South Korean stocks closed nearly unchanged Thursday as jitters over Spain’s banking sector weighed down the market, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged down 0.08 percent, or 1.39 points, to 1,843.47. Trading volume was moderate at 439 million shares worth 4.55 trillion won ($3.84 billion), with losers outpacing gainers 446 to 384.“The European Union’s troubles took a turn for the worse when Madrid tried to bolster

South Korea’s industrial output growth remained unchanged in April from a year earlier mainly due to weak exports, but it inched up from the previous month, a government report showed Thursday.Production in the mining and manufacturing industries remained flat last month from April 2011, compared with a 0.7 percent on-year gain tallied for March, according to the report by Statistics Korea.The monthly output number, however, represents a 0.9 percent increase from March.The manufacturing sector,

Samsung Fire & Marine Insurance suffered a blow to its brand image when the Supreme Court ruled on Thursday in favor of the nation’s anti-trust watchdog’s decision to fine the company for price-fixing with other insurers.The court said the Fair Trade Commission’s imposition of fines on the Samsung firm, which allegedly agreed with other insurers on discount levels for insurance products and lower reimbursement payouts, was just.The Samsung insurer had filed a nullification suit against the FTC o

South Koreans’ overseas credit card spending rose to a record high in the first quarter as more people bought products and services from abroad, the central bank said Thursday.Overseas credit card bills totaled $2.27 billion in the January-March period, up 5.2 percent from three months earlier, according to the Bank of Korea. The figure covers purchases made by credit, debit or check cards.The amount also marks the second highest quarterly spending total after the $2.96 billion reported for the

Foreign exchange turnover by banks in South Korea rose 4 percent in the first quarter from three months earlier due to increased stock transactions and bond purchases by foreign investors, the central bank said Wednesday.The daily foreign exchange turnover averaged $45.9 billion in the January-March period, compared with $44.2 billion three months earlier, according to the Bank of Korea.“The modest increase was helped by more foreign investors buying and selling local stocks and bonds in the thr

South Korean stocks fell 0.27 percent Wednesday on lingering fiscal uncertainties in eurozone economies and worries over China’s sluggish growth, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 5.05 points to 1,844.86, snapping a three-day gaining streak.Trading volume was light at 397 million shares worth 5.07 trillion won ($4.31 billion), with losers outpacing gainers 517 to 313.“Worries surrounding Greece’s default have le

South Korean stocks fell 0.27 percent Wednesday on lingering fiscal uncertainties in eurozone economies and worries over China’s sluggish growth, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 5.05 points to 1,844.86, snapping a three-day gaining streak.Trading volume was light at 397 million shares worth 5.07 trillion won ($4.31 billion), with losers outpacing gainers 517 to 313.“Worries surrounding Greece’s default have le

South Korean stocks rose 1.41 percent Tuesday as big-cap gains more than offset persistent fiscal uncertainties in eurozone economies, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index surged 25.74 points to 1,849.91, the third consecutive session of gains.Trading volume was light at just 319 million shares worth 3.69 trillion won ($3.13 billion), with gainers outpacing losers 520 to 310.“The market got a big boost from a rise in big-c

Korea Development Bank announced Monday plans to invest 4 trillion won ($3.4 billion) in young people looking to start their own businesses, venture businesses and small and middle-cap companies. KDB is willing to see a 10 percent loss in profits for the plans that will contribute to society, said the bank. “The international trend in terms of management goals is shifting from profit-seeking to customer-seeking. We aim to secure future sources of profit by investing in startups, venture and smal

U.S. fund thought to be eyeing suit focused on failed deal with HSBCSouth Korean financial authorities are closely watching the moves of Lone Star as the U.S.-based buyout fund seems to be preparing for an international law suit against them. Financial authorities said on Monday that Lone Star handed in a document to the Korean Embassy in Belgium on the previous Tuesday requesting consultations with the Korean government on the issue of alleged damages to its investors. According to the Financia

The Export-Import Bank of Korea is set to have a bill submitted to the 19th National Assembly, scheduled to open this Wednesday, to change its name to reflect its expanded role beyond export financing support. The state-run bank plans to rename itself the Korea Bank for International Cooperation to better represent its capacities as an investment bank, supporter of small-and medium-sized companies, manager of funds to support developing countries and supporter of economic cooperation with North

South Korea’s growth target for 2012 remains achievable despite mounting downside risks triggered by persistent eurozone woes, the country’s top economic policymaker said Friday.In a press conference, Finance Minister Bahk Jae-wan said the developments taking place in the European Union pose greater challenges, but data indicates there may not be any need to change Seoul’s 3.7 percent growth forecast for this year.He stressed that the government is not considering artificial measures to bolster