Seoul shares open higher on eased Greece woes

South Korean stocks got off to a strong start Thursday, as a sharp fall of Greek bond yields lifted worries over the protracted slump in Europe, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 14.92 points, or 0.76 percent, to 1,986.18 in the first 15 minutes of trading. Top listed firms drove up shares, with tech heavyweight Samsung Electronics gaining 0.8 percent and chipmaker SK hynix rising 0.7 percent. Greece's bond yields declined to a three-year low, spurrin

May 16, 2013

U.S. gov't urges N. Korea to free jailed American

The U.S. government called Wednesday for North Korea to release an American citizen jailed there, saying Washington's top priority is to secure the safety of its nationals."We urge the DPRK (North Korea) authorities to grant Mr. Bae amnesty and immediate release," Patrick Ventrell, deputy spokesman for the State Department, told reporters. "There is no greater priority for us than the welfare and safety of our U.S. citizens abroad."The 44-year-old Korean-American man, Kenneth Bae, was arrested i

May 15, 2013

Korea unveils measures to boost start-ups

The government plans to offer better tax breaks and incentives for investors and entrepreneurs investing and launching innovative start-ups as part of efforts to sustain the economy.The Ministry of Strategy and Finance announced a package of measures to boost venture investments and support mergers and acquisitions after holding a meeting of economy-related ministries Wednesday. The ministry said that it would allow investors and entrepreneurs to push back payments of capital gains tax when re-i

May 15, 2013

Korean firms’ rating outlook remains stagnant: Moody’s

The credit rating for South Korean firms is anticipated to remain stagnant this year due to challenging external factors that weigh down exporters, Moody’s Investors Service Inc. said Wednesday. The global credit appraiser said 38 percent of the country’s private companies received a negative credit outlook at end-April this year, compared to 32 percent tallied at end-2012.“As for the outlook on South Korean corporate ratings for over the next 12-month period, the most important key word is that

May 15, 2013

KEB makes inroads into Istanbul

Korea Exchange Bank said Wednesday that it opened a branch in Istanbul, Turkey, becoming the first in the nation’s banking industry to enter the country.The commercial bank said it planned to offer funding to Korea’s big firms operating in the city such as Hyundai Motor, Samsung Electronics and POSCO.It is also pinning hopes on the free trade agreement between South Korea and Turkey, which took effect on May 1, 2013.KEB chief executive Yun Yong-ro stressed that the lender had advanced into its f

May 15, 2013

Seoul shares almost flat amid lack of momentum

South Korean stocks closed 0.12 percent higher on Wednesday, as investors stayed on the sidelines amid a lack of market momentum and concerns over the weak yen, analysts said. The local currency lost ground against the U.S.dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) added 2.43 points to finish at 1,971.26. Trading volume was light at 238.6 million shares worth 3.63 trillion won (US$3.25 billion) with gainers outpacing decliners 510 to 301.  "The market showed little movemen

May 15, 2013

NongHyup Financial head offers to resign

The head of NongHyup Financial Group Inc. on Wednesday offered to resign following the massive hacking attack in March that paralyzed the network of its banking unit and the group's weaker earnings.Shin Dong-kyu, the president of the group, said in a statement that he offered to step down from the top post as he believed it would be desirable for a new head to lead the group, given "an array of difficulties facing the group."His resignation came as computer networks at Korea's major broadcasters

May 15, 2013

Seoul shares down 0.12 pct in late-morning trade

 South Korean stocks traded 0.12 percent lower late Wednesday morning, paring earlier gains as large-cap exporters widened losses, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.36 points to 1,966.47 as of 11:20 a.m.    Top-cap Samsung Electronics dropped nearly 1 percent and POSCO, a leading steelmaker, dipped 1.3 percent.   Domestic-oriented stocks extended their gains, with state-run Korea Electric Power Corp. rising 0.16 percent and NHN Corp., the No. 1 Inter

May 15, 2013

Seoul shares open higher on financial gains

South Korean stocks opened a tad higher Wednesday, as large-cap financial companies drove up the main index amid concerns over exporters feared to suffer from yen weakness, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.15 points, or 0.13 percent, to trade at 1,971.34 in the first 15 minutes of trading. Samsung Life Insurance, the sixth-largest listed firm by market cap, rose 0.5 percent, with No. 4 banking firm Shinhan Financial Group soaring more than 2 percent.

