Wholesale stockpiles grew 0.4 percent in August

WASHINGTON (AP) -- Wholesale businesses increased their stockpiles of autos, computer equipment and heavy machinery in August, boosting inventories for a 20th straight month as their sales rose at the fastest pace in five months.The combination of rising sales and inventories should be a good sign f

Oct. 9, 2011

Disney CEO Iger renewed through March 2015

LOS ANGELES (AP) -- Disney CEO Robert Iger will remain in his job through March 2015 and then serve as executive chairman for another 15 months to help break in a new chief executive, the company said Friday.The definite end to what will be a decade-long tenure suggests the eventual promotion of one

Oct. 9, 2011

Merkel spells out how to bolster European banks

German Chancellor Merkel spells out how to bolster European banks amid the bloc’s debt crisis BERLIN (AP) -- German Chancellor Angela Merkel said Europe’s banks should look first to raise money in the private sector before turning to governments to bolster their financial cushions against potential

Oct. 9, 2011

Fitch cuts Italy, Spain ratings over euro crisis

(AFP) -- Fitch cut its credit ratings on Italy and Spain Friday, citing the increasing pressure on them as the eurozone debt crisis makes efforts to stabilise their public finances even more difficult.The eurozone debt crisis has seen Greece, Ireland and Portugal all bailed out by the EU and Interna

Oct. 8, 2011

Nonghyup spurns 4 trillion won support package proposal

SEOUL, Oct. 7 (Yonhap) -- The National Agricultural Cooperative Federation (NACF) on Friday said that it cannot accept a 4 trillion won (US$3.39 billion) support package proposal by the government, claiming that more money is necessary for the reform of the cooperative entity.Last month, the governm

Oct. 7, 2011

Korea’s CDS premium jumps most in 32 months

The cost of insuring South Korea’s sovereign debt against default climbed the most in 32 months, growing two times faster than that of eurozone countries, data showed Friday.The credit default swap premium on South Korea’s foreign currency bonds with five-year maturities reached 220 basis points as

Oct. 7, 2011

BOK head cuts economic growth forecast up to 2012

The South Korean economy is likely to grow at a slower pace than the central bank’s earlier forecast of 4.3 percent this year amid dimmer global economic outlooks, its chief said Friday.“The growth of the South Korean economy is expected to be lower than 4.3 percent this year, but it will be higher

Oct. 7, 2011

Uncertainty still high over Lone Star-Hana deal on KEB

The Seoul High Court’s Thursday ruling that the ex-head of Lone Star Korea was guilty of manipulating stock prices cleared legal issues on the fund’s deal to sell its Korea Exchange Bank to Hana Financial Group. But uncertainty still lingers in the financial market as the U.S. buyout fund has yet to

Oct. 7, 2011

Seoul shares open higher on eased European woes

SEOUL (Yonhap) -- South Korean stocks got off to a strong start on Friday, tracking overnight gains on Wall Street underpinned by a European Central Bank (ECB) plan to support the region's struggling lenders, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 49.68 points,

Oct. 7, 2011

Financial firms set to post record profits

South Korean banks and brokerages are expected to rake in record-high profits this year on their aggressive sales strategies, despite ongoing global economic uncertainties, industry data showed Thursday.The combined net profit of 17 local brokerages soared 107.9 percent on-year to 362.3 billion won

Oct. 6, 2011

FSC to order Lone Star to sell KEB shares

Regulator says sale terms will be decided laterThe Financial Services Commission said Thursday that it is considering ordering Lone Star Funds to sell a 41.02 percent of its total 51.02 percent stake in Korea Exchange Bank.The regulator’s policy comes shortly after the Seoul High Court ruled that th

Oct. 6, 2011

Bahk warns against excessive sell-offs

Finance minister convenes first crisis management meeting in 10 monthsFinance Minister Bahk Jae-wan on Wednesday warned the market against fear-driven investment, calling it an “overreaction” threatening the favorable fundamentals of the economy.Addressing the first crisis management meeting in 10 m

Oct. 5, 2011

Seoul shares fall below 1,700

The KOSPI fell below 1,700 amid the news that Moody’s downgraded Italy’s sovereign rating by three notches, losing for the second consecutive session.The nation’s benchmark index lost 39.67 points, or 2.33 percent, to close at 1,666.52 on the Korea Exchange.Big companies such as Hyundai Motor and Hy

Oct. 5, 2011

5 more firms placed on FTC watch list

Korea’s antitrust watchdog said Tuesday it has placed five more companies on a watch list that limits mutual investments and loan guarantees.The Fair Trade Commission said the number of corporate affiliates on its list stood at 1,605 from 55 business groups as of Saturday, compared with 1,600 last m

Oct. 5, 2011

Eximbank to borrow $2b more from abroad

The state-run Export-Import Bank of Korea plans to secure around $2 billion additionally from overseas financial markets later this year as part of its efforts to brace for worsening borrowing conditions, its chief said Tuesday.Eximbank has raised $7.8 billion via overseas borrowing this year and pl

Oct. 5, 2011

Remittances from Koreans overseas up

Remittances of funds to South Korea from Koreans living in foreign countries hit a more than two-year high in August as the local currency’s sharp weakness prompted them to accelerate money transfers, data showed Tuesday.Total funds flowing from Korean residents overseas to local people reached $768

Oct. 5, 2011

Finance minister urges greater market confidence

SEOUL, Oct. 5 (Yonhap) -- South Korea's financial markets are reacting "sensitively" to international anxieties, the top economic policymaker said Wednesday, calling for more confidence in the nation's economic and financial fundamentals."Financial and currency markets are reacting sensitively to ex

Oct. 5, 2011