Korea’s big four firms export auditing, consulting skills

South Korean stocks will likely move in positive terrain this week, backed by a solid foreign inflow, although momentum will be capped by uncertainties stemming from the U.S. monetary policy, analysts said Sunday. The benchmark Korea Composite Stock Price Index closed at 2,005.58 on Tuesday, up 2.57 percent from the previous week. The main bourse was closed for the rest of the week for the three-day Chuseok holiday. Chuseok is the Korean version of American Thanksgiving.The KOSPI had rallied in

South Korea banks are targeting to keep the portion of bad loans against their total lending at 1.49 percent at the end of this year, the financial regulator said Sunday.The target bad loan ratio is up from 1.33 percent a year earlier and 1.36 percent at the end of 2011, according to the Financial Supervisory Service. A bad loan refers to a loan with a default potential due to the borrower‘s failure to pay interest or make principal repayments for 90 days.The higher target ratio is due to a chan

Counterfeiting of banknotes more than doubled in South Korea between 2008 and last year as electronics devices have become more sophisticated amid an economic slump, a lawmaker said Saturday.Counterfeit bills reported to police totaled 8,202 cases last year, a 225 percent rise from 3,644 cases in 2008, said Rep. Kim Hyun of the main opposition Democratic Party, citing data submitted by the National Police Agency.Suspects were apprehended in 265 counterfeit cases last year, a 145 percent rise fro

South Korea has seen the biggest drop in its real effective exchange rate among emerging countries when compared with the value before the start of the 2008 global financial crisis, data showed Sunday.As of the end of last year, the won’s real effective exchange rate was 20.6 percent lower than its pre-crisis level, according to the data by the Institute of International Finance.The decline was far higher than 9.7 percent for Mexico, 6.1 percent for India, 3.3 percent for Turkey and 1.7 percent

South Korea is one of eight emerging economies that are least likely to be jolted by an external shock, on the back of strong fundamentals, foreign investment banks said Tuesday.Nomura put Asia’s fourth-largest economy at the eighth place on the list of 26 countries it picked whose financial soundness is deemed strong enough to stay unscathed from external jolts.In the report compiled by the Korea Center for International Finance, the Japanese investment banking giant drew such an analysis based

South Korean stocks declined 0.39 percent Tuesday dented by large-cap tech losses, while investors keep a wary eye ahead of a crucial U.S. monetary meeting and a long holiday in Seoul, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) closed down 7.79 points to 2,005.58. Trading volume was light at 256.6 million shares worth 4.19 trillion won (US$3.86 billion), but gainers outstripped losers 422 to 377. The main bourse snapped its gains from the previous session, moving in l

Deputy Prime Minister and Finance Minister Hyun Oh-seok on Tuesday mentioned the possibility that the government may later change their current position not to increase the tax burden on the wealthy.Though Hyun clarified that tax hikes were not being pushed by policymakers at the present stage and should be a last resort, his remarks appear to be somewhat different from their strong denial over a feasible hike for the rich.Hyun reiterated ― as a policy to provide the underprivileged with state f

South Korean stocks opened lower Tuesday ahead of a golden week amid lingering jitters over the U.S. Federal Reserve's next policy meeting, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 11.24 points, or 0.56 percent, to 2,002.13 in the first 15 minutes of trading. Market bellwether Samsung Electronics sank 1.2 percent, with No. 1 carmaker Hyundai Motor sliding nearly 1 percent. Analysts predicted the Seoul bourse won't see an upward move as investors will likely ret

The Ministry of Strategy and Finance said Monday that Korea would discuss with three other economies of the Asia-Pacific Economic Cooperation forum to allow cross-border marketing and sales of funds.Korea’s Deputy Prime Minister and Finance Minister Hyun Oh-seok will meet his counterparts from Australia, New Zealand and Singapore to discuss the adoption of the so-called fund passport system in the four countries.They plan to ink a non-binding agreement during the APEC meeting of financial leader

Job growth, economic recovery key part of state spending in 2014

Korea’s financial authorities said it would launch a joint investigative division on Tuesday for streamlined scrutiny of alleged stock manipulation cases.The special unit, as a new arm of the Financial Services Commission, has been dubbed the “capital market investigation division,” the regulator said in a statement Monday.It will be composed of 18 inspectors from the FSC, the Financial Supervisory Service, the Korea Exchange and the Ministry of Justice. They will be empowered to refer to mobile

Hyundai Rotem on Monday began official procedures for its listing on the main bourse, which will mark the largest-scale stock issuance since Samsung Life Insurance in 2010.In a statement, the manufacturer of bullet trains and defense products said it notified the Financial Services Commission on the day of its plan to carry out an initial public offering.Hyundai Rotem said it expected that its IPO, or stock issuance, on the Korea Exchange could reach 622.4 billion won ($565.8 million) as an uppe