Seoul shares down 0.47 pct on eurozone woes

South Korean stocks closed 0.47 percent lower on Tuesday due to rising uncertainties over the eurozone following Italy's election, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 9.51 points to 2,000.01. Trading volume was moderate at 422.2 million shares worth 3.5 trillion won (US$3.22 billion) with losers outpacing gainers 479 to 336."Investor sentiment was dented by the outcome of Italy's elections," said Bae Su

Feb. 26, 2013

Seoul shares down 0.31 pct in late-morning trade

South Korean stocks traded 0.31 percent lower late Tuesday morning, dented by losses in techs and logistics, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged down 6.15 points to 2,003.37 as of 11:20 a.m.Big-cap tech names led the decline, with top chipmaker SK hynix falling 0.38 percent and leading flat panel manufacturer LG Display losing 0.81 percent. No. 1 steelmaker POSCO shed 0.56 percent.Logistics shares also traded lower, with Hyundai Glovis decreasing 1.76 perc

Feb. 26, 2013

Seoul shares open lower on U.S. losses

South Korean stocks got off to a weak start on Tuesday, tracking overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.02 points, or 0.55 percent, to 1998.50 in the first 15 minutes of trading.Shares lost ground across the board, with market behemoth Samsung Electronics falling 0.72 percent and No. 1 carmaker Hyundai Motor moving down 0.47 percent. Top steelmaker POSCO decreased 0.7 percent.U.S. stocks ended lower Monday on rising concerns

Feb. 26, 2013

Park reiterates push for fair market

The controversial policy direction toward achieving a fairer market has come under the spotlight again, as President Park Geun-hye referenced “economic democratization” during her inaugural speech Monday.The term of economic democratization, aimed at weeding out unfair practices of big enterprises, was not included in the list of five major policy goals unveiled by the Park government last week.While opposition parties and civic groups criticized Park for omitting her campaign pledge from the li

Feb. 25, 2013

Households struggling to repay debt: BOK

Households spend up to 40 percent of monthly paychecks to pay interest plus principal on loans to local banks according to the Bank of Korea.Citing a survey of 2,119 Korean households, the Bank of Korea said about 8 percent responded that they use 40 percent of their salaries a month to repay their debt.More than 60 percent said that they are struggling to meet deadlines in repaying their loans, indicating that rising household debt needs to be urgently resolved.Household debt was the biggest sy

Feb. 25, 2013

Banks to set up more branches abroad

Despite the global economic slowdown, Korean banks are increasingly determined to set up more branches overseas to boost trade financing and diversify sources of profit, a report showed.The report released by the Financial Supervisory Service on Monday said that securing more foreign currency assets was the key objective of the 2013 expansion plans of banks here.Banks here opened a total of 11 branches abroad in 2012, largely in Southeast Asian countries including Vietnam, Myanmar and Indonesia.

Feb. 25, 2013

Regulator eases listing rules for foreign companies

South Korea’s financial regulator said Sunday it will ease rules for foreign companies wishing to be listed on the local bourse as part of a broader move to boost the stock market.The Financial Services Commission (FSC) will exempt overseas firms from listing evaluation if they meet certain criteria that qualifies them to be considered as blue-chip companies.Under the envisioned measures, candidates that have been listed for more than five years in offshore markets under an exchange agreement wi

Feb. 24, 2013

SC Bank reels from penalties

Standard Chartered Bank Korea, the Korean operation of London-based Standard Chartered that spans more than 70 countries worldwide, has been struck by not one, but a series of blows by the nation’s financial authorities.The three state regulators ― the Financial Supervisory Service, the National Tax Service and the Financial Services Commission ― took turns squeezing the British Bank. On Friday, the FSC finalized its decision to impose a 17 million won ($16,000) fine on the bank for offering and

Feb. 24, 2013

Shares to rise on hopes for new gov’t

South Korean stocks are expected to trade higher this week on the back of rising hopes for the country’s economy following the upcoming inauguration of President-elect Park Geun-hye, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 37.71 points, or 1.9 percent, to 2,018.89 on Friday from the previous week.Earlier last week, the KOSPI moved up as the investor sentiment was heightened by a G20 meeting of finance ministers and central bankers, where officials

Feb. 24, 2013

Seoul shares expected to trade higher on new gov't hope

South Korean stocks are expected to trade higher next week on the back of rising hopes for the country's economy following the upcoming inauguration of President-elect Park Geun-hye, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed up 37.71 points, or 1.9 percent, to 2,018.89 on Friday from the previous week.Earlier this week, the KOSPI moved up as the investor sentiment was heightened by a G20 meeting of finance ministers and central bankers, where officials raised

