The South Korean currency fell to the lowest level in almost 11 months against the U.S. dollar Thursday as the Federal Reserve's head said it would begin to taper its stimulus bond purchases later this year, dealers said.The local currency closed at 1,145.70 won to the greenback, down 14.9 won or 1.3 percent from Wednesday's close. It marked the lowest level since July 27, 2012 and the local currency hit an intra-day low of 1,146.60 won at one point during the afternoon trading."Emerging countri

South Korea's credit rating won't be affected by the impact from the unwinding of the U.S. monetary easing, as Washington's indication of an exit strategy means the world's No. 1 economy is improving, which will serve as a positive factor for Korea, a global credit appraiser said Thursday. "Withdrawing the quantitative easing (QE) can mean the United States is shifting to growth, which can lead to more fresh orders for some ailing industries like shipbuilding and shipping in Korea.It won't likel

South Korean stocks got off to a weak start Thursday as the U.S Federal Reserve Chairman Ben Bernanke hinted at a possible tapering of its monetary easing, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) nosedived 24.68 points, or 1.31 percent to 1,863.63 in the first 15 minutes of trading. Shares lost ground across the board, with tech giant Samsung Electronics falling 1.97 percent and No. 1 carmaker Hyundai Motor declining 0.24 percent. Top steelmaker POSCO moved down 1.4

Debt snowballed to more than W900tr during Lee administration: BOK

Commercial banks are scaling back their operating networks and hiring amid a retreat in earnings.First-tier lenders’ lower profitability is mainly attributable to soured loans from growing corporate insolvency and the reduced margin between their deposits and loans, according to research analysts.As an emergency remedy, major banks have slashed the number of branches through mergers or closures. Manpower restructuring due to branch integration is also expected in the industry.Shinhan Bank saw it

South Korean stocks closed 0.65 percent lower Wednesday, as investors took to the sidelines on anxiety that the U.S. Federal Reserve may do little to reassure them about maintaining the monetary easing, analysts said. Thelocal currency inched up against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) retreated 12.31 points to finish at 1,888.31. Trading volume was light at 276.2 million shares worth 3.26 trillion won (US$2.87 billion) with decliners outnumbering gainer

Debt snowballed to over 900 trillion won during Lee administration, BOK says

South Korean stocks traded 0.83 percent lower late Wednesday morning, led by losses in builders and shipbuilders, analysts said.   The benchmark Korea Composite Stock Price index (KOSPI) fell 15.23 points to 1,885.39 as of 11:20 a.m.    Top builder Hyundai Engineering & Construction dropped nearly 3 percent and heavy equipment maker Doosan Heavy Industries slid 1.4 percent.   Top-cap Samsung Electronics kept its losing binge, sinking 1.3 percent.   The local currency was changing hands at 1,133.

South Korean stocks got off to a weak start Wednesday, dampened by the improved Japanese trade balance, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.96 points, or 0.42 percent to 1,892.66 in the first 15 minutes of trading. Top-listed exporters dropped, with market bellwether Samsung Electronics falling 0.6 percent and steelmaker POSCO sliding 0.8 percent. Tokyo posted a trade deficit of 993.9 billion yen ($10.4 illion) in May, narrower than the market consensus

FTC, NTS, KCS urged to keep potential side effects in check

Korea’s chief financial regulator Choi Soo-hyun reiterated that enhanced consumer protection in the insurance industry would guarantee insurers a brighter future.Insurance companies may see consumer protection as yet another cost to their business, said Financial Supervisory Service Gov. Choi in his keynote address during the 49th annual seminar of the International Insurance Society in Seoul on Tuesday.“But, from a long-term perspective, strong consumer protection means strong consumer confiden

Foreign investors have targeted the South Korean stock market in their recent capitalization of equities amid concern over some developed countries exiting monetary easing.Amid predictions of weaker growth for emerging economies due advanced countries’ tighter monetary policy, foreigners net-sold stocks worth $3.22 billion on the Korean bourse over the past week.A certain portion of research analysts, however, are betting on longer-than-expected monetary easing in the U.S. and other major countr

State energy enterprises earn poor grades in government evaluation

The Export-Import Bank of Korea and its Japanese counterpart bank discussed ways to boost cooperation in joint overseas projects during a seminar in Tokyo on Tuesday, bank officials in Seoul said.The seminar was attended by Eximbank vice chairman Hong Young-pyo, the Japanese Bank for International Cooperation CEO Hiroshi Watanabe and some 130 bank officials and executives of plant constructors from the two countries.The participants discussed cooperative measures and shared information on overse

South Korean stocks closed 0.93 percent higher Tuesday amid the divided outlook over the United States Federal Open Market Committee (FOMC) meeting slated for this week, analysts said. The local currency fell against the U.S. dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) added 17.52 points to close at 1,900.62. Trading volume was low at 275.3 million shares worth 3.38 trillion won (US$2.99 billion) with gainers outpacing losers 529 to 298.   The index returned above the 1,900-