South Korea's conglomerates are holding back new investment with the level of unspent surplus money by affiliates of the country's 10 biggest conglomerates reaching the highest point in record, the bourse operator and the financial regulator said Sunday.   The 69 firms, affiliated with South Korea's 10 biggest conglomerate groups whose financial year ended in December, recorded a combined retention rate of 1,441.7 percent for 2012, according to data by the Korea Exchange (KRX) and the Financial

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

　The Financial Supervisory Service ordered Woori Investment & Securities to dismiss two stockbrokers, including a branch manager, engaged in embezzlement, regulatory officials said Sunday.　The regulator said it has uncovered incidences of embezzlement of 1.39 billion won ($1.24 million) committed at two branches in Seoul and Busan of Woori Investment.　The manager of Woori Investment’s Suyeong branch in Busan pocketed 665 million won from five customers’ accounts two years ago, FSS officials said

Samsung Heavy Industries Co., a major South Korean shipbuilder, said Friday that its first-quarter net profit soared 19 percent from a year earlier on the back of increased demand for high-priced ships.Net profit reached 301 billion won ($272 million) in the January-March period, compared with a profit of 253 billion won a year earlier, the company said in a regulatory filing.Sales gained 10 percent on-year to reach 3.89 trillion won in the first quarter, and operating income also spiked 34 perc

Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said Friday its first-quarter net loss sharply narrowed from a year earlier on strong sales in the domestic market.Ssangyong’s net loss narrowed to 9.7 billion won ($ 8.7 million) in the January-March period, from 31.5 billion won a year earlier, the Seoul-based company said in a regulatory filing.The carmaker said operating loss also narrowed to 17.3 billion won, from 30 billion won a year earlie

SK Innovation Co., the holding company of South Korea’s No.1 refiner SK Energy Co., said Friday that its first-quarter net income fell 54.8 percent from a year ago due to non-operating loss by a weaker won.Net profit came to 293 billion won ($264.2 million) in the January-March period, compared with 648.4 billion won a year ago, SK Innovation said in a regulatory filing.Sales fell 3.9 percent to 18.1 trillion won in the period, with operating profit dropping 5.5 percent to 738 billion won.“The d

Kia Motors Corp., South Korea’s second-largest automaker, said Friday its first-quarter net profit fell 34.7 percent from a year earlier due to decreased profits from its equity investments.Kia’s consolidated net profit fell to 783.9 billion won ($706 million) in the January-March period, from 1.2 trillion won a year earlier, the Seoul-based company said in a regulatory filing.The carmaker said operating profit dropped 35.1 percent to 704.2 billion won, as revenue fell 6 percent to 11.08 trillio

South Korean stocks closed 0.36 percent lower Friday as investors sat on the sidelines due to the weak growth momentum in the market, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 7.04 points to finish at 1,944.56. Trading volume was low at 274.5 million shares worth 4 trillion won ($3.6 billion) with gainers outnumbering decliners 428 to 365.“Investors took a wait-and-see approach due to the lack of upward momentum in the sto

KB Financial Group reported weak quarterly earnings beset by weak lending amid the economic slowdown.The financial holdings giant posted a net profit of about 413 billion won in the first quarter of this year, down more than 32 percent from 608.4 billion won a year earlier, the company disclosed Friday.It performed below the market consensus of a 30 percent decrease in profit at around 420 billion won.Its sales reached 6.2 trillion won, down about 10 percent from 6.9 trillion won in the same per

South Korean stocks opened lower Friday, as investors' sentiment was dented by the rising concerns over the listed firms' first-quarter earnings, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.61 points, or 0.18 percent, to 1,947.99 in the first 15 minutes of trading.Carmakers traded bearish, with No. 1 industry player Hyundai Motor falling 0.77 percent and its smaller affiliate Kia Motors losing 0.76 percent. Top auto parts maker Hyundai Mobis shed 1.12 percent.Tec