The Korea Herald

2013 top six issues for Korean companies

Nov 27, 2012

In 2013, persistent low growth in the global economy and new governments in major countries will shape the business environment. Korean companies will have to be aware of three major characteristics of the situation ahead. First, the sluggish prospects will last through the year, prolonging the worldwide L-shaped slowdown. In other words, businesses will need to prepare for a difficult, long haul. Second, the weak growth will not spare any region or industry. The currency crisis at the end of th
S. Korea to further tighten banks’ handling of currency forwards

Nov 27, 2012

South Korea said Tuesday it will lower the ceiling of foreign exchange forward positions held by local and foreign banks by 25 percent in a bid to curb the volatility of cross-border capital flows.The move will restrict local branches of foreign banks from holding currency forward deals to 150 percent of their equity capital from the current 200 percent. The ceiling for domestic banks will be lowered to 30 percent from 40 percent, the government said. The move will fully take effect starting on
Shares inch down ahead of key events

Nov 26, 2012

South Korean stocks edged 0.15 percent down Monday as investors sat on the sidelines before key events in the United States and Europe, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 2.82 points to 1,908.51. Trading volume was light at 273.2 million shares worth 3.18 trillion won ($2.93 billion) with gainers slightly outpacing decliners 402 to 389. “The eurozone finance ministers gathered to decide a bailout for Greece
Kangwon Land shares soar on expansion approval

Nov 26, 2012

By Seo Jee-yeon The government’s approval of a casino facility expansion has been pushing the stock price of Kangwon Land to hit a record high in 52 weeks.The company’s shares soared 13.31 percent to 31,500 won ($29) on Monday. The jump was expected as the disclosure was issued after the stock market closed last Friday. According to company officials, the state-invested casino and resort operator, located in Jeongseon County, Gangwon Province, will double the floor of the game room to 11,824 squ
Banks eye Myanmar market

Nov 26, 2012

By Kim Yon-seMajor commercial banks are poised to actively make inroads into Myanmar as the country is starting to implement an open-door policy toward international activity.Following Woori Bank and Hana Bank, which opened liaison offices in the Southeast Asian country last month, Shinhan Bank plans to join the movement as early as the first half of next year.The state-run Industrial Bank of Korea is also preparing to tap the new market in a bid to overcome the saturated market conditions at ho
Most in their 50s are unhappy: survey

Nov 25, 2012

A recent online survey found that six out of 10 Koreans in their 50s were unhappy. Samsung Life Retirement Research Center conducted the online survey last month of 1,000 citizens aged between 50 and 59 who live in Seoul and adjacent areas, on their preparation for retirement and life issues. Half of the respondents were working for a company, while the other half were retired. Multiple answers to each question were allowed. When asked whether or not the respondent was currently happy, 61.5 perc
Global sales of Samsung’s Galaxy Note 2 top 5m

Nov 25, 2012

South Korean tech giant Samsung Electronics Co. said Sunday worldwide sales of its Galaxy Note 2 have exceeded 5 million units since its rollout here two months ago. Shipments of the 5.5-inch phablet, a hybrid of a smartphone and a tablet PC, achieved the landmark in two months after it was first released in South Korea in late September, the company said in a statement.The Galaxy Note 2 recorded a much faster sales increase than the previous Galaxy Note model, which saw global sales top 5 milli
Daewoo International bags $1.06b deal from Algeria

Nov 25, 2012

Daewoo International Corp., a leading South Korean trading company, said Sunday a consortium led by the company has clinched a $1.06 billion contract to build a cogeneration power plant in Algeria.The turnkey contract calls for Daewoo International, Hyundai Engineering & Construction Co. and Hyundai Engineering Co. to build the 1,200-megawatt power plant in an area some 230 kilometers southeast of Algiers, the capital of the African country. It will take 39 months to complete the cogeneration po
Shares to stay stagnant on delayed fiscal cliff talks

Nov 25, 2012

The South Korean stock market is likely to remain stagnant this week as investors are expected to take a wait-and-see stance on the U.S. fiscal cliff issue, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,911.33 this week, up 2.1 percent from the previous week.Earlier last week, the KOSPI moved up as U.S. lawmakers and President Barack Obama successfully began talks on the U.S. fiscal issue, while rising hopes for financial aid to Greece also gave a boost to
Lone Star sues Korean government

Nov 22, 2012

Lone Star Funds has filed investor-state dispute arbitration claims against the Korean government for delaying the sale of the U.S.-based private equity firm’s controlling stake in Korea Exchange Bank, officials in Seoul said on Thursday.The equity firm brought the Korean government to the Washington-based International Center for Settlement of Investment Disputes, accusing it of violating a bilateral investment treaty between Korea and Belgium.This marked the first time that the Korean governme
Shares gain on Greece optimism

Nov 22, 2012

South Korean stocks climbed 0.82 percent Thursday as optimism for a Greece bailout deal grew after eurozone finance ministers agreed to reschedule a meeting early next week, analysts said. The local currency lost against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 15.46 points to close at 1,899.50. Trading volume was moderate at 408.2 million shares worth 3.69 trillion won ($3.41 billion) with gainers outnumbering losers 438 to 362.“Expectations that the eurozone is get
Seoul shares gain 0.82 percent on Greece optimism

Nov 22, 2012

South Korean stocks climbed 0.82 percent Thursday as optimism for a Greece bailout deal grew after eurozone finance ministers agreed to reschedule a meeting early next week, analysts said. The local currency lost against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.46 points to close at 1,899.50. Trading volume was moderate at 408.2 million shares worth 3.69 trillion won ($3.41 billion) with gainers outnumbering losers 438 to 362."Expectations that the eurozon
Shares slip on renewed Greece woes

Nov 21, 2012

South Korean stocks shed 0.32 percent Wednesday as eurozone leaders’ failure to sort out a Greece aid plan unnerved investor sentiment, analysts said. The local currency lost ground against the U.S. dollar. After opening higher, the benchmark Korea Composite Stock Price Index retreated 6.14 points to close at 1,884.04, snapping a two-day rally. Trading volume was moderate at 371.6 million shares worth 3.90 trillion won ($3.59 billion), with losers outstripping gainers 545 to 271. “Uncertainties
Samsung C&T as prime bidder for Turkey hospital

Nov 21, 2012

A consortium led by Samsung C&T Corp., the construction and trading arm of South Korea’s Samsung Group, has been selected as a preferred bidder for a $750 million project to build a large hospital in Turkey, a Samsung official said Wednesday.The order placed by Turkey’s government calls for the construction of a 540,000-square-meter hospital in the southeastern Turkish city of Gaziantep, according to the official.The South Korean builder is expected to win a portion worth $180 million out of the
Korea Exchange to launch new stock index next week

Nov 21, 2012

South Korea’s stock market operator, the Korea Exchange, said Wednesday it will introduce a new stock index to provide reliable data to investors seeking safer and profitable investments.The index, dubbed the S&P/KRX Dynamic Asset Exchange Index and based on the KOSPI 200 Index and 10-year U.S. Treasuries, is scheduled to be launched at the first trading session of next week, the KRX said. It will be presented from 9:01 a.m. to 3:00 p.m., with the base standing at 1,000.000, it added.The KOSPI 2