Foreign bidders may vie for Woori

A group of overseas investors are likely to participate in the coming bidding for the public-funds-injected Woori Bank and Woori Finance Holdings, according to market insiders on Thursday.Financial market participants raised the possibility, noting that Kyobo Life Insurance is reportedly considering forming a consortium with global firms to bid for the largest financial group in Korea.Among the firms are investment banks such as Softbank, Macquarie Group and JPMorgan, according to the report.A s

Oct. 24, 2013

Seoul shares up 0.54 pct on China's manufacturing data

South Korean stocks gained 0.54 percent Thursday following better-than-expected manufacturing data from China, analysts said.The local currency fell against the U.S. dollar.The local currency ended at 1,061.00 won against the greenback, plunging 5.20 won from Wednesday's close.During Thursday's trading session, the local currency soared to reach 1,054.30 won at 2:20 p.m., marking the highest level for 2013, breaking an earlier record of 1,054.50 won tallied on Jan. 15.last-minute decline came as

Oct. 24, 2013

Seoul shares trade almost flat in late-morning trade

South Korean stocks traded almost flat late Thursday morning as investors continued to take a wait-and-see approach on the Chinese economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.74 points, or 0.13 percent, to 2,038.49 as of 11:20 a.m.Builders traded bullish, with Hyundai Engineering & Construction adding 0.66 percent and Daewoo Engineering & Construction advancing 0.81 percent. GS Engineering & Construction climbed 0.93 percent.Tech shares lost ground,

Oct. 24, 2013

Seoul shares open flat amid Chinese woes

South Korean stocks opened almost flat Thursday amid rising concerns over a possible economic slowdown in China, the top trading partner of Asia's fourth-largest economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 2.87 points, or 0.14 percent, to 2,038.62 in the first 15 minutes of trading.Logistics firms gathered ground, with Hyundai Glovis adding 3.77 percent and top air carrier Korean Air rising 1.76 percent. CJ Korea Express gained 0.33 percent.In contrast

Oct. 24, 2013

Credit card firms rake in W13b via unfair deals: report

The credit card industry was found to have taken profit by bullying its subcontractors over the past few years, a lawmaker said Wednesday, citing financial regulatory data.The card issuers involved in improprieties during their deals with suppliers were BC, Shinhan, KB Kookmin, Hyundai, Samsung, Lotte, Hana SK, Korea Exchange Bank and NongHyup Bank, according to Rep. Kim Young-joo of the main opposition Democratic Party.Her document, which was tendered by the Financial Supervisory Service, showe

Oct. 23, 2013

Won keeps rising on foreign capital inflow

The Korean won is gaining ground over both the U.S. dollar and the Japanese yen, increasing the potential of further weighing down export-dependent recovery efforts of Asia’s fourth-largest economy.The won-dollar exchange edged near the 1,050 won line on Wednesday, leading lawmakers to urgently alert monetary policymakers to intervene to keep the rate from falling below the psychological and marginal threshold of 1,000 won.Increased demand for the local currency led the exchange rate to further

Oct. 23, 2013

Hana Bank wins financial IT awards

Hana Bank won three awards in the “2013 Technology Implementation Awards Korea” event hosted by the Asian Banker, an Asia-Pacific financial magazine, the bank said on Tuesday. Hana was presented with this year’s Best Mobile Banking Project Award, Best Mobile Social Media Project Award and Best Mobile Security Project Award, in recognition of its outstanding performance in financial technologies and services, according to bank officials.Since launching the country’s first smartphone banking syste

Oct. 23, 2013

FSS promotes Busan as ship-financing hub

The Financial Supervisory Service hosted an investor relations convention in Shanghai on Wednesday to attract foreign ship-financing investment to Korea’s No. 1 port city, Busan.About 110 leaders from 68 shipbuilding-related institutions, including Chinese financial institutions, global ship-financing firms, Shanghai Shipping Exchange and Shanghai Shipowners’ Association, attended the Korean financial regulator’s event.The Shanghai IR session was aimed at promoting the advantages of Busan as a c

