Shares slip on losses by banks and insurers

South Korean stocks ended 0.13 percent lower on Thursday mainly due to losses in banks and insurers. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 2.49 points to 1,961.94. Trading volume was moderate at 394.3 million shares worth 4.4 trillion won ($4 billion), with decliners outnumbering gainers 445 to 370.“Basically, we didn’t have much good news from abroad. There were concerns over U.S. growth as well as the Italian stock market’s sharp f

Jan. 31, 2013

Number of licensed money lenders halves in 5 years

The number of licensed money lenders in South Korea has halved in the last five years, largely due to worsening business conditions, industry data showed Thursday. The number of money lenders registered with municipalities reached 9,170 as of last Friday, down 49.6 percent from 18,500 tallied in 2007, according to the data by the Consumer Loan Finance Association. The sharp decline came as local money lenders have been facing difficulties in running their businesses as the financial authorities

Jan. 31, 2013

Korea Exchange still under state control

The nation’s main bourse has not been excluded from the yearly list of public agencies, the Ministry of Finance announced Thursday.In its unveiling of the 2013 list for public agencies, the Finance Ministry said the Korea Exchange will still be placed under state control this year. The government has “no stake” in the bourse.While the ministry under the Lee Myung-bak administration designated it as a public agency in 2009, there has been growing criticism as no such case exists in financial mark

Jan. 31, 2013

Seoul shares slip 0.13 pct on financials

South Korean stocks ended 0.13 percent lower on Thursday mainly due to losses in banks and insurers. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.49 points to 1,961.94. Trading volume was moderate at 394.3 million shares worth 4.4 trillion won (US$4 billion), with decliners outnumbering gainers 445 to 370."Basically, we didn't have much good news from abroad. There were concerns over U.S. growth as well as the Italian stock market

Jan. 31, 2013

Seoul share down 0.22 pct in late-morning trade

South Korean stocks traded 0.22 percent lower late Thursday morning due to losses in shares of major banking groups and technology firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.36 points to 1,960.07 as of 11:20 a.m.Financials led the decline, with Shinhan Financial slumping 3.34 percent. Market bellwether Samsung Electronics also slipped 0.21 percent.Automakers limited losses, with No. 2 carmaker Kia Motors adding 2.77 percent.The local currency was changing

Jan. 31, 2013

Seoul shares open lower on U.S. losses

South Korean stocks started lower on Thursday, tracking overnight losses in the U.S. stock market, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.98 points, or 0.05 percent, to 1,963.45 in the first 15 minutes of trading.Financials led the loss with KB Financial and Shinhan Financial falling 2.89 percent and 2.98 percent, respectively.Samsung Electronics, the country's top market cap, also lost 0.14 percent.The local currency was trading at 1,087.25 won against t

Jan. 31, 2013

Korea’s income inequality 3rd highest in OECD

Income disparity among Koreans aged 65 and older is widening as the population rapidly ages with fewer job opportunities for the elderly.Income inequality in Korea among those 65 and older reached an all-time high of 0.419 on the Gini index in 2011, according to the country’s statistics bureau and the Korea Labor Institute.The number broke the 0.5 mark after measuring incomes after subtracting public assistance funds and basic insurance benefits for senior citizens.A coefficient approaching 1 si

Jan. 30, 2013

Top conglomerates have thick glass ceiling

The ratio of female executives at South Korea’s top conglomerates reached 1.5 percent, data showed Wednesday, raising concerns over the severe gender imbalance in the local firms’ C-suite.Women accounted for 77 of the total 5,201 executives at 94 affiliates of the country’s 10 major business groups as of Friday, according to the data compiled by research firm CEO Score.Samsung Group, South Korea’s top conglomerate, employed 39 high-ranking female officials, accounting for more than half of the t

Jan. 30, 2013

Hana Bank raises $500m via bond sale

Hana Bank, South Korea’s No. 4 bank, said Wednesday that it has raised $500 million by selling global bonds in order to repay maturing foreign currency debt. The lender said the three-year bonds carry an interest rate of 1.375 percent, which translates into a rate of 1.05 percentage points higher than the yield on three-year U.S. Treasuries.The debt sale was co-arranged by five foreign investment banks, including Barclays and BoA-Merrill Lynch, the bank added. (Yonhap News)

Jan. 30, 2013

Seoul shares rise 0.43 pct on exporter gains

South Korean stocks closed 0.43 percent higher Wednesday as local exporters continued to rebound from their recent losses on the improved foreign exchange market conditions, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 8.47 points to 1,964.43. Trading volume was high at 515.9 million shares worth 4.2 trillion won (US$3.87 billion) with gainers outnumbering decliners 425 to 367."The local stock market recouped some

