Allianz begins voluntary redundancies to cut costs

Allianz Life Insurance Korea has begun its first restructuring in a decade in a desperate effort to break out of a long slump, industrial sources said on Friday. A 32 billion won ($30 million) net loss in 2012 is prompting the 1,650-staff company to launch a retirement program to cut jobs, the sources said. It is the first time for the foreign insurer to implement a voluntary retirement program since 2003.Early this week, company CEO Lee Myung-jae informed all employees that the company could no

Nov. 29, 2013

Seoul shares close almost flat amid stagnant consumption

South Korean stocks closed almost flat Friday due mainly to the fact investors sat on the sidelines amid weak consumers' sentiment from home and abroad, analysts said.The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.9 points, or 0.04 percent, to 2,044.87. Trading volume was low at 240.7 million shares worth 3.37 trillion won (US$3.18 billion) with gainers outpacing losers 402 to 379.Analysts said Seoul shares lost ground as investor

Nov. 29, 2013

Seoul shares trade almost flat in late-morning trade

South Korean stocks traded almost flat late Friday morning as investors took a wait-and-see approach on U.S. and Chinese data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 12.73 points, or 0.06 percent, to 2,044.56 as of 11:20 a.m.Shares lost ground across the board, with tech giant Samsung Electronics falling 0.4 percent and No. 1 carmaker Hyundai Motor losing 0.59 percent. Top chipmaker SK hynix lost 0.56 percent.The local currency was changing hands at 1,059.45 w

Nov. 29, 2013

S. Koreans' overseas card spending hits new record high in Q3

South Koreans' overseas credit card spending rose to a fresh record high in the third quarter as the number of outbound travelers increased amid the local currency's ascent, the central bank said Friday.Overseas credit card bills totaled US$2.71 billion in the July-September period, up 7.3 percent from three months earlier, according to the Bank of Korea (BOK).The BOK said that the number of outbound travelers sharply rose last quarter, making spending on overseas travel increase.In the cited pe

Nov. 29, 2013

Seoul shares open flat on QE woes

South Korean stocks opened almost flat Friday as investors took a wait-and-see approach on a possible tapering of quantitative easing (QE) by the U.S. Federal Reserve, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.96 points, or 0.05 percent, to 2,044.81 in the first 15 minutes of trading.Tech shares traded mixed, with market behemoth Samsung Electronics losing 0.13 percent, while SK hynix gained 0.99 percent. LG Electronics fell 0.29 percent.Shipbuilders lost groun

Nov. 29, 2013

Tax agency discloses habitual delinquents

The National Tax Service on Thursday publicized a list of habitual tax defaulters, who failed to pay or allegedly evaded taxes worth more than 500 million won ($471,180) for at least one year.On its homepage, the tax agency revealed personal or corporate information on 1,662 delinquent individuals and 936 businesses. The list features the name, age, job, address and records of the tax infractions.The average amount of taxes owed is 18.4 billion won per case. All together, this adds up to a total

Nov. 28, 2013

Seoul shares up 0.84 pct on tech gains

South Korean stocks inched up 0.84 percent on Thursday as tech shares gained ground on expectations that U.S. consumer spending may pick up near the year-end, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 16.96 points to 2,045.77. Trading volume was moderate at 270.4 million shares worth 3.99 trillion won (US$3.76 billion) with gainers outpacing losers 518 to 299."Foreign capital flew into the local share market, led

Nov. 28, 2013

Seoul shares up 0.63 pct in late-morning trade

South Korean stocks traded 0.63 percent higher late Thursday morning, due mainly to gains in technology firms and mobile carriers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 12.73 points to 2,041.54 as of 11:20 a.m.Tech shares continued to trade higher, with No. 1 Samsung Electronics rising 1.36 percent and flat panel maker LG Display climbing 2.73 percent. Leading chipmaker SK hynix moved up 1.59 percent.Mobile carriers also gathered ground, with SK Telecom addi

Nov. 28, 2013

Korean investments in overseas securities hit 5-year high in Q3

South Korean institutions' investments in foreign securities rose to the highest level in five years in the third quarter as stock markets rose globally, the central bank said Thursday.The value of foreign securities held by institutional investors totaled US$70.47 billion as of end-September, up 5.3 percent from three months earlier, according to the Bank of Korea (BOK).It marked the largest tally since the third quarter of 2009 when such investments in overseas securities hit $72.1 billion, th

