South Korean stocks traded 0.82 percent lower late Thursday morning as foreigners and institutions scaled back their holdings, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) dropped16.45 points to 1,983.28 as of 11:20 a.m.Large caps were mixed. Market bellwether Samsung Electronics lost 1.31 percent, but chip giant SK hynix added 1.59 percent.The local currency ended at 1,101.65 won against the greenback as of 11:20 a.m., down 4.25 won from the previous close. (Yonhap News

South Korean stocks turned lower after opening a tad higher Thursday, led by losses in blue-chip exporters amid a policy void due to stalled government reorganization, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed5.11 points, or 0.26 percent, to 1,994.62 in the first 15 minutes of trading. Tech heavyweight Samsung Electronics slipped 0.3 percent, with No. 1 steelmaker POSCO losing more than 1 percent. In contrast, telecom shares trended upwards, with top mobile carr

Foreign-currency loans extended by South Korean banks declined last year from a year earlier, as a stronger won helped borrowers repay their outstanding debts, the financial regulator said Thursday. The amount of foreign currency-denominated loans extended by local banks reached $29.93 billion in the January-December period of 2012, according to the Financial Supervisory Service (FSS). The figure has been on the decline since it hit $43.10 billion as of the end of 2008, the FSS said. From 2010,

The Czech prime minister says the government has approved a sale of a minority stake in the national carrier CSA to Korean Airlines.Petr Necas says Korean Airlines will get a 44-percent stake in CSA for (euro) 2.64 million ($3.45 million). Necas said Wednesday the move is ``a very important step that makes possible the development of CSA and Prague's international airport.''The Czech state owns a 95.7 percent stake in the airline. It has been seeking a strategic partner for the carrier after it

Price tag above W4,000 may hurt household consumption: observers

Korea’s weekly working hours fell to a record low in 2012 as companies reduced operations and production to shed costs amid the economic slowdown.Companies with more than five workers had their employees work an average 41.4 hours a week last year, with average monthly working hours also falling below 180 hours for the first time since 1999 when Statistics Korea began compiling data, the statistics bureau and the Ministry of Employment and Labor said Wednesday.Korea’s monthly working hours avera

President Park Geun-hye’s nominee for the Finance Ministry chief said Wednesday that the government needs to review diverse measures including fiscal and financial steps to stimulate the economy which remains in a “serious” condition.During a parliamentary confirmation hearing held in Seoul, Hyun Oh-seok also opposed raising tax rates in order to secure the necessary money for an expected increase in welfare spending during the five-year term of President Park.“I agree that the economy is facing

Korean big names LG and Kia swept this year’s Red Dot design award, considered one of the highest honors in the world of design.LG Electronics said Wednesday it received a total of 27 Red Dot awards, with its curved OLED TV winning the top honor “Best of the Best.” The company garnered 14 awards last year. LG’s curved OLED TV features the industry’s first ergonomically curved screen with vivid picture quality, creating a panorama effect for viewers. The new TV set also removes the problem of scr

South Korean stocks ended 0.32 percent higher on Wednesday, buoyed by firm gains in major technology companies, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 6.39 points to 1,999.73. Trading volume was moderate at 347.4 million shares worth 3.42 trillion won ($2.12 billion), with gainers outnumbering decliners 444 to 350.“There’s optimism out there on global liquidity and economic data have also been supporting this,” said Wo

Lotte Mart Co., South Korea’s third-largest discount store chain, said Wednesday that it will start a car rental service this week in strategic partnership with CXC Motors, a local dealer of foreign cars.Lotte Mart will provide its car rental service at five stores including its Jamsil location in the southwestern part of Seoul and its online Lotte Mart Mall starting Thursday, the company said in a statement. The discount store chain will expand the number of stores that will provide the car ren