The Korea Herald

Woori chief vows to secure independence of 13 units

Woori Financial Group chairman Lee Soon-woo pledged to prioritize raising the market value of each business unit for successful privatization of the nation’s largest financial service firm.Through his inaugural speech at the group’s headquarters in Seoul on Friday, the new Woori chief called for his staff to put great efforts into bolstering risk management and market dominance at 13 subsidiaries.“By minimizing the excessive rights of the finance holding firm, the group will secure voluntary man

June 14, 2013

Woori chief vows to secure independence of 13 units

Korea logs trade surplus for 16th straight month

South Korea posted a trade surplus for the 16th straight month in May despite tough external market conditions, customs data showed Friday.The country’s exports came to $48.36 billion in May, up 3.2 percent from a year earlier, while its imports dropped 4.6 percent on-year to $42.45 billion, according to customs-clearance trade data by Korea Customs Service.As a result, Korea’s trade surplus came to $5.91 billion last month. This marked the 16th straight month of surplus since February last year

June 14, 2013

Regulators dismiss currency rigging here

Korean financial authorities on Friday dismissed the possibility of foreign exchange rate manipulation in the local financial market, saying it has no plans to investigate.But critics said Korea’s authorities are taking a lukewarm stance toward the rate-rigging scandal that is snowballing abroad.They argued Korean authorities’ stance appears passive compared to major regulatory agencies in Europe and the United States that are poised to investigate alleged rule-breakers or similar cases.Accordin

June 14, 2013

Seoul shares up 0.35 pct on bargain hunting

South Korean stocks added 0.35 percent Friday as investors sought after undervalued shares after the market's sharp decline in the previous trading session, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 6.51 points to close at 1,889.24. Trading volume was low at 275.8 million shares worth 3.44 trillion won (US$3.05 billion) with losers outpacing gainers 412 to 378.On Thursday, the index fell below the 1,900-point ma

June 14, 2013

Seoul shares open higher on improved U.S. data

South Korean stocks opened higher Friday as investors' sentiment got a boost from improved economic indicators from the United States, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 12.14 points, or 0.64 percent, to 1,894.87 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics rising 1.18 percent and No. 1 carmaker Hyundai Motor adding 1.01 percent. Top steelmaker POSCO gained 0.16 percent.U.S. stocks

June 14, 2013

Ssangyong E&C averts liquidation

Ssangyong Engineering & Construction has averted delisting from the stock market or liquidation after its creditors finally agreed to bail out the debt-saddled builder.Following the decision of KB Kookmin Bank a day earlier, Shinhan Bank on Thursday approved the proposition to help Ssangyong E&C’s management normalization by launching a debt rescheduling program under creditors’ control.Hana Bank and the state-run Korea Development Bank also gave the nod to the rescue plan on the same day.Some r

June 13, 2013

Woori sale project to kick off Friday

The government-led project to retrieve taxpayers’ money injected into Woori Financial Group will officially start on Friday when the new chief of the state-funded financial service firm is scheduled to take office.One day before the coming inauguration of Woori Financial chairman nominee Lee Soon-woo, the nation’s chief financial regulator Shin Je-yoon said the Financial Services Commission would unveil detailed measures to sell the group late this month.FSC chairman Shin told a group of researc

June 13, 2013

FSS urges foreign financial firms to improve customer service

The financial regulator Thursday called on chief executives of foreign financial companies operating here to take measures to reduce the number of complaints filed by local financial consumers against their companies in a bid to protect the consumers.The call came at a meeting between Choi Soo-hyun, governor of the Financial Supervisory Service and CEOs of foreign financial companies operating in the country. “The FSS is making efforts to reduce the number of complaints against financial firms b

June 13, 2013

FSS urges foreign financial firms to improve customer service

Tax authorities probe BMW Korea

The National Tax Service is probing the Korean unit of the German automaker group BMW, sources said Thursday. The NTS is scavenging evidence to back up suspicions of tax evasion by the best-selling imported automaker in Korea, they said. The investigators are expected to focus on whether BMW Korea tried to evade taxes by intentionally distorting the prices of its automobiles that are transported from BMW’s German headquarters.A BMW Korea spokesperson, however, stressed that the probe was only a

June 13, 2013

Seoul shares down 1.42 pct on foreign selling

South Korean stocks fell 1.42 percent Thursday as foreign investors offloaded local shares amid concerns the U.S. Federal Reserve may reduce its quantitative easing, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 27.18 points to close at 1,882.73. Trading volume was low at 301.9 million shares worth 4.95 trillion won (US$4.36 billion) with losers outpacing gainers 550 to 257. It marked the first time for the index to

