U.S. runs $1.3 trillion budget deficit in 2011

WASHINGTON (AP) ― The government ran a $1.3 trillion deficit for the budget year that ended last month, the third straight year it has operated more than $1 trillion in the red.The 2011 budget deficit was the second highest on record. It’s slightly ahead of the previous budget year’s $1.29 trillion

Oct. 16, 2011

G20 considers boosting IMF role in eurozone

World’s leading economies ask IMF to draw up ways to help stem eurozone crisis as Italy, Spain strugglePARIS (AP) ― The finance chiefs of the world’s leading economies opened the door Saturday for the International Monetary Fund to play a bigger role in fighting the eurozone’s escalating debt troubl

Oct. 16, 2011

Institutional buying lifts shares 0.67%

South Korean shares finished 0.67 percent higher Friday as institutional investors including the National Pension Fund snapped up shares despite persisting eurozone worries, analysts said. The local currency edged down against the U.S. dollar.Reversing earlier losses, the benchmark Korea Composite S

Oct. 14, 2011

Bidding for savings banks begins

Financial authorities Friday began the process of selling six savings banks suspended from business since mid-September due to poor financial health, in the hope of finding buyers by the end of December.State-run Korea Deposit Insurance Corp. made a public notice for the sale of the debt-saddled ban

Oct. 14, 2011

Moody's downgrades LG Electronics' outlook to negative

Moody's Investors Service said Thursday that it has cut its outlook on LG Electronics Inc. to negative from stable, citing its loss-making mobile business and global economic slowdown. The move deals another blow to LG Electronics, the world's third-largest maker of mobile phones, which is trying to

Oct. 13, 2011

Shares up on eurozone optimism

South Korean stocks closed 0.75 percent higher on Thursday as foreigners snapped up shares on growing hopes the eurozone will succeed in tackling its debt debacle, analysts said. The local currency gained against the U.S. dollar.The benchmark KOSPI climbed 13.6 points to 1,823.1. Trading volume was

Oct. 13, 2011

Lone Star not to appeal guilty verdict

Hana-Lone Star deal totally up to FSCThe Financial Services Commission will announce the procedures for its coming action under which Lone Star Funds will be deprived of its status as the biggest shareholder of Korea Exchange Bank.The regulator’s stance comes several hours after U.S.-based Lone Star

Oct. 13, 2011

Global LTE phone market to quadruple in 2012

The global market for long-term evolution mobile phones is expected to surge four-fold to around 32 million units in 2012, fueled by strong consumer demand, an industry report said Thursday.The report by Strategy Analytics, a global research and consulting firm, predicted market size will expand an

Oct. 13, 2011

Plan to limit small payments scrapped

Data shows small card payments account for 30.6% of total transactionsThe Korean government is expected to keep the current credit card payment system, a turnaround from its previous stance announced on Monday, backing down to protests from small retailers and consumers. The Financial Services Commi

Oct. 13, 2011

BOK freezes key rate at 3.25 percent for 4th month

SEOUL, Oct. 13 (Yonhap) -- South Korea's central bank held steady the key interest rate on Thursday for the fourth straight month as the global economic outlook remains dimmer and inflation growth eased.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers froze the benchmark seven-day

Oct. 13, 2011

Ex-Lone Star Korea CEO appeals ruling

Paul Yoo, former CEO of Lone Star Korea, has appealed to the Supreme Court against Seoul High Court’s Oct. 6 verdict that he engaged in manipulation of Korean stocks in 2003.But the appeal is only related to his individual case and not the financial authorities’ ongoing probe into U.S.-based Lone St

Oct. 12, 2011

Seoul shares end up 0.81% on brokerages, refiner gains

South Korean stocks finished 0.81 percent higher Wednesday as investors snapped up shares of brokerages and oil refiners, brushing off concerns over U.S. corporate earnings, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI added 14.48 points to close at 1,809.5, ext

Oct. 12, 2011

NPS grows banking industry clout

Pension fund holds major stake in 4 financial groupsThe National Pension Service has expand its presence financial industry after regulators paved the way for the fund to increase its stake in commercial banks earlier this year.Experts are divided over the national pension fund’s active buying of sh

Oct. 12, 2011

Money supply accelerates, household loans slow: BOK

Korea’s money supply expanded at its fastest pace in five months in August and banks’ household loan growth slipped to an eight-month low in September, the Bank of Korea said on Wednesday.The data came ahead of the central bank’s rate-setting meeting slated for Thursday amid widespread expectations

Oct. 12, 2011

OECD: Korean economy in ‘slowdown’ phase

Major European  economies see leading indicators slump  on debt woesKorea’s economic conditions declined for three months in a row based on the composite leading indicator of the Organization for Economic Cooperation and Development, data showed on Wednesday. Korea’s CLI for August stood a

Oct. 12, 2011

Seoul shares up 1.62% on eurozone hopes

South Korean stocks finished 1.62 percent higher on Tuesday, led by oil refiners and shipyards, as European leaders' move to shore up the region's banking sector boosted investor confidence, analysts said. The local currency climbed against the U.S. dollar. The benchmark Korea Composite Stock Price

Oct. 11, 2011

Oilbank sets W100b for storage facility

Hyundai Oilbank Co., South Korea’s fourth-largest oil refiner, said Tuesday that it will spend 100 billion won ($86 million) on building a new storage facility for oil and petrochemical products.The facility in Ulsan, 414 kilometers southeast of Seoul, includes a 300,000-kiloliter tank, it said.Cons

Oct. 11, 2011