KB Financial lowers acquisition price to win approval from board of directors

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 (KOSPI) 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 i

South Korean home appliance giant LG Electronics Inc. said Tuesday it has signed an agreement with U.S. home appliance retailer Lowe’s as part of efforts to expand its reach into the world’s largest market.Under the agreement, LG will supply its home appliance products, including refrigerators and washers, to Lowe’s nationwide chains and online store starting next year, according to LG Electronics.“More U.S. consumers will be able to experience LG’s high-efficient home appliance products,” said

The Galaxy S3, Samsung Electronics Co.’s flagship smartphone, is sweeping year-end awards given to the “smartphone of the year” by overseas IT media, market watchers said Tuesday.The Samsung smartphone recently grabbed the “best mobile phone of the year” award from British tech media site Pocket-lint. It also received the “product of the year” prize in British IT media V3’s annual technology awards.The South Korean tech giant’s Galaxy Note and Galaxy Note 10.1 were also touted as the best busine

South Korea’s antitrust watchdog said Tuesday that it has taken 29 companies off the list that limits mutual investments and loan guarantees.The Fair Trade Commission said the number of corporate affiliates on the list stood at 1,802 of 62 business groups, down from 1,831 tallied in the previous month.The decline comes mostly from the exclusion of Eugene from the business groups subject to the restraints as the assets of its affiliates fell to 2.45 trillion won ($2.26 billion) following the sale

South Korean stocks finished 0.25 percent lower on Tuesday as weak U.S. manufacturing data added onto investor concerns over budget issues in the world’s largest economy, analysts said. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 4.84 points to 1,935.18. Trading volume was light at 280.7 million shares worth 2.8 trillion won ($2.6 billion), with decliners outnumbering gainers 429 to 366.“Investors were disappointed with the weaker-than-

South Korea’s central bank said Tuesday it has agreed with its Chinese counterpart to use the existing bilateral currency swap line in boosting trade settlement in the two countries’ currencies.In October of last year, South Korea and China agreed to double their won-yuan swap line to 360 billion yuan ($57.8 billion) in a bid to secure foreign exchange liquidity.The Bank of Korea said it will lend money to commercial banks by tapping the currency swap and local firms will be able to use the fund

South Korean stocks closed 0.37 percent higher on Monday as foreigners snapped up local shares amid easing eurozone fears and positive economic data, analysts said.The local currency slipped against the U.S. dollar. The benchmark Korea Composite Stock Price Index gained 7.12 points to 1,940.02. Trading volume was moderate at 304.6 million shares worth 3.3 trillion won ($3 billion), with decliners outnumbering gainers 484 to 318. “We saw some positive economic data in China and South Korea as wel

Some foreign banks, asset management firms, insurers looking to leave or downsize businesses in Korea

South Korea’s stock market is expected to remain in a tight range this week as investors wait on the U.S. fiscal cliff issue, analysts said.The country’s key stock index, the KOSPI, gained 21.57 points, or 1.27 percent, last week to close at 1,932.90 on Friday, on hopes that U.S. lawmakers and President Barack Obama will find a compromise on the U.S. fiscal issue.“Until the issue is addressed, investors will remain cautious on betting, and be engaged in trading and just be on the lookout for und

Exports of Korean traditional foods of kimchi and red pepper paste rose sharply over the past three years on the back of the Korean wave, industry and customs data showed Tuesday.According to the data, exports of kimchi, a spicy fermented dish usually made with cabbage or radish, came to $88.82 million in the January-October period.Overall exports of kimchi for all of 2012 are expected to reach $107 million, up from $104.6 million last year, the data indicated.Outbound shipments of kimchi have r

South Korean stocks closed 0.87 percent higher on Tuesday as eurozone agreements to cut Greek debts and aid the debt-ridden country helped ease investor jitters, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 16.69 points to 1,925.2. Trading volume was moderate at 572.1 million shares worth 4.49 trillion won ($4.14 billion), with decliners outnumbering gainers 425 to 392.“The recent development in the Greece situation, cou

South Korea’s total debt has ballooned to more than double the value of its gross domestic product, the financial regulator said Tuesday, calling for all-out efforts to rein in corporate and household debt.The country’s aggregate debt owed by the government, companies and households stood at 234 percent of its GDP as of the end of June, according to data by the Financial Supervisory Service. The debt-to-GDP ratio came in at 152 percent in 2000 for Asia’s fourth-largest economy, before jumping to