Bankruptcies rise to six-month high

The number of corporate bankruptcies rose to the highest level in six months in July due mainly to a one-off factor, the central bank said Tuesday.The number of companies that went belly-up totaled 101 in July, up from 58 tallied in the previous month, according to the Bank of Korea.In July, corporate failures hit the highest level since January when the number of bankruptcies reached 103, the bank added.The BOK said the calendar effect caused the number of business failures to rise as the final

Aug. 20, 2013

Seoul shares dip 1.6 pct on steel, chemical losses

South Korean stocks retreated 1.55 percent Tuesday on losses by blue-chip steelmakers and chemical companies amid jitters over the U.S. stimulus cut, analysts said.The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) closed down 29.79 points to 1,887.85. Trading volume was moderate at 345.5 million shares worth 4.19 trillion won ($3.73 billion) with decliners far outstripping gainers 707 to 123. "What investors across the globe fear the m

Aug. 20, 2013

Seoul shares up 0.28 pct in late-morning trade

South Korean stocks reverted to gains late Tuesday morning after a weak start, as tech and auto blue-chips turned to pare losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.29 points, or 0.28 percent, to 1,922.93 as of 11:20 a.m.Tech heavyweight Samsung Electronics shot up 1.4 percent, with Hyundai Motor, the world's fifth-largest automaker, climbing 0.4 percent. The local currency was changing hands at 1,122.95 won against the greenback as of 11:20 a.m., down

Aug. 20, 2013

Seoul shares open tad lower amid U.S. policy uncertainties

South Korean stocks opened slightly lower Tuesday as the main index keeps moving in a tight range ahead of the U.S. central bank's release of its July minutes, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 0.29 points, or 0.02 percent, to 1,917.35 in the first 15 minutes of trading. Steelmakers and telecom shares weighed down the KOSPI, with POSCO losing 0.6 percent and top mobile carrier SK Telecom sliding 0.7 percent.  Investors are all eyes and ears over w

Aug. 20, 2013

Seoul to beef up rules on overseas accounts

South Korea’s financial ministry said Monday it plans to tighten rules on overseas financial accounts held by its nationals in a bid to crack down on tax evasions and root out illegal deeds.South Koreans with overseas financial accounts worth more than 1 billion won ($899,000) will be obligated to report their overseas assets and their sources starting next year, according to the Ministry of Strategy and Finance.The plan is in line with the government’s move to establish a fair tax justice syste

Aug. 19, 2013

Seoul shares almost flat amid U.S. policy woes

South Korean stocks inched down Monday as investors stayed on the sidelines on concerns the U.S. is about to start unwinding its stimulus package next month, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 2.47 points, or 0.13 percent, to close at 1,917.64. Trading volume was moderate at 296.7 million shares worth 3.28 trillion won (US$2.94 billion) with decliners outpacing gainers 417 to 367."The fact that we're going

Aug. 19, 2013

Seoul shares down 0.13 pct in late-morning trade

South Korean stocks traded 0.13 percent lower late Monday morning, led by losses in retail and tech giants, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) dropped 2.44 points to 1,917.67 as of 11:20 a.m.Lotte Shopping sank 2 percent, with E-mart also losing 0.5 percent. Top-cap Samsung Electronics slid 0.8 percent and chipmaker SK hynix fell 0.7 percent.The local currency was changing hands at 1,112.40 won against the greenback as of 11:20 a.m., up 1.1 won from Friday's cl

Aug. 19, 2013

Gov't to intensify rules on overseas financial accounts

South Korea's financial ministry said Monday it plans to tighten rules on overseas financial accounts held by its nationals in a bid to crack down on tax evasions and root out illegal deeds.South Koreans with overseas financial accounts worth more than 1 billion won ($898,876) will be obligated to report their overseas assets and their sources starting next year, according to the Ministry of Strategy and Finance.The plan is in line with the government's move to establish a fair tax justice syste

Aug. 19, 2013

Number of stock-rich minors up 10 pct in Aug.

