South Korea’s nonlife insurers saw their overseas operations swing to a net loss in the first half of the fiscal 2012 from a year earlier on increased insurance payouts, the financial regulator said Wednesday.The combined net loss of 23 overseas units managed by six local nonlife insurers reached $6.36 million in the April-September period, compared with a net profit of $7.73 million the previous year, according to the Financial Supervisory Service.The loss came as their insurance payouts increa

South Korean financial markets barely reacted to the North Korean rocket launch on Wednesday, indicating investors’ indifference to any expected moves by Pyongyang.The KOSPI, which opened at 1,972.33 points, up 0.39 percent from Tuesday’s market close, continued to rally despite news of the missile launch shortly before 10 a.m. It closed at 1,975.44 points Wednesday, up 0.55 percent from the previous day. The Korean won pared gains, ending at 1,075 won per dollar.“The missile launch had been exp

South Korean stocks closed 0.37 percent higher Tuesday on rising hopes for additional U.S. stimulus, analysts said. The local currency gathered ground against the U.S. dollar to a 15-month high. The Korea Composite Stock Price Index rose 7.20 points to finish at 1,964.62. Trading volume was moderate at 399.7 million shares worth 4.4 trillion won ($4.16 billion) with decliners outstripping advancers 413 to 385. “Local shares continued to trade almost flat as investors took to the sidelines amid t

Non-life insurance industry suffers from low returns from asset management

South Korean stocks finished up 0.4 percent Friday as investors scooped up large-cap shares on signs of progress in the U.S. fiscal cliff negotiations, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 7.83 points to 1,957.45. Trading volume was moderate at 405.9 million shares worth 4.26 trillion won ($3.94 billion) with gainers outnumbering losers 409 to 391.“The U.S. policy makers showed somewhat strong determination

Korea Exchange Bank said Thursday it opened a “Euro Trade Finance and Remittance Center,” or “Euro Center” for short, in Frankfurt.It is the first such center to be established by a Korean bank, according to KEB.KEB’s German arm which runs the Euro Center is a regular member of Europe’s integrated remittance system and wires money on a real-time basis to about 57,000 other member banks.Korean officials at the Euro Center can confirm the receipt of remittance on the day Korean customers wire the

South Korean stocks crawled 0.13 percent up Thursday as investors sat on the sidelines to watch progress in U.S. fiscal cliff negotiations, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 2.58 points to 1,949.62. Trading volume was light at 335 million shares worth 4.6 trillion won (US$4.3 billion) with decliners outpacing advancers 427 to 385.“The U.S. fiscal cliff widely dominates the market, while there are no other

Samsung Electronics Co., the world’s top smartphone maker, said Wednesday it plans to roll out a smartphone that runs on the fourth-generation long-term evolution for the first time in the Russian market.The Galaxy S3 LTE is scheduled to go on sale starting on Dec. 10 in 17 major cities via MegaFon, Russia’s second-largest mobile carrier, Samsung said in a press release.MegaFon, which first introduced a commercial LTE service in Russia in May, has been moving to set up a network for the fastest

South Korean stocks closed 0.61 percent higher Wednesday, boosted by foreign buying, despite persistent U.S. budget woes, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index finished up 11.86 points to 1,947.04. Trading volume was moderate at 481.5 million shares worth 4.03 trillion won ($3.73 billion) with losers outpacing gainers 442 to 363. “The main index recently showed a modest relief rally after an urgent Greek bailout issue was