Jan. 30, 2013

Seoul shares up 0.17 pct in late-morning trade

South Korean stocks traded 0.17 percent higher late Wednesday morning on the back of gains in tech shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.4 points to 1,959.36. Techs led the gains, with the world's two biggest computer memory chip makers Samsung Electronics and SK hynix gaining 1.14 percent and 1.45 percent, respectively.In contrast, automakers stayed in negative territory, with top player Hyundai Motor falling 1.21 percent.The local currency was

Jan. 30, 2013

Seoul shares open higher on tech gains

South Korean stocks began higher on Wednesday, boosted by gains in major technology firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 7.06 points, or 0.36 percent, to 1,963.02 in the first 15 minutes of trading.Market bellwether Samsung Electronics rose 1.21 percent and SK hynix, which announced its fourth-quarter earnings ahead of the market's open, added 2.69 percent.Shipbuilders were also bullish, with leading player Hyundai Heavy Industries gaining 1.61 perc

Jan. 30, 2013

Financial sector gets less in bonuses than top manufacturers

While those who work for industrial giants such as Samsung and LG expect solid rewards for their stellar performances, there will be no bonus party for the financial sector, which had their worst year in 2012. The financial brothers of Samsung ― Samsung Life, Samsung Fire & Marine Insurance and Samsung Card ― however, are an exception.Banks including Shinhan, KB Kookmin, Woori, Hana and NH Nonghyup will offer zero or less than half of last year’s performance-based bonuses this year.The banks’ co

Jan. 29, 2013

IBs predict gradual pickup in Korean economy

The Korean economy will gradually regain momentum as the global economic recovers, the Korean Center for International Finance said in a research report released on Monday.Citing Goldman Sachs, the KCIF stated that the incoming administration’s stimulus plans along with a positive outlook on China’s economic growth will enable the domestic economy to keep building momentum for recovery, despite lowered expectations over the nation’s economic growth.Goldman Sachs cut Korea’s expected economic gro

Jan. 29, 2013

FSS reviews irregularities of former Shinhan Financial chief

The nation’s financial regulator is looking into the allegation that former Shinhan Financial Group chairman Ra Eung-chan had illicitly used more borrowed-name bank accounts than were revealed about two years ago.“We are reviewing documents to verify whether the allegation is true,” an official of the Financial Supervisory Service said Tuesday.But he said the FSS has yet to decide whether to launch a re-investigation into Ra’s irregularities, after he was already reprimanded by the regulator for

Jan. 29, 2013

Weak yen woes to sap Korean profitability

Japan’s weak yen policy may be good news for Japanese companies seeking export breakthroughs, but it is gradually becoming a nightmare for Korean companies directly competing with their Japanese peers overseas.Automobiles and tech consumer products are two sectors in which Koreans will face tough competition with Japan, and a weak yen is forcing Korean exporters to revise down their sales and profit forecasts this year.More than 80 of the 113 listed companies have revised down their target for o

Jan. 29, 2013

POSCO's net profit dips 36 pct in 2012

POSCO, South Korea's leading steelmaker, said Tuesday that its earnings sank 36 percent last year from a year earlier on weak demand and increased costs.Net profit reached 2.39 trillion won (US$2.17 billion) on a consolidated basis last year, compared with a profit of 3.71 billion won a year earlier, the company said.Sales slipped 7.7 percent on-year to 63.6 trillion won, and operating income also dropped 33.2 percent to 3.65 trillion won over the cited period, it said.Shares of POSCO closed at

Jan. 29, 2013

Seoul shares up 0.84 pct on tech, auto gains

South Korean stocks ended 0.84 percent higher on Tuesday, as automakers and technology firms rebounded from their recent slides, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 16.25 points to 1,955.96, snapping four straight sessions of losses. Trading volume was moderate at 459 million shares worth 4.57 trillion won (US$4.21 billion), with gainers outnumbering decliners 440 to 350. "The KOSPI's recent drops stoked i

Jan. 29, 2013

Seoul shares up 0.82 pct in late-morning trade

South Korean stocks traded 0.82 percent higher late Tuesday morning, buoyed by gains in automakers and technology firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 16 points to 1,955.71 as of 11:20 a.m.Market bellwether Samsung Electronics rose 2.41 percent and top automaker Hyundai Motor surged 5.04 percent.In contrast, POSCO slipped 0.84 percent ahead of its fourth-quarter earnings release scheduled for later in the day. The local currency was trading hands at

Jan. 29, 2013

Seoul shares open higher as exporters rebound

South Korean stocks began higher on Tuesday as key exporters returned to positive territory after recent losses, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 7.55 points, or 0.39 percent, to 1,947.26 in the first 15 minutes of trading.Market bellwether Samsung Electronics rose 1.38 percent, poised to stem a four-session losing streak, while top automaker Hyundai Motor gained 1.26 percent.The local currency was trading at 1,088.6 won to the U.S. dollar as of 9:15

Jan. 29, 2013