Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
Man convicted after binge eating to avoid military service
-
4
First snow to fall in Seoul on Wednesday
-
5
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
6
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Job creation lowest on record among under-30s
-
9
NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
-
10
Opposition leader awaits perjury trial ruling
-
Seoul shares end marginally higher on China’s reserve easing
South Korean stocks finished slightly higher on Monday as China’s reserve ratio cut boosted investor sentiment, analysts said, but financial firms’ losses trimmed overall gains. The local currency rose against the greenback.After rising as much as 1.18 percent, the benchmark KOSPI added 0.07 percent, or 1.43 points, to end at 2,024.9. Trading volume was heavy at 723 million shares worth 5.96 trillion won ($5.29 billion) with gainers leading losers 464 to 372.In the early morning, the KOSPI got a
Feb. 20, 2012
-
Brokerages’ Q3 earnings up 15 percent
Securities companies operating in Korea saw their earnings for the fiscal third-quarter rise 15 percent from three months earlier thanks to a recovery in the local stock market, the financial watchdog said Monday.The combined net profit of 62 local and foreign securities firms operating here came to 514.3 billion won ($458.7 million) in the October-December period, compared with 447.4 billion won in the previous quarter, according to the Financial Supervisory Service. The tallied brokerages clos
Feb. 20, 2012
-
Shinhan BNP Paribas Asset gets investor status in China
HONG KONG (Yonhap News) ― A joint venture asset manager between Korea’s No. 2 financial services firm Shinhan Financial Group Co. and global banking group BNP Paribas SA. has received qualified investor status from Chinese authorities, opening the door for its investment in Chinese stock markets, a government document showed Monday.Shinhan BNP Paribas Asset Management Co. received the status of “qualified foreign institutional investor” from the China Securities Regulatory Commission, according
Feb. 20, 2012
-
KEB labor union welcomes Yun as new chief executive
The labor union for Korea Exchange Bank welcomed the new chief on his first day at work with roses on Monday in a sign that it will support the leadership appointed by Hana Financial Group, the bank’s new owner.KEB’s union leader Kim Kwi-chul and his team embraced new CEO Yun Yong-ro as he entered the bank’s headquarters and called Yun “a new member of the family that we all should work with closely.” The gesture signals a fresh start to the partnership between the management and the union, whos
Feb. 20, 2012
-
Shares may trade in tight range this week
Korean shares are expected to trade in a tight range this week while trying to stay above the 2,000 point mark, depending on how the eurozone debt crisis unfolds, analysts said Saturday. The benchmark Korea Composite Stock Price Index wrapped up this week at 2,023.47, up 1.5 percent from a week earlier.The KOSPI had a brisk start to the week as the Greek government’s approval of an austerity bill helped quell investor jitters over a possible Greek default. Hopes for a bailout for debt-ridden Gre
Feb. 19, 2012
-
Bahk says strong stocks reason for optimism
Prices in global stock markets, including in Korea, appear to have moved ahead of the real economy, said Bahk Jae-wan, Korea’s finance minister.“We see some gap as financial markets have recently shown some strength, if not a rally, while the global economy is slowing due to uncertainties concerning Europe,” Bahk told reporters in Seoul today. “The recent gains may reflect investor expectations of improvement in the global economy and European debt crisis in the coming months, and may be due to
Feb. 19, 2012
-
IBK’s Q4 net income reaches 37 billion won
Korea’s state-run Industrial Bank of Korea said that its fourth-quarter earnings fell 73 percent from one year ago due largely to an increase in loan-loss provisions. Net income reached 37 billion won ($33 million) in the October-December period, compared with the revised 136 billion won a year earlier, it said in a regulatory filing. Revenue edged down 1 percent on-year to 3.78 trillion won, while operating profit plunged 81 percent to 32 billion won in the cited period. The bank said the worse
Feb. 19, 2012
-
Financial groups’ 2012 earnings outlook remains rosy: analysts
Korean financial services groups are widely expected to post robust earnings this year, but net profits will depend on the size of interest income and loan-loss reserves, analysts said Saturday.Top banking group KB Financial Group and its three local rivals posted a record combined net profit of 8.86 trillion won ($7.86 billion) last year, mainly due to an increase in interest income and a one-off gain from a stake sale of Hyundai Engineering & Construction Co., according to FnGuide, a financial
Feb. 19, 2012
-
Korean corporate failures fall in January
The number of South Korean corporate bankruptcies fell in January from the previous month as financial institutions increased lending to small firms ahead of a major holiday, the central bank said Sunday. The number of companies that went belly-up reached 103 in January, down from 128 in December, the Bank of Korea said.The figure was the lowest since 97 corporate bankruptcies in September of last year. “Before the lunar New Year holidays, financial institutions extend more loans to small and me
Feb. 19, 2012
-
Banks to increase household loans by 5.4 percent this year
