases.The special unit, as a new arm of the Financial Services Commission, has been dubbed the “capital market investigation division,” the regulator said in a statement Monday.It will be composed of 18 inspectors from the FSC, the Financial Supervisory Service, the Korea Exchange and the Ministry of Justice. They will be empowered to refer to mobile

Sept. 16, 2013

Hyundai Rotem on Monday began official procedures for its listing on the main bourse, which will mark the largest-scale stock issuance since Samsung Life Insurance in 2010.In a statement, the manufacturer of bullet trains and defense products said it notified the Financial Services Commission on the day of its plan to carry out an initial public offering.Hyundai Rotem said it expected that its IPO, or stock issuance, on the Korea Exchange could reach 622.4 billion won ($565.8 million) as an uppe

Sept. 16, 2013

South Korean stocks closed 0.96 percent higher as investor sentiment was boosted on abated concerns over the U.S Federal Reserve's tapering of its quantitative easing, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 19.05 points to finish at 2,013.37. Trading volume was low at 244.1 million shares worth 4.05 trillion won ($3.73 billion), with losers outstripping gainers 444 to 369. Analysts said Seoul shares closed hi

Sept. 16, 2013

South Korean stocks got off to a strong start Monday, due mainly to gains in tech firms and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 17.13 points, or 0.86 percent, to 2,011.45 in the first 15 minutes of trading.Tech shares led the market gain, with No. 1 Samsung Electronics moving up 0.57 percent and top chipmaker SK hynix adding 2.41 percent. LG Electronics advanced 0.82 percent, and LG Display increased 0.73 percent.Carmakers also gathered ground,

Sept. 16, 2013

France-based BNP Paribas Group is widening its strategic partnerships with Korean financial firms, advancing from its current operations in the wealth management and insurance sectors in alliance with Shinhan Financial Group.It has picked Hana Financial Group, a competitor of Shinhan Financial, as another local business partner.Following its signing of a pact in collaboration with Hana Financial in the bancassurance business last July, BNP Baribas deputy chief operating officer Jacques d’Estais

Sept. 15, 2013

The government seeks to tighten spending as part of efforts to make ends meet amid worries that tax revenue shortfalls could weigh on its overall budget, sources said Sunday.Recently, the finance ministry held a workshop attended by budget-related officials from government agencies and ministries and asked them to submit expenditure-cutting plans by Monday, according to the sources.They were asked to cut 15 percent of their “unexecuted” spending and other expenses set aside for this year, they s

Sept. 15, 2013

More and more analysts at home and abroad are reiterating that Korea’s economic fundamentals are solid. They cite robust performances of some major conglomerates and sufficient foreign exchange reserves, forecasting a bullish stock market.Optimists say that Korea has successfully weathered a variety of global negative factors unlike major emerging countries that suffered a plunge in stocks and depreciation of their currencies.Policymakers including Bank of Korea governor Kim Choong-soo also rece

Sept. 15, 2013

BEIJING (Yonhap News) ― A chip complex under construction by Samsung Electronics Co. in the Chinese city of Xian is expected to be fully operational by the end of this year, state media reported Saturday. The report by the China Daily suggested that Samsung’s $7 billion project to build its first overseas plant for NAND flash memory chips is on schedule for completion.This week, Samsung said it will invest another $500 million into Xian to build a facility for packaging and testing chips at the

Sept. 15, 2013

The number of local companies established over 50 years ago totaled 480, a report said Sunday, with six of them already having celebrated their centennial. Doosan Group, which has transformed from a consumer goods manufacturer into a heavy industrial conglomerate, is the longest-surviving enterprise in the country, according to the report by corporate research firm Chaebul.com.Of the nation’s 19,060 companies with assets over 10 billion won ($9.2 million) that are subject to external audit, 480

Sept. 15, 2013

South Korean stocks are expected to wind down their bullish run this week, as uncertainties over the U.S. Fed’s stimulus cut will likely weigh down investor sentiment ahead of its monetary meeting, analysts said. The benchmark Korea Composite Stock Price Index shot up 2.4 percent on Friday from a week earlier, closing at 1,994.32. The KOSPI rallied on the back of a strong streak of foreign buying, surpassing the 2,000 level to a three-month high, standing out among other Asian peers in the midst

Sept. 15, 2013

KEB, a unit of Hana Financial Group, has won an award for the best foreign exchange bank in Korea from a Hong Kong-based magazine, bank officials said on Sunday.FinanceAsia held the award ceremony over the weekend to hand KEB the Best Foreign Exchange Bank in Korea prize. The bank topped the list for the segment among Korean financial firms for the sixth consecutive year.“Despite the fierce competition with other banks, we, as a bank specializing in foreign currency, will lead the market with ne

Sept. 15, 2013