Capital erosion swamps 34 asset management firms, 10 brokerages

A slew of financial investment companies here are suffering from capital erosion as their losses surged on excessive competition and the economic slump caused by the eurozone fiscal crisis.Forty-one percent of local asset management firms and 16 percent of brokerage houses had impaired capital, according to the Financial Supervisory Service and the Korea Financial Investment Association.Some of the smaller companies with impaired capital, whose total capital is less than their paid-in capital, a

Sept. 4, 2012

‘Global economic woes delaying Korean recovery’

The global economic slowdown may continue to weigh down on the South Korean economy for some time, effectively preventing the country’s economic recovery, the nation’s finance minister said Monday.“Exports shrank for a second consecutive month in August as the economies of the United States, China and the eurozone continued to slow down,” Bahk Jae-wan was quoted as saying in a special meeting on economy revitalization.The trade ministry earlier said the country’s exports dropped 6.2 percent from

Sept. 3, 2012

Seoul shares dip after high start

South Korean stocks opened higher on Monday but swung to negative territory due to losses in major blue chips, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.28 points, or 0.49 percent, to 1,895.84 in the first 15 minutes of trading.Samsung Electronics slumped 2.11 percent following Apple Inc.'s move to add more products to its patent infringement list. Top steelmaker

Sept. 3, 2012

Shares likely to stay on sidelines this week

Korean stocks will likely move sideways this week, with investors eyeing the result of the European Central Bank’s monetary policy meeting scheduled for later in the week, analysts said.The benchmark Korea Composite Stock Price Index finished at 1,905.12 this week, down 0.8 percent from the previous week. It sank into negative territory earlier in the week after top-cap Samsung Electronics nosedived 7 percent on its patent lawsuit defeat to Apple Inc. The KOSPI rebounded after expectations of ec

Sept. 2, 2012

Seoul shares likely to stay on sidelines next week

South Korean stocks will likely move sideways next week, with investors eyeing the result of the European Central Bank (ECB)'s monetary policy meeting scheduled for later in the week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) finished at 1,905.12 this week, down 0.8 percent from the previous week. It sank into negative territory earlier in the week after top-cap Samsung

Sept. 1, 2012

Shares end little changed on Fed disappointment

South Korean stocks closed nearly flat Friday as investors stayed on the sidelines on jitters over a U.S.-led economic boost amid lack of market momentum, analysts said. The local currency lost ground against the U.S. dollar. After bobbing in and out of negative territory, the benchmark Korea Composite Stock Price Index shed 1.18 points or 0.06 percent to finish at 1,905.20. Trading volume was heavy at 639.1 million shares worth 4.39 trillion won ($3.87 billion) with gainers outpacing losers 420

Aug. 31, 2012

Citibank Korea picked as best commercial bank

Citibank Korea was awarded Best Foreign Commercial Bank from Hong Kong-based magazine Finance Asia last month. This is the fifth consecutive year Citibank has won this award. Finance Asia is one of the Asia’s leading monthly financial magazines. It announces the best banks in different Asian countries every year through Country Awards. The magazine commented that Citi Korea introduced an innovative service enhancing foreign exchange cash management capability to clear payment on the same day and

Aug. 31, 2012

Korean investments in overseas securities fall in Q2

South Korean investments in overseas securities fell for the first time in three quarters in the second quarter as the eurozone debt crisis hit share prices, the central bank said Thursday.Institutional investors' investments in foreign stocks, bonds and so-called Korean Paper reached an outstanding $54.44 billion as of the end of June, down $2.2 billion from three months earlier, according to the

Aug. 30, 2012

Seoul shares open lower on blue-chip losses

South Korean stocks got off to a weak start Thursday, dented by losses in blue chips, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.04 points, or 0.62 percent, to 1,916.50 in the first 15 minutes of trading. Large-cap shares dipped across the board, with market bellwether Samsung Electronics sinking 1.06 percent and No. 1 automaker Hyundai Motor sliding 1.02 percen

Aug. 30, 2012

Hyundai Heavy has highest credit rating among top 10 chaebol: study

Among the nation’s 10 conglomerates, Hyundai Heavy Industries marked the highest credit rating, according to recent research. CEO Score, a CEO and company appraising website, said on Wednesday that Hyundai Heavy Industries issued a total of 1.2 trillion won ($1.06 billion) worth of corporate bonds between July last year and Aug. 24 this year, at an average annual interest rate of 3.51 percent. The interest rate was the lowest among the ten conglomerates researched, which signifies that the compa

Aug. 29, 2012

Seoul shares open higher on tech gains

South Korean stocks opened higher Wednesday, fueled by gains in tech heavyweights amid lingering hopes for stimulus action by the U.S. Federal Reserve ahead of its chief's speech, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.56 points, or 0.08 percent, to 1,917.89 in the first 15 minutes of trading. Tech blue chips drove up the shares, with mobile phone maker LG El

Aug. 29, 2012

Moody’s rating upgrade lowers credit risks for Korea

South Korea’s credit default risks eased after a global credit appraiser has raised its sovereign rating on Asia’s fourth-largest economy, reflecting the soundness of its overall economic health, industry data showed Tuesday. The credit default swap premium for the country’s five-year Treasuries stood at 103.6 basis points as of Aug. 27, down 2.9 basis points from the previous day, according to the Korea Center for International Finance. A basis point is 0.01 percentage point. The spread on CDS

Aug. 28, 2012

Seoul shares open higher on Fed expectations

South Korean stocks opened higher Tuesday, as investors await with hope for the U.S. Federal Reserve to bring about another solution for an economic boost, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 7.83 points, or 0.41 percent, to trade at 1,925.70 in the first 15 minutes of trading.Upward moves in telecom and financial shares drove the index, with top mobile ca

Aug. 28, 2012