Overseas investment funds up 7.4% in H1

The total amount invested by South Korean funds in overseas assets rose 7.4 percent in the first half of 2013 from six months earlier as investors’ appetite for safer assets grew, data showed Friday.Local funds’ investment in offshore assets reached 39.7 trillion won ($35.3 billion) as of end-June, compared to 37 trillion won tallied at end-December 2012, the data by the Korea Financial Investment Association showed.The association said the increase came as investors sought after safer assets su

July 12, 2013

10 savings banks slapped with disciplinary action

The financial regulator said Friday it has taken disciplinary measures against 10 local savings banks for slack management in lending and network security.The Financial Supervisory Service slapped 16 employees at 10 savings banks, including executives, with either cautionary warnings or warnings for lax handling in loan business and securing network safety, according to FSS officials.The names include some of those recently debuted in the market with a new name after they were taken over by majo

July 12, 2013

Sale of Woori’s regional units to face bumpy road

The government will accept “preliminary” bids from potential investors for Kwangju Bank and Kyongnam Bank after it puts up a notice on the sale of the two provincial units of Woori Financial Group next Monday.Among the preliminary bidders, state agencies will single out several competitive investors ― the so-called “short list” ― for the taxpayers’ money-injected Woori Financial.The state-led project, however, is likely to face several stumbling blocks. There is a high possibility that the “logi

July 12, 2013

Seoul shares slip 0.41 pct on auto losses

South Korean stocks closed 0.41 percent lower Friday, led by steep falls in auto stocks following media reports that China may restrict new car purchases, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 7.62 points to finish at 1,869.98. Trading volume was light at 262.3 million shares worth 3.42 trillion won ($3.04 billion), but gainers marginally outpaced losers 404 to 380. "News from China that it may further expa

July 12, 2013

Seoul shares down 0.26 pct in late-morning trade

South Korean stocks traded 0.26 percent lower late Friday morning, led by losses in automakers and financial firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.88 points to 1,872.72 as of 11:20 a.m.Hyundai Motor tumbled 4.5 percent, with its smaller affiliate Kia Motors also dropping 4.2 percent. No. 4 lender Shinhan Financial and leading life insurer Samsung Life Insurance lost ground, slipping 1.4 percent and 0.8 percent, respectively. But chemical companies a

July 12, 2013

Seoul shares open lower on profit-taking

South Korean stocks got off to a weak start Friday, as investors opted to sell off shares on profit-taking following the 3 percent rally in the previous session, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.59 points, or 0.3 percent to 1,872.01 in the first 15 minutes of trading. Top-listed blue-chips led the fall. Tech giant Samsung Electronics inched down 0.08 percent, with leading carmaker Hyundai Motor tumbling more than 3 percent. In contrast, steelmaker POS

July 12, 2013

NongHyup Bank sanctioned for incurring W55b loss

Financial regulators revealed that NongHyup Bank had engaged in irregular investment practices and breached banking regulations, which led to heavy losses.NongHyup Bank suffered losses of 55.1 billion won ($47.9 million) from reckless investment between 2007 and 2011, according to the Financial Supervisory Service on Thursday.A dealer at the bank brought about losses totaling 21.8 billion won after he traded unauthorized financial derivatives 182 times over seven months in 2011.A division of the

July 11, 2013

LG Display unveils world’s slimmest HD LCD panel

LG Display Co., a South Korean display giant, Thursday unveiled what it claims to be the world’s slimmest full HD LCD panel for smartphones.The 5.2-inch panel is only 2.2 millimeters thin enabling sleeker smartphones featuring better grip-ability and a superior viewing experience.The panel will also provide larger visible display space on smartphones, which is critical as mobile devices are used for multimedia viewing more than ever before, LG Display said.The new panel will be mounted on the Op

July 11, 2013

KEPCO to help set up power lines at Jordan refugee camp

SEJONG (Yonhap News) ― South Korea’s state-run Korea Electric Power Corp. will help set up power distribution lines at the Zaatari camp for Syrian refugees in Jordan as part of its global support program, the company said Thursday.The decision came after a request was made from the United Nations High Commissioner for Refugees to provide technical consultation on power distribution and maintenance.A group of experts will head for Jordan on Sunday to help evaluate the camp’s power distribution sy

