Securities companies in Korea saw their earnings inch up in the first three quarters of fiscal 2010 from a year earlier, the financial regulator said Tuesday.A total of 62 local and foreign brokerage houses operating in the country posted 2.09 trillion won ($1.8 billion) in net income for the April-December period, just 2.2 billion won more than a year earlier, the Financial Supervisory Service sa

March 1, 2011

Saudi Arabia’s Polysilicon Technology Co. said it has awarded a $380 million contract to two South Korean companies for construction of the first stage of a plant to make polysilicon for use in solar-energy panels.KCC Corp. and Hyundai Engineering & Construction Co. were selected to build the facility, which will have a capacity to produce 3,350 metric tons a year of solar-grade polysilicon, the S

Industry March 1, 2011

Surplus down from January but country posts record daily exports of $2.05b despite Mideast turmoilKorea posted a $2.85 billion trade surplus in February, the 13th straight month that it has recorded a favorable balance, official figures showed Tuesday.The preliminary figures marked a slight decline from the revised $2.92 billion surplus for January, the Ministry of Knowledge Economy said.Exports i

March 1, 2011

Korea’s major think tanks are expected to revise up their 2011 inflation outlooks for the country as oil and commodity prices are rising at a faster-than-expected pace.Industry sources said Tuesday that the nation’s leading private-sector think tank Samsung Economic Research Institute will likely raise its inflation outlook to mid-3 percent from its previous forecast of about 3 percent.LG Economic

March 1, 2011

Korea will expand the amount of powdered milk and frozen pork belly subject to no import taxes as part of efforts to ease price hikes sparked by the massive slaughter of livestock amid the spreading foot-and-mouth disease, the finance ministry said Monday.The measure, finalized during a Cabinet meeting held earlier in the day, will go into effect from early March under the government’s quota tarif

Feb. 28, 2011

The Financial Services Commission is expected to approve Hana Financial Group’s takeover of Korea Exchange Bank in March, an official said on Monday. “There seems to be no major problem with its funding plans,” said an FSC official.He said the regulatory body is likely to approve Hana’s request at a meeting on March 16. His remark came after several securities firms raised the possibility that Han

Feb. 28, 2011

Korean shares will likely remain bearish this week as the political unrest in the Middle East will continue to drive up oil prices, adding more inflationary pressure on the economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,963.43, down 2.5 percent or 49.71 points from a week earlier on massive selling by foreign investors, who dumped 600 billion won ($531 m

Feb. 27, 2011

HONG KONG (Yonhap News) ― The main Chinese subsidiary of SK Group has launched a mobile joint venture in the country in a bid to tap into its mobile solution industry, the group’s flagship company said.SK China, established in July 2010 through the joint investment of SK Group subsidiaries, has established a 19 billion won ($16.8 million) joint venture called “SKMtek” with MtekVision, Korea’s lead

Industry Feb. 27, 2011

Korea’s government is delaying carbon emission trading to 2015 after opposition from the industry to implement it in two years.The revised bill, which reflects feedback from businesses, will be submitted to parliament in March, Kim Sang-hyup, the presidential secretary for green growth, said Saturday.President Lee Myung-bak said on Feb. 7 the emission-trading plan will be implemented in a “flexibl

Feb. 27, 2011

SK Telecom, Korea’s top mobile operator, will start selling the iPhone next month in a break from Apple’s practice of selling the smartphones via a single distributor in each major market, industry source said Thursday.“Negotiations between SK Telecom and Apple are in the final stage,” said the source who is familiar with the matter. “As the negotiations are going smoothly, it is virtually decided

Industry Feb. 24, 2011

Finance minister calls for policy focus on price stabilityKorea will participate in the Group of 20’s efforts to control sharp price hikes in key commodities that have a direct bearing on economic growth and inflation, the government said Wednesday.The finance ministry said playing a role in the G20 arrangement could allow Seoul to work with other countries to better cope with a rise in energy, gr

Feb. 23, 2011

Korean banks and currency dealers are keeping close tabs on whether the parliament will approve a bill to introduce a bank levy that could cut the inflow of dollars, market sources said Tuesday.In a bid to stem excessive foreign capital flows, the government is seeking to introduce a bank levy that will be imposed on non-core foreign currency borrowing in the second half. The National Assembly, no

Feb. 22, 2011

Hyundai Group plans to cancel filing a law suit on the failed purchase of Hyundai Engineering & Construction Co., the group said Tuesday. Hyundai Group hopes a compromise plan will come from Hyundai Motor Group, which was chosen by the builder’s shareholders as a preferred bidder, according to the statement.Hyundai Motor Group signed a memorandum of understanding with creditors of the builder last

Industry Feb. 22, 2011