FSS chief tells insurance firms to protect consumers

Korea’s chief financial regulator Choi Soo-hyun reiterated that enhanced consumer protection in the insurance industry would guarantee insurers a brighter future.Insurance companies may see consumer protection as yet another cost to their business, said Financial Supervisory Service Gov. Choi in his keynote address during the 49th annual seminar of the International Insurance Society in Seoul on Tuesday.“But, from a long-term perspective, strong consumer protection means strong consumer confiden

June 18, 2013

Foreigners dump Korea stocks amid split bets

Foreign investors have targeted the South Korean stock market in their recent capitalization of equities amid concern over some developed countries exiting monetary easing.Amid predictions of weaker growth for emerging economies due advanced countries’ tighter monetary policy, foreigners net-sold stocks worth $3.22 billion on the Korean bourse over the past week.A certain portion of research analysts, however, are betting on longer-than-expected monetary easing in the U.S. and other major countr

June 18, 2013

Chiefs of Korea Coal, KINS recommended for dismissal

Chiefs of Korea Coal Corp. and the Korea Institute of Nuclear Safety are expected to be removed from their posts by the government for their poor management, officials said Tuesday.The two companies received the poorest grade of E on their 2012 management report cards by a team of 159 civilian experts evaluating 111 state-owned and quasi-state enterprises.The Finance Ministry said Tuesday that 16 chiefs of state-run and quasi-state enterprises, including Yeosu Gwangyang Port Authority, Korea Hyd

June 18, 2013

Eximbank, Japan to spur joint overseas projects

The Export-Import Bank of Korea and its Japanese counterpart bank discussed ways to boost cooperation in joint overseas projects during a seminar in Tokyo on Tuesday, bank officials in Seoul said.The seminar was attended by Eximbank vice chairman Hong Young-pyo, the Japanese Bank for International Cooperation CEO Hiroshi Watanabe and some 130 bank officials and executives of plant constructors from the two countries.The participants discussed cooperative measures and shared information on overse

June 18, 2013

Seoul shares up 0.93 pct amid policy uncertainties

South Korean stocks closed 0.93 percent higher Tuesday amid the divided outlook over the United States Federal Open Market Committee (FOMC) meeting slated for this week, analysts said. The local currency fell against the U.S. dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) added 17.52 points to close at 1,900.62. Trading volume was low at 275.3 million shares worth 3.38 trillion won (US$2.99 billion) with gainers outpacing losers 529 to 298.   The index returned above the 1,900-

June 18, 2013

Seoul shares trade flat in late-morning trade

 South Korean stocks traded almost flat late Tuesday morning as investors continued to sit on the sidelines to await the results of the Federal Open Market Committee meeting scheduled this week, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) edged down 0.23 points, or 0.01 percent, to 1,882.87 as of 11:20 a.m.   Logistics firms lost ground, with Hyundai Glovis decreasing 1.08 percent and Hyundai Merchant Marine falling 2.37 percent. Top air carrier Korean Air plunged 1.

June 18, 2013

Seoul shares open flat on policy woes

South Korean stocks opened almost flat Tuesday as investors took to the sidelines ahead of the U.S.Federal Open Market Committee meeting slated this week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 1.53 points, or 0.08 percent, to 1,881.57 in the first 15 minutes of trading.Mobile carriers lost ground, with leading SK Telecom falling 1.14 percent and KT losing 0.92 percent. LG Uplus, the smallest player, shed 1.16 percent.In contrast, tech blue chips traded

June 18, 2013

Top conglomerates’ workforce up 24.9% in 2012

South Korea’s top 30 conglomerates saw their employees grow 24.9 percent in 2012 from four years earlier excluding gains from merger and acquisition deals, data showed Monday.The combined number of employees at the country’s top 30 business groups came to 1.12 million last year, rising 209,899 from 842,156 tallied in 2008, according to the data by a financial information provider Chaebul.com.CJ Group, a local food and entertainment conglomerate, saw the number of its employees reach 46,271 in 20

June 17, 2013

Listed firms’ ability to repay debts improves

The ability of South Korean listed companies to pay back their debts improved in the first quarter of this year due mainly to an increase in operating profits, data showed Monday.The average interest coverage ratio of 569 firms listed on the main bourse came to 4.45 in the January-March period, compared to 3.83 tallied a year earlier, according to the data compiled by the Korea Exchange.The ratio, or a firm’s operating profit divided by its interest costs, measures the company’s ability to pay i

