Seoul shares down 0.34 pct on U.S. policy woes

South Korean stocks closed 0.34 percent lower Wednesday as market uncertainties grew before the release of the minutes of the U.S. Federal Open Market Committee's (FOMC) June meeting, analysts said. The local currency gained against the U.S. dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.19 points to finish at 1,824.16. Trading volume was low at 264.3 million shares worth 3.2 trillion won (US$2.8 billion) with losers outpacing gainers 521 to 276.  "Global investors are t

July 10, 2013

Seoul shares tad down in late-morning trade

South Korean stocks traded slightly lower late Wednesday morning, dented by losses in telecom companies and foodmakers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 1.53 points, or 0.08 percent to 1,828.82 as of 11:20 a.m.Leading confectionery maker Orion fell more than 2 percent, with No. 2 mobile carrier KT Corp. dropping 1.4 percent. Top-cap Samsung Electronics continued to move in positive terrain, rising 0.7 percent. The local currency was changing hands at 1,

July 10, 2013

Seoul shares open almost flat ahead of China's data release

South Korean stocks opened almost unchanged Wednesday as investors took to the sidelines ahead of the release of Chinese export data scheduled later in the day, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.28 points, or 0.02 percent to 1,830.63 in the first 15 minutes of trading. Large-cap exporters led the climb, with Samsung Electronics gaining 0.5 percent and Hyundai Motor rising nearly 1 percent. Blue-chip state-run electricity provider Korea Electric Power

July 10, 2013

IMF cuts global economic forecast to 3.1 percent

The International Monetary Fund said Tuesday that it has revised down its global economic forecast to 3.1 percent this year and 3.8 percent next year.Both of these projections are a 0.2 percentage point cut from its initial estimations, the IMF said.The eurozone’s prolonged debt crisis, a slowdown in emerging economies and spending cuts in the U.S. were the reasons for the growth forecast revision, the IMF explained.The U.S., the world’s largest economy, is projected to grow 1.7 percent this yea

July 10, 2013

Korea seeks to split financial regulatory body

The Financial Services Commission is facing a backlash from civic groups as its project to revamp the nation’s regulatory system appears to be focused on expanding its own authority rather than on strengthening consumer protection.In its recent report to the presidential office, the state regulator said it was considering spinning off the consumer protection board from the Financial Supervisory Service, an executive arm of the FSC.Though the spinoff plan nominally features policymakers’ willingn

July 9, 2013

Credit card firms scrap insurance after Asiana crash

Credit card companies have decided to cease offering insurance payments for death as a result of an aviation accident, according to the Financial Supervisory Service on Tuesday.Regulatory officials at the FSS said major issuers would scrap the insurance, which has been sold in coordination with insurance firms, from September. Among the firms are Shinhan Card, Hyundai Card, Samsung Card, KB Kookmin Card, Lotte Card and Hana SK Card. About 10 million consumers currently signed up for credit cards

July 9, 2013

14 Korean firms make Fortune 500 list

Samsung Electronics Co. and 13 other South Korean companies landed on the 2013 Fortune 500 list based on sales for fiscal 2012, up one local business from a year earlier, the online edition of the U.S. business magazine Fortune showed Monday.Samsung Electronics, the world’s leading maker of mobile phones and computer memory chips, ranked 14th on the list, up six notches from the previous year. SK Holdings, the holding company of SK Group that has the country’s top mobile carrier SK Telecom Co. u

July 9, 2013

Public offices seek to spend W364.7tr in 2014

The Ministry of Strategy and Finance said Tuesday that government agencies requested a total of 364.7 trillion won for spending next year, up about 23 trillion won, or 6.6 percent, from this year.Higher budget demands come as government agencies seek to increase spending on welfare, social security and research and development, the Finance Ministry explained in a press statement.Government agencies allocated expenditures of 342 trillion won, including 98.4 trillion won from public funds, this ye

July 9, 2013

Seoul shares gain 0.74 pct on eased China woes

South Korean stocks closed 0.74 percent higher Tuesday as worries about a worsening Chinese economy eased, analysts said. The local currency rose sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 13.50 points to finish at 1,830.35. Trading volume was light at 254.4 million shares worth 3.11 trillion won (US$2.71 billion) with gainers outpacing losers 499 to 286. "Some predicted a 6-percent level on-year growth for China. But investors seem to have d

