The Korea Herald

Seoul shares up 1% in late morning trade

Nov 19, 2015

South Korean stocks traded 1 percent higher late Thursday morning on the back of strong gains in technology firms and mobile carriers.The benchmark Korea Composite Stock Price Index added 19.64 points to 1,982.52 as of 11:20 a.m.Market behemoth Samsung Electronics rose 0.23 percent, and top chipmaker SK hynix added 1.96 percent. LG Electronics climbed 3.87 percent.Top mobile carrier SK Telecom moved up 1.3 percent, and No. 2 KT advanced 1.03 percent. LG Uplus, the smallest player, shot up 4.88 p
Foreign ownership of Samsung Electronics hits 19-month low

Nov 19, 2015

Foreign holdings of Samsung Electronics Co. have dropped to the lowest level in 19 months, data showed Thursday, amid the tech giant's stock buyback and unfavorable external conditions.Offshore investors owned 50.5 percent of Samsung Electronics shares as of Tuesday, marking the lowest since April 22 last year when the figure came to 50.48 percent, according to data by the Korea Exchange. Foreign stock ownership of the top-cap company on the main stock market here has been on the decline since J
Seoul shares open higher on tech, steel

Nov 19, 2015

South Korean stocks started higher Thursday on the back of technology companies and steelmakers, shrugging off concerns of additional terrorist attacks in Paris.The benchmark Korea Composite Stock Price Index added 11.58 points, or 0.59 percent, to 1,974.46 in the first 15 minutes of trading.Samsung Electronics increased 0.47 percent, and its smaller rival LG Electronics climbed 1.11 percent. Chip giant SK hynix rose 0.65 percent.No. 1 steelmaker POSCO advanced 1.19 percent, and Korea Zinc moved
FSC to limit ‘high’ insurance payments for high-end cars

Nov 18, 2015

(123RF)South Korean financial authorities are pushing to reduce the “excessive” insurance payments to owners of high-end cars involved in an accident, officials said Wednesday.　For this, the Financial Services Commission plans to change relevant regulations on the insurance-covered repairing and compensation of damaged vehicles.　“The rising number of luxury cars, especially the foreign-brand vehicles, has triggered a number of unfair practices in car insurance coverage,” said FSC director Lee Do
Weak exports could hinder Korea’s long-term growth: Moody’s

Nov 18, 2015

Global rating agency Moody’s said Wednesday that slowing export momentum and consumer confidence could hinder South Korea’s long-term economic growth.The agency, however, kept the country’s sovereign credit rating at Aa3, citing strong fiscal conditions especially for private nonfinancial companies.“The robust earnings that many Korean private companies have shown in 2015 will continue into 2016,” said Moody’s Investors Service associate managing director Chris Park in an economic forecast brief
Yuan’s SDR status may fuel won’s volatility

Nov 18, 2015

Local analysts forecast Wednesday that the Chinese yuan’s inclusion in the IMF’s reserve-currency basket could significantly affect Korea’s capital market.They said if the special drawing rights reserve-currency status is bestowed on the yuan it could increase the level of volatility in the domestic financial market. “Ahead of the U.S. rate-setting in December, the local market should look at whether or not the yuan is included in the SDR currency basket later this month,” said Yuanta Securitie
Seoul shares close flat on U.S. rate woes

Nov 18, 2015

South Korean stocks closed nearly flat Wednesday as the market's recovery from the Paris terrorist attacks was limited by concerns over a rate hike in the United States. The local currency closed lower against the greenback.The benchmark Korea Composite Stock Price Index edged down 0.7 point, or 0.04 percent, to 1,962.88. Trading volume was moderate at 531 billion shares worth 4.43 trillion won ($3.79 billion) with losers outpacing gainers 487 to 311.The local stock market recovered from a brief
Seoul shares flat in late morning trade

