South Korea’s manufacturing sector growth lagged behind the service sector for the first time in 39 months in the third quarter amid the global economic slowdown, data showed Thursday. The country’s manufacturing industry grew 1.3 percent in the July-September period from a year earlier, compared with a 2.4 percent on-year advance logged by the service sector, according to data by the Bank of Korea. In the third quarter, Korea’s economy grew 1.6 percent from a year earlier and 0.2 percent from t

NHN Corp., South Korea’s top Internet portal operator, said Thursday its third-quarter earnings soared 25 percent from a year earlier on robust advertising revenue.Net profit totaled 127 billion won ($117 million) in the July-September period, compared with a profit of 102 billion won a year earlier, the company said in a regulatory filing.Sales climbed 12.5 percent on-year to 596 billion won in the cited period, and operating profit rose 4.3 percent to 156 billion won.The surge in the third-qua

FSC advised to yield monopolistic power to upgrade financial market

HONG KONG (Yonhap News) ― South Korea urged investors in Hong Kong Thursday to invest in Asia’s fourth-largest economy by offering a variety of incentives.South Korea’s Ministry of Knowledge Economy opened a national investor relations session in Hong Kong earlier in the day, designed to woo Hong Kong-based large-scale funds and other foreign capital.South Korean officials, led by Knowledge Economy Deputy Minister Moon Jae-do, promised various incentives, and private business meetings will be he

The ratio of bad loans extended by South Korean banks rose in the third quarter from three months earlier, largely due to a decrease in bad debt clearance, the financial regulator said Wednesday.The ratio of non-performing loans held by 18 local banks came to 1.56 percent as of the end of September, up 0.07 percentage point from 1.49 percent tallied as of end-June, according to the Financial Supervisory Service.The bad loan ratio had dropped to as much as 1.36 percent at the end of last year, be

Presidential candidates, financial experts argue for abolition of FSC

South Korean stocks climbed 1.05 percent on Tuesday as key automakers rebounded from sharp falls spurred by a fuel efficiency scandal in the U.S., analysts said.The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared19.95 points to 1,928.17. Trading volume was moderate at 539.6 million shares worth 4.5 trillion won ($4.1 billion), with gainers outnumbering decliners 493 to 334.“We saw excessive sell-offs of Hyundai and Kia shares in the previous s

The Financial Supervisory Service has launched a full-fledged investigation into 58 financial firms for their allegedly irregular sales of retirement pension products.“The 58 firms which sell retirement pensions are composed of commercial banks, insurance companies and brokerage houses,” the FSS said in a statement. “Their overheated competition and irregularities will closely be examined.”As the retirement pension market has swiftly expanded over the past few years, many financial firms are sus

Foreign investment banks (IBs) expect the South Korean economy to see its growth improve at a gradual pace next year, helped by global stimuli and the recovery of domestic demand, a report showed Tuesday.Morgan Stanley projected the monetary easing by the United States and China will improve global economic conditions, benefiting South Korea's exports, a main driver of the country's growth, according to a report by the Korea Center for International Finance.South Korea grew 0.2 percent on-quarte

South Korean telecom giant KT Corp. on Monday reported a 45.6 percent surge in its third-quarter earnings, driven by a profit increase in its wireless business and affiliates such as BC Card.Net profit came to 372.3 billion won ($340.9 million), compared with 255.7 billion won a year ago, the No. 2 mobile carrier and top fixed-line operator said in a regulatory filing. Sales increased 30.6 percent on-year to 6.5 trillion won over the cited period, and operating profit gained 4.3 percent to 538.8

Samsung Electronics Co., the world’s top maker of smartphones, computer memory chips and flat-panel TVs, said Monday it sold a record 1.15 million TVs in the U.S. market in October.The monthly figure comes after Samsung broke the 1-million mark for the first time in October last year, the company said.Samsung attributed the rosy figure to enhanced marketing efforts for larger, premium TV models, such as the 75-inch ES9000 smart TV.Meanwhile, the sales data come as the global TV industry is under

South Korean stocks closed 0.55 percent lower on Monday as key automakers Hyundai Motor and Kia Motors tumbled after U.S. officials found they exaggerated the fuel efficiency of their latest models, analysts said. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 10.5 points to 1,908.22. Trading volume was light at 336 million shares worth 4.54 trillion won ($4.16 billion), with decliners outnumbering gainers 447 to 369.“Since Hyundai and Kia

Financial regulators were under criticism for their apparently negligent supervision of the brokerage industry as evidence of a group of securities firms’ interest rate-fixing was revealed by antitrust regulators.Last Sunday, 20 local securities firms were reprimanded by the Fair Trade Commission with fines amounting to a combined 19.2 billion won ($17.5 million) for colluding to fix rates on some “small-denomination bonds.”The antitrust regulator also filed a complaint with the prosecution agai

Foreign investors turned net sellers of local stocks last month, stemming a two-month straight buying binge due largely to persisting global uncertainties, the financial regulator said Monday. Overseas investors dumped a net 1.1 trillion won ($1.0 billion) worth of local equities in October, the largest net selling since the 3.38 trillion won tallied in May, according to the Financial Supervisory Service. Foreigners had remained net buyers for the two previous months, snapping up a net 9.6 trill