South Korean stocks turned lower after opening higher, dented by widening losses in large-cap exporters and major banking groups, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.12 points, or 0.11 percent to 1,942.44 in the first 15 minutes of trading. Tech heavyweight Samsung Electronics shed 0.4 percent, with blue-chip auto-parts maker Hyundai Mobis slipping nearly 1.6 percent. Shares of major banking firms lost ground as they began to release quarterly earnings f

South Korea's current account surplus widened to a four-month high in March as exports gained ground despite the yen's weakness and the service account improved, the central bank said Monday.The current account surplus reached US$4.98 billion in March, up from $2.71 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The March reading was the largest since November last year, marking the 14th straight month of a surp

Conglomerates skittish on investing after global financial crisis

Korean firms’ annual usage of company credit cards at entertainment establishments including room salons totaled at least 1.4 trillion won ($1.25 billion) on average, the Korea Institute of Public Finance said Sunday.According to the institute’s research report, the nation’s corporate sector paid 1.41 trillion won with their company cards at entertainment spots in 2011.Room salons (or hostess bars) topped the list in company card settlement records of 923.7 billion won, followed by karaoke rooms

Companies face claims from buyers, thousands of suppliers could go bankrupt

The Financial Supervisory Service said Sunday that it issued a “warning” against Ergo Daum Direct, an online auto insurance company, for rigging insurance premium-related figures in an alleged bid to attract more policyholders.Ergo Daum Direct, which is now under the wing of the France-based Axa General Insurance, was also levied fines of 50 million won ($44,600) from the financial regulator.In 2012, the insurer sought to increase its market share by manipulating the loss ratio ― or the ratio of

Amid chilly South Korea-Japan relations, the South’s food exports to Japan took a dive last year, the national agricultural product agency said Sunday. South Korea exported $32 million worth of makgeolli, Korea’s traditional fermented rice wine, to Japan last year, 33.9 percent less than the amount shipped to the country in 2011, according to the Korea Agro-Fisheries & Food Trade Corporation.Exports of South Korea ramyeon, or instant noodles, reached $43 million last year, down 18.6 percent from

South Korea’s finance minister said Saturday that it would “do more harm than good” for the government to intervene in the foreign currency market.Hyun Oh-seok, who concurrently serves as deputy prime minister in charge of the economy, made the remarks during a parliamentary committee meeting. “I think that it would do more harm than good for the government directly to intervene in (the movement of) foreign exchange rates in terms of market stability and trust,” he said.His remarks were in respo

South Korean stocks are forecast to set their directions according to results of the European Central Bank’s rate-setting meeting next week, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed on Friday at 1,944.56, up 1.98 percent, or 37.81 points, from a week ago. Analysts said the local stock market is expected to move on results of the ECB’s rate-setting meeting slated to be held this week amid growing voices for an interest rate cut in the eurozone. However, it wi