July 9, 2013

Seoul shares up 0.31 pct in late-morning trade

South Korean stocks traded 0.31 percent higher late Tuesday morning, as large-cap firms narrowed gains from earlier sessions amid a foreign net selloff, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 5.61 points to 1,822.46 as of 11:20 a.m.Samsung Electronics narrowed its gains to advance 0.6 percent, with auto parts maker Hyundai Mobis staying almost flat. No. 1 mobile carrier SK Telecom lost 0.7 percent, with state-run electricity provider Korea Electric Power

July 9, 2013

Seoul shares open higher on U.S. gains

South Korean stocks got off to a strong start Tuesday, buoyed by Wall Street gains overnight on signs that the world's No. 1 economy is improving as it starts earnings season, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.65 points, or 0.37 percent, to 1,823.50 in the first 15 minutes of trading. Top-listed companies were bullish, led by market heavyweight Samsung Electronics going up nearly 2 percent. Major banking group Shinhan Financial also gained 1 percent. T

July 9, 2013

FSS to rein in pay for top insurance, securities execs

The nation’s financial regulator plans to widen its investigation into the incomes of bank executives to heads of insurance and securities companies.The Financial Supervisory Service said Monday that it would launch an investigation into the annual paychecks of every single executive of insurance firm and brokerage. The investigation will take place before the turn of the year, the regulator said. The move came about two weeks after the FSS officially confirmed its decision to screen the annual

July 8, 2013

Korea to overhaul monitoring of state enterprises

The Ministry of Strategy and Finance said Monday that it would overhaul its management and evaluation systems of state-run enterprises and institutions to boost their transparency and efficiency.It said that the government would strengthen its monitoring of state-owned enterprises to see whether they are efficiently managing their debt and human resources.This is part of efforts to wind down the debt that has adversely contributed to an overall increase in national obligations.Also, the governme

July 8, 2013

Ministry to reevaluate plans for regional institutional establishments

The government will reevaluate its initial plan of establishing regional national institutions and redraw it from scratch after thorough feasibility studies and reviews, the Ministry of Strategy and Finance said Monday.President Park Geun-hye pledged in her election campaign that her government would establish or relocate some national institutions to provinces to spur regional growth.Its initial proposal included building a national rehabilitation hospital in Ulsan, and a national aerospace tec

July 8, 2013

Government to inject W6.4tr into corporate bond market

The government said Monday it will provide liquidity worth 6.4 trillion won ($5.6 billion) to help local companies raise funds through selling corporate bonds, as the prolonged slump in corporate financing has stifled firms with a cash squeeze amid the slowing economy. The government will have state-run financial institutions buy bonds issued by local companies with lower credit ratings and provide them with a government guarantee so they can be sold with less borrowing costs, according to the F

July 8, 2013

Seoul shares fall 0.9 pct on Samsung losses

South Korean stocks closed nearly 1 percent lower Monday, driven by a steep decline in Samsung Electronics Co., following the company's disappointing earnings estimates for the second quarter release last week, analysts said.The local currency sharply fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) finished down 16.46 points to 1,816.85. Trading volume was light at 299.5 million shares worth 3.48 trillion won (US$3.05 billion) with decliners far outstripping

July 8, 2013

Seoul shares down 1.25 pct in late-morning trade

South Korean stocks traded 1.25 percent lower late Monday morning, led by a sharp fall in shares of Samsung Electronics, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) declined 22.88 points to 1,810.43 as of 11:20 a.m.Top-listed tech heavyweight Samsung Electronics plunged more than 4 percent, with SK hynix dipping 2.6 percent. In contrast, Hyundai Heavy Industries, the world's No. 1 shipyard, climbed 3.6 percent. The local currency was changing hands at 1,151.75 won agai

July 8, 2013

S. Korea's ranking rises to 34th in gold reserves

South Korea ranked 34th in gold holdings last month, marking its highest ranking ever, as its central bank has purchased the precious metal to diversify its foreign exchange reserves, data showed Monday.South Korea's gold holdings reached 104.4 tons valued at $4.79 billion as of end-June, accounting for 1.5 percent of the country's total FX reserves of $326.44 billion, according to the Bank of Korea (BOK).The BOK bought 20 tons of gold in February, following its previous four rounds of purchases

July 8, 2013

Seoul shares turn higher after weak start

South Korean stocks turned higher after a weak start Monday, as widening auto gains offset losses of top-cap Samsung Electronics Co., analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 3.07 points, or 0.17 percent, to 1,836.38 in the first 15 minutes of trading. Leading carmaker Hyundai Motor soared 1.2 percent, with its smaller affiliate Kia Motors climbing 1.5 percent. But Samsung Electronics lost nearly 1.4 percent. The local currency was trading at 1,149.75 won

July 8, 2013