The country’s four major financial groups ― Woori, KB, Shinhan and Hana ― are predicted to post an increase in on-quarter net profit, financial researchers and analysts said Thursday.FnGuide, an online stock information provider, said it projected that KB Financial Group reaped about 422.3 billion won ($397 million) during the July-September period, marking a steep 155.6 percent growth on a quarterly basis.KB’s previous quarterly earnings had fallen largely due to temporary financial woes, such

The country’s major construction companies are expected to have suffered a drop in their earnings in the third quarter of the year, data showed Thursday, in the latest sign of trouble for local builders amid a protracted slump.The combined net profits of Hyundai Engineering & Construction Co., Daewoo Engineering & Construction Co. and four other builders are projected to reach 430 billion won ($404 million) in the July-September period, down 43 percent from the same period last year, according t

Samsung Electronics Co., the world’s largest smartphone maker, said Thursday that it has started construction on a new R&D center in California.The new R&D center in Mountain View, California, is expected to open in December next year, it said in a U.S. press release, adding that the state-of-the-art campus will provide the infrastructure necessary to support Samsung’s open innovation and university collaboration activities. The new state-of-the-art R&D center will provide an “outstanding enviro

South Korean stocks got off to a strong start Thursday, cheered by the last-minute progress in talks among U.S. lawmakers to avoid a default, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 13.07 points, or 0.64 percent, to 2,047.68 in the first 15 minutes of trading. Shares gathered ground across the board, with Samsung Electronics moving up 0.9 percent and Hyundai Mobis, a blue-chip auto parts maker, rising 1.2 percent. U.S. markets closed more than 1 percent high

South Korean conglomerates saw their earnings gain at a faster pace last year than smaller firms, data showed Wednesday, reigniting concerns over the prolonged inequality among industries. According to the compiled data by the parliament’s Trade, Industry and Energy Committee, the productivity index for South Korean conglomerates came to 164.9 points in 2012, while small and medium firms held a comparable figure of 125.8 points.The number tracks how a firm’s productivity has improved over previo

Regulator likely to refer U.S. brokerage firm to prosecution

South Korea’s listed firms saw their debt ratios plunge last year from 15 years earlier, data showed Wednesday, indicating their significantly improved financial health since the Asian financial crisis.According to the data compiled by the Korea CXO Institute, a private research organization, local listed firms saw their average debt ratio reach 145 percent in 2012 on average, falling significantly from 451.2 percent tallied in 1997.Debt ratio refers to the portion of debts in comparison to a fi

The government’s growth outlook for next year is “neutral,” the finance minister said Wednesday, shrugging off criticism that the projection is too optimistic considering current economic conditions. “It is a neutral position to predict that the economy will grow 3.9 percent next year,” Finance Minister Hyun Oh-seok told lawmakers during a parliamentary audit session held here.The remarks came amid worries that the government’s growth forecast for next year might be too optimistic, compared with

Only one in every three chief executives in South Korea has extended his or her term in office, with their average term period turning out to be shorter at large enterprises, data showed Wednesday.The number of senior management-level officials at top 500 local firms who have been reappointed at least once came to 188, or 36.4 percent, out of 516 respondents, according to the data compiled by local corporate information provider CEO Score.Chances for executives at larger firms to renew their thr

South Korean stocks closed 0.31 percent lower Wednesday, weighed down by concerns that the U.S.might see its sovereign rating get downgraded on the partial government shutdown and a possible default, analysts said. The local currency rose slightly against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.35 points to finish at 2,034.61. Trading volume was light at 258 million shares worth 4.24 trillion won ($3.97 billion) with decliners outstripping gainers 483 to 3

South Korean stocks traded 0.04 percent lower late Wednesday morning, dented by tech and IT blue-chips, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 0.83 points to 2,040.13 as of 11:20 a.m.Samsung Electronics lost 0.48 percent, with NAVER Corp, the top Internet portal service provider, dipping nearly 3.5 percent. However, autos and financial stocks trended higher. Hyundai Motor rose 0.8 percent and KB Financial Group gained 4 percent. The local currency was changin

South Korean stocks opened higher Wednesday led by gains in large-cap financial shares amid the continuing U.S. debt ceiling negotiations, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.6 points, or 0.23 percent to 2,045.56 in the first 15 minutes of trading. KB Financial Group, the No. 2 lender, shot up 2.5 percent and Hana Financial Group, the third largest banking firm, soared 2.8 percent. The local currency was trading at 1,068.25 won against the U.S. dollar as

The Financial Supervisory Service said on Tuesday that it accepted a petition by 600 retail investors requesting the financial authority to investigate the cash-strapped Tong Yang Group and its financial units.This marks the first time the FSS has taken a collective request by individuals for a probe into a conglomerate.FSS chief Choi Soo-hyun suggested such a system benchmarking that of Korea’s Board of Audit and Inspection upon his inauguration last March.“A significant number of investors hav

South Korean stocks hit a yearly high Tuesday, as investors pinned hopes on a deal among U.S. lawmakers to raise the debt ceiling, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) soared 20.69 points, or 1.02 percent, to finish at 2,040.96, the highest level since March last year. Trading volume was light at 222.3 million shares worth 3.96 trillion won ($3.72 billion) with gainers outpacing decliners 436 to 369. Analysts rema