June 13, 2013

Seoul shares down 1.12 pct in late-morning trade

South Korean stocks traded 1.12 percent lower late Thursday morning on the rising concerns over a possible reduction in the U.S. quantitative easing moves, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 21.33 points to 1,888.58 as of 11:20 a.m. It marked the first time for the index to hover below the 1,900 mark since April 14. Tech shares traded lower, with market behemoth Samsung Electronics falling 1.16 percent and its smaller domestic rival LG Electronics mov

June 13, 2013

BOK freezes key rate at 2.5%

The Bank of Korea’s monetary policy committee kept its key rate unchanged at 2.50 percent for June after the central bank’s surprising and controversial slash of its benchmark interest rate last month.BOK Gov. Kim Choong-soo said Thursday that brisk Korean exports in May led by strong sales of IT products, a positive outlook for global economic recovery and stable consumer prices led to the committee members’ unanimous decision to freeze the rate.Solid exports and revived investment in the const

June 13, 2013

Seoul shares open lower on U.S. losses

South Korean stocks opened lower Thursday tracking losses on Wall Street in the previous trading session, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) moved down 7.57 points, or 0.4 percent, to 1,902.34 in the first 15 minutes of trading. Shares lost ground across the board, with tech giant Samsung Electronics falling 0.22 percent and top auto parts maker Hyundai Mobis losing 0.19 percent. Leading flat panel maker LG Display shed 0.64 percent.U.S. stocks closed lower We

June 13, 2013

Korea may set up foreign investment agency

Deputy Prime Minister and Finance Minister Hyun Oh-seok hinted that policymakers may devise measures to set up a special government agency in charge of attracting foreign investment.During his policy briefing to the National Assembly on Wednesday, Hyun said he did not believe the nation “has yet to establish a superb environment for foreign investment even though policymakers have put forth much effort.”Asked by lawmakers about the necessity of launching the foreign investment promotion-oriented

June 12, 2013

Banks reap returns from star marketing

For years, companies have turned to celebrities to brighten up their brands. Now, banks are stepping up the trend, choosing their stars as wise investments.Banks are seeking out the sports and TV celebrities with particularly inspiring personal histories, such as figure skater Kim Yu-na, rhythmic gymnast Son Yeon-jae and presenter Song Hae. “Trust and stability are the two things that a financial company wants to show, but rushing contracts with fancy stars without future potential can be a risk

June 12, 2013

Authorities closely monitoring transactions of Samsung Electronics shares

Financial authorities are closely monitoring the transactions of Samsung Electronics’ shares as they continued to decline, market sources said Wednesday.Shares of Korea’s most liquid blue chip continued its losing streak, spiraling down over the last five trading days despite efforts by its executives to alleviate concerns over the global sales of its flagship smartphones.Samsung Electronics closed at 1,358,000 won ($1,197), a drop of 0.29 percent, or 4,000 won, along with a further dip in the b

June 12, 2013

Seoul shares down 0.13 pct in late-morning trade

South Korean stocks traded 0.13 percent lower late Wednesday morning on losses in techs and autos, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.43 points to 1,918.25 as of 11:20 a.m. Tech shares traded lower, with LG Electronics falling 1.04 percent and flat panel maker LG Display decreasing 1.9 percent. Top chipmaker SK hynix declined 0.46 percent. Top market cap Samsung Electronics, however, inched up 0.36 percent. Carmakers also traded lower, with No. 1

June 12, 2013

Seoul shares open lower on MSCI's decision

South Korean stocks opened lower Wednesday as investor sentiment was dented following MSCI's decision to retain the country's emerging market status, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 6.81 points, or 0.35 percent, to 1,913.87 in the first 15 minutes of trading. Shares lost ground across the board, with tech giant Samsung Electronics falling 1.44 percent and leading steelmaker POSCO losing 0.47 percent. Top chipmaker SK hynix shed 0.46 percent.Stock

June 12, 2013

Authorities to monitor price swings in Samsung's shares

South Korea's financial authorities will monitor shares of Samsung Electronics Co. to detect possible price-rigging activity amid the recent price swings, market sources said Wednesday.The move came as the top smartphone maker suffered a 6.18 percent drop in its share price on Friday to 1,427,000 won, the lowest since Feb. 6. It fell for the fourth consecutive trading session on Tuesday to 1,389,000 won."We have intensified our oversight on the trading activities related to Samsung Electronics,"

June 12, 2013

MSCI keeps S. Korea's emerging market status

Global investment index provider MSCI Inc. retained South Korea's emerging market status on its global equities index Wednesday, citing the country's high barrier in the financial sector."Many international institutional investors consider that the accessibility of the Korean equity market is not at Developed Market standards," MSCI said in a statement.MSCI, the research arm of U.S. banking group Morgan Stanley, announced the decision on its Web site early Wednesday morning (Seoul time). "The li

June 12, 2013