KDB, Eximbank to do bigger policy financing

The state-controlled KDB Financial Group and the Export-Import Bank of Korea are likely to have a more significant role as the two representative policy-financing firms under the Park Geun-hye administration.Following President Park’s reiteration of the necessity to bolster state-policy financing last month, the Financial Services Commission is set to announce its plan to overhaul the policy bank structure later this month.According to regulatory officials at the FSC, the coming reform is to inc

Aug. 14, 2013

Welfare policy to stay course: Hyun

Deputy Prime Minister and Finance Minister Hyun Oh-seok said that the government will not make any changes to its welfare policy following the readjustment of its tax code revision.The administration’s 135 trillion won ($120.6 billion) budget for welfare expansion will not be reduced, and it will stick to the plan it pledged for the lower and middle class, the finance minister stressed to reporters after an economic-related meeting on Wednesday.The ministry’s latest modification of the revision,

Aug. 14, 2013

Seoul shares up 0.57 pct on abated U.S. woes

South Korean stocks closed 0.57 percent higher Wednesday as the U.S. is anticipated to keep its economic stimulus for the time being, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 10.88 points to finish at 1,923.91. Trading volume was moderate at 357.1 million shares worth 4.06 trillion won ($3.62 billion) with gainers outpacing losers 447 to 338.The Atlanta Federal Reserve president, Dennis Lockhart, implied Tuesday

Aug. 14, 2013

KB Financial to beef up non-banking biz: new head

The new head of KB Financial Group Inc. reiterated Wednesday that it is looking into possible options to strengthen its non-banking business ahead of the government's impending move to sell Woori Finance Holdings Co.'s brokerage units.Group Chairman Lim Young-rok, who took office a month earlier, said that as the group has heavily focused on its banking business, it is striving to strengthen the competitive edge of its non-banking business."The group is currently studying possible options by rev

Aug. 14, 2013

Seoul shares trade almost flat in late-morning trade

SEOUL, Aug. 14 (Yonhap) -- South Korean stocks traded almost flat late Wednesday morning due mainly to a weak growth momentum in the market, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 0.63 points, or 0.03 percent, to 1,913.66 as of 11:20 a.m.Blue chip exporters led the gain, with top chipmaker SK hynix adding 2.3 percent and No. 1 carmaker Hyundai Motor climbing 1.76 percent. Leading steelmaker POSCO moved up 0.45 percent.Mobile carriers traded mixed, with leadin

Aug. 14, 2013

Income base for tax hike raised to 55m won

The Ministry of Strategy and Finance said Tuesday that it would raise the baseline income dividing the top and mid to low income earners from 34.5 million won to 55 million won as part of its tax code revision.This would significantly decrease the number of workers facing tax burdens from the government’s earlier proposal to about 2 million, from more than 4.3 million people, who were categorized in the top 28 percent bracket.Those with an annual salary of more than 55 million won will face tax

Aug. 13, 2013

Number of debit cards tops 100 million: FSS

The number of direct debit cards issued in South Korea has topped 100 million early this year on the back of the government’s move to bolster their use for larger tax revenue, data showed Tuesday. The figure reached 102 million at the end of March, growing rapidly from 81 million in the same month in 2011, 93 million in March 2012 and 99 million as of December 2012, according to the data by the Financial Supervisory Service. The brisk growth in the number of debit cards came as the government ha

Aug. 13, 2013

Seoul shares spike 1.5 pct on eurozone hope

SEOUL, Aug. 13 (Yonhap) -- South Korean stocks rallied 1.5 percent on Tuesday on brighter outlook over the eurozone economy, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 28.2 points to finish at 1,913.03. Trading volume was moderate at 358.1 million shares worth 4 trillion won (US$3.59 billion) with gainers outpacing losers 406 to 377."Seoul shares gathered ground as the eurozone economy is expected to post a growth

Aug. 13, 2013

Seoul shares up 0.89 pct in late-morning trade

SEOUL, Aug. 13 (Yonhap) -- South Korean stocks traded 0.89 higher late Tuesday morning on gains in technology and logistics firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added16.72 points to 1,901.55 as of 11:20 a.m.Tech shares continued to gather ground, with leading Samsung Electronics rising 3 percent and top chipmaker SK hynix adding 2.96 percent. Flat panel maker LG Display gained 1.94 percent.Logistics companies also traded higher, with Hyundai Glovis moving

