Following the financially distressed STX Group woes, commercial banks are suffering from critical liquidity problems at Ssangyong Engineering & Construction.While creditors of Ssangyong E&C have been pressured to bail out the ailing builder by financial authorities, some of them say that it would be better for the authorities to scrap the state effort to rescue the company, highlighting extremely insolvent assets.Research analysts as well as bank officials estimated that some 1.1 trillion won ($

Korea’s state-run funds that manage employment insurance, workers’ safety insurance, agriculture assets, and arts and culture businesses scored “low” in the government’s evaluation of sovereign management trusts, the Ministry of Strategy and Finance said Tuesday.In a report of over 140 funds to Cabinet members, the Finance Ministry said they performed below average in part due to a lack of professional human resources that can manage those funds worth some 14 trillion won ($12.4 billion).Meanwhi

South Korean stocks inched up 0.32 percent Tuesday, as concerns over the negative impact of the Japanese yen's fast descent on local exporters eased, analysts said. The local currency fell against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.25 points to finish at 1,986.22. Trading volume was light at 297.4 million shares worth 3.17 trillion won (US$2.82 billion) with gainers far outstripping losers 514 to 301.  "It's a tight session as there are no vents thi

South Korean stocks traded 0.3 percent higher late Tuesday morning, buoyed by gains in builders and IT services companies, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 6 points to 1,985.97 as of 11:20 a.m.  Daelim Industrial, a leading construction firm, climbed 2.6 percent and NHN Corp., the No. 1 Internet portal service provider, gained 1.6 percent.  In contrast, utilities and brokerages lost ground. State-run Korea Electric Power Corp. sank more than 2 percent

South Korean stocks opened higher Tuesday, as a slowdown in the yen's depreciation encouraged investors to make risky bets, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.25 points, or 0.27 percent to 1,985.22 in the first 15 minutes of trading. Large-cap chemical makers and heavy industries led the gain, with LG Chem climbing 1.4 percent and Hyundai Heavy Industries, the world's largest shipyard, moving up 0.3 percent.The Japanese currency slowed its fast-descend

The Cayman Islands is the largest investor as a tax haven country in the South Korean market, data showed Monday, amid growing suspicions here that some of the money belongs to rich Korean nationals disguised as foreigners running off-book accounts.The amount of investment by the British overseas territory in local stocks and bonds reached 7.7 trillion won ($6.82 billion) at the end of April, with the number of investors standing at 2,796, according to the data by the Financial Supervisory Servi

The Seoul International Dispute Resolution Center opened on Monday to help local and foreign companies operating in Korea settle international business disputes, officials said.The Korea Commercial Arbitration Board, the Seoul Metropolitan Government, lawyers and nonprofit organizations joined together to establish the IDRC.KCBA officials said the new arbitration hearing center was established to promote Korea as the East Asian hub of international law as well as its advanced environment for glo

South Korean stocks closed 0.33 percent higher Monday, as a hike in Japanese government bond yields last week lifted concerns over the yen's weakness, prompting foreigners to increase risky bets in local equities, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.52 points to finish at 1,979.97. Trading volume was light at 245.9 million shares worth 2.83 trillion won ($2.51 billion) with gainers outpacing decliners 444 to 367. "Worries about the weakening yen have aba

South Korean banks are further turning their focus to the Asian market as squeezed profit margins and the economic slowdown at home are prompting them to find new sources of income, market watchers said Monday.Local banks' move to tap the overseas market is not a new trend, but top lender Kookmin Bank and its three major rivals are ramping up efforts to make inroads into the Asian market where economic growth remains relatively solid, they added.Top lender Kookmin Bank is aiming to provide tailo

South Korean stocks traded 0.3 percent higher late Monday morning, buoyed by blue-chip exporters, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.93 points to 1,979.38 as of 11:20 a.m.  LG Electronics, the country's leading home appliance maker, jumped 3.25 percent and No. 1 automaker Hyundai Motor gained nearly 1.5 percent.  In contrast, steelmakers lost ground. POSCO dropped 0.8 percent. Large-cap zinc smelter Korea Zinc also shed 1.8 percent.   The local curren

South Korean stocks opened slightly higher Monday, as a hike in Japanese government bond yields last week lifted lingering concerns over yen weakness, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.98 points, or 0.15 percent to 1,976.43 in the first 15 minutes of trading. Blue-chip exporters drove up the main index, with tech heavyweight Samsung Electronics gaining 0.61 percent and Kia Motors, smaller affiliate of No. 1 carmaker Hyundai Motor, rising more than 1 p

A list of seven conglomerate owners and corporate executives who set up bogus companies in the British Virgin Islands, a tax haven in a bid to evade taxes and create slush funds is expected to be disclosed on Monday. The Korea Center for Investigative Journalism, a non-profit, independent news agency said on Sunday that seven Koreans who currently own paper companies, including four owners of family-run conglomerates, will be exposed through a press release at noon.“The data will be uploaded on

Financial regulators launched an investigation into the Korean unit of French-based BNP Paribas for engaging in allegedly unauthorized business practices, sources said Sunday.The largest bank in France has operated an investment banking business in Seoul without regulators’ permission, multiple sources told The Korea Herald.The banking regulations stipulate that there should be a strict firewall between the (commercial or corporate) banking and the investment banking units unless there is regula