The Korea Herald

KDB opens Moscow office

Jul 17, 2013

The state-run Korea Development Bank announced on Wednesday the opening of its first local branch in Moscow, Russia. Launched on Tuesday, local time, the Moscow branch is expected to serve as a start-off point to the bank’s inroads to the country and its neighboring states, bank officials said. Russia became a member of the World Trade Organization in 2012.“Russia has shown great growth potential in financial industries as its WTO membership brought greater opportunities for foreign investors, i
Seoul shares rally 1.13 pct on Chinese data

Jul 17, 2013

South Korean stocks spiked 1.13 percent Wednesday as investors' sentiment was heightened by upbeat economic data from China, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 21.13 points to close at 1,887.49. Trading volume was moderate at 378.4 million shares worth 3.97 trillion won ($3.54 billion) with gainers outpacing losers 498 to 296.Analysts said the rise came as foreign direct investment to China rose 20.12 perc
Seoul shares up 0.53 pct in late-morning trade

Jul 17, 2013

South Korean stocks traded higher late Wednesday morning on gains in carmakers and insurers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.84 points to 1,876.20 as of 11:20 a.m.Automakers led the market gain, with Hyundai Motor adding 1.17 percent and its affiliate Kia Motors climbing 1.02 percent. Top auto parts maker Hyundai Mobis gained 1.38 percent.Insurance companies also traded higher, with Samsung Fire & Marine Insurance rising 1.42 percent and Hanwha Life
Seoul shares open lower on uncertainties

Jul 17, 2013

South Korean stocks opened lower Wednesday as investors continued to take a wait-and-see approach on the United States' stimulus moves down the road, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.83 points, or 0.15 percent, to 1,863.53 in the first 15 minutes of trading.Tech shares traded lower, with handset maker LG Electronics falling 0.7 percent and top flat panel maker LG Display losing 0.18 percent. Samsung SDI, the world's top maker of plasma display panels,
FSS probes paper firm owners’ forex dealings

Jul 16, 2013

Watchdog targets 184 people in largest-ever investigation of its type
[Newsmaker] Suh named BOK's first female exec

Jul 16, 2013

The Bank of Korea appointed a woman as deputy governor for the first time since its foundation in June 1950.Suh Young-kyung, who has worked for the BOK for 25 years, embarked on her three-year term as one of the seven executives at the central bank on Tuesday.There are five deputy governors at the bank, who share the No. 3 rank following Governor Kim Choong-soo and Senior Deputy Governor Park Won-shik. Each may be reappointed for a second three-year term.Born in Seoul in 1963, Suh joined the BOK
Lotte Shopping units under tax probe

Jul 16, 2013

The National Tax Service on Tuesday launched an investigation into four units of Lotte Shopping, which marked the first time in four years since September 2009.The tax agency dispatched some 150 inspectors into the headquarters of Lotte Department Store, Lotte Mart, Lotte Super and Lotte Cinema in Seoul to secure computer hard disks and internal financial statements.Market insiders alleged that the NTS will focus their probe on whether some of the Lotte units exploited tax loopholes or engaged i
Seoul shares down 0.47 pct on policy woes

Jul 16, 2013

South Korean stocks closed 0.47 percent lower Tuesday ahead of U.S. Federal Reserve Chairman Ben Bernanke's speech on monetary policy slated for this week, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.8 points to finish at 1,866.36. Trading volume was moderate at 300 million shares worth 2.9 trillion won (US$2.63 billion) with gainers outpacing losers 405 to 393.Analysts said the market decline came as investors t
Seoul shares open lower on large-cap losses

Jul 16, 2013

South Korean stocks opened lower Tuesday on losses in shares of large-cap exporters, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.59 points, or 0.24 percent, to 1,870.75 in the first 15 minutes of trading. Market bellwether Samsung Electronics slipped 0.8 percent, with Hyundai Heavy Industries, the world's largest shipyard, shedding 0.3 percent. Net selling by foreigners and institutions lent support to the main index's bearish start, analysts added. The local cu
NongHyup issues W40b in illicit loans

Jul 15, 2013

Losses from real estate project lending top W340b: regulator
Seoul shares up 0.28 pct on Chinese data

Jul 15, 2013

South Korean stocks closed 0.28 percent higher Monday as China's economic growth for the second quarter met market estimates, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 5.18 points to finish at 1,875.16. Trading volume was moderate at 326.1 million shares worth 3.1 trillion won (US$2.8 billion) with gainers outpacing losers 436 to 355.Seoul shares gathered ground after China's National Bureau of Statistics said i
Korean won's volatility to dollar hits 18-month high: data

Jul 15, 2013

The volatility of the local currency against the U.S. dollar hit an 18-month high in the second quarter, largely due to the jitters in the foreign exchange market stemming from a weaker yen, the central bank's data showed Monday.The daily volatility rate of the won-dollar cross rate averaged 0.43 percent in the April-June period, the highest since 0.64 percent tallied in the fourth quarter of 2011 amid the Greece-led debt crisis in the eurozone, according to the data by the Bank of Korea (BOK).
Seoul shares up 0.34 pct in late-morning trade

Jul 15, 2013

South Korean stocks traded 0.34 percent higher late Monday morning on reports that China's on-year economic growth for the second quarter met the market estimate of 7.5 percent, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 6.4 points to 1,876.38 as of 11:20 a.m.Carmakers led the market gain, with No. 1 player Hyundai Motor adding 1.44 percent and its smaller affiliate Kia Motors rising 1.54 percent. Top auto parts maker Hyundai Mobis moved up 0.98 percent.Logistics
Seoul shares open lower on uncertainties

Jul 15, 2013

South Korean stocks got off to a weak start Monday as investors sat on the sidelines amid the rising uncertainties over the Chinese economy and the U.S. firms' second-quarter earnings, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 14.02 points, or 0.75 percent to 1,855.96 in the first 15 minutes of trading.Tech blue chips lost ground, with market behemoth Samsung Electronics losing 1.22 percent and leading chipmaker SK hynix falling 1.4 percent. Top flat panel maker
Korea braces for huge tax shortfall

Jul 14, 2013

Financial policymakers and authorities are on high alert as the government is expected to see a shortfall in tax revenue this year amid the economic slowdown.In a report to the Strategy and Finance Committee of the National Assembly on Sunday, the National Tax Service said that the shortfall would reach almost 10 trillion won ($8.9 billion) in the first half of this year, the biggest loss in four years since the global financial crisis.The report showed that the government has collected taxes wo