Seoul shares up 0.93% on eurozone hopes

South Korean stocks closed 0.93 percent higher on Wednesday as pensions and retail investors snapped up shares on hopes an increased eurozone rescue fund would help the region move closer to a debt crisis resolution, analysts said. The local currency shot up against the U.S. dollar.After swerving in

Oct. 19, 2011

Credit card firms rage over further commission cut plan

SEOUL, Oct. 19 (Yonhap) -- South Korean credit card companies on Wednesday voiced strong opposition to the ruling party's move to unify their commission rates on retailers of different industries and sizes.On Tuesday, Grand National Party leader Hong Joon-pyo tabled a bill that would ban card firms

Oct. 19, 2011

S. Korea, Japan to discuss expansion of currency swap line

SEOUL, Oct. 18 (Yonhap) -- Leaders of South Korea and Japan plan to discuss the expansion of the won-yen swap line in an effort to stabilize the two financial markets, the Seoul government said Tuesday.South Korean President Lee Myung-bak was to hold a summit with Japanese Prime Minister Yoshihiko N

Oct. 19, 2011

Seoul shares fall 1.41 percent on fading eurozone optimism

South Korean stocks closed 1.41 percent lower on Tuesday as remarks from Germany dampened investor hopes on the eurozone debt crisis resolution ahead of a European Union summit later this week, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI slumped 26.28 points to

Oct. 18, 2011

Foreign banks mixed on Korea rate outlook

Major foreign investment banks forecast South Korea’s central bank to freeze its key interest rate for the remainder of the year, while some expect a rate hike or a cut, a report showed Tuesday.The Bank of Korea froze the benchmark rate at 3.25 percent in October for the fourth straight month as sig

Oct. 18, 2011

Card issuers expected to reap huge profits from loan services

South Korean credit card firms are expected to rake in huge profits this year from their loan services as more cardholders take out cash advances on their credit cards amid tightened lending regulations, industry sources said Tuesday. Credit card companies posted a combined profit of 679 billion won

Oct. 18, 2011

Credit card firms to cut transaction fees

Regulator’s move to promote ‘shared growth’ is met with protestKorea’s major credit card firms said on Monday they would slash the transaction fees they collect from small merchants as a reluctant response to the growing calls for a rate cut to bolster their shaky profits amid regulatory pressure. S

Oct. 17, 2011

Even peaceful unification would raise risks: S&P

Credit rating agency reaffirms Korea sovereign ratingCredit rating agency Standard & Poor’s projected a bleak view for the Korea in a post-reunification scenario, predicting that the government would suffer heightened policy risks even under peaceful circumstances.In its annual seminar in Seoul, the

Oct. 17, 2011

Sales at supermarkets drop in September

Sales at South Korea’s major discount chains dropped from a year earlier last month, reflecting a worsening consumer sentiment in the wake of a possible global economic slowdown, the government said Monday.Sales at the country’s three major discount chains slipped 1.1 percent from the same period la

Oct. 17, 2011

FSC may expedite KEB stake sale

Regulator could order sale at extra panel meetingThe Financial Services Commission has decided to speed up procedures to order Lone Star Funds, convicted of stock manipulation, to sell a large portion of its stake in Korea Exchange Bank.The financial regulator is likely to order the U.S. buyout fund

Oct. 17, 2011

Regulator begins procedure of Lone Star's KEB sale

SEOUL, Oct. 17 (Yonhap) -- South Korea's financial regulator on Monday took the first administrative step toward ordering U.S. private buyout firm Lone Star Funds to sell the bulk of its controlling stake in Korea Exchange Bank (KEB).The Financial Services Commission (FSC) said in an e-mailed statem

Oct. 17, 2011

Banks’ overseas earnings double in H1

South Korean lenders saw their combined net profit from overseas operations grow more than two-fold in the first half from a year earlier on the back of increased interest income, the financial regulator said Sunday.Net income by 131 overseas units and branches managed by 11 local banks reached $429

Oct. 16, 2011

Global efforts on eurozone crisis to help stock market

South Korean shares are expected to gain some ground this week as the international community moves to resolve the eurozone crisis, analysts said Saturday.The forecast comes as the benchmark KOSPI closed at 1,835.40 on Friday, up 75.63 points, or 4.3 percent, from a week earlier. The index had risen

Oct. 16, 2011

Credit card firms to cut fees under pressure

Credit card firms plan to lower transactions fees by 0.2 percent in a reluctant response to merchants decrying the “unfair” fees.The plan to cut transaction fees is part of a broader reform to woo merchants after complaints led the financial regulator to consider allowing businesses to reject credit

Oct. 16, 2011