Korean stocks closed down 0.12 percent on Wednesday, driven mostly by massive sell-offs by institutions, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.4 points to end at 1,980.10. Trade volume totaled 393.5 million shares worth 4.36 trillion won ($3.7 billion), with gainers outpacing decliners 443 to 350. "Throughout the session, institutions weighed on the market by selling on a relatively massive scale, but the dow

Jobless rate of young people hits record 10.9% in April

KB Kookmin Bank is organizing a job fair in the southern port city of Busan as part of its efforts to give back to society in an era of record-high youth unemployment rate.The two-day fair opened at BEXCO on Wednesday with job opportunities at over 200 companies recommended by various respected groups, including Korea Industrial Technology Association and Korean Commission for Corporate Partnership.   KB Kookmin Bank CEO Yoon Jong-kyoo (right), along with Busan Mayor Suh Byung-soo (center), enco

South Korea’s conglomerate Lotte Group plans to buy a controlling stake in Hyundai Logistics, as it seeks to strengthen its delivery service to compete with other rival retailers.By the end of next week, eight affiliate companies of Lotte are set to hold board of directors meetings to get approval to buy an 88.8 percent stake in Hyundai Logistics in separate deals with an estimated value about 410 billion won ($351 million), according to Lotte officials. They expect to complete transactions with

Creditors led by the state-run Korea Development Bank are soon to come up with a detailed plan to inject new capital for Hyundai Merchant Marine, as the ailing shipping firm is near completing negotiations with shipowners over ship leasing fees.Creditors next week will start discussing a debt-to-equity swap plan, KDB spokesman Cho Seong-wook said Wednesday. A debt-to-equity swap refers to swapping loans into stocks of the company to alleviate liquidity crunch. Korea Development Bank headquarters

Korean stocks opened slightly higher on Wednesday as retail investors picked up shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 1.33 points, or 0.07 percent, to 1,983.83 in the first 15 minutes of trading. (Yonhap)Retail investors picked up over 50 billion won ($42.7 million) worth of shares, but institutions and foreigners weighed on the market by selling more than they bought. The local currency was trading at 1,167.2 won against the U.S. dollar, up 5.4 won from the previ

The government’s decision to designate May 6 as a temporary holiday, which allowed people four days off in a row last week, led to boosts in spending on shopping, traveling and leisure. Sales in department stores increased 16 percent during May 5-8 this year compared to last year’s holiday from May 2-5. Meanwhile, the number of visitors to baseball parks also surged 43.9 percent over the same period.As part of efforts to spur domestic consumption, the government had waived highway tolls across t

Samsung Heavy Industries may submit next week a self-restructuring plan to its creditor banks, as Korean dockyards ramp up their fight for survival amid a protracted slump in global shipbuilding. Samsung, the smallest of the country’s Big Three shipyards, is currently drawing up steps to improve finances, while pressured by creditors to cut debt. Industry sources said its plans may include a 170 billion won ($145 million) sale of real estate assets, disposals of equity holdings worth 50 billion

Korean stocks closed 0.75 percent higher on Tuesday as investors picked up auto, pharmaceutical and other recently beaten-down shares, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.69 points to end at 1,982.5. Trade volume totaled 364.98 million shares worth 4.77 trillion won ($4.1 billion), with gainers outpacing decliners 576 to 217. The local stock market got off to a subdued start apparently taking a cue fr

The state-run Korea Development Bank said Tuesday that it will hand over its shares of Korea Aerospace Industries to the Export-Import Bank of Korea as part of an emergency financial relief.“We have decided to give our KAI shares to Eximbank,” KDB chief executive Lee Dong-geol told reporters ahead of a meeting with the Financial Services Commission on Tuesday.Korea Development Bank (Yonhap)KDB will hand over its 7.86 percent stake in KAI worth about 500 billion won ($426 million) to boost the ca

Korea’s top financial regulator and a labor group remain divided over the government’s push to install incentive systems at state-run financial companies.Both sides are adamant in their positions with the Korean Financial Industry Union planning to go on a strike, while the Financial Services Commission reiterated that it will enforce the system as part of reforms. FSC chairman Yim Jong-yong (Yonhap)In a meeting with the heads of state-run financial companies Tuesday, FSC chairman Yim Jong-yong

The Bank of Korea’s monetary policy committee, slated to meet Friday, is widely expected to leave the base interest rate unchanged at a record-low 1.5 percent for an 11th straight month in May, surveys showed. A Chosun Ilbo poll shows that 12 out of 15 analysts and experts expect no change in the borrowing cost, while the other three see a cut as likely.  BOK Gov. Lee Ju-yeol (Yonhap)In another poll of 12 securities companies, conducted by Yonhap News, 11 predicted a freeze, while NH Investment

Industrial Bank of Korea’s new debit card product targets foreign clients with benefits including discounts on overseas remittance fees, public transportation fares and convienence store purchases, the bank said Tuesday. (IBK)

Korea's central bank will likely hold its key rate steady this month, extending its wait-and-see mode amid what many observers have called mild signs of recovery, a poll showed Tuesday.In a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, 16 out of 18 economists surveyed forecast the Bank of Korea (BOK) to again hold its policy rate frozen at its monthly rate-setting meeting scheduled for Friday. Bank of Korea (Yonhap)The key rate currently stands at 1.5 percent. T