Number of private moneylenders down

The number of private moneylenders operating in South Korea fell 6.9 percent in the second half of last year amid tighter business rules and a long streak of low rates, the financial watchdog said Friday.The number of registered private moneylenders and brokers reached 10,895 as of end-2012, compared with 11,702 six months earlier, according to the Financial Services Commission.The fall in such lenders came as the government has toughened rules on the ceiling on interest rates that such money le

July 26, 2013

KB Financial Q2 net tumbles 70.4 pct

KB Financial Group Co., South Korea‘s No. 2 banking group, said Friday its second-quarter earnings fell 70.4 percent from a year earlier on squeezed profit margin and one-off valuation loss from its investment in a Kazakhstani bank.Net profit amounted to 163.5 billion won ($147 million) in the April-June period, compared with 551.6 billion won the previous year, the group said in a regulatory filing. In the first half, the group’s earnings declined 50.3 percent to 575 billion won.The group‘s bot

July 26, 2013

Seoul shares edge up 0.06 pct on improved economic outlook

South Korean stocks closed 0.06 percent higher Friday on improved economic outlook for advanced countries, analysts said. The local currency traded higher against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 1.2 points, or 0.06 percent, to close at 1,910.81. Trading volume was moderate at 316 million shares worth 3.75 trillion won (US$3.37 billion), with gainers outpacing losers 415 to 384."Seoul shares edged up as the United States, Japan and the euro zone's eco

July 26, 2013

Seoul shares up 0.18 pct in late-morning trade

South Korean stocks traded 0.18 percent higher late Friday morning following gains in carmakers and retailers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 3.39 points to 1,913.00 as of 11:20 a.m.Carmakers led the market gain, with No. 1 player Hyundai Motor adding 0.67 percent and its smaller affiliate Kia Motors climbing 1.32 percent. Samsung Heavy Industries, a major shipbuilder, advanced 2.17 percent.Retailers also traded lower, with Lotte Shopping increasin

July 26, 2013

Seoul shares open nearly flat ahead of FOMC meeting

South Korean stocks opened almost flat Friday as investors took a wait-and-see approach ahead of U.S.Federal Open Market Committee (FOMC) meeting slated for next week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 2.23 points, or 0.12 percent, to 1,907.38 in the first 15 minutes of trading.Carmakers traded mixed, with Kia Motors advancing 0.16 percent and top auto parts maker Hyundai Mobis remaining unchanged. No. 1 player Hyundai Motor also stayed flat.Market

July 26, 2013

Korea faces growing risks in second half

Deputy Prime Minister and Finance Minister Hyun Oh-seok urged economy-related ministers to increase their monitoring of the financial markets to counter negative external factors.In a meeting with the ministers on Thursday, Hyun said the eurozone recession and China’s slow growth, below the 8 percent threshold, could dampen Korea’s recovery efforts in the second half of this year.The deputy prime minister had previously mentioned that the government would counter volatility through “proactive” m

July 25, 2013

‘Ex-Daewoo chairman’s son owns Vietnam country club’

Kim Sun-yong, the second son of former Daewoo Group chairman Kim Woo-choong, was found to have purchased a country club in Vietnam through a paper company he established in an overseas tax haven, a group of journalists claimed on Thursday.The Korea Center for Investigative Journalism, locally known as Newstapa, said that the junior Kim holds a 100 percent share for the luxury Vietnamese golf course called “Van Tri Golf Club.” Former chairman Kim is known to play golf there, Newstapa added. Newst

July 25, 2013

Korean consortium wins Turkmenistan refinery order

A South Korean consortium has clinched a $240 million order to expand an oil refinery in Turkmenistan, industry sources said Thursday.Under the contract with Petronas Carigali, LG International Corp. and Hyundai Engineering Co. will rebuild an oil refining facility in Kiyanly on the coast of the Caspian Sea by the end of 2015.Once the facility expansion is completed, the refinery will be able to additionally process 10,000 barrels of crude oil and 35 million cubic meters of natural gas a day, th

