The Korea Herald

Showing the goal amount motivates saving

Sept 17, 2012

A U.S. psychologist says people don‘t save because they don’t do the math to calculate the result of their savings -- if they did, it would motivate them. Craig McKenzie, a cognitive psychologist with the Rady School of Management at the University of California, San Diego, said his experiment with a simple intervention demonstrated the enormous benefits of earning compound interest motivated his
Seoul shares open higher on U.S. gains

Sept 17, 2012

South Korean stocks opened higher on Monday as investor sentiment got a boost from the U.S. Fed's latest stimulus measure, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed0.85 points, or 0.04 percent, to 2008.43 in the first 15 minutes of trading.Tech blue chips drove up the shares, with LG Electronics gaining 1.59 percent and SK hynix, the world No. 2 memory chipmake
Korea seeks to globalize won via tie-up with China

Sept 16, 2012

South Korea is seeking to expand the use of the won in trade with China as part of its efforts to internationalize its currency by reducing heavy reliance on the dollar and better cope with risks from external turbulence, the finance minister said.To that end, the government will tap into the Korea-China currency swap line, through which it lends money to Chinese firms and encourages them to settle payments for trade by using the won, he added.This is the first meaningful action by the governmen
Stocks expected to continue upward move this week

Sept 16, 2012

South Korean stocks are expected to keep their upward momentum this week on improved investor sentiment following recently-unveiled stimulus measures by the U.S. Federal Reserve, analysts said Saturday.The country’s key stock index, the KOSPI, jumped 4.04 percent, or 78 points, last week to close at a five-month high of 2,007.58 on Friday.On Friday alone, the index rallied 2.92 percent as investors cheered the Fed’s decision to purchase mortgage bonds as long as it needs and keep interest rates
KOSPI hits 5-month high as Fed acts

Sept 14, 2012

South Korea’s benchmark Korea Composite Stock Price Index passed the 2,000-point mark on Friday, hitting a five-month high upon the U.S. Federal Reserve’s monetary stimulus action and S&P’s upgrades of the country’s credit ratings.Seoul stocks closed at 2,007.58 points, a jump of 2.92 percent from the previous day. The U.S. Federal Reserve announced on Friday it would implement a third round of quantitative easing by purchasing additional agency mortgage-backed securities at a pace of $40 billio
Shares end little changed ahead of U.S. announcement

Sept 13, 2012

South Korean stocks finished little changed on Thursday as investors turned cautious before the U.S. central bank’s decision on another round of monetary stimulus to boost the economy, analysts said. The local currency declined against the U.S. dollar.Swinging between gains and losses, the benchmark Korea Composite Stock Price Index gained 0.66 points, or 0.03 percent, to 1,950.69. Trading volume was heavy at 956.4 million shares worth 5.97 trillion won ($5.29 billion), with gainers slightly out
Vogo Fund to acquire Burger King unit from SRS Korea for $88m

Sept 13, 2012

South Korean private equity fund Vogo Fund will take over the local chain of Burger King from franchise restaurant operator SRS Korea Co. for about 100 billion won ($88.7 million) this year, industry sources said Thursday. According to the sources, the local fund has completed negotiations to buy the chain of global fast food restaurant Burger King in South Korea with Doosan Group that has SRS Korea under its wing and will sign a preliminary deal for the acquisition some time soon. The deal is e
FSS to probe firms that have frequent customer complaints

Sept 13, 2012

Financial companies which drew a relatively high number of complaints from customers will be subject to full-fledged investigations by regulators.The Financial Supervisory Service said Thursday that it has decided to conduct a large-scale probe into the overall sector including banks, brokerages, credit card firms, insurance firms and savings banks.This will mark the first time that the FSS will probe the overall financial sector simultaneously in terms of customer complaints over each company,
Fewer firms seek listing on KOSDAQ

Sept 12, 2012

The number of KOSDAQ-listed companies is decreasing as the world economic slowdown drags on. A total of 1,011 companies are listed on the KOSDAQ as of Tuesday, according to the Korea Exchange on Wednesday, which is a decrease of 20 compared to the same period the previous year. The number of categories also decreased by 20, to 1,016. KOSDAQ did not throw out more companies but less companies sought to be listed, said market insiders. Korea Exchange said that 13 companies were newly listed or rel
Shares close 1.56 percent up on U.S. optimism

Sept 12, 2012

Korean stocks jumped 1.56 percent Wednesday as investors scooped up local shares on hopes for U.S. stimulus measures and eased eurozone woes, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 30.03 points to 1,950.03, snapping a two-session losing streak.Trading volume was heavy at 693.3 million shares worth 5.17 trillion won ($4.59 billion), with gainers far outstripping losers 541 to 278.“Led by optimism about a possible U.
More rich kids own stocks

Sept 12, 2012

Stocks owned by minors reached nearly 4 trillion won ($3.6 billion) as of last year, Korea Exchange and the National Tax Service reported on Wednesday. The total amount increased by fourfold over the previous year’s 1.12 trillion won. Among shareholders in South Korea, about 1.8 percent, or over 92,000, were minors under 19 years of age, according to the institutions. The under-19 shareholders owned on average 42.95 million won each. The number of minor shareholders has been on a steady rise sin
KB launches panel to assess social contributions

Sept 11, 2012

KB Kookmin Bank on Tuesday launched a committee to assess and get advice on the bank’s various social contribution activities.The KB Social Contribution Committee is comprised of five outside experts such as professors and senior staff of the Korea YMCA and a network of advocacy groups for disabled people, as well as two KB executives.“We ask you to empathize with KB Kookmin’s efforts to give hope to the socially vulnerable as well as our customers and the entire Korean people,” the bank’s chief
Metlife, AIA in planners war

Sept 11, 2012

Despite diversifying sales channels through the Internet and home shopping networks, insurance companies in Korea still rely heavily on salespeople, or life planners. Fierce competition to scout life planners with outstanding sales records has driven Metlife Korea to file a suit against AIA Life Insurance.The local arm of the U.S. insurer recently filed a 15 billion won damages suit against AIA Life with the Seoul Central District Court for obstructing its sales by scouting a number of high-perf
Korean watchdog to promote Seoul as financial hub

Sept 11, 2012

HONG KONG (Yonhap News) ― Korea’s financial regulator said Tuesday it will hold an investor relations session in Hong Kong this week in a bid to promote Seoul as a financial hub and attract foreign financial companies to the capital.The 2012 Financial Hub Seoul Conference in Hong Kong, to be hosted jointly with the Seoul Metropolitan Government on Wednesday, will highlight South Korea’s efforts to become a leading financial center, the Financial Supervisory Service said.Participants will also be
Government plans W5.9tr stimulus measures

Sept 10, 2012

The government announced on Monday a stimulus package worth 5.9 trillion won ($5.23 billion) to boost lackluster domestic consumption and exports by the protracted eurozone debt crisis and a slowdown in China. The Finance Ministry said it would allocate 4.6 trillion won for this year and 1.3 trillion won for next year in its fiscal support measures.The economic support will be made mainly in the form of tax cuts to recharge sagging domestic demand, ministry officials said.The package was arrange