The Korea Herald

Stronger won best bet for economy: economists

Mar 11, 2012

Exporters, manufacturers and domestic tourism operators wish the won was weaker. But allowing the currency to rise further against the dollar is the best option for the current state of the economy, economists say.Economists at HSBC, Nomura Securities and Samsung Economic Research Institute said that while a stronger won traditionally means losses for exporters, letting it strengthen is in Seoul’s best interests as it has few options left for price control. “Finance Minister Bahk Jae-wan himse
Samsung Life, KB may seek alliance to buy ING unit

Mar 11, 2012

Samsung targets Asian markets; KB seeks growth at homeSamsung Life and KB Financial Group may seek to form a strategic alliance if ING Group’s Asia-Pacific unit goes up for sale, market observers said.Analysts have said the two financial companies are not competitors as Samsung and KB target different units ― overseas and local, respectively.ING Group’s project to sell its Asia-Pacific operations coincides with Samsung Life Insurance’s strategies for global expansion.Under the reported instructi
Lee Kun-hee’s stock value hits record high

Mar 11, 2012

The value of securities held by Samsung Electronics chairman Lee Kun-hee has exceeded the 10 trillion won ($8.9 billion) mark for the first time, setting a new record in Korea’s stock market.According to Chaebul.com on Sunday, stakes held by the nation’s richest entrepreneur came in at 10.1 trillion
Seoul shares gain on eased Greece woes

Mar 9, 2012

South Korean stocks closed 0.88 percent higher Friday, as Greece finally settled on its long-pending debt swap plan to restructure its troubled fiscal health, analysts said. The local currency rose against the U.S. dollar.The benchmark gained 17.54 points to finish at 2,018.30. Trading volume was moderate at 406.4 million shares worth 5.31 trillion won ($4.76 billion) with gainers outpacing decliners 442 to 349. “Since the Greece deal has made a breakthrough, there’s no particular external facto
Top regulator promises transparency under FTAs

Mar 9, 2012

The chief financial regulator pledged to improve Korea’s supervisory systems to promote a level playing field for local and foreign players.At a forum for foreign financial firms in Seoul, Friday, Financial Supervisory Service Gov. Kwon Hyouk-se stressed the necessity of bolstering regulatory transparency in “the era of free trade pacts.”His promise came during his speech at the 4th annual event, dubbed “FSS Speaks,” on the nation’s regulatory policy directions.“One (policy) is steps we are taki
Producer price gain accelerates...in February

Mar 9, 2012

South Korea’s producer price growth accelerated in February from the previous month because of a rise in oil prices and public service charges, the central bank said Friday.The producer price index, a barometer of future consumer inflation, gained 3.5 percent in February from a year ago, accelerating from a 3.4 percent on-year growth in the previous month, according to the Bank of Korea. The January figure marked the slowest growth pace in 17 months.The on-year gain was largely attributed to an
Import prices of raw materials rise in Feb.

Mar 9, 2012

Import prices of key raw materials rose for a second consecutive month in February on a steady rise of petroleum and non-ferrous metal prices, a trade association said Friday.The Korea Importers Association said its price index for imported commodities stood at 387.36 last month, up 16.91 points or 4.56 percent from January. KOIMA uses 1995 as the base year for the benchmark index that covers 56 key imported raw materials, ranging from corn and soybeans to crude oil and aluminum scraps.The assoc
Foreign currency deposits at 5 Korean lenders top $20 bln

Mar 9, 2012

Foreign currency-denominated deposits at five South Korean lenders more than doubled from a year ago to $20 billion in February on the back of the local currency‘s ascent against the U.S. dollar, financial industry sources said Friday. According to local sources, the outstanding deposits at five commercial lenders -- Kookmin Bank, Woori Bank, Shinhan Bank, Hana Bank and the state-run Industrial Bank of Korea -- reached $20.36 billion, up 3.2 percent from January.The figure was a 65 percent surge
BOK holds rate steady at 3.25% for ninth month

Mar 8, 2012

Rising oil prices feared to add to inflationary pressureThe Bank of Korea held the benchmark rate unchanged at 3.25 percent, extending the stand-pat streak to a ninth month, as its policy-decision panel sees no other enticing option. Korea’s consumer prices rose 3.1 percent on-year in February, within the target band of the central bank, but went up 0.4 percent from the previous month amid growing concerns that inflationary pressure is already building up. The central bank’s policymakers seemed
Seoul shares gain 0.94% on eased Greece woes

Mar 8, 2012

South Korean stocks gained 0.94 percent Thursday, as investor sentiment was boosted by news from Greece that the debt-laden country is close to making the debt swap deal with private creditors to avert a default, analysts said. The local currency rose against the U.S. dollar. The benchmark KOSPI advanced 18.61 points to close at 2,000.76, snapping its three-day losing streak. Trading volume was moderate at 449.6 million shares worth 6.24 trillion won ($5.57 billion) with gainers outstripping los
Banks face heavy sanctions for irregular lending

Mar 8, 2012

FSS chief says it is time for households to cut spendingThe nation’s top financial regulator has vowed stern punitive action against banks engaged in irregular lending practices.Since he took office as chief of the Financial Supervisory Service on March 27, 2011, Gov. Kwon Hyouk-se has taken the initiative in conducting intensive inquiries into major banks for alleged business irregularities.The regulator’s full-fledged probe has been focused on the allegation that banks urged many individual an
FSS chief says social responsibility required of foreign financial firms

Mar 8, 2012

The nation’s chief financial regulator said the foreign investment community needed to have a deeper engagement with charities and causes for their own business interests.“Corporate social responsibility has been a global response exiting the crisis,” Financial Supervisory Service Gov. Kwon Hyouk-se said in a recent interview with The Korea Herald.The FSS expects foreign financial institutions to contribute to the community as much as it expects from local companies, he said.He plans to comment
Banks face heavy sanctions for irregular lending

Mar 8, 2012

Chief regulator says it is time for households to cut spendingThe nation’s top financial regulator has vowed stern punitive action against banks engaged in irregular lending practices.Since he took office as chief of the Financial Supervisory Service on March 27, 2011, Gov. Kwon Hyouk-se has taken t
FSS chief says social responsibility required of foreign financial firms

Mar 8, 2012

The nation’s chief financial regulator said that foreign investment community needs to have a deeper engagement with charities and causes for their own business interests.“Corporate social responsibility has been a global response exiting the crisis,” Financial Supervisory Service Gov. Kwon Hyouk-se
Income gap widens in Korea

Mar 8, 2012

Income among the poorest people in South Korea grew at a slower pace than other income earners last year, further widening the overall wealth gap between the haves and have-nots, data showed Thursday.According to the data by Statistics Korea, those in the lowest 10 percent income bracket earned less than the equivalised disposable income of 643,000 won ($572.5) last year. The richest 10 percent earned at least 3.1 million won.Based on the results, the richest income earners made 4.82 times more