The Korea Herald

KB aims to be Asia’s leading bank

Jan 29, 2015

KB Financial Group chairman Yoon Jong-kyu speaks at a meeting with deputy managers of nationwide branches of Kookmin Bank on Jan. 17. (Kookmin Bank)KB Financial Group chairman Yoon Jong-kyu has vowed to bring about a turning point for its flagship Kookmin Bank in order to become a leading financial firm in Asia. Yoon encouraged executives and employees in his New Year address earlier this month, saying the bank should become a happy workplace with active members. He also emphasized that the staf
Korean firms pick Vietnam as next biz target: poll

Jan 29, 2015

A majority of South Korean companies with plans to expand business in overseas emerging markets this year picked Vietnam as the best target, a survey showed Thursday.Of the 537 local firms polled, 49 percent responded that they have plans to develop their businesses in the Southeast Asian nation this year, according to the survey conducted by the Korea International Trade Association. The firms surveyed could make five selections from a list of 32 countries with annual growth of more than 3 perc
Shares down 0.54% on hawkish Fed statement

Jan 29, 2015

South Korean stocks ended 0.54 percent lower on Thursday as the U.S. Federal Reserve‘s latest statement surprised investors and prompted a foreign sell-off here, analysts said. The local currency sharply fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slid 10.56 points to 1,951.02. Trading volume was moderate at 381.7 million shares worth 5.2 trillion won ($4.8 billion), with decliners slightly outnumbering gainers 398 to 391.“The Fed statement was more hawkish than
S. Korean firms pay bigger dividend, but not yet 'game changer'

Jan 29, 2015

South Korean companies are announcing higher dividend payouts, nudged by growing pressure from the government and investors, but the question remains whether it will have a lasting effect on the dull local stock market, analysts said Thursday. In the ongoing earnings season, major Korean companies have said they will return more of their 2014 profits to shareholders to raise their traditionally stingy dividend payout ratio, the key reason why Korean stocks are undervalued compared to their peers
S. Korean firms pick Vietnam as next biz target: poll

Jan 29, 2015

A majority of South Korean companies with plans to expand business in overseas emerging markets this year picked Vietnam as the best target, a survey showed Thursday.Of the 537 local firms polled, 49 percent responded that they have plans to develop their businesses in the Southeast Asian nation this year, according to the survey conducted by the Korea International Trade Association (KITA). The firms surveyed could make five selections from a list of 32 countries with annual growth of more than
AXA Direct kicks off English website for foreigners

Jan 28, 2015

AXA Direct Korea, the Korean branch of Paris-based global insurance provider AXA Group, is to launch an English website service for foreign residents here.Starting from Monday, foreigners will be able to check insurance fees and subscribe to policies directly through the online or mobile platform of AXA’s Global English Website service, officials said Wednesday.The system will be the first to allow foreign nationals here to take out insurance policies without the assistance of others or separate
Shares up 0.47% as eurozone jitters fade

Jan 28, 2015

South Korean stocks ended 0.47 percent higher on Wednesday as investors scooped up shares amid eased concerns over Greece and hopes on the European Central Bank’s massive stimulus, analysts said. The local currency weakened against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 9.18 points to 1,961.58. Trading volume was moderate at 392.8 million shares worth 5.3 trillion won ($4.9 billion), with gainers outnumbering decliners 479 to 319.The KOSPI got off to a weak start
Korea, Alibaba seek logistics partnership

Jan 28, 2015

Choi Kyung-hwan. (Yonhap)South Korea’s Finance Minister Choi Kyung-hwan and Alibaba Group chairman Jack Ma agreed to seek partnership between Korea’s logistics companies and the Chinese e-commerce giant, Seoul officials said.The two sides held talks on Wednesday in a follow-up meeting to August last year to reaffirm the partnership between Alibaba and Korea’s small and medium enterprises seeking to make inroads into China.Deputy Prime Minister and Finance Minister Choi met Alibaba chairman Ma ah
Seoul shares up 0.47 pct as eurozone jitters fade

Jan 28, 2015

South Korean stocks ended 0.47 percent higher on Wednesday as investors scooped up shares amid eased concerns over Greece and hopes on the European Central Bank (ECB)'s massive stimulus, analysts said. The local currency weakened against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.18 points to 1,961.58. Trading volume was moderate at 392.8 million shares worth 5.3 trillion won (US$4.9 billion), with gainers outnumbering decliners 479 to 319.The KOSPI got off
Apple profit hits new high on rocketing iPhone sales

Jan 28, 2015

Apple's quarterly profit soared to a record $18 billion on the back of booming iPhone sales, especially in China.The California-based tech giant also announced Tuesday that its highly anticipated Apple Watch wearable devices unveiled last year are on track to begin shipping in April."We'd like to thank our customers for an incredible quarter which saw demand for Apple products soar to an all-time high," said chief executive Tim Cook.Apple posted record revenue of $74.6 billion in the quarter, du
Consumption to remain sluggish, despite sentiment improvement

Jan 27, 2015

South Korea’s consumer sentiment index rose for the first time in four months in January, but consumers are expected to further tighten their spending amid a slow economic recovery and high household debt, the Bank of Korea said Tuesday.The consumer sentiment index stood at 102 this month, up from 101 a month before.The index improved after months of decline since the Sewol ship sinking, which adversely affected private spending and investment.Although the index is above 100, showing more optimi
Health insurance fees set to increase in April

Jan 27, 2015

To taxpayers who have already been pressed by the consequences of the year-end tax revision, the upcoming health insurance adjustment is an additional financial blow.They will likely have to pay more insurance fees than last year due to recent rate hikes.Starting April 15, taxpayers have to readjust their health insurance payments, based on the result of the currently ongoing earned income tax readjustment, the National Health Insurance Service and the National Tax Service said Tuesday.Last year
Korea to allow more corporate investment in online banks

Jan 27, 2015

South Korea is to begin a deregulation drive to encourage investment in Internet-only banks to be introduced in the first half of 2015, the financial regulator said Tuesday, as the country hastens to match technology with financial business.In promoting what has been named “fintech,” the Financial Services Commission said it will ease certain measures, which include revising local banking laws that require all commercial banks to have brick-and-mortar offices and face-to-face channels with custo
Shares up 0.86 percent on Wall Street gains

Jan 27, 2015

South Korean stocks ended 0.86 percent higher Tuesday as investor sentiment was soothed by overnight results on Wall Street that eked out gains despite Russia‘s downgraded credit rating and the Greek election outcome, analysts said. The local currency gained ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index moved up 16.72 points to 1,952.40. Trading volume was high at 456.5 million shares worth 4.51 trillion won ($4.18 billion), with gainers beating decliners 464 to
S. Korea to allow more corporate investment in online banks

Jan 27, 2015

South Korea is to begin a deregulation drive to encourage investment in Internet-only banks to be introduced in the first half of 2015, the financial regulator said Tuesday, as the country hastens to match technology with financial business.In promoting what has been named "fintech," the Financial Services Commission (FSC) said it will ease certain measures, which include revising local banking laws that require all commercial banks to have brick-and-mortar offices and face-to-face channels with