Nov. 28, 2013

Seoul shares open higher on improved U.S. data

South Korean stocks began higher Thursday on the back of optimistic economic data from the United States, analyst said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.19 points, or 0.45 percent, to 2,038.00 in the first 15 minutes of trading.Tech shares led the market gain, with Samsung Electronics adding 1.02 percent and its smaller local rival LG Electronics advancing 1.05 percent. Top chipmaker SK hynix climbed 0.87 percent.Builders also traded bullish, with Hyundai Engineeri

Nov. 28, 2013

Banks allowed to acquire foreign financial groups

The government plans to allow local commercial banks to take over financial groups in foreign countries to boost their global competitiveness in the face of the saturated domestic market.The state-led project for encouraging the active expansion of domestic banks into foreign markets has been included in the policy agenda for development of the financial industry, unveiled by the Financial Services Commission on Wednesday.The authorities have decided to lift a ban on the acquisition by domestic

Nov. 27, 2013

Ministry sells IBK shares for privatization

The Ministry of Strategy and Finance said Wednesday that it has sold part of its share in the state-owned Industrial Bank of Korea to domestic and foreign institutional investors via block trade.It sold a total of 23.24 million shares, or 4.2 percent, of IBK, at 11,400 won ($10.70) per share evenly to foreign and domestic investors, the Finance Ministry added.The shares sold at a 5 percent discount on Tuesday’s market closing price of 12,000 won per share, it noted. The sale amounted to 265 bill

Nov. 27, 2013

Foreign ownership of Korean land grows in Q3

Foreign ownership of land in South Korea inched up from three months earlier in the third quarter, marking a turnaround from the previous quarter, the government said Wednesday.According to the Ministry of Land, Infrastructure and Transport, the amount of land owned by foreign investors or companies here came to 225.76 million square meters as of the end of September, up 0.01 percent from three months earlier.The land owned by foreign entities accounted for 0.2 percent of the country’s total are

Nov. 27, 2013

Heads of WB, IMF to visit Korea next week

The heads of the World Bank and the International Monetary Fund will visit South Korea next week to attend a launch ceremony for a climate fund office, the Finance Ministry said Wednesday.Jim Yong Kim of the WB and Christine Lagarde of the IMF will attend the ceremony to mark the opening of the secretariat office of the Green Climate Fund. It will be held on Wednesday next week in Songdo, west of the country’s capital of Seoul. South Korea was chosen last October to host the U.N. fund that aims

Nov. 27, 2013

Seoul shares rise 0.31 pct on institutional buying

South Korean stocks inched up 0.31 percent on Wednesday as institutional investors scooped up local shares with telecommunication shares and shipbuilders rising, analysts said. The local currency fell against the U.S. dollar.After trading in a narrow range, the benchmark Korea Composite Stock Price Index (KOSPI) gained 6.17 points to 2,028.81. Trading volume was moderate at 252.8 million shares worth 3.63 trillion won ($3.42 billion) with gainers outpacing losers 446 to 367."Foreign selling cont

Nov. 27, 2013

Seoul shares open lower on losses in techs, telecoms

South Korean stocks began lower Wednesday due to losses in technology firms and mobile carriers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.4 points, or 0.27 percent, to 2,017.24 in the first 15 minutes of trading.Tech shares led the market decline, with Samsung Electronics falling 0.74 percent and its smaller local rival LG Electronics moving down 0.15 percent. Flat panel maker LG Display shed 0.63 percent.Mobile carriers also traded bearish, with KT losing 0.1

Nov. 27, 2013

Regulators not considering lottery cash ban

The Ministry of Strategy and Finance said Tuesday that it is not considering banning consumers from purchasing lottery tickets with cash.This comes as news outlets reported that Korea’s gambling regulators were moving to prohibit consumers from buying tickets with cash by adopting the electronic card payment system in an effort to prevent gambling addiction.The Finance Ministry said that the media reports were “untrue and that it is not considering banning cash payments for lotteries.”Electronic

Nov. 26, 2013