The Korea Herald

Philip Morris Korea to increase exports

Apr 20, 2015

YANGSAN, South Gyeongsang Province ― Philip Morris International Korea expects its cumulative cigarette exports to reach 20 billion sticks this year, after securing larger markets in Japan and Australia.Like its competitors KT&G, British American Tobacco and Japan Tobacco International, PMIK chose to expand its export of cigarettes manufactured in the local factory in Yangsan, South Gyeongsang Province. “Increasing exports is a key alternative to make up for the domestic losses,” Kim Byung-cheol
Chinese stimulus offsets Greek concerns on Korean bourses

Apr 20, 2015

South Korea’s financial market weathered the possibly negative effects from Greece’s woes, as China’s policy to boost its economy offset the worries and non-European investors maintained their “buy and hold” position on Monday.The benchmark KOSPI and the secondary KOSDAQ inched up 0.15 percent and 0.01 percent to close at 2,146.71 and 706.96 points, respectively. The U.S. dollar dipped below the 1,080-won mark.Foreign investors on the main Korean bourse seemingly downplayed the feasibility of a
‘Smart OTP’ draws concerns on user security

Apr 20, 2015

Major banks and credit companies will introduce a mobile phone application that generates one-time passwords for personal authentication to facilitate transactions for customers.The smart OTP system will be cheaper and easier to use than the current OTP system, which requires separate equipment. But the move has triggered security concerns.KB Kookmin Bank said earlier this month it will establish a technology-based financial business platform which will guarantee both convenience and security to
Foreign stock ownership ratio falls in large-caps

Apr 20, 2015

The foreign ownership ratio of local stocks inched down this year, especially in the large-capital sector, data showed Monday.Foreigners held 466.2 trillion won ($430 billion) worth of shares in the benchmark KOSPI and over-the-counter KOSDAQ market as of last Thursday, according to the data from the nation’s stock operator Korea Exchange.This accounted for 30.89 percent of the total market, down 0.7 percentage points from the end of last year. But the actual amount increased by 44 trillion won
Seoul market up 0.15 pct on China stimulus

Apr 20, 2015

South Korean stocks ended higher Monday on gains in chemicals, auto and other large caps amid optimism that business outlooks could improve as China, the country's largest trading partner, is becoming aggressive in stimulating its economy. The South Korean won rose against the U.S. greenback.The benchmark Korea Composite Stock Price Index edged up 3.21 points, or 0.15 percent, to end at 2,146.71. Trading volume was heavy at 500.69 million shares worth 6.97 trillion won ($6.46 billion), with decl
Foreign carmakers' earnings in S. Korea soar in 2014

Apr 20, 2015

Earnings of overseas carmakers in South Korea surged nearly 2.5-fold in 2014 on the back of the rising popularity of foreign-made automobiles here, data showed on Monday, with a large chunk of the profits paid out back home as dividends.The 10 largest foreign carmakers by sales posted a combined net profit of 197.7 billion won ($182.55 million) in South Korea last year, up 147.8 percent from the 79.8 billion won registered in 2013, according to the data compiled by market researcher Chaebul.com.
Foreign ownership of S. Korean stocks slips this year

Apr 20, 2015

Foreign investors saw their ownership ratio of South Korean stocks inch down this year from the end of last year due mainly to a drop in their holdings of large caps, data showed Monday.Foreigners held 466.2 trillion won ($431 billion) worth of shares traded on the main KOSPI market and the tech-laden KOSDAQ market as of Thursday, or 30.89 percent of the total market capitalization, according to the data compiled by the Korea Exchange.The percentage was down 0.7 percentage point from end-2014, t
Producer prices down for 8th straight month in March

Apr 20, 2015

South Korea's producer prices fell for the eighth straight month in March as global oil prices continued to remain weak amid still sagging domestic demand, central bank data showed Monday.The producer price index, a barometer of future consumer inflation, reached 101.80 in March, tumbling 3.7 percent from the previous year, according to the preliminary data from the Bank of Korea. The March result was largely attributed to a sharp drop in oil prices.Prices of coal and petroleum products fell 32.
KOSDAQ rally yields individuals with W100b stocks

Apr 19, 2015

Recent strides in South Korea’s secondary stock trading board, KOSDAQ, have led to a significant rise in the number of shareholders who own more than 100 billion won ($92.5 million) in stock value, according to data from a market tracking agency.After the KOSDAQ index exceeded the 700-point mark for the first time in seven years on Friday, a total of 64 shareholders held stocks worth more than 100 billion won, the highest figure ever recorded, according to Chaebul.com. The KOSDAQ index closed at
Keangnam dissolution hurts banks

Apr 17, 2015

The fallout from a snowballing graft scandal involving businessman Sung Woan-jong and Keangnam Enterprises is hitting the builder’s creditor banks hard due to an inability to collect their debts.The combined damage confirmed so far is estimated at about 80 billion won ($74 million) and is likely to exceed 1 trillion won once the company’s workout process is completed, according to industry analysts.The Export-Import Bank of Korea and Shinhan Bank suffered the largest losses, with 20 billion won
IBK issues $700m global bond

Apr 17, 2015

The state-run Industrial Bank of Korea issued a global bond worth $700 million with a maturity of five years, officials said Friday.The bond has a fixed-interest rate of 2 percent, the lowest among foreign currency bonds issued by South Korean banks this year.The rate is 15 basis points lower than the initial offering price and was determined by adding 75 basis points to the five-year U.S. government bond interest rate.“We increased the amount outstanding from $500 million to $700 million, spurr
S. Korea ranks 11th worldwide in stock market cap

Apr 17, 2015

The combined market capitalization of South Korean firms listed on the main and secondary bourse has increased more than 10 percent this year to rank 11th among global peers, data showed Friday.The combined market cap of South Korean firms reached $1,341 billion as of Wednesday, the 11th highest in the world, up one notch from the end of 2014, according to the data by the bourse operator Korea Exchange (KRX) and Bloomberg. The Wednesday figure marks a 13.4 percent jump from the end of last year
Stock investors rush to take loans in bullish market

Apr 16, 2015

The number of people taking out loans to purchase stocks reached a record eight-year high, as investors rush to participate in a strong local stock market, data showed Thursday.Margin debts, which refers to how much securities companies loan to customers to buy stock, reached 6.97 trillion won ($6.4 billion) as of Wednesday, according to the Korea Financial Investment Association. This is a record high since the figure hit 7.1 trillion won in June 2007, and a significant jump from the 5.77 trill
Gasoline, diesel prices likely to surge

Apr 16, 2015

Gasoline and diesel prices for retail consumers are expected to climb sharply during the second quarter, as global crude oil prices hit the highest level so far this year after touching the estimated bottom in late January.South Korea’s benchmark gasoline prices, which traded at 1,505.35 won ($1.36) per liter on Thursday, are likely to exceed this year’s record of 1,516.49 on March 19 in the coming weeks, according to research analysts.They cite a number of external factors, which could shore up
Korea’s job growth slowest in two years

Apr 15, 2015

Korea’s jobless rate fell in March from a month earlier due to seasonal factors and more hiring by the manufacturing and service sectors, a government report said Wednesday.According to the report by Statistics Korea, the jobless rate stood at 4 percent last month, down from 4.6 percent in February. But it was up 0.1 percentage point from a year earlier.The seasonally adjusted jobless rate also fell to 3.7 percent in March from 3.9 percent the month before. The number of employed people reached