No breakthrough at Korea-China trade talks

The latest round of South Korea-China free trade agreement talks this week were productive but no significant breakthrough was made, officials here said Friday.The latest round marked the beginning of discussions on the list of products subject to market opening, according to the Ministry of Trade, Industry and Energy.“At the latest round of talks, the two sides began their full-fledged negotiations as they exchanged their offers and requests for the opening of their markets to all subject produ

Jan. 10, 2014

Seoul wary of effects from U.S. tapering

Korea’s monetary policymakers on Friday said that risks in the financial market will still drag on this year due to several key undesirable factors at home and abroad.After a meeting of finance-related ministries and agencies in Seoul, the senior officials said in a statement that “the U.S.’ ongoing scaling back of stimulus measures is projected to bring a big change to the global economy and financial environment.”They also predicted that “uncertainties of the Japanese, Chinese and emerging mar

Jan. 10, 2014

Stocks end lower on weak investor sentiment

Seoul shares ended lower on Friday, extending the losing streak to three sessions, as investors sat on their hands ahead of the release of the U.S. jobs report, analysts said. Massive selling by foreign investors also weighed on the market. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 7.57 points, or 0.39 percent, to 1,938.54. Trading volume on the main bourse came in at 254.22 million shares worth 4.21 trillion won ($4 billion), with los

Jan. 10, 2014

Yen’s weakness threatens Korean economy: report

The Korean government has designated the Japanese yen’s depreciation as one of the biggest threats to the country’s recovery efforts.In a monthly report, or the “Green Book,” released by the Ministry of Strategy and Finance on Thursday, it said that signs “strongly” showed that Asia’s fourth largest economy is recovering.However, the rapid depreciation of the yen poses a risk to the Korean economy, along with monetary stimulus cuts in the U.S.“Even though Korea is showing stronger signs of an ec

Jan. 9, 2014

CGV aims to open 19 new theaters in China this year

South Korea’s largest movie theater chain CJ CGV said Thursday it aims to open 19 new theaters and record 170 billion won ($159.74 million) in sales in the Chinese market this year, more than double last year’s revenue of 80 billion won there.The company said it has designated China as a major hub of its globalization as it steps up efforts to advance into Southeast Asia as well as North America.Since opening China’s first CGV theater in Shanghai in 2006, CGV has added 26 more in 16 cities aroun

Jan. 9, 2014

FSC gives approval to new high-yield fund

A type of mutual fund that invests in high-risk bonds will soon be available in the market with a tax benefit, as part of a policy effort to spur corporate financing, the financial regulator said Thursday.The Financial Services Commission (FSC) said it will allow local financial firms to introduce the revised high-yield fund from as early as March 1 till the end of this year, following the parliamentary passage of the related bill at the beginning of this year.A high-yield bond fund under local

Jan. 9, 2014

KRX seeks to invigorate sagging stock market

South Korea’s bourse operator unveiled a set of plans on Thursday, including extending trading hours, to bring vitality back to the local stock market currently suffering a stagnant run and a fall in turnover.The Korea Exchange (KRX) said it will consider expanding the regular stock trading hours in order to boost market liquidity and lure investors back to the market. Other global peers have raised their regular trading hours since the unprecedented global financial crisis in 2008, according to

Jan. 9, 2014

Seoul shares close lower on blue-chip losses

South Korean stocks finished lower on Thursday as investors dumped blue-chips such as Samsung Electronics, Hyundai Motor and POSCO on jitters that the stronger won may hurt their profits. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 12.85 points, or 0.66 percent, to close at 1946.11. Trading volume was heavy at 272.05 million shares worth 4.6 trillion won ($4.3 billion), with gainers outpacing losers 434 to 389.The market started higher o

Jan. 9, 2014

Seoul shares close almost flat on uncertainties

 South Korean stocks closed almost flat Wednesday as investors sat on the sidelines amid rising economic uncertainties from abroad, analysts said. The Korean won closed higher against the U.S. dollar.   The benchmark Korea Composite Stock Price Index shed0.48 points, or 0.02 percent, to 1,958.96. Trading volume was low at 213 million shares worth 4.27 trillion won ($4.01 billion) with gainers outpacing losers 453 to 346.   Analysts said Seoul shares lost ground as investors remained concerned ov

Jan. 8, 2014

Park’s ‘unification’ remarks boost related stocks

A group of shares linked to North Korea climbed Tuesday following remarks by President Park Geun-hye calling for preparation for possible reunification of the two Koreas. The so-called “unification-themed” stocks saw sudden price increases following the president’s remarks as investors chased them hoping for large gains.Hyundai Merchant Marine Co., which operated tours in Geumgangsan Mountain in North Korea, led the advance. Shares in the country’s second-largest sea cargo carrier jumped 5.6 per

Jan. 7, 2014

BOK to freeze key rate for 8th month in Jan.: poll

South Korea’s central bank is likely to freeze the key interest rate for the eighth straight month for January as the local economy is on the recovery track amid tame inflation, a poll showed Tuesday.All 16 analysts surveyed by Yonhap Infomax, the financial news arm of Yonhap News Agency, forecast that the Bank of Korea (BOK) will leave the benchmark seven-day repo rate unchanged at 2.5 percent on Thursday. Experts said that the local economy is on the moderate recovery track while inflationary

Jan. 7, 2014

Finance ministers of S. Korea, India to meet this week

Finance ministers of South Korea and India will meet this week to discuss economic cooperation, officials here said Monday.Finance Minister Hyun Oh-seok will meet with his Indian counterpart Palaniappan Chidambaram in New Delhi on Wednesday, according to the officials at the finance ministry.They will discuss cooperation in major economic areas including trade, investment, taxation, finance and infrastructure areas, they said. In addition, the two will exchange views on cooperation on the intern

Jan. 6, 2014

Banks see high credit risks for conglomerates

South Korean banks forecast the credit risks of larger firms to stay high in the first quarter on concerns about the impact of the yen’s weakness and a liquidity squeeze facing ailing companies, the central bank said Monday.An index gauging larger firms’ credit risks came in at 16 for the January-March period. This was unchanged from the previous quarter, which was the highest figure since the second quarter of 2009’s identical tally, according to a survey of 16 local banks conducted by the Bank

Jan. 6, 2014

Execs at Samsung financial units embroiled in scandals

A number of financial units of Samsung Group were found to have engaged in a chain of irregularities involving sexual harassment and dubious deals with VIP customers, according to financial regulatory officials on Monday.Among them, a senior executive of one of the financial units was found to have sexually harassed a female employee, an official of the Financial Supervisory Service said.“The company’s management dismissed the executive at the end of December last year during Samsung’s annual re

Jan. 6, 2014

Seoul shares open higher on tech gains

South Korean stocks started off with a gain Monday on the back of tech companies like Samsung Electronics, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.6 points, or 0.13 percent, to 1,948.74 in the first 15 minutes of trading.Market leader Samsung Electronics rose 0.62 percent, and its smaller rival SK hynix climbed up 1.65 percent.  The local currency was trading at 1,055.45 against the U.S. dollar as of 9:21 a.m., down 0.25 won from Friday's close. (Yonhap News

Jan. 6, 2014

Kumho develops Korea’s first self-sealing tires

Kumho Tire, South Korea’s second-largest tiremaker, said Friday it will market the first indigenous self-sealing tires that can reduce overall maintenance cost for drivers.The so-called self-sealing tires took more than two years to develop and use special jell technology that immediately fills up any holes, helping to maintain consistent air pressure despite punctures to the tread.This mechanism allows for normal operation with a punctured tire whereas other tires would go flat. If properly mai

Jan. 5, 2014