South Korean stocks closed nearly flat on Thursday as investors refrained from trading ahead of the European Central Bank policy rate meeting and Samsung Electronics’ guidance release, analysts said. The local currency gained against the greenback.The benchmark Korea Composite Stock Price Index rose 1.04 points, or 0.06 percent, to 1,875.49. Trading volume was moderate at 318.4 million shares worth 3.59 trillion won ($3.16 billion), with gainers outnumbering decliners 401 to 385.“Investors have

A “good housing” loan package offered by Hana Bank has been gaining popularity among consumers.Called the “Hana Good Housing Lease Loan,” the package offers benefits for loan seekers such as a six-month waived-interest period for the recently unemployed. Those looking to rent an officetel, or studio apartment, as well as those who are looking for a half-loan are eligible for the program. The loan package also offers bank-backed insurance claims, and compared to other loan packages, is relatively

Insurer paid W4.85b in average annual wage to three most senior executivesSamsung Life Insurance paid its top management an average annual salary of some 4.85 billion won ($4.26 million) in the fiscal year of 2011, the highest in the financial sector.Top brass of Samsung Group’s other subsidiaries were also the best-paid among credit card companies and non-life insurers, according to the regulatory filings made to the Financial Supervisory Service. Samsung Electronics made headlines in May for b

Korea needs to take pre-emptive actions against mounting household debt as the sluggish local property market and global economic downturn are contributing to a steady rise in loan delinquency rates, the head of the country’s financial watchdog said Wednesday.“It’s imperative that we take pre-emptive countermeasures against the household debt problem to assure a soft landing as it poses a great risk to our growth,” Financial Supervisory Service Gov. Kwon Hyouk-se said during a seminar held in ce

Foreign direct investment in South Korea rose to a new high in the first half of the year as the amount from Japan nearly tripled despite a large drop in investment from European Union countries, the government said Wednesday.The amount of new FDI pledged or reported in the January-June period came to $7.11 billion, up 32.5 percent from $5.37 billion for the same period last year, according to the Ministry of Knowledge Economy.The amount is the highest ever for the first half in the country’s hi

Korean banks are likely to tighten their grip on loans in the third quarter as the eurozone debt crisis is upping economic uncertainty, the central bank said Wednesday.An index gauging lending attitudes reached three for the July-September period, compared with seven tallied in the second quarter, according to a survey of 16 local banks conducted by the Bank of Korea.The third-quarter data marked the lowest level since the index came in at minus four in the fourth quarter of 2009, it added.The l

Korea’s central bank has limited leeway to cut its key interest rate as Asia’s fourth-largest economy remains dogged by high inflation expectations, the International Monetary Fund said Wednesday.The IMF said in a report that given sluggish growth, high unemployment and downside risks, more monetary easing should be considered for some advanced economies, with the possible exception of Canada and Korea.The international organization said that for South Korea, “still-elevated inflation expectatio

Korea’s financial regulator said Wednesday it will move to reduce commission rates that credit card firms charge merchants in an effort to help ease smaller stores’ financial burdens.The average commission rate will be lowered to 1.9 percent from the current 2.1 percent within this year, benefiting 2.14 million merchants, or 96 percent of the 2.24 million card-accepting stores, according to the Financial Supervisory Service.The watchdog said the measure will likely enable merchants to save 900 b

South Korean stocks closed 0.87 percent higher Tuesday as weak economic data from major economies spurred expectations that policymakers may move toward stimulus measures, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 16.17 points to 1,867.82. Trading volume was moderate at 340.8 million shares worth 4.67 trillion won ($4.1 billion), with gainers outnumbering decliners 523 to 280.“A series of weak economic data from China an

Korea’s foreign reserves rebounded in June from the previous month as investment profit gained and a weaker dollar raised the conversion value of non-dollar assets, the central bank said Tuesday.The country’s foreign reserves reached $312.38 billion as of the end of June, up $1.51 billion from the previous month, according to the Bank of Korea.The foreign reserves in May retreated after they hit a fresh record high of $316.84 billion in April. The country’s FX reserves have been widely on the ri

Korean major banks’ earnings may have dropped nearly 15 percent on-year in the first half of the year amid economic uncertainties and increased bad loans, data showed Tuesday.The combined net income of the country’s four major banking groups, including Woori Finance Holdings Co. and KB Financial Group Inc., and Industrial Bank of Korea and Korea Exchange Bank is estimated to have fallen 14.6 percent on-year to 7.95 trillion won ($6.96 billion) in the first half, according to financial informatio

Major foreign investment banks have advised investors to purchase more South Korean stocks, citing the market’s upward potential down the road, a report showed Tuesday. Six out of seven foreign IBs including Credit Suisse and Deutsche Bank have offered overweight ratings for South Korean shares, according to the report by the Korea Center for International Finance. Credit Suisse predicted the benchmark KOSPI will likely trend upward, considering its current level has been undervalued about 16 pe

A total of 42,000 borrowers have filed a collective suit against banks and other financial institutions to retrieve fees for registering collateral, becoming the largest-ever number of people to take such joint legal action.The Korea Consumer Agency said on Tuesday that it filed a complaint on behalf of 42,000 people who requested a class-suit to retrieve collateral-fixing fees paid to a judicial scrivener for mortgage loans from banks. About 1,500 financial institutions including banks, insurer