KB Financial ranks 68th in world

KB Financial Group ranked 68th on the list of the world’s 100 largest banks by core capital, the highest spot among local lenders, the Bank of Korea said Sunday.Citing the July edition of the London-based Banker magazine, the central bank BOK said a total of six Korean banks made the world’s top 100 list as of the end of 2012. The five other financial groups were KDB, Woori, Shinhan, Hana (plus Korea Exchange Bank) and NongHyup.KB Financial saw its core capital come to $19.2 billion at the end o

July 7, 2013

Shares expected to rise on abated eurozone woes

South Korean stocks are expected to trade higher this week as the plan by the European Central Bank to maintain its economic stimulus moves will boost investors’ sentiment, analysts said.The benchmark Korea Composite Stock Price Index closed down 22.42 points, or 1.2 percent, to 1,833.31 on Friday from the previous week.Earlier last week, the KOSPI remained flat as investors took a wait-and-see approach on the rising concerns over the Chinese economy and listed firms’ second-quarter earnings.The

July 7, 2013

China says private banks possible

China's government has promised sweeping changes to its state-run banking industry, including allowing the creation of private lenders, to support struggling private companies and curb what regulators worry are growing financial risks.The changes announced Friday would tighten controls on some bank activities while also increasing lending to credit-starved private businesses.The new leadership that took power last year has pledged to support entrepreneurs who generate China's new jobs and wealth

July 5, 2013

HSBC to withdraw retail banking from Korean market

HSBC Holdings Plc said Friday it has decided to pull its retail banking out of South Korea and focus on the corporate banking service here.The British banking group said that it plans to close down its retail and wealth management services in South Korea next week and instead focus on the corporate banking business.The British banking giant said that it will seek regulatory approval to close down 10 of its 11 branches in Korea.“HSBC remains committed to South Korea where it is uniquely positione

July 5, 2013

Seoul shares close 0.32 pct lower on Samsung's weak earnings

South Korean stocks closed 0.32 percent lower Friday due to Samsung Electronics' lower-than-expected earnings estimate for the second quarter, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 5.83 points to close at 1,833.31. Trading volume was low at 280 million shares worth 3.72 trillion won ($3.27 billion) with gainers outpacing losers 434 to 351.Analysts said the decline came as Samsung Electronics, the world's

July 5, 2013

Seoul shares almost flat in late-morning trade

South Korean stocks traded almost flat late Friday morning amid abated woes over the eurozone's economic stimulus moves and Samsung Electronics' lower-than-expected earnings report, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.72 points, or 0.04 percent, to 1,839.86 as of 11:20 a.m.Carmakers traded bullish, with No. 1 player Hyundai Motor moving up 0.23 percent and its smaller affiliate Kia Motors adding 2.04 percent.Retailers also traded higher, with Hyundai Me

July 5, 2013

Seoul shares open higher on eased eurozone woes

South Korean stocks opened higher Friday as the overnight European Central Bank meeting implied that the eurozone plans to maintain its economic stimulus moves down the road, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.08 points, or 0.49 percent, to 1,848.22 in the first 15 minutes of trading.Shares gathered ground across the board, with top chipmaker SK hynix adding 0.52 percent and No. 1 carmaker Hyundai Motor rising 1.87 percent. Leading steelmaker POSCO gai

July 5, 2013

Foreigners' net sell-off hits nearly 2-year high

Foreigners' net selling of local stocks hit a nearly two-year high last month, as the U.S. Federal Reserve's signal to gradually end its easy-money policy prompted them to leave the Seoul market, the financial regulator said Friday.Overseas investors sold off a net 5.14 trillion won (US$4.51 billion) worth of local equities in June, a turnaround from the 300 billion won net purchase the previous month, according to the Financial Supervisory Service (FSS).The June figure is the largest net sellin

July 5, 2013

Government to boost service productivity

Deputy Prime Minister and Finance Minister Hyun Oh-seok said Thursday that the government would undo “any discriminative policies” against the services sector and provide the same support to the industry as it had to the manufacturing sector.This is part of efforts to boost productivity in the services industry and achieve a 70 percent national employment rate.Although the services sector has created more jobs than the manufacturing sector over the years, its productivity falls well behind the O

July 4, 2013

Tax on intra-group deals to start this month

The National Tax Service said Thursday that it would implement taxation on the cross-affiliate deals in the business sector this month.The tax agency plans to impose gift taxes on some 10,000 individuals including owners of businesses ― which offered exclusive benefits to affiliates or subsidiaries ― and the owners’ friendly powers.Among tax authorities’ targets are owners of major conglomerates such as Samsung, Hyundai Motor, SK, GS and LG.Some of them have been under close monitoring from the

