South Korean stocks got off to a strong start Tuesday, buoyed by hopes that the United States could soon reach a deal to solve the political impasse over its debt ceiling, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 17.23 points, or 0.85 percent, to 2,037.50 in the first 15 minutes of trading. Shares gathered ground across the board, with machineries and service companies leading the climb. Doosan Heavy Industries, a major heavy equipment maker, soared nearly

More companies are likely to have difficulty in raising funds by issuing commercial paper or bonds, as a huge portion of investors pull their investment out of the corporate bond market in the wake of a liquidity crisis among some conglomerates.Over the past year, business groups such as Tong Yang, STX and Woongjin undermined retail investors for an insolvent financial status.Investors for CPs and bonds issued by the three conglomerates are estimated to have faced collective losses of some trill

Leading figures in global economy warn failure to raise U.S. debt ceiling could be disastrous

South Korean stocks closed 0.23 percent lower Monday, as investor sentiment was dented by concerns stemming from the political impasse in the U.S. over its debt limit with its deadline only three days away, analysts said. The local currency inched down against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 4.63 points, or 0.23 percent, to finish at 2,020.27. Trading volume was light at 217.5 million shares worth 3.57 trillion won ($3.33billion) with decliners outpa

South Korean stocks reverted to positive territory late Monday morning after trading lower in the earlier session, as some large-cap financial and defensive shares turned to gains, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.39 points, or 0.02 percent to 2,025.29 as of 11:20 a.m.State-run Korea Electric Power Corp. shot up more than 2 percent, with Shinhan Financial Group advancing 1.2 percent. The local currency was changing hands at 1,072.55 won against the g

South Korean stocks turned lower after starting a tad higher Monday, weighed down by concerns over the U.S. debt limit talks with the deadline only three days away, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.63 points, or 0.03 percent, to 2,024.27 in the first 15 minutes of trading. Autos and insurers drove down the main index, with Hyundai Motor Group, the world's fifth-largest carmaker, slipping 0.2 percent and Samsung Life Insurance falling nearly 1 percent.

Group chairman Hyun likely to be arrested, say market insiders

AmorePacific Corp. said it would disclose its official position on allegations that one of its employees tried to blackmail a dealership of the nation’s largest cosmetics maker.According to an audio clip file released by a broadcaster on Sunday, the employee of AmorePacific verbally abused a middle-aged owner of the regional dealership.In the clip, the employee appears to be pressuring the middle-aged man to relinquish his retailer ownership, scolding him with curse words for the dealership’s re

South Korea needs to toughen its stance on separating industrial and financial capital as part of its efforts to prevent business group owners from using banks and other financial affiliates as their private coffers, the head of the country's antitrust watchdog said Sunday.Fair Trade Commission (FTC) Chairman Noh Dae-lae made the remarks, saying that such need is growing especially in the wake of allegations surrounding Tong Yang Group, which is accused of engaging in financial fraud and other i

South Korean stocks rose to the highest level in nearly nine months on Friday, cheered by hopes that Washington will soon work out ways to settle its political deadlock over the debt ceiling, analysts said. The local currency edged up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 23.50 points, or 1.17 percent, to finish at 2,024.90, the highest since Feb. 20. Trading volume was light at 245.5 million shares worth 4.44 trillion won ($4.11 billion) with ga

South Korean stocks traded 1.14 percent higher late Friday morning, as blue-chip financial shares widened their gains, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) soared 22.86 points to 2,024.26 as of 11:20 a.m.Shinhan Financial Group, the country's No. 4 banking firm, shot up 3.4 percent, with second-largest KB Financial Group surging 4.4 percent.But some auto and telecom shares fell. Hyundai Motor-affiliated Kia Motors was down 0.5 percent, and SK Telecom, top mobile

South Korean stocks began higher Friday, as fear of a U.S. default eased after the Republicans offered the White House a proposal to break the logjam in their negotiations, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 18 points, or 0.9 percent, to 2,019.40 in the first 15 minutes of trading. Large-cap stocks gathered ground across the board, with Samsung Electronics rising 0.8 percent and Shinhan Financial Group climbing 1.4 percent. House Republicans proposed a

(AFP) The key creditor of South Korea's troubled STX shipbuilding group plans to sell the firm's European arm in an effort to reduce its massive debts, a report said Thursday.The state-run Korea Development Bank (KDB) will soon pick sale managers and draw up strategies for the sale of STX Europe, Yonhap news agency said.It quoted an unnamed KDB official as saying nothing has been decided yet on the scale of the sale, or how it will be carried out.The South Korean group acquired STX Europe, previ

The state-run debt clearer has only recouped 7 percent of soured debts from project financing loans, largely due to the massive bankruptcies of local savings banks amid the protracted slump in the property market, data showed Thursday. The Korea Deposit Insurance Corp. retrieved 298.9 billion won ($277.7 million), or 6.9 percent of 4.32 trillion won worth of bad loans it bought between 2007 and July this year from infrastructure and industrial projects that defaulted, according to KDIC documents