The Korea Herald

[Power Korea] Hana Financial Group eyes emerging markets

Jul 11, 2013

Fast-growing group sets trends in local market, pursues aggressive global expansion
Park urges drastic regulatory reforms to boost economy

Jul 11, 2013

President Park Geun-hye urged her economy-related ministers to zero in on drastically reforming Korea’s regulatory system to boost business confidence and investment amid an uncertain outlook for the global economy.In a trade and investment promotion meeting presided over by the president at Cheong Wa Dae on Thursday, Park also called on regional governments and offices to work with the central government and businesses to improve the country’s investment environment.“The key point (of regulator
Seoul shares spike 3% on Bernanke remarks

Jul 11, 2013

South Korean stocks shot up nearly 3 percent Thursday as U.S. Federal Reserve Chairman Ben Bernanke's dovish comments backing the monetary easing fueled investor sentiment, analysts said. The local currency gained sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 53.44 points, or 2.93 percent, to finish at 1,877.60, the highest in 16 trading days. Trading volume was moderate at 327.3 million shares worth 3.93 trillion won (US$3.48 billion) with gaine
Seoul shares up 2.14 pct in late-morning trade

Jul 11, 2013

South Korean stocks traded 2.14 percent higher late Thursday morning, as blue-chip tech firms and steelmakers widened gains, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 38.98 points to 1,863.14 as of 11:20 a.m.Top-cap tech heavyweight Samsung Electronics surged 3.5 percent and Hyundai Steel hiked nearly 5 percent. In contrast, large-cap insurers traded in negative territory, with Samsung Life Insurance losing 0.5 percent. The local currency was changing hands a
Seoul shares open higher on Bernanke remarks

Jul 11, 2013

South Korean stocks opened sharply higher Thursday, cheered by U.S. Federal Reserve Chairman Ben Bernanke's comments in support of its easy-money policy, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 24.62 points, or 1.35 percent, to 1,848.78 in the first 15 minutes of trading. Large-cap exporters pushed up the index, with market behemoth Samsung Electronics soaring 2.5 percent and steelmaker POSCO shooting up nearly 3 percent. Bernanke assuaged prevailing market
Korea to increase tax benefits for social service providers

Jul 10, 2013

Deputy Prime Minister and Finance Minister Hyun Oh-seok said Wednesday that the government will consider expanding tax benefits and policy financing to small and medium businesses operating in the social services sector.In an economic-related meeting, Hyun said that the social services sector will contribute to job growth as demand for social services such as child care and nursing for senior citizens is expected to grow.Korea aims to introduce measures to boost the sector’s value addition by fu
FSC to launch consumer protection team

Jul 10, 2013

Under President Park Geun-hye’s commitment to improving the livelihood of ordinary citizens, the state financial regulator will launch a task force to crack down on irregular practices haunting financial consumers.The task force, dubbed the Financial Consumer Protection Planning Team, is scheduled make its debut in the coming weeks, the Financial Services Commission said Wednesday.“Over the next 12 months, the planning team will carry out special duties involving looking into the overall irregul
Big firms refuse to accept higher card fees

Jul 10, 2013

Credit card firms are facing pressure to scrap the ongoing negotiations over card transaction fees due to resistance from large retailers.The Financial Supervisory Service noted Wednesday that major credit card issuers including Shinhan, Samsung, KB Kookmin, Hyundai and Lotte are far from settling the seven-month-long service fee levels for the conglomerate sector.In December 2012, the FSS instructed the card industry to ease the burden on small and medium-sized enterprises by cutting their tran
Korea logs surplus in cultural trade this year

Jul 10, 2013

South Korea’s surplus in trade of cultural products and services widened in the first five months of this year on the popularity of its pop culture in overseas countries, data showed Wednesday.The account tracking exports and imports of cultural products and contents logged a surplus of $52 million in the first five months of this year, compared with a surplus of $43.5 million the previous year, according to the data compiled by the Bank of Korea.In the January-May period, South Korea earned inc
CJ Olive Young opens first Chinese store in Shanghai

Jul 10, 2013

CJ Olive Young, South Korea’s biggest drugstore chain operator, said Wednesday that it has opened its first Chinese store in Shanghai as part of efforts to expand its presence in the global market. CJ Olive Young is an arm of CJ Group, South Korea’s food and entertainment conglomerate that operates 301 stores in the country and opened its first store in 1999. The drugstore chain operator plans to launch its second and third Chinese store in Shanghai in the second half of the year. CJ Olive Young
Seoul shares down 0.34 pct on U.S. policy woes

Jul 10, 2013

South Korean stocks closed 0.34 percent lower Wednesday as market uncertainties grew before the release of the minutes of the U.S. Federal Open Market Committee's (FOMC) June meeting, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.19 points to finish at 1,824.16. Trading volume was low at 264.3 million shares worth 3.2 trillion won (US$2.8 billion) with losers outpacing gainers 521 to 276. "Global investors are t
Seoul shares tad down in late-morning trade

Jul 10, 2013

South Korean stocks traded slightly lower late Wednesday morning, dented by losses in telecom companies and foodmakers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 1.53 points, or 0.08 percent to 1,828.82 as of 11:20 a.m.Leading confectionery maker Orion fell more than 2 percent, with No. 2 mobile carrier KT Corp. dropping 1.4 percent. Top-cap Samsung Electronics continued to move in positive terrain, rising 0.7 percent. The local currency was changing hands at 1,
Seoul shares open almost flat ahead of China's data release

Jul 10, 2013

South Korean stocks opened almost unchanged Wednesday as investors took to the sidelines ahead of the release of Chinese export data scheduled later in the day, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.28 points, or 0.02 percent to 1,830.63 in the first 15 minutes of trading. Large-cap exporters led the climb, with Samsung Electronics gaining 0.5 percent and Hyundai Motor rising nearly 1 percent. Blue-chip state-run electricity provider Korea Electric Power
IMF cuts global economic forecast to 3.1 percent

Jul 10, 2013

The International Monetary Fund said Tuesday that it has revised down its global economic forecast to 3.1 percent this year and 3.8 percent next year.Both of these projections are a 0.2 percentage point cut from its initial estimations, the IMF said.The eurozone’s prolonged debt crisis, a slowdown in emerging economies and spending cuts in the U.S. were the reasons for the growth forecast revision, the IMF explained.The U.S., the world’s largest economy, is projected to grow 1.7 percent this yea
Korea seeks to split financial regulatory body

Jul 9, 2013

FSC faces backlash from civic groups over plan on body for consumer protection