Lenders to reduce home-backed loans, putting more pressure on borrowersKorean banks plan to expand their lending but cut down on home-backed loans this year, putting more pressure on debt-laden households. In the 2012 management reports filed to the Financial Supervisory Service, the country’s banks said they would extend their loans to households by 5.4 percent or 25 trillion won ($22.1 billion) from last year, an increase that is within the regulator’s guidelines. The self-imposed restriction
Feb. 19, 2012
-
Hana, KEB union strike deal
Hana assures KEB independent management, job security for 5 yearsHana Financial Group and the hard-line labor union of the Korea Exchange Bank on Friday reached an 11th-hour compromise on how to manage KEB, taken over by Hana.With the agreement, the KEB union leaders withdrew its plan to go into a general strike against Hana’s merger of their bank. Under the agreement, the KEB brand will be maintained for five years ― separate from the group’s flagship Hana Bank ― as a new unit of Hana Financial
Feb. 17, 2012
-
Green Non-Life faces suspension or delisting
Regulators ask prosecutors to probe insurer over alleged stock riggingGreen Non-Life Insurance, which has been accused of stock manipulation, faces the possibility of business suspension or delisting from the stock market.Though the insurance firm has been mapping out a plan for management normalization, financial regulators filed a complaint against the firm and its chairman with the prosecution for allegedly rigging stocks.The regulatory sanction could make it impossible for the company to inc
Feb. 17, 2012
-
Optimists highlight Korea’s fundamentals
Positive projections regarding Korea’s 2012 economy are drawing interest amid the looming gloomy outlook over major Asian economies.Though the optimists shared the view that Korea could also see a slowdown in economic growth this year, they say the damage would be relatively minimal as the nation’s fundamentals remain competitive.Among the economists positive about the nation’s economy is Anoop Singh, director for the Asia-Pacific department of the International Monetary Fund.Korea’s fundamental
Feb. 17, 2012
-
KEB suffers network glitch
Korea Exchange Bank saw its network system, including Internet banking and automated teller machines, break down for about 1-1/2 hours late Thursday.Though KEB said it restored the services around 8 p.m., the commercial bank did not reveal the factors for the breakdown.The Financial Supervisory Serv
Feb. 16, 2012
-
Woori Financial posts record earnings
Woori Financial Group reported a net profit of 2.15 trillion won ($1.88 billion) last year, a record-high yearly performance for the group.Its 2011 performance compares to 1.28 trillion won in net profit posted a year earlier.The financial group also saw its total assets maintain the No. 1 position in the local financial industry.In a statement, Woori Financial said it has strived to reduce insolvent assets over the past four years since the 2008 global financial crisis.Meanwhile, Woori Financia
Feb. 16, 2012
-
Two private lenders suspended for 6 months
Major private money lenders in Korea were ordered Thursday to suspend their operations for six months for reaping illegal profits through “unfair” interest rates, officials said Thursday.Seoul’s Gangnam Ward office informed four private lenders, including market leaders A&P Financial and Sanwa Money, to halt their business operations between March 5 to Sept. 4, according to industry officials.The move comes after the local financial regulator vowed to overhaul the private money market amid growi
Feb. 16, 2012
-
Shares down 1.38 percent in post-rally breather
Korean stocks sank 1.38 percent Thursday as investors stepped to the sidelines after the previous session’s rally amid lingering market uncertainty, analysts said. The local currency fell against the U.S. dollar.Following a 1.13 percent jump a day earlier, the benchmark Korea Composite Stock Price Index tumbled 27.87 points to 1,997.45. Trading volume was heavy at 689.3 million shares worth 6.8 trillion won ($6 billion), with decliners outnumbering gainers 548 to 288.“Nagging eurozone woes and e
Feb. 16, 2012
-
Banks’ FX deposits jump on won’s ascent, Europe woes
Foreign currency deposits at South Korean banks jumped last month on the back of the local unit’s ascent against the U.S. dollar and the yen as well as worries about Europe’s debt crisis, data showed Thursday. Foreign currency deposits held by five commercial banks rose 10.3 percent in January from a month ago to $19.73 billion, according to the data.The January figure, compiled from Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank and the state-owned Industrial Bank of Korea, was a 38.5 percen
Feb. 16, 2012
-
KOGAS Q4 net soars on strong sales
State-run Korea Gas Corp. said Thursday that its fourth-quarter earnings more than doubled from a year earlier due to increased sales and higher prices of refined energy products.Net profit reached 94.7 billion won ($84 million) in the October-December period, compared with earnings of 45.2 billion won tallied a year earlier, the company said in a regulatory filing.Sales jumped 34.6 percent to 8.7 trillion won during the cited period, with operating profit climbing 53.2 percent to 362.1 billion
Feb. 16, 2012
-
Over half of households indebted to banks: poll
More than half of Korean households owed debts to local banks in 2011 as they borrowed money to help support living costs, a poll showed Thursday.According to the survey of 2,030 households by the Bank of Korea, 54 percent of them borrowed money from financial institutions as of December of last year. Among the surveyed households, 22.5 percent of them replied they had taken out fresh loans between July and December last year. Of the recently indebted households, 32.2 percent of them said they h
Feb. 16, 2012
