South Korean stocks closed 0.74 percent lower Monday, as an ongoing liquidity crisis of a South Korean conglomerate unnerved investors, analysts said. The local currency inched down against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 14.84 points to finish at 1,996.96. Trading volume was light at 283.1 million shares worth 4.09 trillion won ($3.79billion) with losers far outstripping gainers 540 to 277. Tong Yang Group, the 38th-largest family-run company in

South Korean stocks opened lower Monday as the rising uncertainties over the U.S. debt-ceiling debate and budget plan dented investors' sentiment here, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 15.57 points, or 0.77 percent, to 1,966.23 in the first 15 minutes of trading.Tech blue chips traded lower, with No. 1 player Samsung Electronics falling 0.15 percent and top chipmaker SK hynix losing 0.66 percent. Leading flat panel maker LG Display shed 1.31 percen

The South Korean stock market is expected to gather ground this week as foreign investors are anticipated to continue their buying rally, analysts said.The benchmark Korea Composite Stock Price Index edged up 0.4 percent on Friday from a week earlier, closing at 2011.80.Earlier last week, Seoul shares gathered ground as the Federal Reserve decided to keep its current quantitative easing moves in place during the Federal Open Market Committee meeting held a week earlier.The growth, however, was l

Tong Yang Group chairman Hyun Jae-hyun has come under growing pressure to give up his personal properties as an emergency move to prevent the conglomerate from falling into default, according to some market insiders Sunday.The observers highlighted Financial Supervisory Service Gov. Choi Soo-hyun’s recent remarks that Tong Yang Group owners are required to take direct responsibility by conducting concrete measures.They also cite the lukewarm stance of the group’s creditors including the state-co

The debt owed by major public agencies in South Korea is expected to grow sharply in the years to come, data showed Friday, presenting a daunting task for the public sector to streamline their business in order to tackle the growing debt problem.According to the data by the finance ministry, the combined debt owed by 41 public agencies, including state-run enterprises, will reach 573 trillion won ($531.8 billion) in 2017, up from 520 trillion won projected for this year. These public agencies’ a

The South Korean government is expected to introduce the so-called pay-as-you-go system to help ensure its fiscal soundness while working to significantly boost its tax revenues, officials said Sunday.The paygo is a system widely practiced in the United States and other advanced countries where any increase in direct spending prompted by a new law or revision must be offset by other spending decreases or revenue increases, meaning any new law that requires government spending must find its own r

National debt has grown three times as fast as the country’s gross domestic product growth since the Asian currency crisis in the late 1990s, raising concerns over its fiscal viability.Korea is expected to see its national debt reach 515.2 trillion won ($478.5 billion) next year, according to data on 2014 fiscal budget proposed by the Ministry of Strategy and Finance.It will increase almost nine-fold in 2014 from 1997 when its national debt stood at more than 60 trillion won.The Finance Ministry

The National Tax Service has launched another probe into CJ Entertainment & Media, seven months after it conducted a regular audit of the company. Tax investigators on Thursday raided the company headquarters in Sangam-dong, western Seoul, and confiscated computer hard disks, documents and account books, officials said.The company underwent a regular tax probe in February and CJ Group did in June.The unexpected probe aroused speculation that the tax agency might have found new evidence to suppor

Apple Inc.’s new iPhone 5s uses a microprocessor manufactured by Samsung Electronics Co., IFixit said, countering speculation that the world’s most-valuable technology company would move orders away from its largest competitor.The iPhone 5s’ new A7 processor was made by Apple’s South Korean rival, according to a tear down of the handset by IFixit, which performs analysis of consumer electronics and sells repair parts. Applications processors are the main chip in smartphones and run all of the so

South Korean stocks closed 0.22 percent higher Friday as investor sentiment was boosted by better-than-expected U.S. jobs data, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 4.48 points to finish at 2,011.80. Trading volume was low at 275.5 million shares worth 4.05 trillion won (US$3.76 billion) with gainers outpacing losers 472 to 354.Analysts said Seoul shares gathered ground following an overnight report that the

South Korean stocks traded 0.26 percent higher late Friday morning led by foreign buying and improved U.S. jobs data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.13 points to 2,012.45 as of 11:20 a.m.Shipbuilders led the market gain, with Hyundai Heavy Industries adding 2.67 percent and Daewoo Shipbuilding & Marine Engineering moving up 2.95 percent. Samsung Heavy Industries fell 1.85 percent.In contrast, mobile carriers traded lower, with No. 1 player SK Telec

South Korean stocks opened almost flat Friday as the prolonged deadlock in the U.S. debt-ceiling debate weighed down on investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.68 points, or 0.13 percent, to 2,010.00 in the first 15 minutes of trading.Logistics traded higher, with Hyundai Glovis adding 1.52 percent and Hyundai Merchant Marine moving up 0.84 percent. Top air carrier Korean Air gained 1.16 percent.Blue-chip shares lost ground, with marke

Economic revitalization, growth key aims of W358tr budget proposal