Koreans’ Internet banking use up 1.4% in Q3

The use of Internet banking in South Korea accelerated in the third quarter from three months earlier as more people conducted financial transactions online, the central bank said Monday.Online banking transactions reached an average of 38.7 million per day in the July-September period, up 1.4 percent from the previous quarter, according to the Bank of Korea.The third-quarter data valued at 32 trillion won ($29.1 billion) quickened from a 0.8 percent expansion tallied in the second quarter. The

Oct. 31, 2011

Manufacturing sentiment drops to more than 2-year low

South Korean manufacturers’ business confidence for November fell to an over 2-year low as dimmer global economic prospects heightened uncertainty, the central bank said Monday.The index of manufacturers’ outlook on business conditions reached 82 for November, down from 86 tallied for October, according to the Bank of Korea. The index measures manufacturers’ expectations for the coming month.The November outlook marked the lowest level since the index came in at 80 for August 2009.A reading belo

Oct. 31, 2011

Seoul shares drop 1.06 percent on institutional profit-taking

South Korean stocks finished 1.06 percent lower Monday as institutional investors reduced shares in banks and manufacturers after their gains last week, analysts said.The local currency fell against the U.S. dollar. Snapping a three-day winning streak, the benchmark KOSPI lost 20.45 points to 1,909.03.Trading volume was moderate at 387 million shares worth 6.3 trillion won ($5.71 billion) with losers leading gainers 535 to 291. “Investors locked in profit after short-term surges,” said Lee Jae-m

Oct. 31, 2011

Brokerages under pressure to cut fees

Financial authorities are considering instructing securities firms to slash service fees, including those on transactions for stocks and equity funds.Over the past five years, the local brokerage sector has enjoyed huge gains ranging between 6 trillion won ($5.2 billion) and 9 trillion won per annum by charging financial consumers a variety of fees.“We plan to review the service charge structure of the overall brokerage sector. Then, we will map out guidelines (to cut the fees),” said an officia

Oct. 31, 2011

Credit card spending up 10 percent in H1

SEOUL, Oct. 31 (Yonhap) -- South Korea's credit card spending increased nearly 10 percent in the first half of this year from a year earlier, data showed Monday, raising concerns over a possible recurrence of a credit card bubble.Credit card spending by South Koreans reached 261.7 trillion won ($237

Oct. 31, 2011

Korea mulls hiking highway, train fares

South Korea will likely raise highway and train service fares by the end of this year following years of unchanged rates aimed at curbing inflation, a source said Friday.The finance ministry and the transportation ministry are currently in the last phase of talks to determine when and by how much they will increase fares for the two major means of transportation, he said.Highway fares will likely increase by less than 3 percent, while those for trains will go up about 3 percent. The hike is expe

Oct. 30, 2011

Global finance forum to open in Busan

The seventh Busan International Finance Conference will be held on Monday, under the theme of “development strategies for Busan as a global center of cloud computing and outsourcing for financial services industries.”Co-hosts include the Korea Institute of Finance, the International Financial Forum of Pusan National University, the Asia-Pacific Financial Markets Research Center of the University of Hawaii and the Bank of Korea’s Busan branch.“The event will prepare Busan city to play a pivotal r

Oct. 30, 2011

Stocks likely to gain this week but eurozone jitters remain

The South Korean stock market is expected to continue to gain ground this week but uncertainties from the eurozone debt problems will limit investor sentiment, analysts said Saturday.The benchmark KOSPI closed at 1,929.48 on Friday, up 91.1 points or 4.96 percent from a week earlier. The index was boosted on reports that European leaders reached an agreement on plans to recapitalize banks.Foreigners led the rally by scooping up shares worth 1.7 trillion won ($1.54 billion), while retail investor

Oct. 30, 2011

Central bank warns of foreign capital outflows

South Korea’s central bank warned Sunday that foreign capital could flee the country if eurozone debt woes spread into a banking crisis and the U.S. economy sharply slows.“As uncertainty in global financial markets rises, there is a possibility that foreign capital flows will become unstable,” the Bank of Korea said in its semi-annual financial stability report.“In particular, if the eurozone debt crisis hit the region’s banks, thereby accelerating their deleveraging, and the U.S. economy fast c

Oct. 30, 2011

Business sentiment falls for November

South Korea’s business sentiment for November fell from a month earlier due to growing global double-dip recession concerns, a poll showed Sunday.The monthly business survey index for the upcoming month came in at 96.4, down five points from the 101.4 forecast for October, according to the survey by the Federation of Korean Industries, the lobbying group of the country’s large businesses.The figure marks the second lowest BSI number this year after the 96.3 reading tallied for September, and the

Oct. 30, 2011

Seoul to lay out long-term fiscal plan

Finance Ministry torn between restoring fiscal balance and welfare for aging KoreaWill the government continue deleveraging or spend more for better welfare? Cornered into juggling the two contradictory urges, the Finance Ministry spoke of its plans and challenges ahead in setting a long-term fiscal policy. Koo Bon-jin, chief of the ministry’s public finances, said his team will soon lay out a fresh fiscal plan looking to 2020 and beyond, seeking ways to sustain budget balance on the back of eve

Oct. 30, 2011

Financial market gains ground

CDS premium down, KOSPI up on improved sentimentKorea’s stock market ended higher on Friday, helped by a new European deal aimed at slashing Greece’s massive debt, amid declining credit default swap premiums pointing to stabilizing sentiment. The benchmark KOSPI closed up 0.39 percent at 1,929.48 on foreign and institutional buying. The tech-heavy KOSDAQ, however, dropped 1.3 percent to 490.59. The Korean won closed at 1,104.9 won against the U.S. dollar, strengthening from 1,115.2 won a day ear

Oct. 28, 2011

NATO to formally end Libya operations Oct 31

 BERLIN (AP) _ NATO's secretary-general says the alliance will on Friday confirm a decision to end its operations in Libya by Oct. 31.Anders Fogh Rasmussen said Thursday after meetings in Berlin with German Chancellor Angela Merkel that the U.N.'s resolution adopted earlier in the day “reflects

Oct. 28, 2011

Foreign exchange rates, rising costs dent local companies’ Q3 figures

Fluctuating foreign exchange rates and Europe’s financial instability dampened Korean firms’ performances in the third quarter.According to the financial information provider Fn Guide, 62 percent of listed companies that have posted net profits for the period by Wednesday, saw their net profits fall or move into the red.As of Wednesday, 91 listed firms posted third-quarter figures, of which 79 disclosed their net figures.Of the 79, seven companies including Korea Air, LG Display and LG Electroni

Oct. 27, 2011

Seoul shares up 1.46% on Europe bailout plan

South Korean stocks rose 1.46 percent on Thursday as investors were buoyed by a set of bailout measures agreed on by European policymakers and financialinstitutions. The local currency shot up against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared 27.73 points to a near three-month high of 1,922.04. Trading volume was heavy at 410.4 million shares worth 7.82 trillion won ($7.02 billion), with gainers far outnumbering decliners 594 to 234.“Market watchers are split on the

Oct. 27, 2011

Moody’s keeps ‘A1’ sovereign rating for Korea: official

Moody’s Investors Service reaffirmed its “A1” sovereign rating with stable outlook for Korea, citing the nation’s strong fiscal status and ample foreign exchange reserves, a Finance Ministry official said Thursday. The rating agency is said to have assessed the strength of the economy by sending a delegation to the Finance Ministry and Financial Supervisory Services earlier this year, where it decided to maintain its fifth-highest rating for Asia’s fourth largest economy.“In accordance to its re

Oct. 27, 2011