The Industrial Bank of Korea won this year’s “Best Automation Project Award” from the Asian Banker, an Asia-Pacific financial magazine, the bank said on Friday. The honor recognizes the country’s first banking delivery services launched by IBK in August 2011. Dubbed “The Portable IBK,” the financial delivery service has IBK sales employees carry briefcases with equipment needed to open accounts, for card signups and other common bank services. The Portable IBK was recognized for its innovative s

South Korean stocks fell 0.6 percent Friday due mainly to weak data from the eurozone which sparked concerns over economic turmoil in advanced countries, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) declined 12.3 points to finish at 2034.39. Trading volume was low at 230 million shares worth 3.95 trillion won ($3.72 billion), with losers outpacing gainers 470 to 318.Analysts said Seoul shares lost ground as a weak economic

South Korean stocks traded 0.83 percent lower late Friday morning, dented by losses in large-cap shipyard and chemical companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.91 points to 2,029.78 as of 11:20 a.m.Blue-chip shipyard and chemical makers lost ground. Hyundai Heavy Industries, the world's biggest shipyard, slumped more than 3 percent, with LG Chem dipping 2.6 percent. But auto shares trended bullish. Hyundai Motor was up nearly 2 percent, with its a

South Korean stocks opened lower Friday as investors continued to take a wait-and-see approach on the Chinese economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 9.55 points, or 0.47 percent, to 2,037.14 in the first 15 minutes of trading.Mobile carriers traded lower, with No. 1 player SK Telecom falling 1.48 percent and KT losing 0.98 percent. LG Uplus, the smallest player, shed 2.38 percent.Carmakers also declined, with No. 1 Hyundai Motor falling 0.39 per

The Korean won is expected to strengthen against major currencies as foreign investors reallocate their funds from emerging markets with weak fundamentals such as Indonesia to economies with stable outlooks such as Korea, Asia’s fourth-largest economy.The won-dollar exchange rate rose 5.2 won to 1,061 won on Thursday as forex officials from the Bank of Korea and the Ministry of Strategy and Finance jointly intervened for the first time this year by openly expressing concerns over the rate “exces

A group of overseas investors are likely to participate in the coming bidding for the public-funds-injected Woori Bank and Woori Finance Holdings, according to market insiders on Thursday.Financial market participants raised the possibility, noting that Kyobo Life Insurance is reportedly considering forming a consortium with global firms to bid for the largest financial group in Korea.Among the firms are investment banks such as Softbank, Macquarie Group and JPMorgan, according to the report.A s

South Korean stocks gained 0.54 percent Thursday following better-than-expected manufacturing data from China, analysts said.The local currency fell against the U.S. dollar.The local currency ended at 1,061.00 won against the greenback, plunging 5.20 won from Wednesday's close.During Thursday's trading session, the local currency soared to reach 1,054.30 won at 2:20 p.m., marking the highest level for 2013, breaking an earlier record of 1,054.50 won tallied on Jan. 15.last-minute decline came as

South Korean stocks traded almost flat late Thursday morning as investors continued to take a wait-and-see approach on the Chinese economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.74 points, or 0.13 percent, to 2,038.49 as of 11:20 a.m.Builders traded bullish, with Hyundai Engineering & Construction adding 0.66 percent and Daewoo Engineering & Construction advancing 0.81 percent. GS Engineering & Construction climbed 0.93 percent.Tech shares lost ground,

South Korean stocks opened almost flat Thursday amid rising concerns over a possible economic slowdown in China, the top trading partner of Asia's fourth-largest economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 2.87 points, or 0.14 percent, to 2,038.62 in the first 15 minutes of trading.Logistics firms gathered ground, with Hyundai Glovis adding 3.77 percent and top air carrier Korean Air rising 1.76 percent. CJ Korea Express gained 0.33 percent.In contrast

The credit card industry was found to have taken profit by bullying its subcontractors over the past few years, a lawmaker said Wednesday, citing financial regulatory data.The card issuers involved in improprieties during their deals with suppliers were BC, Shinhan, KB Kookmin, Hyundai, Samsung, Lotte, Hana SK, Korea Exchange Bank and NongHyup Bank, according to Rep. Kim Young-joo of the main opposition Democratic Party.Her document, which was tendered by the Financial Supervisory Service, showe

BOK governor sees little chance of U.S. accord on quantitative easing tapering within this month

Hana Bank won three awards in the “2013 Technology Implementation Awards Korea” event hosted by the Asian Banker, an Asia-Pacific financial magazine, the bank said on Tuesday. Hana was presented with this year’s Best Mobile Banking Project Award, Best Mobile Social Media Project Award and Best Mobile Security Project Award, in recognition of its outstanding performance in financial technologies and services, according to bank officials.Since launching the country’s first smartphone banking syste

The Financial Supervisory Service hosted an investor relations convention in Shanghai on Wednesday to attract foreign ship-financing investment to Korea’s No. 1 port city, Busan.About 110 leaders from 68 shipbuilding-related institutions, including Chinese financial institutions, global ship-financing firms, Shanghai Shipping Exchange and Shanghai Shipowners’ Association, attended the Korean financial regulator’s event.The Shanghai IR session was aimed at promoting the advantages of Busan as a c

South Korean banks may post better-than-expected earnings for this year on the back of smaller loan-loss reserves and an absence of the regulator’s rule tightening on financial health, data showed Wednesday.Top banking group Woori Finance Holdings and the other three rivals may post a combined 6 trillion won ($5.68 billion) in earnings for 2013, down from 7.71 trillion won tallied for last year, according to an estimate made by financial data provider FnGuide.Their net income amounted to 2.7 tri

The financial regulator said Wednesday it will start a probe next month on the financial unit of Hyosung Group, a major South Korean conglomerate under fire for tax dodging and accounting fraud allegations, to see if the affiliate violated lending rules to support the parent firm. The Financial Supervisory Service plans to launch an investigation into Hyosung Capital Co. in November on suspicion that the firm extended sizable loans to the Cho family, the owner of the conglomerate, using borrowed