Bank also plans to open branches in South AmericaKorea Exchange Bank CEO Yun Yong-ro unveiled his global business strategy to focus on the private banking sector and attract wealthy Koreans residing in the U.S.“We are considering reentering the (retail banking) market in the western and eastern part

LG set to swing to profit, Samsung expects record earnings as sector eyes 38% profit jumpKorea’s key IT companies are expected to post solid earnings for January-March this year, data showed Thursday. The most striking feature in the current quarter is that LG Electronics is set to swing to profit, restoring confidence among investors following a dismal performance last year, according to the stock information company FnGuide. Samsung Electronics, Asia’s biggest technology company, is also saili

Korea’s financial asset size increased at a much slower pace in 2011 due to sluggish economic growth, the central bank said Thursday.The Bank of Korea said the country’s financial asset value stood at 10,894.4 trillion won ($9.65 trillion) as of the end of December, up 5.5 percent or 565.8 trillion won from a year earlier. The growth rate is the lowest reached since 2003.“The drop can be attributed to the country’s weak growth rate that fell to 3.8 percent last year from 6.2 percent reached in 2

Korean stocks ended almost flat on Thursday as investors took to the sidelines after the key index hit a seven-month high in the previous session. The local currency fell against the U.S. dollar.After swerving in and out of positive terrain, the benchmark Korea Composite Stock Price Index slipped 1.32 points, or 0.06 percent, to close at 2,043.76. Trading volume was moderate at 470 million shares worth 5.91 trillion won ($5.24 billion), with decliners outnumbering gainers 499 to 327.“There are s

Korea’s stock transactions surged to a 33 month-high in February due to the influx of investors attracted by rising share prices, data showed Thursday. According to the data by the Korea Exchange and the Bank of Korea, 13.2 billion shares were bought and sold last month, up 53.6 percent from 8.6 billion shares traded in January.Last month’s trading volume was the highest since May 2009, with the total value of shares changing hands reaching a six-month high of 143.8 trillion won ($127.1 billion)

South Korean stocks soared to a seven-month high on Wednesday as exporter shares posted firm gains on the back of optimism over the U.S. economy, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI climbed 20.04 points, or 0.99 percent, to 2,045.08, the highest close since 2,066.26 on Aug. 3. Trading volume was heavy at 534.4 million shares worth 6.3 trillion won ($5.6 billion), with gainers outnumbering decliners 461 to 356.“Better-than-expected retail sales data

Company attacked for offering exclusive benefits to Costco in service feesAbout two million retailers nationwide are poised to boycott consumers’ payments via Samsung Card from next month.They demand the nation’s third-largest credit card issuer cut settlement service charges on retailers and cease offering exclusive benefits to Costco Wholesale Korea, a large discount chain.The association, composed of small- and mid-sized retailers, demanded the card issuer cut the service fee to 1.5 percent o

The government listed a range of tax benefits Korean consumers will be able to enjoy with the onset of the Korea-U.S. trade pact starting Thursday, in which the biggest price cuts will be on imported cars, wine and fruit. The Free Trade Agreement between Korea and the United States will immediately cut the import tax to 4 percent from 8 percent for all U.S.-manufactured cars, which could save Korean consumers up to 4 million won for a 50 million won vehicle, the Finance Ministry said. “The pact

South Korean stocks rallied 1.13 percent Tuesday as investors raised their sense of optimism toward the U.S. Federal Reserve’s move for a fresh monetary easing, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI climbed 22.54 points to close at 2,025.04. Trading volume was moderate at 442.2 million shares worth 5.58 trillion won ($4.96 billion) with gainers outpacing losers 490 to 330. “There is a certain sense of trust that investors are holding onto, like ‘Berna

HONG KONG (Yonhap News) ― AmorePacific Corp., South Korea’s No. 1 cosmetics manufacturer, aims to nearly triple its sales in China by 2015 as the company continues to tap into one of the world’s fastest growing cosmetics markets, company officials said Tuesday. AmorePacific plans to boost its China sales to $626 million in 2015 from this year’s estimated $230 million, they said.In 2011, the company’s Chinese sales soared 34 percent on-year to $170 million on the popularity of its flagship brand

Kookmin Bank has introduced a direct payment service with only smartphone numbers for the first time in the local banking industry.Customers of the commercial bank are allowed to pay for goods with their smartphones immediately through the app “UbPay.”By registering their bank accounts on the UbPay app, customers can enjoy the direct payment service ― not a monthly-based payment ― only with their phone numbers.Over the past few years, Kookmin Bank has led in comprehensive personal banking servic

Bourse operator to take steps against trades aimed at tax evasionKorea’s bourse said on Tuesday it would beef up its market monitoring as part of efforts to crack down on irregularities, many of which are related to tax evasion. The Korea Exchange, which runs the country’s stock market, said it is now in talks with other government authorities to implement new monitoring rules aimed at uncovering trades made to evade taxes. “The scope of market monitoring will be expanded to include those trades

Household loans offered by South Korean depository institutions dropped in January for the first time in two years, the central bank said Tuesday, amid the government’s on-going efforts to curb private debts. Household lending handled by local banks and non-bank institutions totaled 639.3 trillion won ($568.3 billion) as of the end of January, down by 3.4 trillion won from the preceding month, according to the Bank of Korea. The monthly decline was the first drop since January of 2010.Household