Nov 18, 2015

South Korean stocks traded nearly flat late Wednesday morning as investors sat on the sidelines over uncertainties surrounding the U.S. Fed's rate policy.The benchmark Korea Composite Stock Price Index added 1.22 points, or 0.06 percent, to 1,964.80 as of 11:20 a.m.Tech shares traded mixed, with Samsung Electronics rising 0.31 percent. Top chipmaker SK hynix slid 1.14 percent, and LG Electronics shed 1.81 percent to 54,200 won.Mobile carriers were also mixed, with SK Telecom losing 0.86 percent
Seoul shares open higher on tech, autos

Nov 18, 2015

South Korean stocks started higher Wednesday on the back of gains in tech and autos, continuing to recover from a brief dip earlier this week from the Paris terrorist attacks.The benchmark Korea Composite Stock Price Index added 4.84 points, or 0.25 percent, to 1,968.42 in the first 15 minutes of trading.Market behemoth Samsung Electronics climbed 1.02 percent, and LG Electronics advanced 0.36 percent. Samsung SDI climbed 1.75 percent.No. 1 carmaker Hyundai Motor added 1.59 percent, and its sist
Korean insurers net jumps 17.3% through Sept.

Nov 18, 2015

South Korean insurance companies saw their net income jump 17.3 percent in the first nine months of the year from a year earlier on gains from investment, the financial watchdog said Wednesday.The combined net income of local life and non-life insurers reached 6 trillion won ($5.1 billion) in the January-September period, compared with 5.1 trillion won the previous year, according to the Financial Supervisory Service.Life insurance firms posted a 19.6 percent on-year rise in profit to 3.7 trilli
Shadow regulation and financial reforms

Nov 17, 2015

This is the seventh in a monthly series contributed by executive members of the Financial Supervisory Service to address key ongoing financial issues. ― Ed.By Kim Young-kiWe have often heard of “shadow banking,” which is considered to trigger financial crises. Now “shadow regulation,” the regulatory version of shadow banking, has become a familiar term. The word “shadow” is mostly taken in a negative context that symbolizes darkness and unconsciousness, much in contrast with “light.”Due to its f
KB holds SME job fair

Nov 17, 2015

KB Kookmin Bank opened its biannual job fair Tuesday in an effort to help resolve the manpower shortage of small and medium-sized enterprises and to lower unemployment.The two-day 10th KB Good Job Fair was held at Songdo Convensia in Incheon, inviting some 200 blue chip companies and over 20,000 job-seeking youths, according to officials. KB Kookmin Bank holds KB Good Job Fair at Songdo Convensia, Incheon, on Tuesday. KB Financial GroupThe participating companies are top-ranking SMEs selected by
Rising household debt weighs down sputtering economy

Nov 17, 2015

The Bank of Korea’s decision last week to freeze its benchmark interest rate at a record low of 1.5 percent for five consecutive months has been seen by many economists here as signaling a possible turnaround from its policy tuned to help boost the growth momentum of the country’s economy. Since August 2014, the central bank has cut the rate on four occasions by a total of 1 percentage point.After the latest rate-freeze decision was announced Thursday, a BOK official said it was clear that its n
Internet banks given grace period for financial soundness requirements

Nov 17, 2015

(123RF)Financial authorities have decided to give a three-year grace period to the nation‘s first Internet-only banks to meet financial soundness requirements in a move to nurture the new financial industry. 　The Financial Services Commission said Tuesday that the Internet-only banks will face lower financial soundness requirements compared to their brick-and-mortar peers. 　The grace period, which will end in 2019, aims at giving the new banks time to lodge themselves in the financial market tha
[Photo News] Combat female cancer

Nov 17, 2015

COMBAT FEMALE CANCER -- AIA Life Korea CEO Daniel L. Costello (fifth from left) poses with Ewha Womans University Cancer Center for Women chief Paik Nam-sun (sixth from left), officials and a female patient after delivering a 180 million won ($154,000) donation fund for female cancer patients. (AIA Life Korea)