July 11, 2013

Seoul shares spike 3% on Bernanke remarks

South Korean stocks shot up nearly 3 percent Thursday as U.S. Federal Reserve Chairman Ben Bernanke's dovish comments backing the monetary easing fueled investor sentiment, analysts said. The local currency gained sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 53.44 points, or 2.93 percent, to finish at 1,877.60, the highest in 16 trading days. Trading volume was moderate at 327.3 million shares worth 3.93 trillion won (US$3.48 billion) with gaine

July 11, 2013

Seoul shares up 2.14 pct in late-morning trade

South Korean stocks traded 2.14 percent higher late Thursday morning, as blue-chip tech firms and steelmakers widened gains, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 38.98 points to 1,863.14 as of 11:20 a.m.Top-cap tech heavyweight Samsung Electronics surged 3.5 percent and Hyundai Steel hiked nearly 5 percent. In contrast, large-cap insurers traded in negative territory, with Samsung Life Insurance losing 0.5 percent. The local currency was changing hands a

July 11, 2013

Seoul shares open higher on Bernanke remarks

South Korean stocks opened sharply higher Thursday, cheered by U.S. Federal Reserve Chairman Ben Bernanke's comments in support of its easy-money policy, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 24.62 points, or 1.35 percent, to 1,848.78 in the first 15 minutes of trading.  Large-cap exporters pushed up the index, with market behemoth Samsung Electronics soaring 2.5 percent and steelmaker POSCO shooting up nearly 3 percent. Bernanke assuaged prevailing market

July 11, 2013

Korea to increase tax benefits for social service providers

Deputy Prime Minister and Finance Minister Hyun Oh-seok said Wednesday that the government will consider expanding tax benefits and policy financing to small and medium businesses operating in the social services sector.In an economic-related meeting, Hyun said that the social services sector will contribute to job growth as demand for social services such as child care and nursing for senior citizens is expected to grow.Korea aims to introduce measures to boost the sector’s value addition by fu

July 10, 2013

FSC to launch consumer protection team

Under President Park Geun-hye’s commitment to improving the livelihood of ordinary citizens, the state financial regulator will launch a task force to crack down on irregular practices haunting financial consumers.The task force, dubbed the Financial Consumer Protection Planning Team, is scheduled make its debut in the coming weeks, the Financial Services Commission said Wednesday.“Over the next 12 months, the planning team will carry out special duties involving looking into the overall irregul

July 10, 2013

Big firms refuse to accept higher card fees

Credit card firms are facing pressure to scrap the ongoing negotiations over card transaction fees due to resistance from large retailers.The Financial Supervisory Service noted Wednesday that major credit card issuers including Shinhan, Samsung, KB Kookmin, Hyundai and Lotte are far from settling the seven-month-long service fee levels for the conglomerate sector.In December 2012, the FSS instructed the card industry to ease the burden on small and medium-sized enterprises by cutting their tran

July 10, 2013

Korea logs surplus in cultural trade this year

South Korea’s surplus in trade of cultural products and services widened in the first five months of this year on the popularity of its pop culture in overseas countries, data showed Wednesday.The account tracking exports and imports of cultural products and contents logged a surplus of $52 million in the first five months of this year, compared with a surplus of $43.5 million the previous year, according to the data compiled by the Bank of Korea.In the January-May period, South Korea earned inc

July 10, 2013

CJ Olive Young opens first Chinese store in Shanghai

CJ Olive Young, South Korea’s biggest drugstore chain operator, said Wednesday that it has opened its first Chinese store in Shanghai as part of efforts to expand its presence in the global market. CJ Olive Young is an arm of CJ Group, South Korea’s food and entertainment conglomerate that operates 301 stores in the country and opened its first store in 1999. The drugstore chain operator plans to launch its second and third Chinese store in Shanghai in the second half of the year. CJ Olive Young

July 10, 2013