Seoul shares open lower on Samsung shares

South Korean stocks opened lower on Tuesday as shares of Samsung affiliates dragged down the main stock index, analysts said.The benchmark Korea Composite Stock Price Index moved down 4.11 points, or 0.21 percent, to 1,916.84 in the first 15 minutes of trading.Tech giant Samsung Electronics fell 0.30 percent, and Cheil Industries, the de facto holding company of Samsung Group, dropped 2.37 percent. Tech solutions provider Samsung SDS also tumbled 3.46 percent.Retailers were also trading in negat

Jan. 13, 2015

Carbon trading begins amid controversy

South Korea launched on Monday its first emission rights exchange at the Korea Exchange’s Busan headquarters amid growing concerns among participating companies.The trading has been established to combat climate change by allocating emission permits to companies according to their emission history. Firms whose carbon emissions exceed or come under the permitted amount can trade the rights. The state-supported trade, monitored by the Korea Exchange, has been a bone of contention between the gover

Jan. 12, 2015

Park pledges to boost domestic consumption

President Park Geun-hye downplayed concerns Monday that the South Korean economy was following the path of Japan’s deflation and low growth, stressing that the country would not waste time to spur the economy despite negative macroeconomic conditions.In her New Year press conference, Park said the country would pursue its economic structural reforms as a means to prevent Asia’s fourth-largest economy from falling further into low growth.“Although our country’s inflation rate is currently low, ma

Jan. 12, 2015

KB Financial to reorganize HQ staff

KB Financial Group will transfer about 10 percent of its human resources to its unit branches as part of its restructuring plan.The banking group is expected to move 10-20 of its 120 employees to lower offices as early as this week, according to group officials Monday. Even those who remain at the central headquarters will be partly allocated to newly established departments such as marketing strategy and digital financing, instead of filling the vacant seats with new employees, the officials ad

Jan. 12, 2015

Shares down 0.19% on renewed eurozone woes

South Korean stocks ended 0.19 percent lower Monday as investors’ expectations for an economic recovery in the eurozone lost momentum, analysts said. The South Korean won gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 3.75 points to 1,920.95. Trading volume was moderate at 301.44 million shares worth 3.48 trillion won ($3.22 billion), with gainers beating decliners 434 to 371. Analysts said investors’ prospects for a turnaround in the European economy died d

Jan. 12, 2015

Seoul shares down 0.19 pct on renewed eurozone woes

South Korean stocks ended 0.19 percent lower Monday as investors' expectations for an economic recovery in the eurozone lost momentum, analysts said. The South Korean won gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 3.75 points to 1,920.95. Trading volume was moderate at 301.44 million shares worth 3.48 trillion won ($3.22 billion), with gainers beating decliners 434 to 371.Analysts said investors' prospects for a turnaround in the European economy died dow

Jan. 12, 2015

Korean won sharply up vs dollar for 3rd day

The South Korean won climbed against the U.S. dollar on Monday, extending its gain to a third consecutive day as the greenback's bulls eased to some degree following a payroll report from the world's largest economy.The Korean won closed at 1,081.40 per dollar, up 8.6 won from the previous session's close, after hitting an intra-day high of 1,080.50, the highest in two months.Analysts said December job data in the U.S. was good, but disappointment over wages helped weaken the prospect of an earl

Jan. 12, 2015

Chief regulator hints at early Hana Bank-KEB merger

South Korea's chief financial regulator on Monday hinted he may approve a merger of two local banks without an agreement with the labor union, a change from his earlier stance.Hana Financial Group Inc., South Korea's third-largest banking group by assets, has been trying to integrate its flagship Hana Bank with the Korea Exchange Bank, which it bought in 2012 from U.S. buyout firm Lone Star Funds for 3.9 trillion won ($3.57 billion). But the merger attempt had been deadlocked for months due to s

Jan. 12, 2015

Seoul shares trade lower on Wall Street losses

South Korean stocks traded slightly lower late Monday morning as investors sat on the sidelines after overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index edged down 0.08 percent, or 1.54 points, to 1,923.16 as of 11:20 a.m.Market leader Samsung Electronics lost 0.08 percent, and the country's top carmaker Hyundai Motor surrendered 0.83 percent.Tech solutions provider Samsung SDS dropped 3.16 percent after having gained ground in the previous two session

Jan. 12, 2015

BOK to keep rate unchanged this month: poll

South Korea's central bank is forecast to keep the base rate on hold in January as the government is drumming up support for structural reform over short-term policies to fuel growth in Asia's fourth-largest economy, analysts said Monday.A majority of 20 of 22 analysts surveyed by Yonhap Infomax, the financial news arm of Yonhap News Agency, projected the Bank of Korea to keep the base rate unchanged at an upcoming policy meeting on Thursday. If the projection is on track, it will extend the BOK

