The Korea Herald

Shinhan Financial expands social contribution programs

Apr 29, 2012

Shinhan Financial Group is widening the scope of its social contribution activities to education, the environment and culture.The group has been pursuing philanthropic work since its flagship Shinhan Bank became the nation’s first commercial bank to file a “corporate social responsibility” report six years ago.Among the group’s activities are offering scholarships for kids in need, launching forestry protection programs, preserving cultural historic assets and offering business classes for North
Korean bank earnings drop in first quarter

Apr 29, 2012

South Korean banks saw their net income decline sharply in the first quarter from a year earlier, but gross income rose slightly, the country’s financial watchdog said Sunday.The combined net profit of local banks was an estimated 3.5 trillion won ($3.09 billion) for the January-March period, down 1 trillion won from a year earlier but up 4.1 trillion won from the previous quarter, according to the Financial Supervisory Service.Their gross income, however, increased by around 100 billion won to
Woori sale to resume Monday

Apr 29, 2012

Chief regulator shows confidence in attracting competitive bidderThe Public Fund Oversight Committee will put up the state-controlled Woori Financial Group for auction again on Monday.In a statement on Sunday, the PFOC said it would attract preliminary bidders for the nation’s largest financial group by July 27 after making official notification of the sale on April 30.The new sale project comes after financial authorities failed to attract a preferred bidder for Woori Financial several times be
Seoul stocks to track eurozone developments

Apr 28, 2012

South Korean stocks are expected to track developments in eurozone countries and global and domestic economic data next week, local analysts said Saturday.The country's key stock index, the KOSPI, closed at 1,975.35 on Friday, a dip of 0.1 percent from a week earlier, mainly due to North Korea's geopolitical risk, and persistent eurozone woes fueled by the downgrading of Spain's long-term credit r
Shares end higher on corporate earnings

Apr 27, 2012

South Korean stocks closed 0.58 percent higher on Friday as positive earnings reports and overnight gains on Wall Street helped alleviate persistent eurozone concerns, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI added 11.31 points to close at 1,975.35. Trading volume was moderate at 470 million shares worth 5.27 trillion won ($4.62 billion), with gainers outpacing losers 434 to 394.“The downgrading of Spain’s long-term credit rating by two notches, which ra
Current account surplus tops $3b

Apr 27, 2012

South Korea’s current account surplus widened sharply in March from the previous month, backed by strong auto and petrochemical exports, the central bank said Friday.The current account surplus reached $3.04 billion last month, up from $560 million in the black tallied in the previous month, according to the Bank of Korea. The figure is larger than the $1.33 billion surplus tallied a year earlier. Asia’s fourth-largest economy logged a surplus of $3 billion in goods trade, fueled by strong overs
Korea’s GDP grows 2.8% in 1st quarter

Apr 26, 2012

South Korea’s gross domestic product grew a modest 2.8 percent on-year in the first quarter mainly as facility investments and the steady pace of consumption offset losses in construction investment, the central bank said Thursday.The advance estimate is the lowest since the 1 percent gain tallied for the first quarter of 2009, but a solid 0.9 percent gain from the previous three-month period, the Bank of Korea said.The BOK said the 0.7 percent on-quarter drop in construction investment brought
Suhyup to market biggest dollar bond since 2009

Apr 26, 2012

National Federation of Fisheries Cooperatives, a Korean lender known as Suhyup, is marketing a five-year dollar-denominated bond of at least $300 million, according to a person familiar with the matter.Suhyup is marketing the notes to yield between 275 basis points and 285 basis points more than similar-maturity Treasuries, the person said, asking not to be identified because the details are private.Han Jae-kwon, the head of international financing of Suhyup, was not available to comment on the
Seoul shares end flat on lingering eurozone woes

Apr 26, 2012

South Korean stocks closed effectively unchanged Thursday as lingering eurozone concerns canceled out overnight U.S. gains, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged up just 0.10 percent, or 2.06 points, to close at 1,964.04. Trading volume was moderately heavy at 597 million shares worth 5.26 trillion won ($4.62 billion), with losers outpacing gainers 534 to 301.“Investor sentiment was hurt by lingering concerns about th
Bank lending rates rise in March: BOK

Apr 26, 2012

South Korean banks’ average lending rate moved up in March from the previous month mainly due to the slight rise in rates offered to businesses, the central bank said Thursday.The average interest rate on new household, corporate and public sector loans stood at 5.74 percent last month, up 0.03 percentage point from a month earlier, according to the Bank of Korea. The bank lending rate on new household loans fell 0.05 percentage point to 5.62 percent, with the interest on fresh corporate loans m
KB job fairs to help baby boomer retirees

Apr 26, 2012

Financial group also plans to support creation of jobs, internship posts in Middle EastKB Financial Group plans to hold several job fairs for the baby-boomer generation this year as part of efforts to support shared-development.“As an upgrade of the KB Goodjob campaign, we are considering introducing job fairs for baby boomers this year,” a KB Financial spokesman said Thursday.Baby boomers, mainly born between 1955 and 1963, have been the major driving force in the nation’s economic development
SK Hynix swings to loss in Q1

Apr 26, 2012

SK hynix Inc. the world's second-largest memory chipmaker, said Thursday it swung to a net loss in the first quarter due to an industry-wide slump that hurt sales and prices. Net loss amounted to 271.2 billion won ($238.3 million) in the January-March period, a turnaround from a profit of 273.5 billion won a year earlier, the company said in a regulatory filing. Sales dropped 14.5 percent on-y
Shares end flat on lingering eurozone woes

Apr 25, 2012

South Korean stocks closed nearly unchanged Wednesday on lingering eurozone concerns that offset positive U.S. corporate earnings reports, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged down 0.07 percent, or 1.44 points, to close at 1,961.98. Trading volume was heavy at 674 million shares worth 4.95 trillion won ($4.33 billion), with losers outpacing gainers 537 to 312.“Investor sentiment was hurt by persistent concerns surrou
Construction, job creation key to growth: BOK head

Apr 25, 2012

South Korea should pay closer attention to the construction sector and job creation to ensure sustainable economic growth in the face of weak exports, the country’s top central banker said Wednesday.In an economic review meeting with private economists and experts, Bank of Korea Gov. Kim Choong-soo said the domestic market’s overall contribution to national growth is on the rise. “Because construction and jobs are key to bolstering the domestic economy, the country needs to do more to revive the
Better consumer sentiment for third month in April

Apr 25, 2012

South Korea’s consumer confidence improved for the third consecutive month in April on gains in production and market demand, and waning inflationary pressure, the central bank said Wednesday.The consumer sentiment index, which gauges consumers’ overall economic outlook, living conditions and future spending, stood at 104 for this month, compared with 101 tallied in March, according to a survey by the Bank of Korea. A CSI reading above the benchmark 100 means optimists outnumber pessimists. The