Oct. 23, 2013

Banks may log better-than-expected earnings for this year

South Korean banks may post better-than-expected earnings for this year on the back of smaller loan-loss reserves and an absence of the regulator’s rule tightening on financial health, data showed Wednesday.Top banking group Woori Finance Holdings and the other three rivals may post a combined 6 trillion won ($5.68 billion) in earnings for 2013, down from 7.71 trillion won tallied for last year, according to an estimate made by financial data provider FnGuide.Their net income amounted to 2.7 tri

Oct. 23, 2013

Regulator to probe Hyosung’s financial arm

The financial regulator said Wednesday it will start a probe next month on the financial unit of Hyosung Group, a major South Korean conglomerate under fire for tax dodging and accounting fraud allegations, to see if the affiliate violated lending rules to support the parent firm. The Financial Supervisory Service plans to launch an investigation into Hyosung Capital Co. in November on suspicion that the firm extended sizable loans to the Cho family, the owner of the conglomerate, using borrowed

Oct. 23, 2013

Seoul shares down 0.99 pct on weak U.S. data

South Korean stocks fell 0.99 percent Wednesday amid mixed views on the weaker-than-expected United States jobs data for September, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) plunged 20.37 points to finish at 2,035.75. Trading volume was moderate at 363.1 million shares worth 5.29 trillion won ($4.9 billion), with losers outpacing gainers 514 to 306.Analysts said Seoul shares lost ground as the U.S. jobs data for last

Oct. 23, 2013

Seoul shares trade almost flat in late-morning trade

South Korean stocks traded almost flat late Wednesday morning as investors were mixed on the lower-than-expected figures in the U.S. jobs data for September, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.15 points, or 0.01 percent, to 2,056.27 as of 11:20 a.m.Brokerages traded higher, with Samsung Securities rising 0.62 percent and KDB Daewoo Securities climbing 2.49 percent. Woori Investment & Securities added 1.72 percent.Carmakers traded mixed, with No. 1 Hy

Oct. 23, 2013

Seoul shares open higher on U.S. stimulus hope

South Korean stocks opened higher Wednesday as the weaker-than-expected U.S. jobs data for September supported the outlook that its central bank may delay tapering of its economic stimulus, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 5.62 points, or 0.27 percent, to 2,061.74 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.41 percent and top steelmaker POSCO rising 0.94 percent. Leadin

Oct. 23, 2013

Foreigners’ stock buying likely to weaken

Stock market insiders are focusing on the future moves of foreign investors, who have tended to dump Korean shares whenever the U.S. dollar trades below 1,060 won.Although foreigners have had a strong buying spree on the Korea Exchange over the past few weeks, research analysts point to the past when overseas investors based their decisions largely on Korean firms’ export price competitiveness.Since the 2008 global financial crisis, foreigners have net-sold 3.6 trillion won ($3.3 billion) worth

Oct. 22, 2013

Korea delays plan to balance budget

South Korea has delayed its timetables of striking a fiscal balance over the past years, apparently keeping spending to push for its agendas and passing the bucks of attaining a balanced budget over to the next government, data showed Tuesday.A fiscal balance refers to a condition where the government spends within its means, causing no deficit or surplus. The pattern of delaying the timetable was based on the analysis of mid- and long-term fiscal management plans and related data unveiled over

Oct. 22, 2013

Seoul shares edge up 0.15 pct ahead of U.S. jobs release

South Korean stocks edged up 0.15 percent Tuesday as investors took a wait-and-see approach ahead of the United States jobs data for September, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.11 points to finish at 2,056.12. Trading volume was moderate at 368.3 million shares worth 4.56 trillion won ($4.3 billion), with gainers outpacing losers 508 to 293.Analysts said Seoul shares remained almost unchanged as inve

Oct. 22, 2013

Seoul shares down 0.32 pct in late-morning trade

South Korean stocks traded 0.32 percent lower late Tuesday morning due to losses in techs and financial shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.58 points to 2,046.43 as of 11:20 a.m.Tech shares lost ground, with market behemoth Samsung Electronics falling 1.64 percent and top chipmaker SK hynix losing 3.37 percent. Local handset maker LG Electronics also shed 0.99 percent.Financial firms traded bearish, with Shinhan Financial decreasing 3.29 percent a

Oct. 22, 2013