KCS to crack down on capital flight

Korea Customs Service is to follow the example of the National Tax Service and crack down on wealthy individuals and corporations that illicitly channel money out of the country to dodge tax payments.In a report to the transition team of President-elect Park Geun-hye, the KCS said that it would also toughen its inspections on corporations that have set up paper companies in offshore havens to avoid taxes.This is in line with efforts by the president-elect to secure a budget to finance welfare ex

Jan. 16, 2013

Whiskey sales plunge in 2012 on economic slump

Whiskey sales in South Korea fell sharply last year due to a persistent economic slump and sluggish domestic consumption, industry data showed Wednesday.According to data compiled by the Korea Alcohol & Liquor Industry Association, a total of 2.12 million boxes were sold last year, down 11.6 percent from 2.4 million boxes sold in 2011. Each box contains 18 0.5-liter bottles. With the latest decline, whiskey sales have declined for four consecutive years since 2009 when sales of the hard liquor d

Jan. 16, 2013

Candidate names circulate for deputy P.M., top financial regulators

With the presidential transition committee’s announcement of a government reorganization plan on Tuesday, names of possible candidates for top economic policymakers are being circulated among financial circles.They include three key ministerial posts: deputy prime minister in charge of overall economic policies, who will concurrently serve as finance minister; chairman of the Financial Services Commission; and governor of the Financial Supervisory Service.Among the leading candidates for the inc

Jan. 16, 2013

Seoul shares remain flat amid lack of momentum

South Korean stocks closed almost flat Wednesday as investors took to the sidelines amid bleak corporate earnings, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 1.94 points, or 0.1 percent to finish at 1,985.68. Trading volume was moderate at 372.1 million shares worth 2.94 trillion won (US$2.77 billion) with decliners outpacing gainers 416 to 365. "It's hard to say corporate earnings have been satisfactor

Jan. 16, 2013

Seoul shares up 0.3 percent in late-morning trade

South Korean stocks traded 0.3 percent higher late Wednesday morning, led by gains in utilities and construction firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.96 points to 1,989.70 as of 11:40 a.m.State-run electricity provider Korea Electric Power Corp. climbed more than 2 percent and No. 1 builder Hyundai Engineering & Construction jumped nearly 3 percent. In contrast, tech firms lost ground, with top-cap Samsung Electronics slipping 0.07 percent.The loca

Jan. 16, 2013

Shares drop 1.16% on foreign selloff

South Korean stocks retreated 1.16 percent Tuesday, as overseas investors dumped shares to take profits from recent rises, analysts said. The Korean won lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index slid 23.30 points to close at 1,983.74. Trading volume was heavy at 542 million shares worth 4.37 trillion won ($4.14 billion) with decliners far outstripping gainers 535 to 263. “The earnings season kicked off in the U.S., except that there isn’t really anythin

Jan. 15, 2013

Seoul shares drop 1.16 pct on foreign selloff

South Korean stocks retreated 1.16 percent Tuesday, as overseas investors dumped shares to take profits from recent rises, analysts said. The Korean won lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 23.30 points to close at 1,983.74. Trading volume was heavy at 542 million shares worth 4.37 trillion won (US$4.14 billion) with decliners far outstripping gainers 535 to 263. "The earnings season kicked off in the U.S., except that there isn't real

Jan. 15, 2013

Seoul shares down 0.5 pct in late-morning trade

South Korean stocks traded 0.5 percent lower late Tuesday morning, led by losses in utilities and tech issues, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 10.01 points to 1,997.03 as of 11:20 a.m.State-run electricity provider Korea Electric Power Corp. dipped nearly 2 percent, with tech blue chip Samsung Electronics falling 1.6 percent. In contrast, telecom and auto shares continued their winning streak, with SK Telecom jumping around 3 percent. The local curr

Jan. 15, 2013

Seoul shares inch up after weak start

South Korean stocks got off to a weak start but soon rose slightly on the back of foreign buying amid a lack of positive leads, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) began 0.15 percent lower as soon as it opened but turned to trade up 2.24 points, or 0.11 percent to 2,009.28 in the first 15 minutes of trading. Overseas investors started off snapping up local shares worth 14.9 billion won (US$14.1 million) as of 9:15 a.m., driving up the main index. Telecom and au

