Artificial thematic grouping of shares spawns manipulation in stock marketsWith the presidential election set for next year, a growing number of Korean stocks are being linked to a slew of groundless ― often meticulously manipulated ― rumors in a way that fuels more volatility on the local bourse.Korea Exchange and brokerage data showed on Thursday that at least 60 stocks are estimated to be changing hands on the KOSPI and KOSDAQ under the category “election-themed” shares.It is no new phenomeno

Japanese clothing retailer Uniqlo logged 2 billion won ($1.7 million) in a single day’s sales on Nov. 11 when it opened Asia’s largest flagship store in central Seoul. The sales figure was the highest-ever set by a fashion outlet in Korea, industry sources said Thursday. The previous record was the 460 million won that French luxury brand Chanel earned last year at a new store in southern Seoul. Uniqlo said special deals offered for the first three days of opening likely played a pivotal role in

Public finance in Korea is healthy enough for the government to provide more stimulus without negative consequences for its sovereign debt rating, senior vice president of Moody’s Sovereign Risk Group for Asia said Thursday.Although Korea would remain relatively less vulnerable to the ongoing debt saga in Europe, its “modest” amount of public debt leaves Seoul more room for additional policy accommodation should growth stalls further, Tom Byrne told reporters in Seoul.“Korea has good financial g

Financial regulators plan to unveil Friday their stance on whether to punish Lone Star Funds for stock manipulation.The Financial Services Commission said Wednesday it would hold an extraordinary meeting, composed of a nine-member panel, on Nov. 18 to discuss detailed ways to order the fund to sell most of its stake in Korea Exchange Bank.The regulator’s meeting is drawing wide interest “in terms of abusing authority or not” as the Supreme Court has yet to rule on whether the FSC should make pub

Korea’s IT, construction, finance and airline industries are swamped with layoffs and job reductions as global economic uncertainties stretch out. IT exporters have been losing money due to the recession in Europe and the U.S., while high oil prices and a weak Korean won against the dollar continue to weigh on air carriers. Korean Air recently decided to let go of about 100 senior employees who signed up for voluntary resignations, a program brought back after five years. The outgoing middle-man

Hyundai Group chairwoman Hyun Jeong-eun has been named one of the Financial Times’ top 50 women in world business, the only Korean who made it to the list, the British newspaper announced on Wednesday. Hyun ranked 48th on the list in recognition of her efforts to run one of the biggest conglomerates in Korea after she was unexpectedly catapulted to the top office of Hyundai when her husband, Chung Mon-hun, committed suicide in 2003. “Hyun has been a steadying force for Hyundai Group and has work