LG Electronics targets Japan with Optimus G Pro

LG Electronics Inc. said Thursday it plans to roll out the Optimus G Pro in Japan this week, kicking off its global drive for the premium smartphone.LG Electronics said it plans to release the full HD smartphone via Japan’s largest mobile operator NTT DoCoMo, roughly two months after the Optimus G Pro hit local shelves. In February, the South Korean smartphone maker rolled out the 5.5-inch Optimus G Pro, a follow-up model of its flagship smartphone Optimus G, through the country’s three mobile o

April 4, 2013

NTS probe targets black market

The National Tax Service said Thursday that it has launched a full-fledged investigation into 224 figures including private moneylenders on allegations of tax evasion.The 224 targets are composed of 117 private moneylenders, 51 entrepreneurs in the conglomerate sector, 48 individuals on suspicion of offshore tax-dodging and eight purchasing agents of overseas goods.The tax agency clarified that the probe is aimed at securing a base to levy taxes on dubious profit-makers in the underground econom

April 4, 2013

FSC picks new chief for KDB Financial Group

South Korea's financial regulator said Thursday it tapped an economics professor who was an aide to President Park Geun-hye to head state-run KDB Financial Group Co., following the former president's resignation amid a big government shake-up of banking chiefs.The Financial Services Commission said Hong Ki-taek, who teaches economics at Chungang University, will preside over KDB Financial Group and its banking unit Korea Development Bank.The KDB Financial chief was appointed by the president on

April 4, 2013

Park urges swift execution on budget, stimulus plans

President Park Geun-hye urged economic policymakers to swiftly draw up plans to raise additional budget and seek National Assembly approval to spur employment, investment and the livelihoods of the middle class.“Foremost, a supplementary budget should be devised as soon as possible to revitalize the economy and that could help normalize (the government’s) tax revenue,” President Park said in an economic briefing by the Ministry of Strategy and Finance on Wednesday.“The budget should be drawn up

April 3, 2013

Banks slash deposit rates below 3%

Commercial banks are cutting interest rates on deposit products, reportedly betting that the Bank of Korea will cut the monthly benchmark rate by 25 basis points to 2.5 percent next week.Amid their recent rush to lower the rates, there are few savings products that offer rates of 3 percent or more to depositors.The nation’s two largest banks ― KB Kookmin and Woori ― decided to conduct the policy starting April 1.Woori Bank has lowered the rates on 16 deposit products by 0.1 percentage point. As

April 2, 2013

Foreign residents eligible for debt relief program

Foreigners and multicultural families residing in South Korea are likely to become eligible to receive the same benefits as South Korean citizens under the government’s new debt restructuring program, an official at the nation’s financial regulator said Tuesday.“The National Happiness Fund wouldn’t reject applicants based on nationality,” said an official at the Financial Services Commission, adding that, “our program will not discriminate against foreign debtors simply because of their country

April 2, 2013

Foreigners’ stock purchase peaks in March

Overseas investors’ net buying of shares of KOSDAQ-listed companies recorded an 8-moth high in March the Korea Exchange said Tuesday. Foreigners’ net purchase of KOSDAQ shares continued for three consecutive months, from January to March 2013, the public stock exchange’s data showed. The foreigners’ net purchase particularly shot up between January and February, from 26 billion won ($23.4 million) to 348.7 billion won. Both the new government’s expanded subsidiary budget for small and medium exp

April 2, 2013

Seoul shares trade almost flat in late-morning trade

South Korean stocks traded almost flat late Tuesday morning as investor sentiment was dented by lower-than-expected economic data from the United States and China,analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.69 points, or 0.03 percent to 1996.68 as of 11:20 a.m.   Tech blue chips gathered ground, with market bellwether Samsung Electronics rising 1.06 percent and top flat panel manufacturer LG Display adding 0.63 percent.   In contrast, logistics shares traded l

April 2, 2013

Seoul shares open higher on stimulus hopes

 South Korean stocks opened higher Tuesday as investor sentiment got a boost from the government's envisioned stimulus measures to beef up the economy, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.87 points, or 0.04 percent, to 1,996.86 in the first 15 minutes of trading.   Tech shares traded higher, with market behemoth Samsung Electronics rising 0.4 percent and its smaller rival LG Electronics adding 0.62 percent.   Mobile carriers also gathered ground, w

