The Korea Herald

KDB vows more support for SMEs

Sept 17, 2015

Korea Development Bank chairman Hong Ky-ttak takes a guided tour of Celltrion, a KOSDAQ-listed biopharmaceutical company supported by KDB’s program, in Incheon on Thursday. (KDB)Korea Development Bank chairman Hong Ky-ttak on Thursday pledged to carry out stronger support for small and medium-sized enterprises, asking them to reinforce creativity and innovation in entrepreneurship. 　“The Korean economy is facing challenges with low growth, which makes stronger support for the promising SMEs more
Seoul shares end flat ahead of U.S. Fed decision

Sept 17, 2015

South Korean stocks closed nearly flat Thursday as investors took a wait-and-see stance awaiting the outcome of a key U.S. Fed policy meeting due later this week. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index edged up 1.04 points, or 0.05 percent, to close at 1,976.49. Trading volume was moderate at 502.1 million shares worth 5.55 trillion won ($4.76 billion), with losers outpacing advancers 477 to 333.The Federal Open Market Committee started
Gov't to hold policy meeting after U.S. rate decision

Sept 17, 2015

South Korea will convene a macroeconomic and financial policy meeting right after the U.S. Federal Reserve makes a decision on interest rates, a finance ministry official said Thursday. After a two-day meeting, the Federal Open Market Committee is scheduled to announce its interest rate decision Friday morning (Seoul time). "The overnight decision by the FOMC is expected to have a far-reaching impact regardless of whether key rates are marked up or remain pat," the official said. "Because anal
BOK vows to ensure financial stability amid growing uncertainties

Sept 17, 2015

South Korea's central bank said Thursday that it will focus on keeping the local financial market stable as international volatility is likely to grow on China's economic instability and a looming U.S. rate hike.Concerns have been escalating over an economic hard landing in China, South Korea's top export market, and the outcome of a U.S. interest rate decision later this week."Volatility in the international financial market may increase as the U.S. rate decision nears," the Bank of Korea said
Hana Financial Investment sets sail under new name

Sept 16, 2015

Hana Financial Investment vowed Wednesday to help develop the Korean financial service industry under a new corporate name while announcing a promotional event for customers. 　The company, formerly called Hana Daetoo Securities, adopted its new corporate name on Sept. 1 to mark its increased market competiveness in the financial service sector. 　The financial investment affiliate of Hana Financial Group has accumulated a decade of experience in asset management and investment banking. 　“We are p
Seoul shares spike 2% on eased U.S. rate woes, rating upgrade

Sept 16, 2015

South Korean stocks jumped nearly 2 percent on Wednesday, buoyed by eased concerns over a U.S. interest rate hike and the upgrade of Korea's sovereign credit rating by a global appraiser. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 1.96 percent, or 37.89 points, to 1,975.45, the highest level in about a month. Trading volume was moderate at 565.77 million shares worth 5.6 trillion won ($4.76 billion), with gainers outnumbering dec
Stocks hit 1-month high ahead of FOMC meeting

Sept 16, 2015

Stocks and currency gained sharply in the domestic market Wednesday on the back of Standard & Poor’s upgrade of Korea’s sovereign rating a day earlier and the overnight increase of the U.S. bourse.The benchmark KOSPI rose 37.89 points, or 1.96 percent, from the previous trading session to close at 1,975.45. This marked the highest in one month since it reached 1,983.46 on Aug. 13.The equities’ gain is drawing attention as it comes ahead of the interest rate-setting meeting of Federal Open Market
Korea’s household debt ratio soars

Sept 15, 2015

South Korean households’ debt problem is higher than other emerging economies, a research report from a Swiss financial organization showed Tuesday.According to the Bank for International Settlements, the nation’s ratio of household debt to gross domestic product was 84 percent at the end of 2014. The debt figures include microcredit loans issued to the self-employed.Korea topped the list among the 14 major emerging countries, whose consumer loans were studied by the BIS, in the household debt-G
Seoul shares inch up in range-bound trade

Sept 15, 2015

South Korean stocks edged up in range-bound trade on Tuesday as investors remained cautious ahead of the upcoming Fed decision on interest rates. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.32 percent, or 6.1 points, to 1,937.56. Trading volume was slim at 384.3 million shares worth 3.92 trillion won ($3.3 billion), with gainers outnumbering decliners 473 to 324.The index started lower but traded in a tight range before ex
S. Korea asks U.S. to back creation of new Asia development bank

Sept 15, 2015

South Korea has asked the United States to support the establishment of a new Asian development bank that can fuel economic growth in a denuclearized North Korea, the finance ministry said Tuesday.The bank, first proposed by President Park Geun-hye in Dresden, Germany, last year, aims to help North Korea develop its economy after it gives up its nuclear ambitions. It also plans to support development projects in China's Liaoning, Jilin and Heilongjiang provinces, as well as Russia's Far East.The
S. Korea logs trade surplus for 43rd month in Aug.

Sept 15, 2015

South Korea posted a trade surplus for the 43rd month in a row in August as imports dropped at a much faster pace than exports, customs data showed Tuesday.According to the data by the Korea Customs Service, the country's trade surplus reached $4.27 billion last month, up from $3.31 billion the year before but smaller than the $6.9 billion reached in July.Exports plunged 14.9 percent on-year to $39.24 billion in August, while imports nosedived 18.3 percent to $34.97 billion. In August 2014, expo
Foreigners stay net sellers of S. Korean stocks in Aug.

Sept 15, 2015

Foreign investors remained net sellers of South Korean stocks in August for a third consecutive month, the financial watchdog said Tuesday, amid rising concerns that a massive outflow of foreign funds would deal a hard blow to Asia's fourth-largest economy.Foreigners dumped a net 3.94 trillion won ($3.34 billion) worth of local shares last month, expanding from a net selling of 2.26 trillion won the previous month, according to the Financial Supervisory Service.The August figure marks the highes
Samsung Q3 earnings forecast to miss market estimates

Sept 14, 2015

South Korea's top tech giant Samsung Electronics Co. is expected to post weaker-than-expected earnings for the third quarter of 2015, analysts said Monday, due to the delayed recovery of its handset business.Samsung Electronics is expected to post an operating profit of 6.5 trillion won ($5.5 billion) in the July-September period, Korea Investment & Securities Co. said in a note to investors. The figure hovers below the 6.6 trillion won average outlook compiled by Yonhap Infomax, the financial a
Financial fraud damage drops sharply in H1

Sept 14, 2015

The average amount of damage from financial fraud cases in South Korea dropped sharply in the first half of 2015 from a year earlier, the financial watchdog said Monday, amid stepped-up efforts to root out such scams.The amount averaged 26.1 billion won ($22.1 million) per month during the January-June period, down 22.5 percent from a monthly 33.7 billion won a year ago, according to the Financial Supervisory Service.In July and August, the figure fell to 19 billion won, the watchdog added.The F
Investors to watch FOMC result

Sept 13, 2015

Japan’s quantitative-easing issue resurfaces