Korea’s monetary policymakers on Friday said that risks in the financial market will still drag on this year due to several key undesirable factors at home and abroad.After a meeting of finance-related ministries and agencies in Seoul, the senior officials said in a statement that “the U.S.’ ongoing scaling back of stimulus measures is projected to bring a big change to the global economy and financial environment.”They also predicted that “uncertainties of the Japanese, Chinese and emerging mar

Jan. 10, 2014

Seoul shares ended lower on Friday, extending the losing streak to three sessions, as investors sat on their hands ahead of the release of the U.S. jobs report, analysts said. Massive selling by foreign investors also weighed on the market. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 7.57 points, or 0.39 percent, to 1,938.54. Trading volume on the main bourse came in at 254.22 million shares worth 4.21 trillion won ($4 billion), with los

Jan. 10, 2014

A number of financial units of Samsung Group were found to have engaged in a chain of irregularities involving sexual harassment and dubious deals with VIP customers, according to financial regulatory officials on Monday.Among them, a senior executive of one of the financial units was found to have sexually harassed a female employee, an official of the Financial Supervisory Service said.“The company’s management dismissed the executive at the end of December last year during Samsung’s annual re

Jan. 6, 2014

Kumho Tire, South Korea’s second-largest tiremaker, said Friday it will market the first indigenous self-sealing tires that can reduce overall maintenance cost for drivers.The so-called self-sealing tires took more than two years to develop and use special jell technology that immediately fills up any holes, helping to maintain consistent air pressure despite punctures to the tread.This mechanism allows for normal operation with a punctured tire whereas other tires would go flat. If properly mai

Jan. 5, 2014

South Korea will be attractive to global investors over at least the next five years, a U.S. magazine said, citing its size, recent performance and economic potential.In its latest edition, Foreign Affairs magazine picked South Korea and five other countries ― Mexico, Poland, Turkey, Indonesia and the Philippines ― as well as the Mekong region.They are “well positioned to thrive” as China’s economic growth slows and many of other once-hot emerging markets have cooled, it said.“The BRICs are crum

Jan. 5, 2014

South Korea’s level of national debt is lower than other major economies, but its pace of increase over the past 10 years is a source of concern, finance and budget officials said Sunday.An estimate based on the 2014 budget puts the year’s government debt at 514.8 trillion won ($487.96 billion), up 50.1 trillion won from 2013. The projected ratio of debt to gross domestic product is 36.4 percent, well below the 108.8 percent average of member states of the Organization for Economic Cooperation a

Jan. 5, 2014

Korean stocks inched up 14.29 points in 2013 to close above the 2,000 mark after fluctuating between 1,750 and 2,060 throughout the year. The main index posted the 14th-highest growth among main bourses of the Group of 20 countries.The Korea Composite Stock Price Index closed at 2,011.34 on Monday, the last trading session of the year. It is only a 0.7 percent increase from 1,997.05 of the last session of 2012.While G20 countries’ average equity prices index expanded 14.2 percent in 2013, KOSPI

Dec. 30, 2013

Shinhan Bank appoints first female execShinhan Bank said Friday that it named its first female executive since its establishment.Shin Soon-cheol, who has been appointed to assistant deputy CEO, started her banking career in 1979 at Chohung Bank, which was absorbed into Shinhan in 2006.The 53-year-old has been evaluated as a well-skilled and sincere banker among her colleagues, a spokesman said.Shinhan Bank, in the unveiling of its yearly personnel policy on the day, said the appointment of the g

Dec. 27, 2013

Woori Financial Group, Korea’s first holding firm-owned financial services company, has embarked on a full-scale process to dispose of its businesses within a year.Under policymakers’ full-fledged action scheme to retrieve taxpayers’ money by selling the state-funded Woori’s 14 units one by one, the group started the process of minimizing any negative effects that would affect bidding prices.Woori Financial has secured the No. 1 position by total assets in the market over the past few years afte

Dec. 26, 2013

The logistics sector is estimated to have posted operating losses of about 6 billion won ($5.7 million) over the past weeks in the wake of the railway union’s ongoing strike launched early this month, according to the state-run Korea Railroad Corp. on Sunday.KORAIL officials said the number of available freight trains fell by 2,546 (or about 170 trains a day) nationwide between Dec. 9 and Dec. 23.As a result, shipments on freight trains during the period were equivalent to only 39 percent of the

Dec. 25, 2013

The credit card industry is likely to undergo another period of heated competition in the saturated market, as Hana Financial Group plans to launch a merged entity between Hana SK Card and Korea Exchange Bank’s credit services unit next year.KEB, one of the two major commercial banks of Hana Financial Group, said in a statement Tuesday that it has decided to spin off its credit card business.According to group executives, KEB Card will later be absorbed into Hana SK Card. “After going through fi

Dec. 24, 2013