Shareholders of Hana Financial Group Inc. and its affiliate Korea Exchange Bank approved Friday the group's move to take full control of KEB through swapping shares, bank officials said. At an annual meeting, shareholders of Hana Financial voted for the share swap plan with 98.34 percent approval, the group said. It will raise its stake in KEB to 100 percent from the current 60 percent by swapping each of its shares for 5.28 KEB shares. KEB shareholders, in contrast, passed the plan after three

The majority of households that frequently purchase lottery tickets do not belong to the low-income bracket, the Finance Ministry said Thursday.Citing a survey, the ministry claimed that 72.6 percent of steady lottery buyers were from households whose average monthly income surpassed 3 million won ($2,750).It also said the households with an average monthly income of more than 4 million won took up 35.3 percent of the total buyers.“The poll result counters the social bias that mostly destitute p

South Korean stocks closed almost flat on Thursday following the central bank’s decision to freeze the key interest rates, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 2.40 points, or 0.12 percent, to 2,002.13. Trading volume was low at 320.7 million shares worth 4.01 trillion won ($3.64 billion), with gainers outnumbering decliners 489 to 324.“Local shares traded flat as investor sentiment was dented by the central bank’s de

The brokerage industry has downplayed some market observers’ prediction that some major financial firms will be severely damaged from the possible collapse of the 31 trillion won ($28.4 billion) urban development project in Yongsan, Seoul.As the nation’s largest-ever project faced bankruptcy involving worries over capital erosion and liquidation of the state-controlled rail operator KORAIL, some critics commented on the feasibility that the financial services industry will go through heavy losse

South Korean stocks closed almost flat on Thursday following the central bank's decision to freeze the key interest rates, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.40 points, or 0.12 percent, to 2,002.13. Trading volume was low at 320.7 million shares worth 4.01 trillion won (US$3.64 billion), with gainers outnumbering decliners 489 to 324."Local shares traded flat as investor sentiment was dented by the central

South Korean stocks traded 0.82 percent lower late Thursday morning as foreigners and institutions scaled back their holdings, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) dropped16.45 points to 1,983.28 as of 11:20 a.m.Large caps were mixed. Market bellwether Samsung Electronics lost 1.31 percent, but chip giant SK hynix added 1.59 percent.The local currency ended at 1,101.65 won against the greenback as of 11:20 a.m., down 4.25 won from the previous close. (Yonhap News

Price tag above W4,000 may hurt household consumption: observers

President Park Geun-hye’s nominee for the Finance Ministry chief said Wednesday that the government needs to review diverse measures including fiscal and financial steps to stimulate the economy which remains in a “serious” condition.During a parliamentary confirmation hearing held in Seoul, Hyun Oh-seok also opposed raising tax rates in order to secure the necessary money for an expected increase in welfare spending during the five-year term of President Park.“I agree that the economy is facing

South Korean stocks ended 0.32 percent higher on Wednesday, buoyed by firm gains in major technology companies, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 6.39 points to 1,999.73. Trading volume was moderate at 347.4 million shares worth 3.42 trillion won ($2.12 billion), with gainers outnumbering decliners 444 to 350.“There’s optimism out there on global liquidity and economic data have also been supporting this,” said Wo

Lotte Mart Co., South Korea’s third-largest discount store chain, said Wednesday that it will start a car rental service this week in strategic partnership with CXC Motors, a local dealer of foreign cars.Lotte Mart will provide its car rental service at five stores including its Jamsil location in the southwestern part of Seoul and its online Lotte Mart Mall starting Thursday, the company said in a statement. The discount store chain will expand the number of stores that will provide the car ren

South Korea’s tax agency has launched an investigation into GM Korea Co., the local unit of U.S. General Motors Co., a company official said Wednesday.The GM Korea official claimed the probe by the National Tax Service is a regular one following a similar investigation in 2008.“We will cooperate with the tax probe in good faith,” the official, noting that there were no unfair business practices and the tax agency imposed no additional taxes on GM Korea after the 2008 investigation.The tax agency

LS Cable & System said Wednesday that it won a 200 billion won ($182 million) contract to supply 230kV extra- high-voltage undersea cables to Venezuela’s state-run power firm, Corpoelec, becoming the first Korean firm to enter the submarine cable market in South America.The company said the successful bid proved its capabilities as a general engineering company for submarine power cable systems. With the rising demand for electric power in South America boosting electric cable sales, LS C&S is e

A free trade agreement with the U.S. has pushed down Korea’s tariff revenue on U.S. imports for the first time in seven years, despite an increase in trade with the world’s largest economy.The Ministry of Strategy and Finance said Tuesday that tariff revenue on U.S. imports sank to 9.8 trillion won ($8.9 billion) last year, down 10.7 percent from 10.9 trillion won a year ago.This is the first time Korea saw its customs revenue decline since 2005, the ministry noted, adding that its revenue fell

More and more market participants are betting that the Bank of Korea will lower the benchmark interest rate in March ― the first monthly rate-setting under the Park Geun-hye administration.According to a poll of 132 bond traders conducted by the Korea Financial Investment Association, 46 percent of respondents predicted a rate cut at the meeting of the BOK’s monetary policy committee, slated for Thursday.Some economists and analysts, however, claimed that a rate cut from the current 2.75 percent