South Korean port city Incheon said Monday it is in talks with Chinese retail giant Alibaba Group for an investment that informed sources said would be in the range of 1 trillion won ($924 million)."It is true that we are in talks with Alibaba for investments in line with our efforts to overcome our financial problems," a city government official said. "While we are taking an aggressive and strategic approach for the investment, we have not yet made any decisions at present."IT industry sources

The number of high-priced South Korean stocks increased last year compared to a year ago, and they tended to produce higher yields than their peers, the main bourse operator said Monday.Stocks listed on the main KOSPI market priced over 100,000 won ($91.5), the top-end price band, rose 22.58 percent on-year to 76 as of Friday compared to the end of 2013, the Korea Exchange (KRX) said.In the secondary KOSDAQ market, shares priced over 30,000 won, its upper band, tallied at 62, up 58.97 percent fr

Skepticism is growing over the government’s growth target this year as an increasing number of experts are dismissing the figure as unwarranted optimism.The Ministry of Strategy and Finance on Sunday reaffirmed its previous forecast of 3.8 percent growth this year, citing positive economic indicators globally. “The (South Korean) economy is expected to achieve a 3.8 percent growth this year, with the recovering global economy, falling oil price and investment-friendly policies deemed to fuel the

South Korea’s budget deficit is expected to be higher than expected to surpass an earlier estimate of 3.4 trillion won ($3.1 billion) this year due to lower-than-predicted economic growth and inflation, a parliamentary report said Sunday. The National Assembly Budget Office in October forecast the government to collect 218.2 trillion won in taxes based on a 5.6 percent nominal growth rate, expecting a tax revenue shortfall of over 3 trillion won of this year. In the latest report, the NABO said

A legal change and improvements in management allow for the privatization of Korea Exchange, the nation’s stock operator, according to the Finance Ministry, but it still remains unclear when and how it will take place.The Financial Services Commission, the direct supervisory office for the KRX, suggested that it was time to consider re-privatization but the ministry is taking a more passive stance.According to the Finance Ministry and the FSC on Tuesday, KRX has eliminated the factors that have

South Korean stocks soared Friday, extending their gains for a third consecutive session on overnight gains on Wall Street and growing expectations of stimulus in the eurozone, analysts said. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 20.05 points, or 1.05 percent, to 1,924.70. Trading volume was moderate at 305 million shares worth 4.25 trillion won ($3.89 billion), with gainers beating losers 530 to 283. “Samsung’s fourth-quarter earn

The portion of self-employed seniors who have gone bankrupt is trending higher due to excessive competition, data showed Friday, raising alarm as a growing number of babyboomers among them are opting to start their own businesses after retirement.Some 75.3 percent of self-employed businesses that went belly up last year were run by those aged over 50, compared with 70.6 percent in 2011, according to the data by the Korea Financial Telecommunications & Clearings Institute.Of the total, those aged

Hyundai Motor Co., Korea’s top automaker, said Friday its all-new Sonata has been chosen in the U.S. as the car with the best economic performance.The new Sonata, unveiled last spring, won the “2015 Best Economic Performance Award” in the full-size segment by the Automotive Science Group, a U.S. auto review organization, according to Hyundai Motor. The ASG announces the winners every year based on the lowest maintenance cost by taking into consideration fuel efficiency, insurance payments and ve

Samsung Electronics Co., Korea’s top tech firm, said Thursday it plans to launch a new low-end smartphone with enhanced camera features at home this week, in line with its efforts to expand its footprint in budget handsets.The 5.25-inch Galaxy Grand Max will be only 7.9 mm thick, thinner than the 8.1 mm Galaxy S5 released last year. It will run on the Android KitKat operating system with a 2,500 mAh battery capacity.Samsung said the device would boast various camera-related systems that would ma

Companies should increase their dividends if Korea wishes to activate its stock market and attract foreign investments, according to Baring Asset Management.The London-based investment management firm also predicted that the U.S. Federal Reserve will hike its key rate in the second quarter this year, possibly in late May or June.“Once foreign investors are convinced that Korean companies have decided to expand their dividends, the local stock market will turn bullish,” said Khiem Do, head of the

South Korean stocks jumped by more than 1 percent on Thursday as investors were cheered by overnight gains on Wall Street and growing expectations of an extended stimulus in the eurozone, analysts said. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 20.82 points, or 1.11 percent, to 1,904.65, rising for a second consecutive session. Trading volume was moderate at 259 million shares worth 4.17 trillion won ($3.8 billion), with gainers beatin

- The euro slid in Asia Thursday as falling prices in the eurozone boosted the prospect of European Central Bank (ECB) stimulus, while the Fed appears on track to hike interest rates by mid-year.The single currency slipped to $1.1825 and 141.51 yen in Tokyo against $1.1842 and 141.70 yen in New York. The euro dropped to 1.1802 at one point on Wednesday, its lowest since January 2006. "The inflation data is taking a toll on the euro," Naohiro Nomoto, an associate for currency trading at Bank of T

Nearly 30 percent of South Korean companies worry that intensifying currency volatility will negatively affect their exports this year, a survey showed Thursday.According to the survey of 654 local companies by the Korea International Trade Association (KITA), 27 percent expressed concerns over more currency fluctuations that could weigh down their exports. A weak yen, in particular, was cited as a serious threat to their overseas sales outlooks. Of those surveyed, 34.9 percent said that they ha

South Korean stocks traded sharply higher late Thursday morning, with most market heavyweights remaining in positive terrain on overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.99 points, or 1.01 percent, to 1,902.82 as of 11:20 a.m.Tech and auto shares led the overall market advance, while some defensive shares retreated.Top market cap Samsung Electronics climbed 0.84 percent as its estimated fourth-quarter operating income beat marke