The number of stock-rich South Korean minors jumped 10 percent this month from a year earlier, data showed Monday, as more rich people handed over wealth to their offspring in advance to pay less gift tax.According to the data by local research firm Chaebul.com, the number of minors with shares worth more than 100 million won ($89,887) came to 268 as of Friday, compared to 243 tallied a year earlier.The number of South Korean minors with shares worth more than 1 billion won also jumped 31.3 perc

Aug. 19, 2013

Seoul shares open lower amid U.S. stimulus cut woes

South Korean stocks got off to a weak start Monday, as investors took to the sidelines on growing worries about a U.S. stimulus cut drawing near, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 8.8 points, or 0.46 percent, to 1,911.31 in the first 15 minutes of trading. Large-cap stocks moved downward, with market bellwether Samsung Electronics falling nearly 1 percent and leading automaker Hyundai Motor dipping 1.3 percent. Investors are awaiting the July minutes of

Aug. 19, 2013

Banks unable to avert borrowers’ suit over rates

A leading consumer advocate has reiterated its determination to reveal past irregularities involving loan interest rates in the first-tier banking industry by resorting to “judicial authorities.”Following its receiving applications from borrowers for a joint suit against banks during the first half, the Korea Consumer Agency said Sunday that the victimized bank consumers were allowed to join the class action until the end of September as an extension.Its move comes after financial authorities re

Aug. 18, 2013

Gov't debt from bond sales tops W800 tln

South Korea's outstanding debt from bond issuance exceeded 800 trillion won (US$719 billion) for the first time in its history, related data showed Sunday, indicating that the government's expenditures have grown while tax revenues have significantly dropped.According to the data from the Korea Financial Investment Association, the combined amount of state bonds that need to be repaid breached the 800 trillion won mark on Tuesday and reached 800.34 trillion won as of Friday.The country's outstan

Aug. 18, 2013

Korean bonds, won post weekly drops

South Korea’s bonds completed a weekly loss, with the three-year yield touching a five-week high, and the won dropped on signs the U.S. will pare stimulus that has spurred fund flows to emerging markets.Initial jobless claims in the world’s largest economy fell to the least in almost six years, official data showed this week, and 65 percent of economists surveyed by Bloomberg expect the Federal Reserve to reduce $85 billion of monthly bond buying in September. South Korean producer prices declin

Aug. 16, 2013

Woori officially launches sales of nonbank units

Woori Financial Group has officially launched the sale of its subsidiary Woori Investment & Securities along with other non-banking units, financial regulators said Friday.Korea’s leading brokerage house will be offered in a “package” with three other nonbank subsidiaries ― Woori Aviva Life Insurance, Woori Asset Management and Woori FG Savings Bank.Potential buyers are required to submit their preliminary bids for the batch of nonbanking units to their lead sales manager Citigroup Global Market

Aug. 16, 2013

Seoul shares down 0.2 pct on U.S. concerns

South Korean stocks closed 0.2 percent lower Friday as improved economic data sparked concerns over a reduction in the U.S. quantitative easing, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.8 points to finish at 1,920.11. Trading volume was moderate at 334.8 million shares worth 3.55 trillion won ($3.19 billion) with losers outpacing gainers 429 to 354.Analysts said Seoul shares lost ground due on the market outlo

Aug. 16, 2013

Seoul shares down 0.47 pct in late-morning trade

South Korean stocks traded 0.47 percent lower late Friday morning due to losses in techs and brokerages, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 9.08 points to 1,914.83 as of 11:20 a.m.Tech shares continued to fall, with market behemoth Samsung Electronics losing 0.85 percent and its domestic rival LG Electronics decreasing 2.24 percent. Top chipmaker SK hynix shed 1.54 percent.Brokerage houses also traded lower, with Samsung Securities losing 0.66 percent and

Aug. 16, 2013

Seoul shares open lower on U.S. losses

South Korean stocks opened lower Friday tracking overnight losses on Wall Street as an improved economic data sparked concerns over a reduction in the U.S. quantitative easing, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 16.20 points, or 0.84 percent, to 1,907.71 in the first 15 minutes of trading.Tech shares closed bearish, with No. 1 player Samsung Electronics plunging 1.08 percent and top chipmaker SK hynix falling 1.2 percent. Top flat panel maker LG Display sh

Aug. 16, 2013

Self-employed face tax scrutiny

The National Tax Service is set to closely scrutinize the books of high-income and self-employed professionals such as doctors, lawyers, architects, real estate agents and private moneylenders to see whether they have been properly paying their taxes. This toughened stance comes as the Ministry of Strategy and Finance seeks to increase its tax collection from the self-employed to make up for the possible decrease in revenue following the readjustment of its tax code revision.The Ministry of Fina

Aug. 15, 2013