The number of private moneylenders operating in South Korea fell 6.9 percent in the second half of last year amid tighter business rules and a long streak of low rates, the financial watchdog said Friday.The number of registered private moneylenders and brokers reached 10,895 as of end-2012, compared with 11,702 six months earlier, according to the Financial Services Commission.The fall in such lenders came as the government has toughened rules on the ceiling on interest rates that such money le

KB Financial Group Co., South Korea‘s No. 2 banking group, said Friday its second-quarter earnings fell 70.4 percent from a year earlier on squeezed profit margin and one-off valuation loss from its investment in a Kazakhstani bank.Net profit amounted to 163.5 billion won ($147 million) in the April-June period, compared with 551.6 billion won the previous year, the group said in a regulatory filing. In the first half, the group’s earnings declined 50.3 percent to 575 billion won.The group‘s bot

South Korean stocks closed 0.06 percent higher Friday on improved economic outlook for advanced countries, analysts said. The local currency traded higher against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 1.2 points, or 0.06 percent, to close at 1,910.81. Trading volume was moderate at 316 million shares worth 3.75 trillion won (US$3.37 billion), with gainers outpacing losers 415 to 384."Seoul shares edged up as the United States, Japan and the euro zone's eco

South Korean stocks traded 0.18 percent higher late Friday morning following gains in carmakers and retailers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 3.39 points to 1,913.00 as of 11:20 a.m.Carmakers led the market gain, with No. 1 player Hyundai Motor adding 0.67 percent and its smaller affiliate Kia Motors climbing 1.32 percent. Samsung Heavy Industries, a major shipbuilder, advanced 2.17 percent.Retailers also traded lower, with Lotte Shopping increasin

South Korean stocks opened almost flat Friday as investors took a wait-and-see approach ahead of U.S.Federal Open Market Committee (FOMC) meeting slated for next week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 2.23 points, or 0.12 percent, to 1,907.38 in the first 15 minutes of trading.Carmakers traded mixed, with Kia Motors advancing 0.16 percent and top auto parts maker Hyundai Mobis remaining unchanged. No. 1 player Hyundai Motor also stayed flat.Market

Global stimulus exit, China’s slow growth could dampen Korean recovery

Kim Sun-yong, the second son of former Daewoo Group chairman Kim Woo-choong, was found to have purchased a country club in Vietnam through a paper company he established in an overseas tax haven, a group of journalists claimed on Thursday.The Korea Center for Investigative Journalism, locally known as Newstapa, said that the junior Kim holds a 100 percent share for the luxury Vietnamese golf course called “Van Tri Golf Club.” Former chairman Kim is known to play golf there, Newstapa added. Newst

A South Korean consortium has clinched a $240 million order to expand an oil refinery in Turkmenistan, industry sources said Thursday.Under the contract with Petronas Carigali, LG International Corp. and Hyundai Engineering Co. will rebuild an oil refining facility in Kiyanly on the coast of the Caspian Sea by the end of 2015.Once the facility expansion is completed, the refinery will be able to additionally process 10,000 barrels of crude oil and 35 million cubic meters of natural gas a day, th

Economic policymakers are considering introducing a fresh recruiting process for some state-funded agencies, which would not take previously-sought requirements, such as educational background and English proficiency test scores, into consideration.The so-called “spec-free” recruitment system has been adopted by several conglomerates that officially place little significance on applicants’ credentials in their assessment.According to officials at the Finance Ministry, the recruitment process cou

Seven celebrity soldiers who were caught on camera drinking and entering a massage parlor were sentenced to several days in a military prison for violating the military code of conduct, the defense ministry said Thursday.The soldiers faced unprecedented tough disciplinary actions after a local TV network last month secretly taped them. They included K-pop star Rain and Seven, drinking together in a private restaurant following a performance for a military event. Two of them were caught by a came

South Korean stocks traded flat late Thursday morning as gains in technology firms offset losses in carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged down 0.08 points to 1,912.00 as of 11:20 a.m.Carmakers continued to lead the market decline, with No. 1 player Hyundai Motor losing 0.22 percent and its smaller affiliate Kia Motors falling 0.66 percent. In contrast, top auto parts maker Hyundai Mobis gained 0.97 percent.Tech shares traded bullish, with market b

South Korean stocks opened lower Thursday as investors sought after profit taking, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 4.62 points, or 0.24 percent, to 1,907.46 in the first 15 minutes of trading.Carmakers led the decline, with No. 1 player Hyundai Motor losing 0.89 percent and its smaller affiliate Kia Motors falling 0.83 percent. Top shipbuilder Hyundai Heavy Industries shed 0.48 percent.Retailers also traded lower, with Lotte Shopping moving down 0

Koreans’ spending on coffee and tea fell for the first time in more than five years.According to statistics held by the financial investment industry, the average household’s consumption of coffee and tea products stood at 8,500 won in the first quarter of 2013, down 1.4 percent from 8,624 won over the same period last year.This marked the first fall since the figure reported a 1.3 percent drop in the fourth quarter of 2007.From 2008 to 2012, household spending on coffee and tea posted 10.5 perc