The Korea Herald

Shinhan Financial Group aims to build up consumer trust

Sept 26, 2012

Lender announces plans to improve loan procedures, interest rate systemShinhan Financial Group announced on Thursday plans to build up public trust as well as protect the financial market from external variances and support economy recovery. It follows the meeting between Financial Services Commission chairman Kim Seok-dong and six financial group heads in August to discuss banking groups’ roles in social contributions. Shinhan said in a press release that it will launch a special team that will
Public sector should improve transparency, debt control: minister

Sept 26, 2012

South Korea's public sector should double up its efforts to improve its business health by increasing management transparency and keeping debt under control, the finance minister said Wednesday."We hope that the public sector institutions will raise the trust of people by enhancing their transparency and push for systematic management, including debt analysis," Bahk Jae-wan told a crisis managemen
Shares fall on foreign selloff

Sept 25, 2012

South Korean stocks closed 0.6 percent lower Tuesday as foreigners snapped a 12-day buying streak to opt for profit-taking, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index slid 12.03 points to finish at 1,991.41. Trading volume was moderate at 523.9 million shares worth 4.55 trillion won ($4.06 billion) with decliners outpacing advancers 570 to 257. “Foreigners chose to take profits, but the amount is not big, meaning that they are
2013 budget allocates more for welfare, small businesses

Sept 25, 2012

Government promises over 100,000 jobs for youth, greater budget to fight sex crimes and school violenceThe government’s 2013 budget plan appears to focus on support for more welfare programs to stabilize the livelihood of ordinary people, while maintaining a budget balance. The budget plan includes expanded support for small and mid-sized companies from 69.5 trillion won this year to 78 trillion won, and an additional 10 billion won for companies that open branches overseas. The government plans
Asia drives global shopping center revival

Sept 25, 2012

Asia and Latin America’s economic growth has fueled an upturn in retail activity, with increasing rent reflecting high demand for the limited amount of prime retail opportunities in both regions.Changes in consumer preferences, spending patterns and technological advances have impacted owners and retailers in all regions. Owners of prime shopping centers throughout the world are constantly repositioning their properties to provide consumers with their desired full shopping “experience.” With the
Shares end flat ahead of Spain bailout decision

Sept 24, 2012

South Korean stocks finished almost unchanged on Monday as investors sat on the sidelines ahead of Spain’s decision on a bailout plan proposed by the European Union, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 1.07 points, or 0.05 percent, to close at 2,003.44. Trading volume was moderate at 476.8 million shares worth 4.19 trillion won ($3.75 billion), but decliners outstripped gainers 458 to 364. “It’s most likely
Korea’s labor productivity drops in Q2

Sept 24, 2012

South Korea’s labor productivity fell from a year earlier in the second quarter as the global economic downturn caused a drop in the country’s exports, the government said Monday.The labor productivity index for all industries in the April-June period came to 105.4, down 1.2 percent from the same period last year, according to the Ministry of Knowledge Economy.The figure, however, marks a slower drop of labor productivity from the first quarter when the index fell 2.3 percent on-year.Labor produ
Interest payment on national debt to top W21tr

Sept 24, 2012

South Korea is expected to pay around 21 trillion won ($18.7 billion) in interest on its debt this year amid increased borrowing by the government to tide over the global economic crisis, data showed Monday.According to the data provided by the finance ministry to the National Assembly, interest payment on the nation’s debt will amount to some 21.5 trillion won this year, compared with last year’s 18.9 trillion won.Interest payment on the debt already reached 9.6 trillion won in the first seven
SK Telecom eyes China healthcare market

Sept 24, 2012

SK Telecom Co., South Korea’s top mobile carrier, said Monday it has purchased a major stake in a Chinese medical equipment maker as part of its efforts to enter the world’s No. 2 economy.Under the deal with Xian Tianlong Science and Technology Co., SK Telecom acquired a 49 percent stake in the Chinese healthcare venture, the company said in a statement. The financial terms were undisclosed.“SK Telecom plans to provide its management expertise to Tianlong and cooperate on research and developmen
KDB offers soft loans for small, medium-sized firms

Sept 24, 2012

Korea Development Bank on Monday introduced a special loan product with an average annual interest of 3.95 percent for small and medium-sized companies, a year after creating a sensation with a money market deposit account that offers a generous interest of 3.5 percent.KDB chairman Kang Man-soo told reporters that the low-interest loans for small firms worth a total of 3 trillion won ($2.7 billion) comes in celebration of Korea’s recent credit rating upgrade by Moody’s and Fitch to a level above
Shares expected to take recess this week

Sept 23, 2012

South Korean stocks are expected to take another breather this week, moving only in a tight range due to the lack of any major drivers to spur the market, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 2,002.37 last week, down 0.6 percent from a week earlier when the key index surged to a five-month high of 2,007.58.Foreign investors purchased a combined net 1 trillion won ($895 million) worth of shares, while institutional investors sold off a net 800 billion
Borrowings for stock investment surge

Sept 23, 2012

A growing number of small investors are investing in stocks on the secondary KOSDAQ market, particularly by applying for loans as they bet on a bullish market ahead of the Dec. 19 presidential election.According to the Financial Investment Association, stock investment-oriented outstanding loans to individuals increased by 29.8 percent over the past three months ― from 1.33 trillion won ($1.18 billion) at the end of June to 1.73 trillion won as of Sept. 20.The sort of lending means that investor
Shares gain on foreign buying

Sept 21, 2012

South Korean stocks advanced 0.60 percent on Friday as foreigners sought after risky assets, buoyed by the recent stimulus measures from major economies, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index closed up 12.04 points to 2,002.37. Trading volume was heavy at 641.9 million shares worth 4.91 trillion won ($4.38 billion) with gainers outpacing losers 461 to 354. “At least, the expectations on the third quantitative easing from W
KB unveils plans to recover trust, brace for contingencies

Sept 21, 2012

KB Financial Group said Friday it will open an exclusive counter to offer financial consultations for people in the low- to middle-income brackets, expand support for small companies and create more jobs.KB unveiled the package of new measures as follow-up to a meeting of the nation’s largest financial groups and Financial Services Commission chief Kim Seok-dong last month. Other financial groups such as Woori, Shinhan, Hana and Nonghyup also revealed similar plans Friday.KB said its six new maj
International air passenger traffic hits new high in Aug.

Sept 20, 2012

South Korea’s international air passenger traffic surged to a new monthly high last month on a spike in visitors to and from Japan and China, the Transportation Ministry said Thursday.The number of international passengers to and from South Korea jumped 11.6 percent from a year earlier to 4.72 million in August, according to the Ministry of Land, Transport and Maritime Affairs.The August tally marks a new monthly record. The previous record of 4.34 million passengers was set only the previous mo