Feb. 23, 2013

JB Financial Group to make debut

The Financial Services Commission said Friday that it has endorsed the establishment of JB Financial Group, which will be headquartered in North Jeolla Province.The financial group will act as the parent unit of Jeonju City-based Jeonbuk Bank. Jeonbuk Bank had said it was considering a transformation into a financial holding company in a bid to boost its competitiveness through more integrated business of affiliates.The provincial bank also said it was reviewing the shift for the long haul in a

Feb. 22, 2013

Court OKs Woongjin’s self-rescue plan

A Seoul court on Friday gave the green light to a self-rescue plan proposed by Woongjin Holdings Co., clearing the way for the cash-strapped mid-sized group to make a fresh start.Under the approved plan, Woongjin Holdings, which owes about 1.57 trillion won ($1.5 billion) to its creditor banks, said it will pay off its debts with proceeds from its stake sale of several subsidiaries.The group will first sell its stake in its chemical unit, Woogjin Chemical Co.; its food unit, Woongjin Foods Co.;

Feb. 22, 2013

Ergo Daum faces sanction for rigging figures

The Financial Supervisory Service is considering taking punitive measures against Ergo Daum Direct, an online auto insurance firm, for fabricating the ratio of insurance payouts to premiums ― also called loss ratio.Though FSS officials said they have yet to decide on the sanction level, there is a high possibility that the insurance firm will be issued an institutional “warning” or “caution” by the regulator.But the punishment is not expected to deal a heavy blow to the insurance firm’s business

Feb. 22, 2013

Seoul shares close almost flat on global events

South Korean stocks closed almost flat on Friday as investors set on the sidelines ahead of major events around the globe, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.18 percent, or 3.67 points, to 2018.89. Trading volume was moderate at 403.2 million shares worth 3.9 trillion won (US$3.66 billion) with gainers outpacing losers 422 to 375."The stock market moved in a narrow range as investors took a wait-and-

Feb. 22, 2013

Park’s economic team to focus on growth, jobs

With Cho Won-dong named chief economic aide to President-elect Park Geun-hye, joining Finance Minister-nominee Hyun Oh-seok in the incoming government, the economic duo, who are described as “two of a kind,” are expected to first tackle issues on rising household debt through growth policies focused on boosting welfare.Park’s full economic lineup is yet to be established, as top new posts for the Financial Services Commission, the Fair Trade Commission, the National Tax Service and the Korea Cus

Feb. 21, 2013

Q4 household credit hits record on housing tax benefit

South Korea’s household credit rose to a fresh record high in the fourth quarter as the government’s temporary housing tax benefits raised demand for mortgage loans, the central bank said Thursday.Household credit totaled 959.4 trillion won ($997.2 billion) as of the end of December, up 23.6 trillion won from three months earlier, in contrast to an 11.8 trillion won gain in the third quarter, according to the Bank of Korea.The on-quarter growth picked up, but compared with a year earlier, the gr

Feb. 21, 2013

Watchdog begins audit on E-Mart lobbying allegations

South Korea’s anti-trust watchdog has opened an internal audit into allegations that E-Mart Co., the country’s largest discount chain operator, lobbied its officials to stop them from reporting the company’s unfair trading practices, industry sources said Thursday. The audit comes after the recent leak of confidential documents of Shinsegae Group, the parent company of the discount chain operator, that included E-Mart’s illegal lobbying of Fair Trade Commission officials in a bid to have them ke

Feb. 21, 2013

Daewoo bags $1.1b deal for offshore platform

Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Thursday that it has won a $1.1 billion contract to build part of an offshore oil production platform.Under the deal with Statoil of Norway, Daewoo Shipbuilding will deliver the topside of the platform by the end of 2016, the company said in a statement.The platform has a capacity of producing 63,000 barrels of oil and 90,000 cubic meters of natural gas on a daily basis, according to Daewoo Shipbuilding.So far this ye

Feb. 21, 2013

Shares down following rally

South Korean stocks closed 0.47 percent lower on Thursday as investors took a breather following a six-session rally, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slid 9.42 points to 2,015.22. Trading volume was moderate at 385.9 million shares worth 4 trillion won ($3.7 billion), with decliners outnumbering gainers 527 to 279.Foreigners extended their net buying to a fourth straight session, while institutions shifted to selling.

Feb. 21, 2013