Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Job creation lowest on record among under-30s
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NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
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Opposition leader awaits perjury trial ruling
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Rating agencies see little impact
Global rating firms predicted Monday that the death of North Korean leader Kim Jong-il would not lead to a downgrade of South Korea’s credit rating.Moody’s Investors Service said that the economic fundamentals of Seoul would not change with Kim’s death.“We will continue to rate South Korea on the basis of its economic, institutional and government financial fundamentals,” a senior vice president at Moody’s in Singapore was quoted by a Chinese news provider as saying.He said these would not chang
Dec. 19, 2011
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'Kim death won't affect South Korea rating'
The death of North Korea's Kim Jong Il is not a ratings trigger in itself?for South Korea, Fitch Ratings said in an e-mail today. "However, clearly it gives rise to additional uncertainty and we will keep the situation under close review," the e-mail said.Moody’s Investors Service said the deat
Dec. 19, 2011
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Dollar rises after Kim Jong-Il's death
TOKYO, Dec 19, 2011 (AFP) - The dollar rose against other currencies on Monday following news that North Korean leader Kim Jong-Il had died, which sparked worries over instability in the reclusive state.The greenback gained ground as market players digested the announcement from North Korean state t
Dec. 19, 2011
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S. Korean shares tumble on news of Kim's death
The death of North Korean leader Kim Jong-il sparked immediate concern in the market, pushing the won to a two-month low against the dollar and dropping Seoul stocks to a three-week low.The benchmark KOSPI lost 3.43 percent and closed at 1,776.93 after sliding as much as to 1,750.60 at around noon w
Dec. 19, 2011
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S. Korea one of world's most volatile stock markets in 2011
The South Korean stock market was one of the world's most volatile this year as global uncertainties triggered massive flows of foreign capital in and out of the local bourse, data showed Monday.The local stock market moved 1.23 percent on a daily basis on average in 2011, sharply up from 0.73 perce
Dec. 19, 2011
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Hyundai Motor veep 3rd on stock-rich list
The vice chairman of Hyundai Motor Co. and its heir apparent is the third-richest person in South Korea in terms of stock holdings, thanks to a surge in share prices of the country's largest automotive conglomerate, a report showed Monday.Chung Eui-sun, the only son of Hyundai Motor's Chairman Chung
Dec. 19, 2011
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Shares face volatile trading on eurozone problems
South Korean shares are expected to suffer volatility this week as the eurozone fiscal debt problems will likely continue to weigh on investors sentiment, analysts said Saturday.The KOSPI dropped 1.8 percent last week to close at 1,839.96 on Friday. The index fell below 1,820 at one point amid worsened market sentiment after credit ratings on European banks were downgraded. Market watchers worry that sentiment could further freeze if credit ratings agencies lower sovereign ratings on European co
Dec. 18, 2011
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Korean hedge funds to debut this week
The list of the nation’s first homegrown hedge funds will be unveiled this week.More than 10 “Korean-style” hedge funds are expected to make their historic debut on Dec. 23, according to the Financial Services Commission and the Korea Financial Investment Association.Over the past few weeks, the FSC has looked into the eligibility of 13 asset management companies, which applied for the homegrown hedge fund business.Most of them are set to introduce one hedge fund product late this month or early
Dec. 18, 2011
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Bank loans to self-employed people exceed W100 trillion
Bank loans taken out by self-employed business owners reached a record high last month, as local lenders were in a fierce competition to extend loans to retired people, industry data said Sunday.Outstanding loans extended by the country’s five major banks, including Kookmin Bank and Shinhan Bank, to self-employed people reached 102.8 trillion won ($88.8 billion) at the end of last month, compared with 92.8 trillion won at the end of last year, according to the data.The increase in such loans in
Dec. 18, 2011
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Number of super-rich Koreans rises to 130,000
The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or more is estimated to have reached some 130,000, according to Mirae Asset Global Investments Co.A financial portfolio includes deposits, insurances and stocks.Mirae Asset classifies people with bank depo
Dec. 18, 2011
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Non-life insurance firms suffer slump in overseas markets