July 4, 2013

Deutsche Bank Seoul branch referred to prosecution

The Korean unit of Deutsche Bank AG may be placed under prosecutors’ investigation for business irregularities, according to the Financial Supervisory Service.An FSS official said the regulator, in consultation with the Financial Services Commission, referred the financial firm Thursday to the prosecution for breaching the laws on financial investment, issuing an “institutional warning” against the Seoul branch and reprimanding its branch manager and eight other employees.The Deutsche Bank Seoul

July 4, 2013

Seoul shares rise 0.79 pct on improved U.S. data

South Korean stocks closed 0.79 percent higher Thursday as investors' sentiment was heightened by the Unites States' optimistic job data, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 14.48 points, or 0.79 percent, to close at 1,839.14. Trading volume was moderate at 309 million shares worth 3.09 trillion won (US$2.71 billion) with gainers outpacing losers 481 to 316.    "Seoul shares gathered ground on the back of

July 4, 2013

Policymakers downplay household debt risk

Deputy Prime Minister and Finance Minister Hyun Oh-seok on Wednesday played down some economists’ worries that the nation’s household sector is facing a crisis due to its collective heavy debt.Top financial regulatory officials ― Shin Je-yoon and Choi Soo-hyun ― and central bank governor Kim Choong-soo shared Minister Hyun’s view during the National Assembly’s hearing on the outstanding loans to the household sector in Seoul.The policymakers reiterated that the growth pace in the financial firms

July 3, 2013

JTI to hold senior writing competition

Japan Tobacco International announced on Wednesday that it will hold its fourth national writing competition for senior citizens in Korea.This year’s literary contest awards great works in two literary genres ― poetry and essay ― with the theme “elderly lives of wisdom.” The annual JTI Elderly Literary Award was first held in 2010 to proliferate the “new senior culture” of creativity and independence. The application period runs from Aug. 1 through Oct. 15, with the results to be announced Nov.

July 3, 2013

Seoul shares close 1.64 pct lower on weak yen

South Korean stocks closed 1.64 percent lower Wednesday as the Japanese currency resumed its downtrend against the greenback, analysts said. The local currency fell against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) shed 30.36 points, or 1.64 percent, to close at 1,824.66. Trading volume was moderate at 399.8 million shares worth 3.65 trillion won (US$3.19 billion) with losers outpacing gainers 633 to 195.   Analysts said the decline came as the yen-dollar exchang

July 3, 2013

Seoul shares down 0.93 pct in late-morning trade

South Korean stocks traded 0.93 percent lower late Wednesday morning as the Japanese yen resumed its downtrend, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 17.22 points to 1,837.80 as of 11:20 a.m.Tech blue chips led the market decline, with leading Samsung Electronics losing 1.72 percent and its rival LG Electronics moving down 2.73 percent.Builders also traded lower, with Hyundai Engineering & Construction falling 2.11 percent and Daewoo Engineering & Constructio

July 3, 2013

Seoul shares open higher on shipbuilders, techs

South Korean stocks opened higher Wednesday on gains in shipbuilders and technology firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.79 points, or 0.15 percent, to 1,857.81 in the first 15 minutes of trading.Shipbuilders gathered ground, with Samsung Heavy Industries advancing 0.56 percent and Daewoo Shipbuilding & Marine Engineering moving up 0.39 percent. Leading carmaker Hyundai Motor added 0.7 percent.Tech shares mostly traded bullish, with SK hynix climb

July 3, 2013

KB Financial to overhaul structure

Ahead of the coming bid competition for Woori Financial Group units, KB Financial Group is set to revamp its business structure to secure its position as a well-prepared potential acquirer.As the initial step, KB Financial is expected to carry out a full-scale personnel reshuffle after its new chairman nominee Lim Young-rok takes office on July 12, group officials said Tuesday.The financial firm, whose flagship is KB Kookmin Bank, is mentioned as one the few powerful contenders for the state-fun

July 2, 2013

Firms advised to brace for late payments from overseas

As the economic growth of India, Brazil and the EU is projected to be slower than expected in the latter part of this year, Korean exporters in these markets need to prepare for the risk of delayed payment, according to the state-run Korea Trade Insurance Corp., known as K-sure.The outlook for growth in these three markets was made based on a survey of officials from 14 overseas branches of K-sure on risk of nonpayment in the nation’s key export markets. The main business of K-sure is to guarant

July 2, 2013