Korean major banks’ earnings may have dropped nearly 15 percent on-year in the first half of the year amid economic uncertainties and increased bad loans, data showed Tuesday.The combined net income of the country’s four major banking groups, including Woori Finance Holdings Co. and KB Financial Group Inc., and Industrial Bank of Korea and Korea Exchange Bank is estimated to have fallen 14.6 percent on-year to 7.95 trillion won ($6.96 billion) in the first half, according to financial informatio

Korea’s industrial community on Tuesday raised its voice against a recent government move to raise electricity prices, arguing that a hike will place greater burdens on companies.“An increase in the electricity rate is a huge burden for the entire industry, including small and mid-size firms as they face an economic slowdown,” Lim Sang-hyuk from the Federation of Korean Industries said in a forum. The FKI is the country’s biggest business lobbying group.“There still is controversy over the calcu

Major foreign investment banks have advised investors to purchase more South Korean stocks, citing the market’s upward potential down the road, a report showed Tuesday. Six out of seven foreign IBs including Credit Suisse and Deutsche Bank have offered overweight ratings for South Korean shares, according to the report by the Korea Center for International Finance. Credit Suisse predicted the benchmark KOSPI will likely trend upward, considering its current level has been undervalued about 16 pe

A total of 42,000 borrowers have filed a collective suit against banks and other financial institutions to retrieve fees for registering collateral, becoming the largest-ever number of people to take such joint legal action.The Korea Consumer Agency said on Tuesday that it filed a complaint on behalf of 42,000 people who requested a class-suit to retrieve collateral-fixing fees paid to a judicial scrivener for mortgage loans from banks. About 1,500 financial institutions including banks, insurer

Tax dispute likely to become Korea’s first ISD for arbitrationThe National Tax Service has decided to reject Lone Star’s request for a refund of 391.5 billion won ($348 million) in tax on capital gains from its sale of Korea Exchange Bank, officials said Tuesday.The U.S. buyout fund sold its 51.02 percent stake in KEB for about 3.9 trillion won ($3.5 billion) to Hana Financial Group in January. The NTS imposed a 10 percent withholding tax on the proceeds from the sale, which Hana Financial paid

South Korean stocks closed 0.87 percent higher Tuesday as weak economic data from major economies spurred expectations that policymakers may move toward stimulus measures, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 16.17 points to 1,867.82. Trading volume was moderate at 340.8 million shares worth 4.67 trillion won

South Korea's domestic demand is expected to remain sluggish in the second half of the year due to stagnant economic growth, a private think tank said Tuesday.In its second-half outlook, the Hyundai Research Institute said that domestic consumption is likely to be very static in the July-December period, which could require stimulus measures to ensure the economy makes a soft landing.The think tank noted that a slump in consumption and investment, and worsening real purchasing power will dampen

South Korean stocks got off to a strong start on Tuesday as tech heavyweights, including Samsung Electronics, posted firm gains, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 13.86 points, or 0.75 percent, to 1,865.51 in the first 15 minutes of trading. Samsung Electronics climbed 1.02 percent after falling more than 2 percent in the previous session due to a U.S. co

Dr. Jim Yong Kim, the new head of the World Bank, said Monday that his institution will endeavor to help boost prosperity and eradicate poverty worldwide.Meeting the press formally for the first time since the start of his five-year tenure, Kim said he assumed the presidency of the World Bank "at a pivotal moment for the global economy."He said the Washington-based organization is the "most import

South Korea's foreign reserves rebounded in June from the previous month as investment profit gained and a weaker dollar raised the conversion value of non-dollar assets, the central bank said Tuesday.The country's foreign reserves reached $312.38 billion as of the end of June, up $1.51 billion from the previous month, according to the Bank of Korea (BOK).The foreign reserves in May retreated afte