South Korean stocks closed 0.64 percent higher Tuesday on abated concerns over the U.S. fiscal cliff and improving economic data, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 12.08 points to finish at 1,890.18. Trading volume was light at 367.0 million shares worth 3.62 trillion won ($3.34 billion) with advancers outnumbering decliners 481 to 330. “Political reassurance gave a boost to investor sentiment, though it’s likel

Nov. 20, 2012

South Korea’s growth potential has been almost cut in half since the economy survived the Asian financial crisis, data showed Tuesday, sparking concerns over the lack of drivers for future growth.The potential growth rate of Asia’s fourth-largest economy is estimated at an annual 3.7 percent as of this year, compared with 6.1 percent tallied just before the outbreak of the financial turmoil, according to data by the Bank of Korea, Statistics Korea and the Financial Supervisory Service. The figur

Nov. 20, 2012

Samsung Electronics Co. of South Korea has filed a lawsuit against LG Display Co., the world’s No. 2 maker of liquid crystal displays, seeking the invalidation of some of the latter’s patents on organic light-emitting diode panel technologies, company officials said Monday.In the suit filed with a local intellectual property tribunal, Samsung claimed that seven patents held by LG Display are invalid as they lack innovation.In September this year, LG Display filed a suit against tech giant Samsun

Nov. 19, 2012

LS Cable & System, a leading South Korean wire and cable maker, said Monday it has signed a $435 million deal to build a submarine power cable in Qatar.Under the deal with Qatar Petroleum, the Gulf state’s state-run energy company, LS Cable & System will install 200 kilometers of 132 kV high-voltage power cable to connect Ras Laffan Industrial City, about 80 kilometers north of Qatar’s capital of Doha, to Halul Island.The South Korean cable maker won the turnkey project by beating a consortium o

Nov. 19, 2012

South Korean stocks closed 0.93 percent higher Monday as waned fear over the U.S. fiscal cliff whetted investor appetite, analysts said. The local currency gathered ground against the U.S. dollar. The Korea Composite Stock Price Index rose 17.27 points to finish at 1,878.10. Trading volume was light at 345.7 million shares worth 3.20 trillion won ($2.93 billion) with advancers outstripping decliners 600 to 236. “Talks between President Obama and the Congress over the fiscal cliff last week refle

Nov. 19, 2012

The financial health of South Korean households has deteriorated for a third consecutive year, with the default rate in the low-rated group rising fast amid an economic slowdown, data showed Monday. An index measuring households’ credit soundness came to 99.73 in the January-June period, compared with 101.12 and 100.49 tallied in 2010 and 2011, respectively, according to the Korea Credit Bureau, a local credit appraiser. The assessment of household’s financial health by the KCB is based on relat

Nov. 19, 2012

Samsung Electronics Co. asked a court to force Apple Inc. to turn over a copy of its settlement with HTC Corp., saying it’s “highly relevant” to Apple’s request for an order blocking sales of Samsung smartphones.It’s “almost certain” that Apple’s settlement with HTC covers some of the patents at issue in its dispute with Samsung, according to a filing Firday by the Suwon, South Korea-based company in federal court in San Jose, California. The agreement may undermine Apple’s claim that Samsung’s

Nov. 18, 2012

Almost nine out of 10 of the country’s small and medium-sized enterprises believe the rising local currency against the U.S. dollar will result in a weaker bottom line, data showed Saturday.According to a survey of 112 local SMEs by the Korea Federation of Small and Medium Business, 88.2 percent replied the higher won will have an adverse impact on their earnings.The local currency closed at 1,092.20 won against the greenback on Friday, remaining below the 1,100 won mark since Oct. 25, when the

Nov. 18, 2012

South Korean handset maker LG Electronics Inc. said Saturday it spent more than 6 percent of its earnings on research and development through September of this year in a bid to develop high-end products.The company said it had allocated 2.26 trillion won ($2.08 billion), or 6.06 percent of its sales of 37.4 trillion won earned during in the January-September period, up 1.1 percentage points from a year earlier.Market watchers said South Korea’s No. 2 tech giant increased its research fund to dev

Nov. 18, 2012

The South Korean stock market is likely to be stagnant this week as uncertainties over the U.S. fiscal cliff continue to dent investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index closed at 1,860.83 this week, down 2.29 percent from the previous week, as shares lost ground across the board.Foreign investors went on a selling spree, unloading a net 520 billion won ($476 million) on the main bourse, with retail investors scooping up a net 80 billion won. Institutions pu

Nov. 18, 2012

The South Korean stock market is likely to be stagnant next week as uncertainties over the U.S. fiscal cliff continue to dent investor sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,860.83 this week, down 2.29 percent from the previous week, as shares lost ground across the board.Foreign investors went on a selling spree, unloading a net 520 billion won (US$476 million) on the main bourse, with retail investors scooping up a net 80 billion w

Nov. 17, 2012

Annual growth of South Korean households’ monthly income picked up in the third quarter, but their spending grew at its slowest pace in more than three years amid a longstanding economic slowdown, a government report showed Friday.Households’ monthly income averaged 4.14 million won ($3,808) in the July-September period, up 6.3 percent from a year earlier, according to the report by Statistics Korea. In the second quarter, such income grew 6.2 percent from a year ago.Inflation-adjusted household

Nov. 16, 2012

South Korea and Austria have agreed to significantly increase the number of passenger flights between the countries, Seoul’s transportation ministry said Friday, a move aimed at boosting the countries’ exchanges and lowering travel prices through competition.Currently, only South Korea’s flag carrier Korean Air operates three direct flights between Seoul and Vienna per week, according to the Ministry of Land, Transport and Maritime Affairs.In a two-day aviation meeting held in Austria earlier th

Nov. 16, 2012

South Korean stocks retreated 0.53 percent Friday as deepening U.S. fiscal woes and concerns about a possible economic recession in the world’s largest economy continued to dent confidence here, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 9.89 points to close at 1,860.83. Trading volume was moderate at 459.1 million shares worth 3.99 trillion won ($3.66 billion) with decliners outpacing gainers 582 to 240.“Investors are awar

Nov. 16, 2012

Nearly half of foreign asset managers operating in South Korea reported a loss in the first half of fiscal 2012, mostly due to the volatile market, industry data showed Friday.According to the data by the Korea Financial Investment Association and the Financial Supervisory Service, 11 out of 23 foreign asset managers, or 47 percent, are estimated to have suffered a shortfall in the April-September period. Foreign asset managers posted a combined net profit of 19.2 billion won ($17.6 million) in

Nov. 16, 2012

Commercial banks slashed their spending on social contribution activities again this year.The combined spending on social contributions of the four major banks ― Woori, KB Kookmin, Hana and Korea Exchange ― for this year is projected to stay at 231.7 billion won ($210.6 million), compared with 555.4 billion won three years ago.KB Kookmin has posted a gradual decline in the figure: 131.7 billion won in 2009, 62.8 billion won in 2010, 85.8 billion won in 2011 and 85 billion won in 2012.Woori repor

Nov. 16, 2012

South Korean stocks dropped 1.23 percent Thursday as investor sentiment was muted by widespread uncertainties over the stalled U.S. budget deal and European fiscal woes, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 23.32 points to close at 1,870.72. Trading volume was moderate at 446.2 million shares worth 4.14 trillion won ($3.8 billion) with decliners far outnumbering gainers 608 to 230.“Investors are worried about u

Nov. 15, 2012