The Korea Herald

Woori chief vows to secure independence of 13 units

Jun 14, 2013

Woori Financial Group chairman Lee Soon-woo pledged to prioritize raising the market value of each business unit for successful privatization of the nation’s largest financial service firm.Through his inaugural speech at the group’s headquarters in Seoul on Friday, the new Woori chief called for his staff to put great efforts into bolstering risk management and market dominance at 13 subsidiaries.“By minimizing the excessive rights of the finance holding firm, the group will secure voluntary man
Korea logs trade surplus for 16th straight month

Jun 14, 2013

South Korea posted a trade surplus for the 16th straight month in May despite tough external market conditions, customs data showed Friday.The country’s exports came to $48.36 billion in May, up 3.2 percent from a year earlier, while its imports dropped 4.6 percent on-year to $42.45 billion, according to customs-clearance trade data by Korea Customs Service.As a result, Korea’s trade surplus came to $5.91 billion last month. This marked the 16th straight month of surplus since February last year
Regulators dismiss currency rigging here

Jun 14, 2013

Financial authorities say no plan to launch probe into possible manipulation of foreign exchange rates
Seoul shares up 0.35 pct on bargain hunting

Jun 14, 2013

South Korean stocks added 0.35 percent Friday as investors sought after undervalued shares after the market's sharp decline in the previous trading session, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 6.51 points to close at 1,889.24. Trading volume was low at 275.8 million shares worth 3.44 trillion won (US$3.05 billion) with losers outpacing gainers 412 to 378.On Thursday, the index fell below the 1,900-point ma
Seoul shares open higher on improved U.S. data

Jun 14, 2013

South Korean stocks opened higher Friday as investors' sentiment got a boost from improved economic indicators from the United States, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 12.14 points, or 0.64 percent, to 1,894.87 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics rising 1.18 percent and No. 1 carmaker Hyundai Motor adding 1.01 percent. Top steelmaker POSCO gained 0.16 percent.U.S. stocks
Ssangyong E&C averts liquidation

Jun 13, 2013

Ssangyong Engineering & Construction has averted delisting from the stock market or liquidation after its creditors finally agreed to bail out the debt-saddled builder.Following the decision of KB Kookmin Bank a day earlier, Shinhan Bank on Thursday approved the proposition to help Ssangyong E&C’s management normalization by launching a debt rescheduling program under creditors’ control.Hana Bank and the state-run Korea Development Bank also gave the nod to the rescue plan on the same day.Some r
Woori sale project to kick off Friday

Jun 13, 2013

The government-led project to retrieve taxpayers’ money injected into Woori Financial Group will officially start on Friday when the new chief of the state-funded financial service firm is scheduled to take office.One day before the coming inauguration of Woori Financial chairman nominee Lee Soon-woo, the nation’s chief financial regulator Shin Je-yoon said the Financial Services Commission would unveil detailed measures to sell the group late this month.FSC chairman Shin told a group of researc
FSS urges foreign financial firms to improve customer service

Jun 13, 2013

The financial regulator Thursday called on chief executives of foreign financial companies operating here to take measures to reduce the number of complaints filed by local financial consumers against their companies in a bid to protect the consumers.The call came at a meeting between Choi Soo-hyun, governor of the Financial Supervisory Service and CEOs of foreign financial companies operating in the country. “The FSS is making efforts to reduce the number of complaints against financial firms b
Tax authorities probe BMW Korea

Jun 13, 2013

The National Tax Service is probing the Korean unit of the German automaker group BMW, sources said Thursday. The NTS is scavenging evidence to back up suspicions of tax evasion by the best-selling imported automaker in Korea, they said. The investigators are expected to focus on whether BMW Korea tried to evade taxes by intentionally distorting the prices of its automobiles that are transported from BMW’s German headquarters.A BMW Korea spokesperson, however, stressed that the probe was only a
Seoul shares down 1.42 pct on foreign selling

Jun 13, 2013

South Korean stocks fell 1.42 percent Thursday as foreign investors offloaded local shares amid concerns the U.S. Federal Reserve may reduce its quantitative easing, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 27.18 points to close at 1,882.73. Trading volume was low at 301.9 million shares worth 4.95 trillion won (US$4.36 billion) with losers outpacing gainers 550 to 257. It marked the first time for the index to
Seoul shares down 1.12 pct in late-morning trade

Jun 13, 2013

South Korean stocks traded 1.12 percent lower late Thursday morning on the rising concerns over a possible reduction in the U.S. quantitative easing moves, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 21.33 points to 1,888.58 as of 11:20 a.m. It marked the first time for the index to hover below the 1,900 mark since April 14. Tech shares traded lower, with market behemoth Samsung Electronics falling 1.16 percent and its smaller domestic rival LG Electronics mov
BOK freezes key rate at 2.5%

Jun 13, 2013

Korean stocks hit record-low on global concerns over QE, yen
Seoul shares open lower on U.S. losses

Jun 13, 2013

South Korean stocks opened lower Thursday tracking losses on Wall Street in the previous trading session, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) moved down 7.57 points, or 0.4 percent, to 1,902.34 in the first 15 minutes of trading. Shares lost ground across the board, with tech giant Samsung Electronics falling 0.22 percent and top auto parts maker Hyundai Mobis losing 0.19 percent. Leading flat panel maker LG Display shed 0.64 percent.U.S. stocks closed lower We
Korea may set up foreign investment agency

Jun 12, 2013

Finance minister opposes opening duty-free shops in arrivals zones
Banks reap returns from star marketing

Jun 12, 2013

For years, companies have turned to celebrities to brighten up their brands. Now, banks are stepping up the trend, choosing their stars as wise investments.Banks are seeking out the sports and TV celebrities with particularly inspiring personal histories, such as figure skater Kim Yu-na, rhythmic gymnast Son Yeon-jae and presenter Song Hae. “Trust and stability are the two things that a financial company wants to show, but rushing contracts with fancy stars without future potential can be a risk