April 2, 2013

Deregulation, tax cuts aim to revive real estate market

The government announced a set of real estate measures on Monday in a widescale effort to revive the country’s sluggish housing market through deregulation and tax cuts.“Through these comprehensive measures, we have sent out a signal to the (real estate) market, urging it to normalize,” Land Minister Suh Seoung-hwan said in a news conference. “What matters now is implementing the details as soon as possible.”Finance Minister Hyun Oh-seok said the long-slumping housing market “could weigh on our

April 1, 2013

Ministries to unveil plan to boost housing market

The government plans to announce its first set of measures aimed at reviving the sluggish real estate market on Monday.The comprehensive plan would likely include various tax cuts on housing transactions. The Finance Ministry and the Ministry of Land, Infrastructure and Transport have been drawing up the measures.The government had said that it would announce the housing plan before it devised an extra budget to secure funding for job creation and SMEs. The supplementary budget will likely take

March 31, 2013

Overseas construction orders surge 56% in Q1

Overseas orders won by South Korean builders surged significantly in the first quarter from a year earlier, the construction ministry said Sunday, reflecting a possible recovery in the global construction market.According to the Ministry of Land, Infrastructure and Transport, overseas deals signed by South Korean construction companies totaled $12.5 billion in the January-March period, up 56 percent from the same period last year.The ministry noted the figure fell a little short of the five-year

March 31, 2013

CJ Korea Express unveils W5tr investment plan

CJ Korea Express Corp., South Korea’s largest logistics firm, unveiled an ambitious plan Sunday to become the world’s fifth-largest logistics company by 2020, one day before its scheduled merger with its affiliate and the country’s second-largest logistics company CJ GLS Inc.Company officials said the merger will be completed Monday with Lee Chae-wook, a former chairman of GE Korea, tapped to lead the new CJ Korea Express.“Our country is producing many of the world’s No. 1 products in various in

March 31, 2013

Unit price of Korean vehicles grows 4.4%

The average price of vehicles shipped overseas by South Korean automakers grew 4.4 percent from a year earlier in the first two months of the year, more than offsetting a drop in the volume of their shipments, an industry group said Sunday.According to the Korea Automobile Manufacturers Association, the number of cars shipped overseas by the country’s five automakers in the first two months of the year dropped 5 percent to 518,251 units from 545,796 units in the same period last year.The average

March 31, 2013

Shares expected to trade higher on stimulus hope

South Korean stocks are expected to trade higher this week on the back of rising hopes for the government’s envisioned extra budget plan to bolster the local economy, analysts said.The benchmark Korea Composite Stock Price Index closed up 56.18 points, or 2.88 percent, to 2,004.89 on Friday from the previous week.Earlier last week, the KOSPI advanced on the eased concerns over the eurozone as Cyprus reached a final deal on Monday to receive a bailout worth 10 billion euros ($12.82 billion) to pr

March 31, 2013

SNS stock scams face clampdown

Financial authorities plan to bolster supervision of unfair stock trading practices via social networking services.The regulatory policy comes amid groundless rumors that have been rampant lately on social networks including Facebook, Twitter and smartphone applications.To crack down on cyber-based stock manipulation, the Financial Supervisory Service plans to closely coordinate with the Financial Services Commission and the Korea Exchange.An official of the Korea Exchange said the main bourse o

March 31, 2013

KRX to step up cyber monitoring of stock rigging

   SEOUL -- South Korea's bourse operator will keep closer tabs on stock price manipulation and other unfair trades conducted via the Internet and social networking services, officials said Sunday.   To that end, the Korea Exchange (KRX) will establish a cyber supervision center to conduct a real-time check on rumors concerning stock price rigging and other unfair trading activities, the KRX officials said.   "The KRX is preparing a system designed to filter rumors circulated online," a KRX offi

March 31, 2013

Shares gain on stimulus plan

South Korean stocks rose 0.57 percent Friday as investors were buoyed by the government’s economic stimulus plan, including a possible extra budget, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 11.37 points to close at 2,004.89. Trading volume was moderate at 333.5 million shares worth 3.43 trillion won ($3.08 billion) with gainers outnumbering decliners 528 to 280. “The fact that the government has also decided to p

March 29, 2013