Korean economy grows 0.9% in Q1: BOK

The South Korean economy grew 0.9 percent in the first quarter from three months earlier on brisk shipments of tech and petrochemical products, central bank data showed Thursday.Korea’s gross domestic product, unchanged from an earlier estimate released in April, matched the 0.9 percent on-quarter gain in the fourth quarter, according to data from the Bank of Korea.From a year earlier, Asia’s fourth-largest economy grew 3.9 percent in the first three months of the year, picking up from a 3.7 per

June 5, 2014

Hyun urges business leaders to increase investment

South Korea’s finance minister Thursday called on local business leaders to beef up investment and employment to help invigorate domestic demand and the fragile recovery of the overall economy. Deputy Prime Minister and Finance Minister Hyun Oh-seok made the request during a meeting with CEOs and top officials of the country’s 30 largest business groups in Seoul amid worries that April’s deadly ferry disaster is affecting consumer sentiment and putting brakes on the economic recovery.“Investment

June 5, 2014

FSS expected to sanction KB, Kookmin chiefs for feud

The Financial Supervisory Service, the nation’s financial watchdog, is likely to punish the top posts of KB Financial Group and Kookmin Bank, both of whom are responsible for the recent leadership vacuum at the county’s largest banking group.“Based on the results of an investigation, which will be completed this week, disciplinary action will be imposed on those who are responsible for an internal feud concerning the replacement of the computer system at Kookmin Bank,” an FSS official said, addi

June 5, 2014

Korean banks target rich Chinese amid profitability woes

South Korean lenders are reaching out to wealthy Chinese customers as they seek new growth engines amid ultra-low interest rates and lackluster demand on their home turf.Local banks have been providing Chinese-language banking services to mostly blue-collar laborers in southwest Seoul.However, recent moves highlight their efforts to tap affluent Chinese who have already emerged as a major force in the retail sector.Woori Bank, the flagship unit of South Korea's biggest banking group, said Tuesda

June 4, 2014

Seoul shares close higher on foreign buying

South Korean stocks closed higher Monday on continued net-buying by foreign investors, analysts said, while the gain was limited due to an upcoming European monetary meeting later this week. The won closed lower against the greenback.The benchmark Korea Composite Stock Price Index edged up 7.04 points, or 0.35 percent, to 2,002.00. Trading volume was moderate at 262 million shares worth 3.1 trillion won ($3.03 billion), with losers outpacing gainers 536 to 275.“Seoul shares continued to gather g

June 2, 2014

Number of firms on watchdog's list increases in June

The overall number of business group affiliates subject to restrictions on mutual investments and loan guarantees rose in June from a month earlier, the antitrust watchdog said Monday.The Fair Trade Commission said the number on the watch list stood at 1,688 from 63 business groups as of Monday, up four from the previous month.Twelve affiliates were included on the list following a stake purchase or launching of new companies, while eight companies were removed, the watchdog said.Under South Kor

June 2, 2014

Kookmin Bank’s internal feud intensifies

KB Kookmin Bank’s internal feud appeared to intensify as the board of directors and the management once again failed to reach an agreement on plans for replacing the bank’s computer system, a matter that has somehow turned into a power struggle between the bank management and outside directors. With the government now involved ― the Financial Supervisory Service has decided to speed up its special investigation into corruption regarding the system replacement as the outside directors claim ― it

June 1, 2014

Seoul shares to surpass 2,000 level on foreign buying

The South Korean stock market is expected to climb and stay above the 2,000-point level this week on a series of prompts at home and abroad, analysts said.The benchmark Korea Composite Stock Price Index lost 22.21 points from the previous week to close at 1,994.96 points Friday as investors went profit-hunting after a heated rally.After closing at a yearly high the week before, the KOSPI sank below the 2,000-point level in 10 sessions on Monday on institutional selling.On Wednesday, it soared ba

June 1, 2014

Seoul shares decline slightly on profit-hunting

South Korean stocks retreated 0.34 percent on Monday as investors indulged in profit-taking after a weeks-long strong performance of the market, analysts said. The local currency gained against the U.S. greenback.The benchmark Korea Composite Stock Price Index lost 6.82 points to 2,010.35, a drop from a five-month high of 2,017.17 in the previous session. Trading volume was thin at 191.7 million shares worth 2.65 trillion won ($2.59 billion), with losers slightly outnumbering gainers 413 to 370.

May 26, 2014

Shinhan Bank employee sacked for embezzling W131m

An employee of the country’s third-largest bank was belatedly found to have misappropriated a massive amount of money from the bank last year, regulators said Monday.The entry-level employee was caught embezzling about 131 million won ($127,900) from the bank over the course of several months for personal use, the Financial Supervisory Service revealed. Shinhan Bank detected the case in December last year and immediately reported the case to the FSS, according to the bank officials. The bank dis

May 26, 2014