The Korea Herald

Seoul hints at stricter controls on capital flight

Jan 3, 2012

Supplementary budget possible to prop up the economy: vice finance ministerThe government is considering fresh measures to prevent sudden capital flight as a “complex set of growing external uncertainties” could destabilize the market, the Finance Ministry said Tuesday.“Capital control measures currently in place have been reasonably effective, but we’re studying the imposition of additional measures in case of excessive cross-border capital flows,” Vice Finance Minister Shin Je-yoon said in a
Korean banks to expand presence in Asia

Jan 3, 2012

Major lenders look beyond China, Southeast Asia for growth in 2012Korea’s four major commercial banks plan to expand their business networks in Asia’s emerging markets this year.In particular, their 2012 targets include countries in central and Southern Asia as well as those in Southeast Asia, China and Japan.“Aside from markets like China, Vietnam and Singapore, the banking industry began actively tapping Kazakhstan, India and Bangladesh,” a local banker said.But he stressed that banks will sti
Hyundai Heavy targets $30.6b orders this year

Jan 2, 2012

Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Monday that it is aiming to win $30.6 billion worth of orders this year, up nearly 20 percent from last year.The shipyard said it is also targeting sales of 27.54 trillion won this year, compared with last year’s 25.2 trillion won.Hyundai Heavy said its shipbuilding orders jumped 48 percent on-year to $25.5 billion in 2011, helped by growths of its shipbuilding and offshore plants businesses.The recent rise in vessel orders an
Seoul shares inch up 0.03% on tech gains

Jan 2, 2012

Korean stocks edged up 0.03 percent Monday, boosted by gains in tech firms on more positive signs of the U.S. economy, but the gain was limited due to lingering European debt woes, analysts said. On the first trading session of the year, the benchmark KOSPI rose 0.63 points to 1,826.37.Trading volume was moderate at 317.3 million shares worth 3.3 trillion won ($2.85 billion), with losers outnumbering gainers 334 to 487.The local currency ended at 1,155.8 won to the greenback, down 4 won from Thu
KDB, Woori to revitalize sale projects

Jan 2, 2012

KB Financial to seek M&As if necessary; Eximbank to push for bank name changeKDB Financial Group chairman Kang Man-soo and Woori Financial Group chairman Lee Pal-seung have clarified their resolve to privatize the state-funded groups.In his New Year message to KDB Financial staff, Kang said the group will “expand global networks” to become a leading bank in Asia and “revitalize the plan to sell shares” held by the government.This year’s business policy of KDB Financial is drawing wide interest ―
W2.9tr added to farmers’ FTA support budget

Jan 2, 2012

The government will provide an additional 2.9 trillion won ($2.5 billion) in support to cushion the impact of the Korea-U.S. Free Trade Agreement on farmers and fishermen.The Finance Ministry plans to make an additional outlay of 2 trillion won in direct financing on top of another 0.9 trillion won in tax benefits for the industry that stand to lose competitiveness with the inflow of cheaper goods under the reduced tariffs.Support for agriculture will now total 54 trillion won until 2017, includ
Europe crisis top concern for S. Korea‘s financial sector: poll

Jan 2, 2012

The ongoing eurozone sovereign debt crisis is expected to be the main source of concern for South Korea’s financial sector in 2012, a poll said Monday.The survey of 250 financial firms by the Korea Chamber of Commerce and Industry showed 81.6 percent of the respondents saying that debt problems facing many European countries could affect the industry as a whole. “The eurozone issue will remain the single largest risk factor,” the KCCI said. “Since it is not likely to be resolved in a short perio
‘Savings banks issued loans under false names’

Jan 2, 2012

A savings bank that came close to being suspended last year was found to have extended loans worth billions of won under borrowed names, sources said Monday.The finding comes as six troubled savings banks in Korea face a make-or-break moment after the grace period for penalties against the lenders with substandard capital ratios expired late last month.In mid-September, Korea’s financial regulators suspended business operations of seven troubled savings banks as part of its efforts to overhaul t
IBs forecast 3.4% growth for Korea

Jan 2, 2012

Foreign investment banks have slashed South Korea’s growth outlook for this year, citing unabating market jitters over the eurozone debt crisis, data showed Monday.The average economic growth for Asia’s fourth-largest economy reached 3.4 percent as of end-December last year, down from the 4.5 percent they projected at the end of January in 2011, according to the data by the Korea Center for International Finance.The figure is 0.3 percentage points lower than the government’s growth outlook annou
Shares expected to decline on eurozone woes

Jan 1, 2012

South Korean stocks are projected to trend lower in the first week of the new year, weighed down by nagging concerns over the eurozone debt crisis, analysts said Saturday.The benchmark KOSPI fell 2.2 percent last week to close at 1,825.74 on Friday as continued worries over Europe’s problem outweighed positive economic data from the United States.Reports showed that U.S. consumer confidence and orders for U.S. durable goods and home sales increased, but they were not strong enough to convince in
IPO market expected to stage recovery in 2012

Jan 1, 2012

Hyundai Oilbank, KDB Financial, Caffe Bene aim for listing on stock market this yearThe IPO market in Korea is poised to attempt a recovery in 2012 with 70 companies led by Hyundai Oilbank waiting in the wings to go public following disappointing performances last year.According to the Korea Exchange, the domestic initial public offering market saw 21 new entrants on KOSPI in 2011, down from 24 in 2010. The number of IPOs on the tech-packed KOSDAQ went down 24 percent on-year to 57. For the new
KB expects to break even in 2010

Jan 1, 2012
Korea clears way for pension investments

Jan 1, 2012
Korean chemicals: Can the rally last?

Jan 1, 2012
Hana to raise KEB takeover fund

Jan 1, 2012