The National Tax Service on Tuesday launched its investigation into POSCO by dispatching a group of inspectors to the steel producer’s headquarters in southern Seoul.The state tax inspectors also raided POSCO’s two steel mills in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province.Without offering a prior notice on their visit, the inspectors reportedly secured the company’s financial statements and computer hard disks in executives’ offices.As the company was subject to peri

Sept. 3, 2013

South Korean stocks closed 0.46 percent higher Tuesday as investors' sentiment was boosted by improved economic data from the eurozone and China, analysts said.The local currency closed higher against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 8.93 points to finish at 1,933.74. Trading volume was low at 294.2 million shares worth 3.98 trillion won ($3.62 billion) with gainers outpacing losers 542 to 265.Analysts said the gain of Seoul shares came as the Purch

Sept. 3, 2013

South Korean stocks opened higher Tuesday as investor sentiment was boosted by improved economic data from China and the eurozone, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 5.93 points, or 0.31 percent, to 1,930.74 in the first 15 minutes of trading.Tech shares traded bullish, with market behemoth Samsung Electronics adding 0.52 percent and top chipmaker SK hynix rising 0.71 percent. Samsung SDI, a local plasma display panel maker, added 1.18 percent.Mobile c

Sept. 3, 2013

Foreign currency-denominated loans extended by South Korean banks to residents grew by US$1.28 billion in the first half from six months earlier on increased dollar demand to cover import bills, the financial watchdog said Tuesday.Outstanding foreign currency loans amounted to $31.21 billion as of the end of June, compared with $29.93 billion at the end of last year, according to the Financial Supervisory Service (FSS).In the second quarter, such lending grew by $950 million, faster than the $33

Sept. 3, 2013

Scholarship or welfare foundations of the nation’s 10 major business groups were found to hold shares worth more than 4 trillion won ($3.5 billion) in their commercial affiliates such as Samsung Electronics and Hyundai Motor.Data compiled by Chaebul.com, which tracks conglomerate-related information, showed Monday that 19 nonprofit foundations, controlled by the 10 conglomerates, collectively own stocks totaling 4.72 trillion won in their profit-making sister firms as of Aug. 29.While the organi

Sept. 2, 2013

About 19 million credit card users saw their card benefits reduced because of policy changes by card firms, according to a report from the Financial Supervisory Service.The report, which was submitted to ruling party lawmaker Park Dae-dong, said the actual number of card users who underwent benefit cuts may be smaller, considering that one customer possesses four cards on average.Big name card companies involved in the benefit schemes include Shinhan Card, KB Kookmin Card, Samsung Card, Hana SK

Sept. 2, 2013

South Korea’s consumer price growth stayed in the 1-percent range for the 10th straight month in August, a government report showed Monday.The country’s consumer price index rose 1.3 percent on-year in August, decelerating from a 1.4 percent gain tallied in the previous month, according to the report by Statistics Korea.The August figure represented the 10th straight month since November that the price growth has stayed in the 1-percent range.The core inflation, which excludes volatile oil and f

Sept. 2, 2013

Foreigners’ ownership of South Korean shares moved down through August this year, data showed Monday, apparently as they sought safer investment destinations amid the economic slump.Overseas investors held 33.8 percent of stocks traded on the main bourse as of Monday, down 0.96 percentage point from end-December 2012, according to the data compiled by the Korea Exchange.It marked a sharp drop from an all-time high of 44.12 percent tallied in April 2004, the KRX said. Foreigners sold more shares

Sept. 2, 2013

South Korean insurers collected 23.6 trillion won ($21.3 billion) in premium sales with their partners in the financial industry last year, double the size from the introduction of the so-called bancassurance model a decade ago, business sources said Monday.According to the sources in the financial and insurance industries, banks claimed the largest share of insurance sales made through financial channels ― known as bancassurance ― in fiscal 2012, with 16.6 trillion won or 70.5 percent of the to