Jan. 12, 2015

Incheon seeking investment from Alibaba

South Korean port city Incheon said Monday it is in talks with Chinese retail giant Alibaba Group for an investment that informed sources said would be in the range of 1 trillion won ($924 million)."It is true that we are in talks with Alibaba for investments in line with our efforts to overcome our financial problems," a city government official said. "While we are taking an aggressive and strategic approach for the investment, we have not yet made any decisions at present."IT industry sources

Jan. 12, 2015

Price tags of Korean stocks surge in 2014

The number of high-priced South Korean stocks increased last year compared to a year ago, and they tended to produce higher yields than their peers, the main bourse operator said Monday.Stocks listed on the main KOSPI market priced over 100,000 won ($91.5), the top-end price band, rose 22.58 percent on-year to 76 as of Friday compared to the end of 2013, the Korea Exchange (KRX) said.In the secondary KOSDAQ market, shares priced over 30,000 won, its upper band, tallied at 62, up 58.97 percent fr

Jan. 12, 2015

Researchers skeptical of government’s 3.8% optimism

Skepticism is growing over the government’s growth target this year as an increasing number of experts are dismissing the figure as unwarranted optimism.The Ministry of Strategy and Finance on Sunday reaffirmed its previous forecast of 3.8 percent growth this year, citing positive economic indicators globally. “The (South Korean) economy is expected to achieve a 3.8 percent growth this year, with the recovering global economy, falling oil price and investment-friendly policies deemed to fuel the

Jan. 11, 2015

2015 tax deficit to be higher than expected: report

South Korea’s budget deficit is expected to be higher than expected to surpass an earlier estimate of 3.4 trillion won ($3.1 billion) this year due to lower-than-predicted economic growth and inflation, a parliamentary report said Sunday. The National Assembly Budget Office in October forecast the government to collect 218.2 trillion won in taxes based on a 5.6 percent nominal growth rate, expecting a tax revenue shortfall of over 3 trillion won of this year. In the latest report, the NABO said

Jan. 11, 2015

Korea Exchange privatization still uncertain

A legal change and improvements in management allow for the privatization of Korea Exchange, the nation’s stock operator, according to the Finance Ministry, but it still remains unclear when and how it will take place.The Financial Services Commission, the direct supervisory office for the KRX, suggested that it was time to consider re-privatization but the ministry is taking a more passive stance.According to the Finance Ministry and the FSC on Tuesday, KRX has eliminated the factors that have

Jan. 9, 2015

Shares up 1% on Wall Street gains

South Korean stocks soared Friday, extending their gains for a third consecutive session on overnight gains on Wall Street and growing expectations of stimulus in the eurozone, analysts said. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 20.05 points, or 1.05 percent, to 1,924.70. Trading volume was moderate at 305 million shares worth 4.25 trillion won ($3.89 billion), with gainers beating losers 530 to 283. “Samsung’s fourth-quarter earn

Jan. 9, 2015

Bankruptcy by self-employed seniors on rise: data

The portion of self-employed seniors who have gone bankrupt is trending higher due to excessive competition, data showed Friday, raising alarm as a growing number of babyboomers among them are opting to start their own businesses after retirement.Some 75.3 percent of self-employed businesses that went belly up last year were run by those aged over 50, compared with 70.6 percent in 2011, according to the data by the Korea Financial Telecommunications & Clearings Institute.Of the total, those aged

Jan. 9, 2015

Sonata awarded for best economic performance in U.S.

Hyundai Motor Co., Korea’s top automaker, said Friday its all-new Sonata has been chosen in the U.S. as the car with the best economic performance.The new Sonata, unveiled last spring, won the “2015 Best Economic Performance Award” in the full-size segment by the Automotive Science Group, a U.S. auto review organization, according to Hyundai Motor. The ASG announces the winners every year based on the lowest maintenance cost by taking into consideration fuel efficiency, insurance payments and ve

Jan. 9, 2015

Samsung rolls out new low-end smartphone at home

Samsung Electronics Co., Korea’s top tech firm, said Thursday it plans to launch a new low-end smartphone with enhanced camera features at home this week, in line with its efforts to expand its footprint in budget handsets.The 5.25-inch Galaxy Grand Max will be only 7.9 mm thick, thinner than the 8.1 mm Galaxy S5 released last year. It will run on the Android KitKat operating system with a 2,500 mAh battery capacity.Samsung said the device would boast various camera-related systems that would ma

Jan. 8, 2015