Homeplus Co., the South Korean unit of British retail giant Tesco Plc, is considering merging its unit Homeplus Tesco Co. to increase its sales volume, industry sources said Friday. Homeplus, the second largest discount retailer in South Korea, bought a whole stake in Homever, the country’s No. 4 discount chain operator in May 2008 from E-Land Group, a local fashion retailing group which acquired the discount chain from French retailer Carrefour SA in 2006.“After the acquisition, Homeplus has op

The ratio of female CEOs at local listed firms reached 0.7 percent, data showed Friday, raising concerns over the severe gender imbalance in the country’s business world.Among the country’s 1,787 companies listed on the main bourse and the tech-heavy KOSDAQ market, only 13 women currently serve as CEOs at 14 firms, according to the data compiled by research firm CEO Score.The number hovers far below 4.2 percent posted by the world’s top 1,000 companies tallied by the U.S. business magazine Fortu

Investors seen to be taking wait-and-see attitude after U.N. sanction against Pyongyang

Commercial banks saw the delinquency rate on loans collateralized by apartments climb to the highest level in more than six years, regulatory data showed Thursday.According to the Financial Supervisory Service, the delinquent mortgage loan ratio was 0.94 percent in January, compared with 0.74 percent a month earlier and 0.69 percent a year earlier.Rising sharply to 0.94 percent, last recorded in October 2012, it marked the highest rate in 76 months since the sourced loan ratio reached 1.03 perce

SEJONG (Yonhap News) ― The gridlock surrounding deficit reduction and other fiscal issues in the United States continues to serve as a downside risk to the global economy, the finance ministry here said Thursday.The U.S. Congress and political leaders have been in a stalemate over how to resolve their deficit reduction problems. A failure to reach a compromise led to the automatic across-the-board budget cuts known in the market as a “sequester.”A failure in passing a budget this month could res

The number of female employees at domestic banks is nearly equal that of their male peers, but only a few reach high-ranking positions, according to banks and news reports. The reports said about 48.8 percent of workers at six major domestic banks were female but only 4.4 percent of bank executives were women.Even at Hana Bank, Korea Exchange Bank and Industrial Bank of Korea ― whose proportion of female employees exceeded 50 percent ― female executives were scarce, fueling concerns that gender

South Korean stocks fell 0.81 percent Thursday as investors took profits from a two-day rally in the previous sessions, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 16.34 points to finish at 2,004.40. Trading volume was moderate at 382.2 million shares worth 3.63 trillion won (US$3.35billion) with decliners far outstripping gainers 511 to 287.   "Foreigners opted to unload their holdings in top-cap Samsun

South Korean stocks traded 0.79 percent lower late Thursday morning on widening losses in shares of tech companies and shipbuilders, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid15.92 percent to 2,004.82 as of 11:20 a.m. STX Offshore & Shipbuilding, the country's fourth-largest shipyard, slumped more than 3 percent, with Hyundai Mipo Dockyard, an affiliate of the world's No. 1 shipbuilder Hyundai Heavy Industries, dipping 1.7 percent. Top-cap Samsung Electronics als

About 50 percent of South Korean banks' employees are women, but female senior bankers account for only some 4 percent out of local banks' total executives, pointing to the sector's still thick glass ceiling, data showed Thursday.Top lender Kookmin Bank and its other five rivals said the number of their combined employees stood at 81,234 as of end-February, out of which 48.8 percent bankers were women.But the number of women at the senior level is marginal in the Korean banking sector. In the ba

South Korean stocks got off to a weak start Thursday, erasing a two-day rally in the previous sessions, as blue-chip tech firms lost ground, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell5.61 points, or 0.28 percent, to 2,015.13 in the first 15 minutes of trading. Market behemoth Samsung Electronics shed nearly 1 percent, with its smaller rival LG Electronics declining 0.4 percent. State-run electricity provider Korea Electric Power also dipped 0.6 percent. The local

Tongyang Life Insurance said Wednesday that it intended to bid for ING Life Korea, heralding close competition with powerful investors such as Hanwha Life and Kyobo Life.In its regulatory filing on the Korea Exchange, Tongyang Life clarified that it was “considering participating in the coming bidding to take over ING Life Korea, as part of our strategic viewpoint.”The firm’s business policy on the mergers and acquisition market came several weeks after the nation’s No. 2 (Hanwha) and No. 3 (Kyo

South Korean stocks rose 0.2 percent on Wednesday, tracking an overnight rally in U.S. markets spurred by heightening anticipation over an economic recovery, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added4.13 points to finish at 2,020.74. Trading volume was moderate at391.4 million shares worth 4.03 trillion won (US$3.71 billion) with advancers outpacing decliners 414 to 381. "Despite the U.S. rally, the local bours

South Korean stocks traded 0.26 percent higher late Wednesday morning, led by gains in financial firms and shipbuilders, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 5.20 points to 2,021.81 as of 11:20 a.m.No. 2 lender KB Financial Group rose 1.8 percent, with Hyundai Heavy Industries, the world's largest shipyard, jumping more than 3 percent. In contrast, auto-related shares trended lower. Kia Motors, a Hyundai Motor affiliate, slid 2 percent, with Hyundai's auto

South Korean stocks started off sharply higher Wednesday on an overnight Wall Street rally fueled by heightening anticipations of economic recovery, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) soared15.84 points, or 0.79 percent to 2,032.45 in the first 15 minutes of trading. Shares moved upward across the board, with tech blue-chips and brokerage houses fueling the main index. Top-cap tech giant Samsung Electronics rose 1.23 percent and leading brokerage firm KDB Daew

Securities companies downsize units, staff