The Korea Herald

Shares down on EU disappointment

Oct 22, 2012

South Korean stocks closed 0.12 percent lower on Monday as investors were disheartened by a recent European Union summit and downbeat earnings from U.S. firms, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slipped 2.25 points to 1,941.59 in the first 15 minutes of trading. Trading volume was moderate at 453.8 million shares worth 3.8 trillion won ($3.4 billion), with decliners outnumbering gainers 444 to 369.“The EU policy event di
How do ‘Lotto millionaires’ spend their money?

Oct 22, 2012

A group of economists analyzed how 3,000 winners of the Britain’s National Lottery spent their winnings, according to British news reports.According to a study by Oxford Economics, so-called Lotto millionaires won a combined total of 8.5 billion British pounds ($13.6 billion) to date, and have spent 4.74 billion pounds. Among the usual luxuries purchased by the overnight millionaires were cars, hot tubs and houses. The study showed that 10 percent purchased autos, about 33 percent bought a hot t
Seoul shares start lower on U.S. losses

Oct 22, 2012

South Korean stocks got off to a weak start Monday as investor sentiment was dampened by losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.12 points, or 1.24 percent, to trade at 1,919.72 in the first 15 minutes of trading.Shares lost ground across the board, with market bellwether Samsung Electronics falling 1.54 percent and leading carmaker Hyundai Motor decreasing 1.1 percent. Top steelmaker POSCO shed 1.12 percent.U.S. stocks ended lower on
Stocks expected to continue upward movement

Oct 21, 2012

South Korean stocks are expected to show an upward movement this week though the movement range may be limited by external uncertainties that remain in the global market, analysts said.The country’s key stock index, the Korea Composite Stock Price Index, closed 10.58 points or 0.54 percent higher from the previous week’s close at 1,943.84 last Friday.The index dropped more than 15 points on Friday alone following what market analysts called poorer-than-expected corporate earnings for the third q
Consumers with disposal income below W500,000 banned from getting new cards

Oct 21, 2012

Financial consumers whose disposal income does not exceed 500,000 won ($450) will be ineligible to apply for a new credit card under new measures.“Irrespective of consumers’ personal credit standing, credit card firms will be allowed to issue a new card to those with monthly disposal income ― or total earnings minus debt payment ― above 500,000 won,” the Financial Supervisory Service said in a statement on Sunday.An FSS official said the action is designed to prevent issuers from recklessly doli
KB Kookmin scores top in survey of custodian banks

Oct 18, 2012

KB Kookmin Bank received the highest marks to become among the “top rated” custodian banks for the seventh year in a row in an annual service evaluation by a British magazine. The Global Custodian has assessed the services of custodian banks worldwide since 1990, becoming a key trade journal for reference when global financial institutions and institutional investors choose their custodian banks.A custodian bank is a specialized financial institution responsible for safeguarding a firm or indivi
Korean banks resilient to household debt: Moody’s

Oct 18, 2012

HONG KONG (Yonhap News) ― South Korean banks are resilient to the country’s heavy household debt, as they have a solid capital buffer against possible debt defaults, Moody’s Investors Service said Thursday.Heavy household debt has often been cited as one of the major concerns for the South Korean economy, which could pose a serious threat to the already slowing economy.“One reason for this resilience is that the loan portfolios of Korean banks, which account for about half of the household credi
Shares edge up ahead of European meeting

Oct 18, 2012

South Korean stocks edged up 0.2 percent Thursday as investors sat on the sidelines ahead of a key policymaking meeting in Europe, analysts said. The local currency rose to a new yearly high against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 3.97 points to 1,959.12. Trading volume was moderate at 490 million shares worth 4.22 trillion won ($3.82 billion), with losers outpacing gainers 540 to 277.“There are no bigger issues to push up the main index further following a
Self-employed people take hit from slump

Oct 18, 2012

The number of self-employed people shutting down their business last year jumped to a four-year high, suggesting that owners of mom-and-pop stores bore the brunt of the slowing economic growth, data showed Thursday.According to the data by the National Tax Service, business closures by self-employed people totaled 829,669 last year, up 3 percent or about 24,000 from a year earlier. It marked the largest number since 2007 when the figure was 848,000. By sector, the service sector including hair s
Seoul shares open higher on hopeful U.S. data

Oct 18, 2012

South Korean stocks opened higher Thursday, tracking overnight U.S. rallies on better housing data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 4.88 points, or 0.25 percent, to 1,960.03 in the first 15 minutes of trading.Leading carmaker Hyundai Motor gained 0.22 percent and its affiliate auto parts maker Hyundai Mobis added 0.84 percent. Mobile phone maker LG Ele
Standard Chartered supports blind children, conservation of Korea’s wetland habitats

Oct 17, 2012

Following is the ninth in a series of stories about companies’ social contribution activities. ― Ed.Standard Chartered Korea offered a total of 1.5 billion won ($1.4 million), most of which it raised through a cross-country cycling relay campaign by employees and customers, to sponsor eye operations for blind children and to preserve a wetland.During a feast titled “Here for Good” to stress its commitment to Korean society on Saturday at Everland in Yongin, Gyeonggi Province, the financial servi
Shares up on optimism about economy

Oct 17, 2012

South Korean stocks closed 0.7 percent higher Wednesday as signs of a recovery in the U.S. economy eased concerns over a possible recession, analysts said. The local currency rose to a fresh one-year high against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 13.61 points to 1,955.15. Trading volume was moderate at 493.9 million shares worth 4.16 trillion won ($3.76 billion), with gainers outpacing decliners 459 to 352.“Good news from overseas markets boosted investor senti
Korea seeks to protect SMEs from tech leaks

Oct 17, 2012

The government will step up its efforts to protect small and mid-sized enterprises from technology leaks as related damage has continued to increase in recent years, the top economic policymaker said Wednesday.“The government will stay at the forefront to prevent SMEs from being victimized by technology leaks,” Finance Minister Bahk Jae-wan told a crisis management meeting.Bahk said such damage sustained by SMEs has been increasing every year and they remain vulnerable to such problems. He also
Households’ pension, insurance assets hit record

Oct 17, 2012

Pension and insurance investments held by South Korean households reached a record high in the first half as they looked for safety amid a protracted economic slump, data showed Wednesday. The amount of pension and insurance assets held by local households and non-profit organizations stood at 629.4 trillion won ($569.5 billion) as of the end of June, accounting for 26.4 percent of the 2,384.8 trillion won total, according to the data by the Bank of Korea. It is the biggest portion tallied since
AmorePacific to complete 2nd Chinese plant in 2014

Oct 17, 2012

HONG KONG (Yonhap News) ― AmorePacific Corp., South Korea’s No. 1 cosmetics manufacturer, plans to complete construction of its second Chinese plant in 2014 in a bid to expand its capacity in the world’s most populous country, company officials said Wednesday. The factory, currently under construction in Shanghai, will manufacture cosmetics products worth 1 trillion won ($905 million) per year when it is completed, they said.The South Korean cosmetics maker runs another factory in Shanghai, whic