Hana Financial Group, the country's third-largest financial group, said Friday its first quarter net income fell more than 30 percent  on-year due mainly to losses from a state-led micro loan and its implication in an illegal lending scheme. Net profit stood at 207.8 billion won ($200 million) in the January-March period, compared with 311.8 billion won a year earlier, the group said in a regulatory filing. From three months earlier, profit jumped almost 200 percent. The bottom line, however, wa

The issuance of asset-backed securities in South Korea sank 39.2 percent in the first quarter of this year from a year earlier as the state-run mortgage loan agency saw a drop in its financial instrument sale, the financial watchdog said Thursday.A combined 8.1 trillion won ($7.8 billion) worth of ABSs were issued in the January-March period, compared with 13.4 trillion won a year earlier, according to the Financial Supervisory Service.ABSs are derived from underlying assets such as car loans, h

Financial investigators revealed Thursday that Chonghaejin Marine Co. had not paid anything in corporate taxes in the past five years, due to exemptions given to the operator of the Sewol ferry because of previous losses.While a company operating in the red is entitled to some tax exemptions, the Financial Supervisory Service is looking into its financial statements to examine the possibility that the company had manipulated its books to evade taxes. The National Tax Service is also reviewing th

FSS steps up watch on foreign bank branches following sanctions on Goldman Sachs, Deutsche Bank, Bank of China

South Korean stocks closed 0.1 percent lower Thursday as institutional investors unloaded local shares, tracking overnight falls in U.S. stock markets, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 2.03 points to 1,998.34. Trading volume was light at 227.9 million shares worth 3.51 trillion won ($3.38 billion), with losers outnumbering gainers 512 to 289.“The KOSPI seemed to try to test the 2,000 level, but it did not look

Morgan Stanley's Seoul branch and two of its officials have been reprimanded for engaging in financial business without the establishment of an adequate system to operate it, South Korea's financial watchdog said Thursday.  According to the Financial Supervisory Service (FSS), the Seoul office of the U.S. banking group examined the financial status and viability of purchasing bad loans in 2011 in cooperation with Morgan Stanley Income Securities Inc.'s Seoul branch and Morgan Stanley's Hong Kong

Support measures may include tax relief, school fees exemptions

The newly launched gold bourse is drawing weaker-than-expected attention from investors, with the turnover below what was anticipated by authorities as the nation slows purchases in light of the capsized ferry Sewol, data showed on Wednesday.The gold bourse was launched on March 24 to help bring the unregulated market into the open while broadening the government’s taxation base.The data compiled by the Korea Exchange, the gold bourse operator, shows the daily turnover averaged 3.6 kilograms, lo

South Korean importers reduced their use of the Japanese currency in settling deals in the first quarter as the yen continued to weaken, the central bank said Wednesday.The use of the yen accounted for a fresh record low of 4.9 percent of the total import settlements in the first quarter, down from 5.2 percent in the fourth quarter, according to the Bank of Korea.The weight of the yen declined as the currency’s sharp weakness reduced the dollar conversion value of settlements made with the yen,

South Korean stocks closed 0.19 percent lower Wednesday as investor sentiment weakened over concerns about China’s economic slowdown, analysts said. The local currency fell against the U.S. dollar.After trading higher, the benchmark Korea Composite Stock Price Index declined 3.85 points to 2,000.37. Trading volume was light at 231.7 million shares worth 3.82 trillion won ($3.68 billion), with losers outnumbering gainers 536 to 261.“Data on China’s manufacturing activity pointed to lingering conc

South Korean stocks closed 0.25 percent higher Tuesday on foreign buying, but the upward momentum was weak due to investors’ caution ahead of corporate earnings results, analysts said. The local currency rose against the U.S. dollar.After trading in a tight range, the benchmark Korea Composite Stock Price Index gained 5 points to 2,004.22. Trading volume was light at 202.5 million shares worth 3.02 trillion won ($2.91 billion), with gainers outnumbering losers 414 to 366.“Trading volume was smal