July 25, 2013

Public firms move to disregard jobseekers’ academic records

Economic policymakers are considering introducing a fresh recruiting process for some state-funded agencies, which would not take previously-sought requirements, such as educational background and English proficiency test scores, into consideration.The so-called “spec-free” recruitment system has been adopted by several conglomerates that officially place little significance on applicants’ credentials in their assessment.According to officials at the Finance Ministry, the recruitment process cou

July 25, 2013

Seoul shares down 0.13 pct on weak momentum

Seven celebrity soldiers who were caught on camera drinking and entering a massage parlor were sentenced to several days in a military prison for violating the military code of conduct, the defense ministry said Thursday.The soldiers faced unprecedented tough disciplinary actions after a local TV network last month secretly taped them. They included K-pop star Rain and Seven, drinking together in a private restaurant following a performance for a military event. Two of them were caught by a came

July 25, 2013

Seoul shares trade in flat late-morning trade

South Korean stocks traded flat late Thursday morning as gains in technology firms offset losses in carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged down 0.08 points to 1,912.00 as of 11:20 a.m.Carmakers continued to lead the market decline, with No. 1 player Hyundai Motor losing 0.22 percent and its smaller affiliate Kia Motors falling 0.66 percent. In contrast, top auto parts maker Hyundai Mobis gained 0.97 percent.Tech shares traded bullish, with market b

July 25, 2013

Seoul shares open lower on profit taking

South Korean stocks opened lower Thursday as investors sought after profit taking, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 4.62 points, or 0.24 percent, to 1,907.46 in the first 15 minutes of trading.Carmakers led the decline, with No. 1 player Hyundai Motor losing 0.89 percent and its smaller affiliate Kia Motors falling 0.83 percent. Top shipbuilder Hyundai Heavy Industries shed 0.48 percent.Retailers also traded lower, with Lotte Shopping moving down 0

July 25, 2013

Coffee consumption sees first fall in 5 years

Koreans’ spending on coffee and tea fell for the first time in more than five years.According to statistics held by the financial investment industry, the average household’s consumption of coffee and tea products stood at 8,500 won in the first quarter of 2013, down 1.4 percent from 8,624 won over the same period last year.This marked the first fall since the figure reported a 1.3 percent drop in the fourth quarter of 2007.From 2008 to 2012, household spending on coffee and tea posted 10.5 perc

July 24, 2013

Korea to control housing supply in Seoul

Deputy Prime Minister and Finance Minister Hyun Oh-seok said Wednesday that the government will aim to speed up the recovery of the housing market as a means to improve the overall economy.In a meeting with economic-related ministers, Hyun said that it will control the supply side of the housing market especially in the Seoul metropolitan areas, in addition to tax cuts, to spur demand and thus transactions.However, it will continue to moderately provide public housing for the low- and mid-income

July 24, 2013

Global economy being more dependent on G3: BOK

South Korea’s top central banker said Wednesday that countries around the globe are seen as more sensitive to economic conditions facing the group of three major economies in the wake of the global financial crisis.Bank of Korea Gov. Kim Choong-soo said in a monthly meeting with economists that countries are closely watching how economic conditions in the U.S., the eurozone and China will evolve in a bid to receive any guideline for steering their economies.“Compared with the past, it seems that

July 24, 2013

Samsung Electronics boasts top working conditions

Samsung Electronics Co., the world’s leading smartphone marker, was found to have one of the most favorable working conditions in South Korea and to have contributed the most to the local economy, a report showed Wednesday.According to the report released by Chaebul.com, a business researcher, the tech giant saw its working environment index reach 66.3 points out of 100, marking the highest grade among 300 local companies tallied.The index takes four criteria ― contributions to the economy, empl

July 24, 2013

Seoul shares gain 0.42 pct on low hopes for earnings

South Korean stocks inched up 0.42 percent on Wednesday, as investors took to the sidelines on low hopes for second-quarter corporate earnings, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 7.93 points to close at 1,912.08. Trading volume was moderate at 315.9 million shares worth 3.47 trillion won (US$3.11 billion) with gainers outstripping decliners 443 to 339."The main index managed to close in positive

July 24, 2013