Sept. 2, 2013

South Korean stocks closed 0.08 percent lower Monday as the rising woes in the Middle East dented investors' sentiment in spite of improved economic data, analysts said. The local currency moved up against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.55 points to finish at 1,924.81. Trading volume was low at 238.8 million shares worth 3.37 trillion won (US$3.04 billion) with gainers outpacing losers 458 to 330.Market watchers said the decline came as advanced co

Sept. 2, 2013

South Korean stocks traded almost flat late Monday morning, as investors sat on the sidelines on the prospect of a U.S.-led military attack on Syria, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged down 0.25 points, or 0.01 percent, to 1,926.11 as of 11:20 a.m.Blue-chip shares led the market decline, with Samsung Electronics falling 0.22 percent and top carmaker Hyundai Motor losing 2.21 percent. Kia Motors shed 2.23 percent.Builders traded bullish, with Hyundai Engin

Sept. 2, 2013

Nonprofit arms under South Korea's top business groups held 5 trillion won (US$4.5 billion) worth of shares as of August, data showed Monday, urging the authorities to intensify oversight for transparency.Three nonprofit arms of Samsung Group saw their stock assets reach 2.7 trillion won at end-August, taking up 57 percent of all assets held by 19 conglomerate-linked charities, according to the data by Chaebul.com.Hyundai Heavy Industries Co., South Korea's leading shipbuilder, held two nonprofi

Sept. 2, 2013

South Korean stocks opened lower Monday due to losses on Wall Street in the previous trading session amid the rising crisis in Syria, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged down 0.51 points, or 0.03 percent, to 1,925.85 in the first 15 minutes of trading.Shares lost ground across the board, with tech giant Samsung Electronics falling 0.29 percent and top steelmaker POSCO moving down 0.78 percent. No. 1 carmaker Hyundai Motor shed 1.41 percent.U.S. stocks clos

Sept. 2, 2013

Seven of the 10 biggest business groups in Korea saw a contraction in profits or widening losses in the first half on a year-on-year basis, apparently hit by weaker price competitiveness in exports due to the cheap Japanese currency.According to the Korea Listed Companies Association, 79 publicly traded units owned by the 10 major conglomerates saw their collective operating profit come to 24.3 trillion won ($21.1 billion) during the first half, down 4.1 percent from 25.3 trillion won in the sam

Sept. 1, 2013

Korean companies’ stock issuances fell to their lowest level since the 2008-09 global financial crisis during the first half, signaling sluggish corporate fund-raising in the securities market.According to the World Federation of Exchanges and Korea’s financial investment industry, the corporate initial public offerings were valued at $228 million in the local stock market for the first six months of the year.The IPOs accounted for only 0.02 percent of the combined market capitalization worth $1

Sept. 1, 2013

Korea’s total credit card spending overseas hit a record high in the second quarter of this year despite the nation’s economic slowdown, the central bank said Friday.The Bank of Korea reported that about 51 percent of total payments made between April and June were put on plastic including debit cards. Koreans spent about $2.5 billion with cards during that period. The amount increased about 1.6 percent from the first quarter. The high rate of credit card spending resulted from a change in Korea

Aug. 30, 2013

Korea’s fiscal deficit widened to a record high in the first half of this year due to frontloaded spending and decreased tax revenue amid the economic slowdown, the Ministry of Strategy and Finance said Friday.The central government’s fiscal account, excluding social security funds such as pension and employment insurance, posted a deficit of 46.2 trillion won ($41.7 billion) in the first half of 2013, the worst on record.It had a deficit of about 30 trillion won a year ago, and 19.2 trillion wo

Aug. 30, 2013

South Korean stocks soared to a nearly three-month high on Friday, as the prospect of a U.S.-led military attack on Syria has receded and the world’s No. 1 economy showed signs of recovery, analysts said. The local currency edged down against the U.S. dollar. The benchmark Korea Composite Stock Price Index shot up 18.82 points to finish at 1,926.36, the highest since June 10.Trading volume was moderate at 295.7 million shares worth 5.0 trillion won ($4.49 billion) with gainers outstripping decli

Aug. 30, 2013