The Korea Herald

[Graphic News] Korea’s free trade territory

Dec 11, 2013

Korea and its free trade partners make up 57.7 percent of the world’s GDP, giving Korea the third-largest FTA territory behind that of Chile and Mexico, according to officials. If South Korea concludes free trade pacts with China, Australia and Canada, the total GDP of Seoul’s free trade territory may become the largest.
FTC chief vows to create level playing field in Korean market

Dec 11, 2013

The nation’s chief antitrust regulator on Wednesday vowed to foster a level playing field for domestic and foreign companies by enforcing the competition law.“Should the government treat foreign enterprises in an unfair or discriminatory manner, it will bring undesirable results to domestic consumers and the government, as well as to the foreign enterprises,” Fair Trade Commission chairman Noh Dae-lae said during a meeting with a foreign press association. He vowed to apply antitrust rules in ac
FSC gives MBK go ahead to acquire ING Life

Dec 11, 2013

The Financial Services Commission, the country’s highest financial decision maker, gave permission Wednesday for the acquisition of ING Life Korea by MBK Partners, the country’s largest private equity fund company.The FSC approved the deal in a general meeting, presided over by chairman Shin Je-yoon.Life Investment Corp. Ltd., run by MBK, sought to acquire 100 percent of the 8.2 million shares of ING Life Korea, a subsidiary wholly owned by ING Insurance International II B.V., the FSC said in a
Two foreign banks hit by customer data leaks: sources

Dec 11, 2013

Information on customers of two major foreign banks in South Korea has been leaked, sources said Wednesday, spawning concerns about an online security breach.Personal data of some 130,000 customers of Standard Chartered Bank Korea and Citibank Korea leaked from branches in the southern city of Changwon, South Gyeongsang Province, according to the sources.Bank officials related to the incident were taken into custody to be interrogated, they said.Representatives at the banks said they are in the
Seoul shares close 0.78 pct lower on FOMC woes

Dec 11, 2013

South Korean stocks closed 0.78 percent lower Wednesday as investors took a breather ahead of the U.S. monetary policy meeting scheduled for next week, analysts said. The local currency inched up against the U.S. dollar to set a year-high level.The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.48 points to 1,977.97. Trading volume was low at 228.1 million shares worth 3.42 trillion won ($3.26 billion) with losers outpacing gainers 541 to 261.Analysts noted the U.S. policy-setting F
Seoul shares trade flat in late morning trade

Dec 11, 2013

South Korean stocks traded almost flat late Wednesday morning as investors continued to take a wait-and-see approach on the U.S. monetary policy meeting slated for next week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.64 points, or 0.08 percent, to 1,991.81 as of 11:20 a.m.Tech shares continued to trade mixed, with Samsung Electronics losing 0.62 percent while its smaller rival LG Electronics climbed 0.82 percent. Flat panel maker LG Display added 1.21 percent.M
Seoul shares open lower ahead of FOMC meeting

Dec 11, 2013

South Korean stocks opened lower Wednesday as investors continued to take a breather ahead of the U.S. Federal Open Market Committee slated for Dec. 17-18, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged down 2.43 points, or 0.12 percent, to 1,991.02 in the first 15 minutes of trading.Tech shares traded mixed, with No. 1 Samsung Electronics falling 0.28 percent, while its smaller rival LG Electronics added 1.04 percent. Top chipmaker SK hynix advanced 1.23 percent.Shi
Korea to exclude foreigners from DSME sale

Dec 10, 2013

Policymakers say the shipbuilder is part of the defense industry
Korea decides not to recognize Bitcoin as real currency

Dec 10, 2013

Korean financial authorities said Tuesday that they have decided not to recognize Bitcoin, or cyber currency, as a real legal currency.The conclusion came after a week of debate among officials of the Ministry of Strategy and Finance, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service.Officials said Bitcoin, which can be traded between individuals online without going through financial institutions such as banks, does not meet standard regulations governin
FSS to send Tong Yang chief’s case to prosecution for fraud probe

Dec 10, 2013

The Financial Supervisory Service decided to hand over Tong Yang Group chairman Hyun Jae-hyun and its former brokerage unit chief Jeong Jin-seok to the prosecution on charges of financial fraud, officials said Tuesday. The financial watchdog said that it has transferred its investigative data on chairman Hyun and ex-CEO Jeong to the Seoul District Prosecutors’ Office. The data is said to concern Jeong’s alleged pressure on Tong Yang Securities employees to promote aggressive sales of commercial
Consumer prices likely to grow 2-2.5% next year

Dec 10, 2013

South Korea’s consumer prices will likely grow in the range of 2 to 2.5 percent next year, the Finance Ministry projected Tuesday.The ministry said in a report that the price growth rates in major advanced countries will remain stable “for the time being” thanks to relatively low costs of import of raw materials. South Korea’s consumer prices will also likely show a similar trend, it said.The ministry predicted that South Korea’s consumer price growth rate will be about 0.2 percentage point lowe
Household loans see largest jump in 4 months

Dec 10, 2013

Household loans extended by South Korean financial institutions grew by the largest amount in four months in October amid an increase in housing transactions, the central bank said Tuesday.Outstanding household lending by local banks and non-bank institutions totaled a record 676.1 trillion won ($643.2 billion) as of end-October, up 4 trillion won from the previous month, according to the Bank of Korea.The October gain marked the largest monthly increase since a 6.55 trillion won on-month advanc
Seoul shares close 0.35 pct lower on weak momentum

Dec 10, 2013

South Korean stocks closed 0.35 percent lower Tuesday as investors sat on the sidelines amid the weak growth momentum in the market, analysts said. The local currency inched up against the U.S. dollar to reach a year-high level.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 6.93 points to 1,993.45. Trading volume was low at 195.7 million shares worth 2.95 trillion won ($2.8 billion) with losers outpacing gainers 484 to 318.Analysts said Seoul shares lost ground as investors t
Seoul shares trade lower in late morning trade

Dec 10, 2013

South Korean stocks traded lower late Tuesday morning as investors sat on the sidelines amid the lack of growth momentum in the market, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.04 points, or 0.25 percent, to 1,995.34 as of 11:20 a.m. Shipbuilders lost ground, with Hyundai Heavy Industries moving down 1.35 percent and Samsung Heavy Industries losing 0.4 percent. Daewoo Shipbuilding & Marine Engineering declined 2 percent.Tech shares traded mixed, with Samsung E
Seoul shares open flat on U.S. woes

Dec 10, 2013

South Korean stocks opened almost flat Tuesday as investors were cautious on concerns over a possible tapering of economic stimulus by the United States, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) inched down 0.62 points, or 0.03 percent, to 1,999.76 in the first 15 minutes of trading.Blue chip shares traded mixed, with market behemoth Samsung Electronics moving down 0.76 percent and No. 1 carmaker Hyundai Motor climbing 1.09 percent. Top steelmaker POSCO shed 0.59 per