The chief of South Korea's central bank will attend a meeting of central bank heads from around the world in Switzerland this week to exchange views on global economic and financial market conditions, the Bank of Korea said Thursday.  BOK Gov. Lee Ju-yeol will depart for Basel, Switzerland on Friday for the two-day Bimonthly Meeting of the Bank for International Settlements that will be held from Sunday, according to the bank.  "During the two-day meeting, Gov. Lee and central bank governors of

Nov. 5, 2015

South Korea's customs agency said Thursday that it plans to announce the winners of duty-free operating licenses next weekend in a bid to prevent people from taking advantage of tip-offs as the stock market will be closed.  Four companies -- Shinsegae, Doosan Group, SK Group and Lotte Group -- have submitted bids for the operational licenses of three duty-free stores in downtown Seoul, which are set to expire later this year. Shinsegae and Fashion Group Hyungji are competing for a license for a

Nov. 5, 2015

South Korea plans to issue yuan-denominated foreign exchange stabilization bonds in China to better meet rising demand for the Chinese currency and help local firms do business in the world's No. 2 market, a government source said Thursday.  According to the source in the finance ministry, the government submitted a request to Chinese regulators asking permission to issue the bonds.  "The matter is being reviewed and once permission is given the size of timing for the bond issuance will be decid

Nov. 5, 2015

South Korea's industry minister pledged Thursday to remove administrative red tape that is holding up foreign investment.  In a meeting with members of the American Chamber of Commerce and Industry in Seoul, Yoon Sang-jick said he will work closely with other government ministries to find reasonable ways to deal with regulatory obstacles that are hindering inflows of investments.  "Efforts will be made to work closely with foreign companies operating in South Korea to find ways to make the local

Nov. 5, 2015

South Korean stocks started lower Thursday due to a sharp decline in carmakers and shipbuilders.  The benchmark Korea Composite Stock Price Index lost 6.87 points, or 0.33 percent, to 2,045.90 in the first 15 minutes of trading.  Carmakers traded bearish, with Hyundai Motor falling 0.6 percent and its smaller affiliate Kia Motors remaining unchanged. Top auto parts maker Hyundai Mobis shed 0.4 percent.  Shipbuilders were also among losers, with Hyundai Heavy Industries decreasing 1.58 percent an

Nov. 5, 2015

South Korean stocks traded 0.51 percent higher late Tuesday morning as investors snapped up local shares in line with a global stock rally, with auto shares leading the gains.  The benchmark Korea Composite Stock Price Index added 10.29 points to 2,045.53 as of 11:20 a.m.  Auto shares traded bullish after data showed Monday that Korean carmakers' sales expanded 8.7 percent in October from a year earlier on robust demand at home and abroad.  Top automaker Hyundai Motor rose 2.94 percent, and its

Nov. 3, 2015

The chance of a hard landing for China's economy is low but its slowdown will inevitably have a negative impact on South Korea's exports down the road, Seoul's central bank said Tuesday.  In a biannual report submitted to the National Assembly, the Bank of Korea (BOK) said volatilities in the global financial market will continue to increase for some time due to uncertainties related to China.  "This is because a slowdown in China's economy will lead to greater concerns over a global economic sl

Nov. 3, 2015

South Korea's consumer prices grew less than 1 percent for the 11th month in a row in October, a government report showed Tuesday, as Asia's fourth-largest economy tries to shake off deflation concerns.  The country's consumer price index gained 0.9 percent last month from a year earlier, the report by Statistics Korea showed. The latest number marks a gain from 0.6 percent on-year growth reported for September and the sharpest increase since the 1 percent growth tallied for November 2014.  "Wea

Nov. 3, 2015

South Korean stocks started higher Tuesday as auto shares rallied following strong October sales data, pushing up the broader market.  The benchmark Korea Composite Stock Price Index added 12.12 points, or 0.6 percent, to 2,047.36 in the first 15 minutes of trading.          Auto shares traded bullish after data showed Monday that Korean carmakers' sales expanded 8.7 percent in October from a year earlier on robust demand at home and abroad.  Top automaker Hyundai Motor rose 3.15 percent, and it

Nov. 3, 2015

Four financial entities offered preliminary bids Monday to buy Daewoo Securities Co., in a deal that could come as a game changer for the local brokerage industry, the state-run Korea Development Bank (KDB) said.    The prospective buyers are KB Financial Group Inc., the largest banking giant by assets; the country's leading asset management expertise firm of Mirae Asset Group; Korea Investment Holdings Co.; and the employee stock ownership association led by Daewoo's labor union.   The bidding

Nov. 2, 2015

An increasing number of stock investors in Korea are using mobile gadgets, including smartphones and tablet PCs, for their trading, the Korea Exchange said Monday.The mobile-based equity trading is particularly prevalent on the secondary tech-heavy KOSDAQ. The ratio of “buy or sell” orders via mobile gadgets to the total came to a record of 25.06 percent as of Oct. 28, compared to 21.27 percent at the end of 2014.In 2010, the KOSDAQ saw the share of mobile trading stay at 3.8 percent. Most of th

Nov. 2, 2015

South Korean stocks closed slightly higher Monday as investors scooped up companies opting for big stock buybacks and more dividends, with insurance and tech shares leading the gain. The local currency gained against the U.S. dollar.  The benchmark Korea Composite Stock Price Index rose 5.77 points, or 0.28 percent, to 2,035.24. Trading volume was slim at 357.97 million shares worth 3.77 trillion won ($3.3 billion), with losers outpacing winners 467 to 347.  Analysts said slowing South Korea's e

Nov. 2, 2015

Stock transactions via mobile gadgets have grown sharply in South Korea over the past year as more retail investors opt to use smartphones and tablets for trading, the bourse operator said Monday.   Trading through mobile devices accounted for 25.06 percent of the total in the tech-laden KOSDAQ market as of Oct. 28, up from 21.27 percent a year earlier, according to the Korea Exchange.   The ratio has been on a steady rise over the past five years from 3.8 percent in 2010 to 14.03 percent in 201

Nov. 2, 2015

South Korea's top financial regulator said Sunday that it will push the Korea Development Bank to sell its stakes in companies purchased through debt-for-equity swaps within three years as part of its plan to overhaul the state-run policy lender.The plan is a response to rising criticism that a large amount of taxpayer money will go down the drain in the wake of the KDB's decision to bail out a financially troubled shipbuilding company despite a slim chance for its revival.Last week, creditor ba

Nov. 1, 2015

Lotte Group Chairman Shin Dong-bin bought a 2.1 percent stake in Lotte Confectionery Co. on Friday, emerging as the second-largest shareholder in one of the group's major affiliates.Shin spent around 69 billion won (US$60.5 million) in buying a total of 30,000 shares in Lotte Confectionery, the company said in a regulatory filing. The purchase was made during after-hour trading.The purchase brought his stake in Lotte Confectionery to 8.78 percent, which exceeded a 6.83 percent stake owned by his

Oct. 30, 2015

Samsung SDI Co., the battery-making unit of Samsung Group, said Friday it swung to a net profit in the third quarter of the year on one-off gains from its sales of stakes in other group firms. Net profit came to 502.4 billion won in the July-September period, a turnaround from a net loss of 12.9 billion won a year earlier, Samsung SDI said in its regulatory filing.Sales advanced 5.6 percent on-year to reach 1.99 trillion won, while operating profit plunged 45.1 percent to 17.83 billion won.In th

Oct. 30, 2015