The Korea Herald

Seoul shares up 1.02% on U.S. gains

Mar 27, 2012

South Korean stocks finished 1.02 percent higher on Tuesday as investors took a cue from overnight gains in U.S markets, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI added 20.57 points to close at 2,039.76. Trading volume was moderate at 599 million shares worth 5.07 trillion won (US$4.47 billion) with losers outpacing gainers 439 to 384.The local currency finished at 1,134.55 won to the greenback, up 7.05 won from Monday’s close, on a bullish stock market,
KB Kookmin Card seeks top spot on high quality

Mar 27, 2012

KB Kookmin Card is seeking to take the No. 1 position in the local credit card market on a “gradual basis” by focusing on quality-based growth, not reckless sales activities.Though the company has secured the No. 2 status since its establishment a year earlier, it plans not to be hasty in overtaking Shinhan Card.“For the second-year management strategies, we will reinforce market dominance by prioritizing customer-oriented and quality-based growth,” the company said in a statement.Its vision com
Consumers filed fewer complaints against life insurers in 2011: data

Mar 27, 2012

The Korea Finance Consumer Federation, a civic financial watchdog, said on Tuesday that consumer’s complaints against life insurance companies in Korea declined last year, but the financial authority should step up supervision on insurance firms. The KFCF said it analyzed the consumer’s complaint-related records collected by the Financial Supervisory Service and discovered that 41.3 complaints were filed out of 100,000 contracts sealed in 2011, down 8.8 percent from a year earlier. Mirae Asset L
Household loan delinquency rises

Mar 27, 2012

Critical factors involve households’ weaker capability to pay back debtCommercial banks saw the ratio of overdue household loans to their total lending to the retail sector climb to the highest level in 36 months.According to the Financial Supervisory Service, the delinquency ratio in banks’ household loans came to 0.85 percent in February, up 0.07 percentage point from a month earlier.The figure is the highest in three years since the ratio reached 0.88 percent in February 2009 when the nation
Consumer sentiment improves for 2nd month

Mar 27, 2012

Korean consumer confidence improved for a second consecutive month in March, boosted by signs of improvement in the U.S. economy and progress in containing Europe’s sovereign debt crisis, the central bank said Tuesday.The consumer sentiment index, which gauges consumers’ overall economic outlook, living conditions and future spending, stood at 101 for this month, compared with 100 the previous month, according to a survey by the Bank of Korea. A reading above the benchmark 100 means optimists ou
Hana Financial chief takes office

Mar 26, 2012

Former Hana Bank CEO Kim Jung-tai took office as chairman of Hana Financial Group on Monday.The 60-year-old figure has been working for Hana Financial and its flagship unit Hana Bank for 20 years since its foundation in 1992. His term is three years until 2015 as the second chairman of the group.The new chief will take on the role of integrating the corporate cultures of Hana Bank and Korea Exchange Bank, which was acquired by the group this month, over the next few years.After serving as an exe
Regulators go all out to curb household debt

Mar 26, 2012

Financial regulators are poised to launch a full-fledged probe into banks’ lending practices amid snowballing household debt in close coordination with the Bank of Korea.Financial Supervisory Service Gov. Kwon Hyouk-se expressed his resolve for the joint inspection amid the critical level of the debt held by households at a press conference on Monday.“I believe the household debt issue cannot be resolved through only regulations by financial authorities,” he said. “While the FSS takes countermea
Biz sentiment surges for Q2

Mar 25, 2012

Korea’s business confidence surged for the second quarter, reflecting expectations that the economy may improve gradually in the coming months, according to the results of a survey released Sunday.The business survey index for the April-June period came to 99, a sharp increase from 77 for the current quarter, said the Korea Chamber of Commerce and Industry. The poll also marks a rebound from seven straight quarters of BSI contraction.Business confidence numbers started falling after hitting 128
Seoul shares looking to economic indicators, North Korea factor

Mar 25, 2012

Korea’s stock markets are likely to seek positive signs from the latest economic indicators this week, but the possible upside might be limited if the country’s geopolitical risks resurface during the nuclear summit, which starts its two-day run Monday.The benchmark KOSPI closed down 0.7 percent last week to 2,026.83, while the tech-packed KOSPI went down 2.3 percent to 527.47. Analysts expect that Korea’s leading economic indicators, set to be announced on Friday, will continue to rise for the
NPS pushes ahead with globalization, expands into foreign markets

Mar 25, 2012

Korea’s pension fund aims to emerge as a key player on the global financial market Korea’s National Pension Service is stepping up its efforts to globalize its operations and organization, while expanding its investment portfolio into foreign markets. One of the foremost tasks for the NPS was to hire more professionals who could better manage its burgeoning reserves. As part of globalization efforts at an organizational level, the country’s biggest investor on the financial market increased the
NPS diversifies portfolio to reinforce long-term strategy

Mar 25, 2012

The world’s fourth-largest pension fund shifts its focus to alternative assets and foreign markets, up systematic risk managementKorea’s National Pension Service is ratcheting up its steps to strengthen and stabilize its portfolio by increasing its holdings of stocks and alternative investment, and making inroads into foreign markets. The move comes as NPS, the biggest investor in the country’s domestic equity and fixed-income market, is witnessing a rapid expansion of its pension fund reserves
Korea welcomes U.S. pick of Kimas new World Bank chief

Mar 25, 2012

Korea’s presidential office and Finance Ministry welcomed U.S. President Barack Obama’s decision to nominate Jim Yong Kim, the Korean-born president of Dartmouth College, as the new chief of the World Bank. “We believe that President Kim is the right person to carry out the duties to reform the World Bank and eradicate poverty,” Cheong Wa Dae said in a statement. “We highly appreciate President Obama’s decision to nominate Kim and will cooperate more closely with the World Bank.”Finance Minister
Banks swim against global trend of downsizing

Mar 25, 2012

Korean lenders in competition to launch financial groups for expansionKorea’s banking industry is pushing ahead with expansion, seemingly running counter to the global trend of slimming down.Major banks in the local market have established finance holding firms over the past few years and smaller players have followed or plan to join the move.Following Nonghyup Bank, which launched a financial group early this month, Jeonbuk Bank, a provincial lender based in Jeonju, is poised to follow suit.Jeo
Stocks owned by Samsung chairman, family hit 13 tln won

Mar 25, 2012

The value of stocks held by Samsung Group Chairman Lee Kun-hee and his immediate family hit the 13 trillion won mark, mainly due to the bullish stock market, data showed Sunday.The combined shares of listed companies owned by Lee, his wife and children surged 25.4 percent or a little over 2.6 trilli
SC Bank Korea offers fees exemption for migrant workers

Mar 23, 2012

A certain portion of expat employees in Korea will be exempted from service charges on their overseas cash transfer when they use the preferred service offered by Standard Chartered Bank Korea.The commercial bank said the service is applicable to employees from 48 countries such as Bangladesh, Cambodia, Laos, Myanmar and Nepal.The 48 nations were designated by the United Nations and the service will continue until Sept. 19.Banks operating in Korea have been bolstering their services for foreign