The Korea Herald

Korean economist named BIS adviser

Sept 10, 2013

Korean economist Shin Hyun-song was named economic adviser and head of the research unit of the Bank for International Settlements, the Swiss-based organization said on Tuesday. It is the first time that the global banking organization headquartered in Basel has appointed a non-American, non-European to the key advisory post. Shin became a professor of economics at Princeton University in 2006 and is currently on an unpaid leave of absence for his five-year term at the BIS. The economist had als
Seoul shares up 0.98 percent on Chinese trade data

Sept 10, 2013

South Korean stocks closed 0.98 percent higher Tuesday as investor sentiment buoyed on improved trade data from China, analysts said. The local currency closed higher against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 19.39 points, or 0.98 percent, to finish at 1,994.06. Trading volume was low at 252.6 million shares worth 5 trillion won (US$4.65 billion) with gainers outpacing losers 481 to 326.Analysts said Seoul shares gathered ground as China's export adva
Seoul shares up 0.54 pct in late-morning trade

Sept 10, 2013

South Korean stocks traded 0.54 percent higher late Tuesday morning as improved Chinese data helped boost investors' sentiment here, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 10.61 points to 1,985.28 as of 11:20 a.m.Tech shares traded higher, with top player Samsung Electronics rising 0.95 percent and leading chipmaker SK hyunix advancing 1.58 percent. Flat panel maker LG Display gained 0.17 percent.In contrast, mobile carriers traded bearish, with No. 1 SK Tel
Seoul shares open higher on improved Chinese data

Sept 10, 2013

South Korean stocks opened higher Tuesday on better-than-expected data from China, analyst said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 7.03 points, or 0.36 percent, to 1,981.70 in the first 15 minutes of trading.Shares gathered ground across the board, with No. 1 carmaker Hyundai Motor rising 0.81 percent and leading steelmaker POSCO adding 1.66 percent. Top chipmaker SK hyinx climbed 0.35 percent.Logistics shares also traded bullish, with Hyundai Glovis rising 0.25 per
3 foreign IBs scrutinized over sales of derivatives

Sept 9, 2013

The Financial Supervisory Service said Monday that it had launched an inquiry into suspicions of irregular business practices involving several foreign investment banks operating in Korea.The foreign banks include the local units of New York-based Goldman Sachs, Zurich-based Credit Suisse and Edinburgh-based Royal Bank of Scotland, according to the financial regulator.While the main investigation target of the FSS involves the three banks’ sales of financial derivatives in Korea, market insiders
[Graphic News] Pension lottery sales plunge

Sept 9, 2013

According to data from the Finance Ministry, total sales of lotteries reached 1.63 trillion won during the first half of this year, an increase of 0.45 percent from a year earlier. But sales of pension lottery products nearly halved in the same period, allegedly due to a decrease in public interest in the monthly payouts.
Bank of Korea scores low on independence

Sept 9, 2013

The Bank of Korea has been ranked toward the bottom among central banks worldwide in terms of independence from government influence.It ranked 65th out of 89 central banks in the category, while placing 21st out of 120 for transparency, according to a research paper by professor Barry Eichengreen of University of California, Berkeley.The Korean central bank scored 8.5 points out of 15 in total in the transparency category.The research paper evaluated central banks’ independence by looking into w
Foreign investors ditch Korean bonds for stocks

Sept 9, 2013

Foreign investors are showing signs of moving out of South Korean bonds and into stocks as a strong won makes local equities more attractive, analysts said Sunday.Offshore investors posted net buying for 11 consecutive days from Aug. 23 to Friday, with their net purchases reaching 3.18 trillion won ($2.91 billion) in the last 14 trading sessions, according to the Korea Exchange. In contrast, foreigners sold a net 3.08 trillion won in local bonds over the last 14 trading sessions, according to da
Seoul shares up 0.99 percent on recovery hope

Sept 9, 2013

South Korean stocks closed 0.99 percent higher as investors' sentiment was boosted by signs of an economic recovery in the eurozone and China, analysts said. The local currency closed higher against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 19.36 points, or 0.99 percent, to finish at 1,974.67. Trading volume was low at 265.1 million shares worth 4.44 trillion won (US$4.08 billion) with gainers outpacing losers 456 to 338.Analysts said Seoul shares gathered gr
Seoul shares up 0.78 pct in late-morning trade

Sept 9, 2013

South Korean stocks traded 0.78 percent higher late Monday morning as foreign investors continued to scoop up local shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 15.25 points to 1,970.56 as of 11:20 a.m.Tech shares traded higher, with top chipmaker SK hynix rising 4.24 percent and handset maker LG Electronics adding 0.67 percent. Top player Samsung Electronics edged up 0.15 percent.Shipbuilders also gathered ground, with Hyundai Heavy Industries adding 3.25
Seoul shares open higher on builders, communications

Sept 9, 2013

South Korean stocks opened higher Monday on gains in construction firms and mobile carriers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 12.01 points, or 0.61 percent, to 1,967.32 in the first 15 minutes of trading.Builders traded bullish, with Hyundai Engineering & Construction rising 0.49 percent and Daelim Industrial moving up 1.9 percent. Daewoo Engineering & Construction added 1.54 percent.Mobile carriers also gathered ground, with No. 1 SK Telecom adding
G20 to ‘calibrate’ monetary easing exit

Sept 8, 2013

Tax dodgers to face global scrutiny for improved public finances
Seoul shares to trade flat on U.S., Syrian woes

Sept 8, 2013

South Korean stocks are expected to trade in a tight range this week as investors are anticipated to sit on the sidelines on a possible tapering of the U.S. quantitative easing measures and the crisis in Syria, analysts said.The benchmark Korea Composite Stock Price Index advanced 1.5 percent as of Friday from a week earlier.Seoul shares lost ground as the rising woes in the Middle East following the prospect of a U.S.-led military attack on Syria dented investors’ sentiment.The U.S. claimed it
SK E&C warned for deferred payment to suppliers

Sept 6, 2013

The Fair Trade Commission said Friday that it issued a warning against SK E&C for unfair deals with eight subcontractors.The conglomerate-based builder was found to have paid the small and mid-sized enterprises parts-supply costs far later than the legal due dates, according to the antitrust regulator.An FTC official said some of the eight suppliers were paid 437 days past the deadline.“As a government agency ― for its construction order ― raised its total payment to SK E&C in reflection of the
Money transfers to tax havens surge

Sept 6, 2013

Korean companies and individuals were found to have continued to increase their money remittance to overseas tax havens over the past few years.According to the Bank of Korea and data from the financial investment industry, their money transfers to tax havens including countries in the Caribbean have nearly doubled since the 2008 financial crisis.The annual figure, which stood at $212.2 billion (254.3 trillion won) in 2009, climbed to $324.2 billion in 2010, $385.7 billion in 2011 and $413.9 in