KB Financial Group Inc. plans to study whether to seek to buy South Korea’s top banking group Woori Finance Holdings Co. as part of efforts to boost the group’s competitiveness, its head nominee said Tuesday.The Financial Services Commission, the financial regulator, plans to unveil detailed plans to privatize the state-invested Woori Finance on Wednesday, including a possible separate sale of the group’s smaller bank units.Lim Young-rok, the chairman nominee of the KB Financial Group, said it i

South Korean stocks declined to the lowest point in the year on Tuesday, as increasing fears on China's step to squeeze money added to fresh worries about the local economy on top of a possible end of the U.S. monetary easing, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.38 points, or 1.02 percent, to close at 1,780.63. Trading volume was moderate at 326.3 million shares worth 4.40 trillion won ($3.78 billion

South Korean stocks traded 0.4 percent higher late Tuesday morning, as large-cap exporters reverted to gains from earlier losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.19 points to 1,806.20 as of 11:20 a.m.No. 1 steelmaker POSCO shot up 1.5 percent, with auto-parts maker Hyundai Mobis jumping more than 4 percent. But shares of financial companies moved downward. KB Financial Group, the second-largest banking firm, edged down 0.2 percent, with Samsung Fire

South Korean stocks got off to a weak start Tuesday on worries that the Chinese economy is rapidly slowing down, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 6.12 points, or 0.34 percent, to 1,792.89 in the first 15 minutes of trading. Large-cap exporters led the decline, with tech heavyweight Samsung Electronics falling 0.7 percent and leading automaker Hyundai Motor dropping 0.5 percent. China's main Shanghai Index plunged more than 5 percent on Monday amid gr

The Financial Supervisory Service has launched a full-fledged investigation into the so-called “propriety” of the income level for chief executives in the financial industry.The investigation comes as criticism is mounting that CEOs of financial companies were paid “excessively” high amounts despite their companies’ falling profitability.Regulatory officials said that “despite an overall drop in earnings of financial firms last year, some CEOs and other board members were found to have enjoyed h

KOSPI slides below 1,800; Korean won further weakens

South Korea and Japan have agreed to maintain the amount of fish they can each catch in each other’s exclusive waters over the next 12 months despite Japan’s earlier demand to cut the amount of South Korea’s catch of the popular cutlass fish, the Seoul government said Monday.Under the agreement reached Friday, both countries will be allowed to send 860 ships each into one another’s exclusive economic zones (EEZs) and catch up to 60,000 tons of fish, according to the Ministry of Oceans and Fisher

The Bank of Korea said Monday that Korea and Japan have decided against extending their bilateral currency swap agreement.“Authorities of Korea and Japan have concluded to end the bilateral won-yen currency swap arrangement equivalent to $3 billion between the two central banks, which is due to expire on July 3, 2013,” said the BOK in a statement.This would end their financial cooperation in which Korea sought to further globalize its currency and use the yen, one of the G3 or top three global c

South Korean stocks closed 1.31 percent lower Monday, as lingering angst over a gradual end of the U.S. easy-money policy continued to sap investor sentiment, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) sank 23.82 points to finish at 1,799.01. Trading volume was light at 216.6 million shares worth 3.11 trillion won ($2.69 billion) with decliners far outstripping gainers 613 to 203. "Foreigners again opted to offlo

South Korean stocks traded 0.61 percent lower late Monday morning, led by large-cap auto and tech losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.19 points to 1,811.64 as of 11:20 a.m.Kia Motors, the smaller affiliate of Hyundai Motor, shed 0.7 percent, with auto-parts maker Hyundai Mobis losing nearly 2 percent. SK hynix, a leading chipmaker, also dipped more than 2 percent. But shares of Samsung Electronics, the top-listed firm, continued to trade in posi

South Korean stocks began lower Monday as lingering policy woes from a possible end of the U.S. monetary easing dampened investor sentiment, analyst said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.32 points, or 0.46 percent to 1,814.51 in the first 15 minutes of trading. Domestic-driven shares lost ground, with top mobile carrier SK Telecom slumping more than 3 percent and state-run gas provider Korea Gas dipping nearly 3.5 percent. Top-cap Samsung Electronics bucked up gain

Vice finance minister dismisses possibility of massive capital outflow