June 17, 2013

Shares down on policy woes

South Korean stocks fell 0.32 percent Monday as investors took a wait-and-see approach on the United States Federal Open Market Committee meeting slated for this week, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 6.14 points to close at 1,883.10. Trading volume was low at 258.6 million shares worth 3.19 trillion won ($2.83 billion) with losers outpacing gainers 594 to 221.On Thursday, the index fell below the 1,900-point ma

June 17, 2013

Seoul shares down 0.32 pct on policy woes

South Korean stocks fell 0.32 percent Monday as investors took a wait-and-see approach on the United States Federal Open Market Committee (FOMC) meeting slated for this week, analysts said. The local currency gained against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) shed 6.14 points to close at 1,883.10. Trading volume was low at 258.6million shares worth 3.19 trillion won (US$2.83 billion) with losers outpacing gainers 594 to 221.   On Thursday, the index fell be

June 17, 2013

Seoul shares trade flat in late-morning trade

South Korean stocks traded almost flat late Monday morning as investors took a wait-and-see approach on the Federal Open Market Committee meeting scheduled this week, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.36 points, or 0.02 percent, to 1,889.60 as of 11:20 a.m.    Builders traded bearish, with Hyundai Engineering & Construction falling 0.83 percent and Daewoo Engineering & Construction losing 0.77 percent. Daelim Industrial moved down 1.61 percent.   I

June 17, 2013

Seoul shares open higher on blue-chip gains

South Korean stocks opened higher Monday fueled by gains in blue chip exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 7.54 points, or 0.4 percent, to 1,896.78 in the first 15 minutes of trading.Tech shares gathered ground, with market behemoth Samsung Electronics adding 0.51 percent and its smaller rival LG Electronics gaining 0.27 percent. Top steelmaker POSCO gained 0.32 percent.Carmakers also traded bullish, with No. 1 player Hyundai Motor rising 0.51

June 17, 2013

KDIC faces tax haven controversy

The Korea Deposit Insurance Corp. and its subsidiary KRNC are mired in controversy over setting up paper companies in tax havens by former executives and employees of the two state-run financial companies.The Korea Center for Investigative Journalism, known locally as Newstapa, on Saturday released another batch of six Koreans found to have operated two ghost companies in the British Virgin Islands.The six included Kim Gi-don, former CEO of KRNC and former senior manager of KDIC, and five others

June 16, 2013

Korea to increase forex oversight

The Ministry of Strategy and Finance said Sunday that it planned to propose amendments to legislation on foreign exchange transactions to allow increased monitoring and punishment by state regulators of those who hide assets offshore.The revised bill to be reviewed by the National Assembly over the next month would give local regulatory agencies such as the Korea Customs Service and the Financial Supervisory Service more power to conduct joint investigations into suspicions of illegal foreign ex

June 16, 2013

Commercial banks to kick off debt rescheduling plan

South Korean commercial banks will kick off their debt restructuring programs for the so-called “house poor,” who are unable to pay off their debts, including mortgages, starting on Monday. Under the plan named “pre-workout,” the banks will extend the repayment period for borrowers with fewer than 90 days of delinquency to up to 35 years, industry sources said Sunday. However, borrowers whose properties are under legal dispute can not apply for the program. Borrowers who filed for a personal fin

June 16, 2013

Financial watchdog mulls special audit of GS E&C

South Korea’s financial watchdog is considering a special audit of GS Engineering & Construction Co., the fourth-largest builder, over an accounting fraud allegation, an industry official said Sunday. “We are reviewing whether the special audit on GS is needed or not as a petition for an audit on GS by a civic group has been accepted,” the official at The Financial Supervisory Service said on condition of anonymity. “After confirming the details related to the allegation of GS’s accounting fraud

June 16, 2013

Lotte Shopping ranked No. 3 global department store

Lotte Shopping Co., South Korea’s top department store chain operator, said Sunday that it has ranked third among global department stores on Forbes’ annual Global 2000 list of the biggest publicly traded companies, up one notch from last year. France’s PPR SA ranks as the world’s biggest department store, followed by Macy’s of the United States.However, Lotte took the top ranking among Asian department stores. The U.S. economic magazine announced the list in terms of assets, sales, net profit a

June 16, 2013

Shares likely to rebound this week

South Korea’s stock market is expected to rebound this week as concerns over a possible tapering-off of credit easing measures by the U.S. and other major economies relax, analysts said.The country’s key stock index, the KOSPI, lost 34.61 points, or 1.8 percent, this week to close at 1,889.24. Foreign investors dumped a net 2.4 trillion won ($2.1 billion) worth of local shares this week on concerns that the U.S. Federal Reserve may scale back its quantitative easing.In the past few sessions the

June 16, 2013