Korea’s six non-life insurance companies saw their earnings in overseas markets drop by 52.2 percent on a year-on-year basis, due mainly to natural disasters and lax risk management.Overseas operations of three companies have led the fall in net profit. They were Samsung Fire & Marine, Korea Re and LIG Insurance, according to the Financial Supervisory Service.Samsung Fire & Marine’s overseas unit reported a net profit of $5.43 million during the April and September period, a drop of $3.91 millio
Dec. 18, 2011
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KB Financial expands cause marketing
Group creates foundation to finance educational and scholarship programsKB Financial Group has been taking every chance to expand its cause marketing through donations and philanthropic works for improved customer relations and stronger connections with society. “Putting You First,” its latest corporate social responsibility project, brings together over 25,000 workers from the banking giant to gather a total of 240,000 hours of voluntary service at nursing homes, orphanages and environmental ac
Dec. 18, 2011
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Number of super-rich Koreans rises to 130,000
The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or mo
Dec. 18, 2011
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Korea slaps new sanctions on Iran
The South Korean government announced additional sanctions against Iran on Friday over its nuclear program, blacklisting 99 Iranian firms and six individuals.The government also issued an advisory on Korean companies to be cautious in their purchase of Iran’s petrochemical products.But the Finance Ministry said the new punitive measures will not affect Korea’s imports of crude oil from Iran, which accounts for about 10 percent of domestic needs. Under the new sanctions, those on the blacklist wi
Dec. 16, 2011
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‘Domestic demand to lead growth’
South Korea’s top central banker said Friday that Korea’s 2012 growth outlook cannot be seen as bad as domestic demand will likely prop up growth despite external economic uncertainty.The Bank of Korea forecast last week that Korea’s economic growth is expected to slow to 3.7 percent next year from an estimated expansion of 3.8 percent this year as Europe’s debt crisis and a global slowdown are feared to hurt exports.BOK Gov. Kim Choong-soo said in a meeting with local bank heads that Korea’s gr
Dec. 16, 2011
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Losses from KOSDAQ misconduct up
Losses incurred due to embezzlement and malpractice by KOSDAQ-listed company officials jumped 44.6 percent this year, data showed Friday, raising investment concerns on South Korea’s secondary stock market.Losses amounting to 407.2 billion won ($352.9 million) were estimated to have been incurred through 24 cases of misconduct such as embezzlement and corporate negligence in 2011, according to the data by the Financial Supervisory Service, South Korea’s financial watchdog.The tally includes embe
Dec. 16, 2011
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Household loans post highest growth in 11 months
Household loans offered by South Korean depository institutions posted the highest growth in 11 months in October on home loans, the central bank said Friday, complicating the government’s efforts to curb private sector debt.Household lending handled by local banks and non-bank institutions totaled 634.3 trillion won ($548 billion) as of the end of October, up 5.7 trillion won from the previous month, according to the Bank of Korea.The October data marked the largest monthly expansion since a 6.
Dec. 16, 2011
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Credit card firms rush to trim benefits for customers
Cut in card commission results in fewer perks for customersSouth Korea’s credit card firms in mid-October reluctantly announced they would lower the transaction fees they collect from restaurants and other shops due to growing public criticism.Now, credit card companies are fighting back by eliminating benefits for customers, a move that was widely expected but stings nonetheless.Credit card companies as well as card units of banks are taking steps to trim extra services for their customers in a
Dec. 16, 2011
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Seoul shares up on U.S. data
South Korean stocks closed 1.15 percent higher on Friday as stronger U.S. jobs data eased concerns about the recovery of the world’s largest economy, analysts said.The local currency rose against the U.S. dollar.The benchmark KOSPI rose 20.85 points to 1,839.96, breaking the third straight session of falls. Trading volume was moderate at 483.5 million shares worth 4.3 trillion won ($3.7 billion) with gainers outpacing losers 492 to 342.“Better-than-expected data on U.S. job markets gave some sol
Dec. 16, 2011
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Middle class squeezed as household income drops: survey
About 37% said they read newspapers every dayKoreans who perceive themselves as middle class are on the decline as more households experienced a continued slide in income, a state-run survey said Thursday.Statistics Korea said its nationwide survey from a pool of 38,000 people found that people who thought of themselves as middle class shrank to 52.8 percent, down 2.1 percent from its 2009 figure. More categorized themselves in the low-income basket at 45.3 percent, up 2.9 percent from two years
Dec. 15, 2011
