KDB Financial Group said Friday that it will conduct due diligence on HSBC Korea for about a month, starting next week, to take over their 11 retail branches.Under an agreement between the two sides, any either have the right to nullify the provisional deal according to the inspection results, state-run KDB officials said.“The two sides will make public the provisional agreement possibly early next week. But either side is entitled to scrap the deal as the agreement will be nonbinding,” a KDB sp

South Korean stocks closed 0.5 percent higher Thursday in the face of dashed hopes for additional credit easing in the U.S. and fresh woes over the eurozone debt problem, analysts said. The local currency rose against the U.S. dollar.Reversing earlier losses, the benchmark KOSPI gained 10.16 points to close at 2,028.77.Trading volume was moderate at 541 million shares worth 5.64 trillion won ($5 billion), with losers outpacing gainers 442 to 358.The KOSPI opened weak as investor sentiment was sp

South Korea’s economic slowdown is moderating somewhat, helped by an easing of external uncertainties and improvements in domestic demand, a state-run think tank said Thursday.“The slowdown in overall industrial production has eased on improving manufacturing and service output,” the Korea Development Institute said in its monthly report. “Private consumption and business investment are maintaining upward momentum.”Output in the manufacturing and service industries grew 14.4 percent and 5.5 perc

Korea’s development aid to poor countries grew to make the country the 17th largest donor in the world, the Organization for Economic Cooperation and Development said Thursday.Korea is one of only seven among the 23 members of the OECD to up its aid for poorer nations in the past year. The crisis in Europe and sluggish business sentiment across the globe has seen foreign aid take a hit in many countries. The Korean government in 2011 spent $1.32 billion on official development aid, up 5.8 percen

Korea New Exchange set to offer new direct funding channel to startupsSouth Korea’s financial regulator said Thursday that a new stock market dedicated to small and medium-sized enterprises would open by the end of this year, offering greater direct financing opportunities to promising startups. The Financial Services Commission said it will accelerate steps to launch the new market, temporarily named “Korea New Exchange,” by working out listing conditions and public disclosure rules. The domest

South Korean stocks dropped 1.5 percent Wednesday as market hopes for an additional credit easing in the U.S. waned, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index sank 30.67 points to close at 2,018.61. Trading volume was moderate at 607 million shares worth 5.77 trillion won ($5.11 billion), with losers outpacing gainers 693 to 153.U.S. stocks closed in negative terrain on Monday after minutes released from the Federal Reserve’s

The Financial Supervisory Service classified 34 of the country’s business groups as heavily indebted for this year.The groups, including Hyundai Motor Group and Samsung Group, will be put under scrutiny by their respective creditor banks.Creditor banks are required to evaluate the financial status of the 34 business groups and seek restructuring if they fail to meet certain requirements, the FSS said in a statement.The five most-indebted business groups are Hyundai Motor, Samsung, SK, LG and Hyu

Foreign investors were net buyers of South Korean stocks in March, but the amount tumbled from the previous month on massive profit-taking, the financial watchdog said Wednesday.Overseas investors bought a net 939 billion won ($832 million) worth of local stocks last month, compared with net buying of 3.9 trillion won in February, according to the Financial Supervisory Service.The March tally raised foreigners’ net buying of local shares to some 11 trillion won during the first three months of t

Financial regulator plans to review whether Samsung breached marketing patentsThe dispute between Hyundai Card and Samsung Card over alleged mimicry of marketing concepts has resurfaced at a level requiring arbitration by the regulator. Hyundai is publicly accusing Samsung of copying customer benefits of its popular Hyundai Zero Card with its Samsung Card 4. Samsung Card on Tuesday sent a letter to its rival Hyundai rejecting the argument on five grounds“The letter we sent to Hyundai Card was a

Lingering global uncertainties such as the eurozone debt crisis are posing risks for the South Korean economy as they threaten to sap its growth momentum, the top economic policymaker said Wednesday.“The Korean economy faces such challenges as eurozone woes, the standoff over Iran’s nuclear ambitions and signs that the U.S. economy could face problems,” Finance Minister Bahk Jae-wan told a weekly meeting of economic ministers.“Our economy relies heavily on autos and semiconductors to generate gr

South Korean stocks finished 0.99 percent higher Tuesday on hopes for a recovery of the global economy, analysts said. The local currency rose against the U.S. dollar. The benchmark KOSPI advanced 19.99 points to close at 2,049.28. Trading volume was moderate at 587 million shares worth 5.99 trillion won ($5.6 billion), with gainers outpacing 302 to 518.Positive manufacturing data from the U.S. released Monday added to growing hopes the global economy is on a recovery track. On Monday, the local