May 15, 2013

STX Corp. garners creditors’ bailout

STX Corp. averted default as its creditors on Tuesday agreed to provide the financially distressed company with bailout funds totaling 300 billion won ($270 million).The 300 billion won is composed of funding for the 200 billion-won-worth corporate bonds issued by STX Corp., which matured on Tuesday, and 100 billion won in emergency relief funds, said its main creditor Korea Development Bank.Over the past week, the state-run KDB and other creditors have been in a series of heated discussions whe

May 14, 2013

Korea to provide EDCF loans to Indonesia, Philippines

SEJONG (Yonhap News) ― South Korea has decided to provide lower-interest and long-term loans to Indonesia and the Philippines to help them carry out businesses aimed at building social and economic infrastructures, the Finance Ministry said Tuesday.Under the economic development cooperation fund program launched in 1987 to help other developing countries with their basic infrastructure facilities, the government will provide $50 million in loans for Indonesia to establish the piped sewerage syst

May 14, 2013

SK Innovation to spend W90 billion on expansion

SK Innovation Co., the holding company of South Korea’s biggest refiner SK Energy Co., said Tuesday that it will invest about 90 billion won ($81 million) to expand its IT-related production line. SK Innovation aims to complete the expansion of the plant in Jeungpyeong, about 126 kilometers south of Seoul, by 2014, the company said in a statement. The plant produces “flexible copper clad laminate.” FCCL is a key component for the flexible printed circuit board which is used for IT devices like s

May 14, 2013

Korea’s travel account deficit highest since 2011

Korea saw its travel account deficit surge to its highest in seven fiscal quarters in the months between January and March this year due to the rapid depreciation of the Japanese yen, according to the Bank of Korea on Tuesday.The shortfall reached some $2 billion in the first quarter, the highest since the second quarter of 2011 when the travel deficit under the services account in the balance of payments hit almost $2.26 billion.This is primarily due to the increasing number of Koreans travelin

May 14, 2013

Seoul shares up 0.86 pct in late-morning trade

South Korean stocks traded 0.86 percent higher late Tuesday morning, as blue-chip domestic shares led the gains in resistance to the weakening yen, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) soared 16.76 points to 1,965.46 as of 11:20 a.m.   State-run electricity provider Korea Electric Power jumped 1.5 percent and smallest mobile carrier LG Uplus hiked 2.5 percent.   But financial issues fell, with No. 3 banking firm Hana Financial Group slipping 0.5 percent and Sa

May 14, 2013

Seoul shares open higher on eased currency woes

South Korean stocks opened higher Tuesday, as fears of a weak Japanese yen eased following a market rattle last week, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 11.70 points, or 0.6 percent to 1,960.40 in the first 15 minutes of trading. Top-listed firms drove up shares, with Samsung Electronics rising 0.7 percent and auto parts maker Hyundai Mobis jumping 1.5 percent. The local currency was trading at 1,111.80 won against the U.S. dollar, down 0.1 won from Mon

May 14, 2013

Rate cut may not help ease poor families’ debt burdens

A rate cut by South Korea’s central bank may not help ease low-income families’ debt-serving burdens as their debt holdings stood relatively low and income growth remained stagnant, data showed Monday.In a surprise move, the Bank of Korea on Thursday cut the benchmark seven-day repo rate by a quarter percentage point to 2.5 percent in a bid to support the government’s stimulus drive.BOK Gov. Kim Choong-soo said in a press conference that the rate reduction would ease debt-serving burdens for low

May 13, 2013