The Korea Herald

American Express deal lets Shinhan expand card business

Dec 1, 2013

Shinhan Card, Korea’s top credit card issuer, said it would offer more cards and services through its expanded relations with American Express.This comes as the two sides agreed to boost their relationship, paving the way for Shinhan Card to tap a greater number of consumers via American Express’ global networks.Shinhan Card said its new U.S. partner would help it provide more diverse services and product choices for Korean consumers.“By partnering with American Express, we expect to provide mor
Seoul shares to trade higher amid eased U.S. woes

Dec 1, 2013

The South Korean stock market is expected to trade higher next week amid abated uncertainty over the U.S.’ tapering of quantitative easing, analysts said Saturday.The benchmark KOSPI gained 2 percent Friday from a week earlier to close at 2,044.87.Earlier this week, Seoul shares gathered ground on the back of a foreign-led buying rally amid abated concerns over a tapering of economic stimulus moves by the U.S. Federal Reserve.The local stock market also remained bullish later in the week on the
S. Korea's trade surplus widens in Nov.

Dec 1, 2013

South Korea's trade surplus widened from a year earlier in November as its exports grew slightly while imports inched down, the government said Sunday.The country's outbound shipments came to a little over $47.91 billion, up 0.2 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.Imports, on the other hand, slipped 0.6 percent on-year to some $43.11 billion. Trade surplus came to about $4.8 billion, marking the 22nd consecutive month the country posted
Consumers take action on Kookmin

Nov 29, 2013

Consumer group set to file complaint with prosecution against top bank executives
Seoul to consider joining Pacific trade pact: minister

Nov 29, 2013

Deputy Prime Minister and Finance Minister Hyun Oh-seok said Friday that the government needs to carefully review Korea’s participation in the Trans-Pacific Partnership called TPP, a U.S.-led move to create a free trade bloc linking Pacific Rim states.Speaking at a meeting with trade-related ministers, Hyun said it is necessary for the government to express interest in the participation in the TPP and to hold bilateral preliminary consultations with the participating countries.The U.S. has spear
Allianz begins voluntary redundancies to cut costs

Nov 29, 2013

Allianz Life Insurance Korea has begun its first restructuring in a decade in a desperate effort to break out of a long slump, industrial sources said on Friday. A 32 billion won ($30 million) net loss in 2012 is prompting the 1,650-staff company to launch a retirement program to cut jobs, the sources said. It is the first time for the foreign insurer to implement a voluntary retirement program since 2003.Early this week, company CEO Lee Myung-jae informed all employees that the company could no
Seoul shares close almost flat amid stagnant consumption

Nov 29, 2013

South Korean stocks closed almost flat Friday due mainly to the fact investors sat on the sidelines amid weak consumers' sentiment from home and abroad, analysts said.The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.9 points, or 0.04 percent, to 2,044.87. Trading volume was low at 240.7 million shares worth 3.37 trillion won (US$3.18 billion) with gainers outpacing losers 402 to 379.Analysts said Seoul shares lost ground as investor
Seoul shares trade almost flat in late-morning trade

Nov 29, 2013

South Korean stocks traded almost flat late Friday morning as investors took a wait-and-see approach on U.S. and Chinese data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 12.73 points, or 0.06 percent, to 2,044.56 as of 11:20 a.m.Shares lost ground across the board, with tech giant Samsung Electronics falling 0.4 percent and No. 1 carmaker Hyundai Motor losing 0.59 percent. Top chipmaker SK hynix lost 0.56 percent.The local currency was changing hands at 1,059.45 w
S. Koreans' overseas card spending hits new record high in Q3

Nov 29, 2013

South Koreans' overseas credit card spending rose to a fresh record high in the third quarter as the number of outbound travelers increased amid the local currency's ascent, the central bank said Friday.Overseas credit card bills totaled US$2.71 billion in the July-September period, up 7.3 percent from three months earlier, according to the Bank of Korea (BOK).The BOK said that the number of outbound travelers sharply rose last quarter, making spending on overseas travel increase.In the cited pe
Seoul shares open flat on QE woes

Nov 29, 2013

South Korean stocks opened almost flat Friday as investors took a wait-and-see approach on a possible tapering of quantitative easing (QE) by the U.S. Federal Reserve, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.96 points, or 0.05 percent, to 2,044.81 in the first 15 minutes of trading.Tech shares traded mixed, with market behemoth Samsung Electronics losing 0.13 percent, while SK hynix gained 0.99 percent. LG Electronics fell 0.29 percent.Shipbuilders lost groun
Hana Daetoo Securities pushes overseas ‘wrap’ accounts

Nov 28, 2013

Wrap accounts tailored for major global economies have become a viable investment strategy amid the prolonged trend of low interest rates, Hana Daetoo Securities said on Thursday.“We are positively surprised at the growing popularity of our wrap accounts for overseas stocks and the exchange traded funds,” said a spokesperson of Hana Daetoo, pointing to the United States, China and other countries that are expected to see steady growth in the medium and long term. Amid rising demand for overseas
Tax agency discloses habitual delinquents

Nov 28, 2013

The National Tax Service on Thursday publicized a list of habitual tax defaulters, who failed to pay or allegedly evaded taxes worth more than 500 million won ($471,180) for at least one year.On its homepage, the tax agency revealed personal or corporate information on 1,662 delinquent individuals and 936 businesses. The list features the name, age, job, address and records of the tax infractions.The average amount of taxes owed is 18.4 billion won per case. All together, this adds up to a total
Seoul shares up 0.84 pct on tech gains

Nov 28, 2013

South Korean stocks inched up 0.84 percent on Thursday as tech shares gained ground on expectations that U.S. consumer spending may pick up near the year-end, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 16.96 points to 2,045.77. Trading volume was moderate at 270.4 million shares worth 3.99 trillion won (US$3.76 billion) with gainers outpacing losers 518 to 299."Foreign capital flew into the local share market, led
Seoul shares up 0.63 pct in late-morning trade

Nov 28, 2013

South Korean stocks traded 0.63 percent higher late Thursday morning, due mainly to gains in technology firms and mobile carriers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 12.73 points to 2,041.54 as of 11:20 a.m.Tech shares continued to trade higher, with No. 1 Samsung Electronics rising 1.36 percent and flat panel maker LG Display climbing 2.73 percent. Leading chipmaker SK hynix moved up 1.59 percent.Mobile carriers also gathered ground, with SK Telecom addi
Korean investments in overseas securities hit 5-year high in Q3

Nov 28, 2013

South Korean institutions' investments in foreign securities rose to the highest level in five years in the third quarter as stock markets rose globally, the central bank said Thursday.The value of foreign securities held by institutional investors totaled US$70.47 billion as of end-September, up 5.3 percent from three months earlier, according to the Bank of Korea (BOK).It marked the largest tally since the third quarter of 2009 when such investments in overseas securities hit $72.1 billion, th