Aug. 13, 2013

Seoul shares open higher on eurozone hope

South Korean stocks opened higher Tuesday as investors' sentiment was heightened by an improved outlook over the eurozone economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 7.01 points, or 0.37 percent, to 1,891.84 in the first 15 minutes of trading.Tech shares led the market gain, with Samsung Electronics adding 0.97 percent and top chipmaker SK hynix advancing 1.67 percent. Flat panel maker LG Display gained 1.59 percent.Financial firms also traded higher, wi

Aug. 13, 2013

For card companies, dead or alive doesn’t matter

One conglomerate-based and two bank-based financial firms were found to have issued credit cards to dead customers, according to the state regulator on Monday.The Financial Supervisory Service detected 33 cases of identity theft in credit card renewals, where families of deceased credit card users kept and renewed the contract. The FSS has requested the Korea Federation of Banks to biannually submit fiscal transaction information of the deceased since 2011. But credit card sign-up assistants are

Aug. 12, 2013

36% of working-age people now 50 or older

The proportion of Korea’s working population made up of people older than 49 years old has continued to increase over the past few years, Statistics Korea data showed Monday.After breaking the 30 percent mark in March 2010, the ratio of senior workers came to 33.6 percent in December 2012 and 35.6 percent in June 2013.In June, the number of workers aged 50 or older reached some 9.36 million among the total working population of 26.29 million, according to Statistics Korea.The 50-and-older workin

Aug. 12, 2013

Banks’ capital adequacy ratio down in Q2

South Korean banks saw their capital adequacy ratios slip in the second quarter from three months earlier on hike in risk-weighted assets, the financial regulator said Monday. The average capital adequacy ratio of 18 local banks reached 13.88 percent at the end of June, down 0.12 percentage point from the previous quarter, according to the Financial Supervisory Service. The ratio, a percentage of a bank’s risk-weighted credit exposure, is measured under the Basel II framework set by the Bank for

Aug. 12, 2013

Seoul shares up 0.22 pct on recovery hope

South Korean stocks closed 0.22 percent higher Monday amid signs of an economic recovery in advanced countries, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 4.12 points to finish at 1,884.83. Trading volume was light at 293.9 million shares worth 3.04 trillion won (US$2.73 billion) with losers outpacing gainers 466 to 313.Analysts said the local stock market gathered ground on rising hope for recovery in the global

Aug. 12, 2013

Foreigners offload Samsung shares amid uncertainties

Overseas investors have scaled back their exposure to Samsung Electronics Co., the country's top market cap, this year as a series of patent rows cast clouds over the firm's earnings down the road, data showed Monday.Foreigners held a 47.34 percent stake in the world's top smartphone maker as of Friday, falling sharply from 50.45 percent tallied in the first trading session of 2013, the data from the bourse operator Korea Exchange (KRX) showed.It marked the first time in 44 months for the figure

Aug. 12, 2013

Seoul shares up 0.32 pct in late-morning trade

 South Korean stocks traded 0.32 higher late Monday morning on gains in carmakers and retailers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added5.96 points to 1,886.67 as of 11:20 a.m.Carmakers continued to gather ground, with leading Hyundai Motor rising 0.45 percent and its affiliate Kia Motors adding 1 percent. Leading auto parts maker Hyundai Mobis also gained 0.38 percent.Retailers also gathered ground, with Lotte Shopping adding 3.22 percent and Samsung C&T ris

Aug. 12, 2013

Seoul shares open higher on techs, autos

South Korean stocks opened higher Monday on the back of gains in tech firms and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 8.03 points, or 0.43 percent, to 1,888.74 in the first 15 minutes of trading.Tech shares gathered ground, with No. 1 player Samsung Electronics adding 0.49 percent and leading chipmaker SK hynix moving up 2.06 percent.Carmakers also traded higher, with leading Hyundai Motor rising 0.68 percent and its auto-parts affiliate Hyundai

Aug. 12, 2013