The Financial Supervisory Service is making inquiries into CJ Group over the allegations the business group engaged in fraudulent stock trading, regulatory officials said Sunday.According to the officials, the regulatory investigation is focused on whether CJ had conducted business practices that include stock manipulation or illicit use of insider information.The probe was initiated on suspicion that CJ Chairman Lee Jay-hyun might have used slush funds secretly in borrowed-named, offshore bank

The number of individuals benefiting from the government-led debt-restructuring programs will reach up to 1 million this year, data showed Sunday.The Park Geun-hye government has been pushing to rescue people saddled with debt for a long time as part of efforts to help them resume their ordinary economic lives. This is also part of a drive to ease rising household debts, which are feared to weigh on the overall economy.In a related move, the government recently launched the debt relief program d

South Korean exporters saw their first-quarter sales shrink as the impact of the weak yen continued to put them at a disadvantage against Japanese rivals, a report showed Sunday.The yen has weakened against the U.S. dollar significantly since the fourth quarter of last year, apparently driven by the so-called Abenomics ― a mixture of aggressive monetary and fiscal policies preached by its Prime Minister Shinzo Abe.A weak yen makes Japanese products less expensive, making them a challenge for Sou

The head of South Korea’s stock bourse operator has offered to resign, signaling what could be the beginning of a replacement at the top of brokerage-related agencies, industry sources said Sunday.Kim Bong-soo, the chairman of the Korea Exchange recently expressed his intent to step down to Financial Services Commission Chairman Shin Je-yoon, according to the sources.Kim, 59, offered to resign, saying that he has done his part and now is the time to leave, a source said on condition of anonymity

Reckless construction projects have dealt a blow to their fiscal health

South Korean stocks are likely to rise next week by shaking off concerns of a possible end to the U.S. quantitative easing and the plunge in Japan's stock market, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,973.45 this week, down 0.67 percent from 1,986.81 a week earlier.The analysts said the KOSPI is expected to advance as the U.S. was unable to terminate its quantitative easing due to weaker-than-expected economic data and the more than 7 percent drop in

Financial Services Commission chairman Shin Je-yoon on Friday told the country’s financial group heads on Friday that the government would try to develop the financial industry by boosting sales of value-added products.Outlining a 10-year project, Shin said the country aimed to increase the relative weight of the financial industry to 10 percent of the country’s overall economic output.The participants in the meeting included Financial Supervisory Service head Choi Soo-hyun, KB Financial Group c

Major economies show signs of cutting back monetary easing

South Korean stocks edged up 0.22 percent Friday as exporters gathered ground on eased concerns over the weak Japanese yen, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 4.26 points to finish at 1,973.45. Trading volume was low at 278.3 million shares worth 3.67 trillion won ($3.25 billion) with gainers outstripping losers 420 to 383.Market watchers said the overall gain came as blue chip exporters gathered ground

South Korean stocks traded 0.15 percent higher late Friday morning on gains in autos and constructions, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.05 points to 1,972.24 as of 11:20 a.m.Carmakers continued to trade higher on eased concerns over the weak yen, with Hyundai Motor rising 0.99 percent and Kia Motors adding 1.22 percent. Top auto parts maker Hyundai Mobis gained 1.61 percent.Builders also gathered ground, with Hyundai Engineering & Construction add

South Korean stocks opened higher Friday due mainly to gains in technology firms and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.37 points, or 0.48 percent, to 1,978.56 in the first 15 minutes of trading.Tech blue chips drove up the market, with Samsung Electronics advancing 0.4 percent and top chipmaker SK hynix moving up 0.64 percent. Flat panel maker LG Display added 0.34 percent.Carmakers also gathered ground, with No. 1 Hyundai Motor rising 2.22

The South Korean currency fell 1.3 percent against the U.S. dollar on Thursday as remarks by the head of the Federal Reserve on possible reductions in bond purchases spurred demand for the greenback, dealers said.The local currency closed at 1,128.70 won per the greenback, down 14.70 won from Wednesday’s close.It marked the weakest level since April 12 when the Korean won hit 1,129.10 against the dollar. It also was the sharpest daily fall since May 10.Market watchers said that the dollar gained

Korea’s antitrust regulator announced Thursday that it imposed $1 million (1.15 billion won) in fines on foreign plant engineering firms and their bid brokers over price-fixing to win bids.According to the Fair Trade Commission, two foreign plant engineering firms and two bidding brokers breached competition laws to win overseas deals from a large Korean construction company.The four players are Pall Korea Ltd of U.S.-based Pall Corporation, Germany-based Dahlman Industrial Group, IPEG ENG Ltd.