Jan. 15, 2013

FSC scraps block sale plan for Woori Financial

Three financial firms owned by Woori Financial Group are expected to draw popularity in the mergers and acquisitions market, as financial authorities are set to resume the policy to privatize the state-funded group through a “split-sale” method this year.When the privatization process is revitalized, possibly eye-catching subsidiaries of Woori Financial could be Woori Investment & Securities, Kyongnam Bank and Kwangju Bank, according to officials in the bank industry.Their forecast comes as the

Jan. 14, 2013

Seoul shares gain 0.52 pct amid currency jitters

South Korean stocks rose 0.52 percent Monday but gains were capped as a weaker Japanese currency kept investors wary about making more bets on local shares, analysts said. The Korean won lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 10.37 points to finish at 2,007.04. Trading volume was moderate at 441.5 million shares worth 4.07 trillion won (US$3.84 billion) with gainers outstripping losers 419 to 378. "A weaker Japanese yen has become a

Jan. 14, 2013

Seoul shares up 0.21 pct in late-morning trade

South Korean stocks reverted to gain 0.21 percent late Monday morning after opening lower, led by bullish telecom and utilities shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.22 points to 2,000.89 as of 11:20 a.m.Leading mobile carrier SK Telecom surged more than 5 percent, with state-run electricity provider Korea Electric Power Corp. umping nearly 3 percent. In contrast, chemical companies and brokerages trended downward. LG Chem lost about 2 percent and

Jan. 14, 2013

Seoul shares open lower on corporate earnings woes

　South Korean stocks opened 0.16 percent lower Monday as investors were jittery over future corporate performances due to a strong local currency and the Japanese yen‘s weakness, analysts said.　The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.16 points to 1,993.51 in the first 15 minutes of trading. 　Auto and tech shares lost ground, with No. 2 automaker Kia Motors shedding more than 1.5 percent and market bellwether Samsung Electronics falling 0.13 percent. 　The local currency was

Jan. 14, 2013

Seoul shares to trade in tight range next week

South Korea's stock market is expected to trade in a tight range next week with economic indicators from China and the currency exchange being among the major factors that will determine its direction, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,996.67 this week, down 0.75 percent from a week earlier after undergoing choppy trading.The local currency's ascent against the dollar and the weakening yen of Japan could weigh on the market amid worries th

Jan. 12, 2013

Won hits 17-month high to dollar

The South Korean won soared to a 17-month high against the U.S. dollar on Friday as rate freezes by central banks here and abroad prompted a weaker greenback, dealers said. After breaching the 1,060 mark as soon as the market opened, the local currency ended at 1,054.70 won against the U.S. dollar, up 5.7 won from Thursday and the highest close since Aug. 2 last year. The rate freeze by the Bank of England and the European Central Bank on Thursday caused the greenback to further depreciate, deal

Jan. 11, 2013

Korea wary of credit status of U.S., U.K., Japan

Korea could face further economic woes this year resulting from the downgrading of major countries’ credit standings, a financial research institute warned Thursday.The Korea Center for International Finance predicted in its report that the United States, the United Kingdom and Japan may see their sovereign ratings downgraded this year.It cited three major rating firms’ assessments of the countries. The firms ― Moody’s Investors Service, Standard & Poor’s and Fitch Ratings ― gave negative credit

Jan. 10, 2013

Household loan growth hits 6-year high

South Korean banks’ household loans grew at the fastest pace in six years in December as more people took out mortgage loans ahead of the end of the government’s temporary housing tax benefits, the central bank said Thursday.Local banks’ household loans, including home-backed and credit loans, amounted to 466.5 trillion won ($439.4 billion) as of end-December, up 4.9 trillion won from the previous month, according to the Bank of Korea.The December data compared with a 1.1 trillion won gain talli

Jan. 10, 2013

Banks expand overseas, credit card firms to follow

Credit card issuers are grappling to find a new growth engine in a saturated local financial market by mapping out projects to make inroads into foreign countries.Their movement, however, faces deadlock amid protectionist stances in China and some Southeast Asian countries, officials in the non-banking industry said Thursday.A Lotte Card official stressed that the credit card business is one of the hardest sectors to expand overseas.“Major card firms with excellent products and services have fai

Jan. 10, 2013