The vice chairman of Hyundai Motor Co. and its heir apparent is the third-richest person in South Korea in terms of stock holdings, thanks to a surge in share prices of the country's largest automotive conglomerate, a report showed Monday.Chung Eui-sun, the only son of Hyundai Motor's Chairman Chung

South Korean shares are expected to suffer volatility this week as the eurozone fiscal debt problems will likely continue to weigh on investors sentiment, analysts said Saturday.The KOSPI dropped 1.8 percent last week to close at 1,839.96 on Friday. The index fell below 1,820 at one point amid worsened market sentiment after credit ratings on European banks were downgraded. Market watchers worry that sentiment could further freeze if credit ratings agencies lower sovereign ratings on European co

The list of the nation’s first homegrown hedge funds will be unveiled this week.More than 10 “Korean-style” hedge funds are expected to make their historic debut on Dec. 23, according to the Financial Services Commission and the Korea Financial Investment Association.Over the past few weeks, the FSC has looked into the eligibility of 13 asset management companies, which applied for the homegrown hedge fund business.Most of them are set to introduce one hedge fund product late this month or early

Bank loans taken out by self-employed business owners reached a record high last month, as local lenders were in a fierce competition to extend loans to retired people, industry data said Sunday.Outstanding loans extended by the country’s five major banks, including Kookmin Bank and Shinhan Bank, to self-employed people reached 102.8 trillion won ($88.8 billion) at the end of last month, compared with 92.8 trillion won at the end of last year, according to the data.The increase in such loans in

The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or more is estimated to have reached some 130,000, according to Mirae Asset Global Investments Co.A financial portfolio includes deposits, insurances and stocks.Mirae Asset classifies people with bank depo

Korea’s six non-life insurance companies saw their earnings in overseas markets drop by 52.2 percent on a year-on-year basis, due mainly to natural disasters and lax risk management.Overseas operations of three companies have led the fall in net profit. They were Samsung Fire & Marine, Korea Re and LIG Insurance, according to the Financial Supervisory Service.Samsung Fire & Marine’s overseas unit reported a net profit of $5.43 million during the April and September period, a drop of $3.91 millio

The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or mo

Losses incurred due to embezzlement and malpractice by KOSDAQ-listed company officials jumped 44.6 percent this year, data showed Friday, raising investment concerns on South Korea’s secondary stock market.Losses amounting to 407.2 billion won ($352.9 million) were estimated to have been incurred through 24 cases of misconduct such as embezzlement and corporate negligence in 2011, according to the data by the Financial Supervisory Service, South Korea’s financial watchdog.The tally includes embe

Household loans offered by South Korean depository institutions posted the highest growth in 11 months in October on home loans, the central bank said Friday, complicating the government’s efforts to curb private sector debt.Household lending handled by local banks and non-bank institutions totaled 634.3 trillion won ($548 billion) as of the end of October, up 5.7 trillion won from the previous month, according to the Bank of Korea.The October data marked the largest monthly expansion since a 6.

South Korean stocks closed 1.15 percent higher on Friday as stronger U.S. jobs data eased concerns about the recovery of the world’s largest economy, analysts said.The local currency rose against the U.S. dollar.The benchmark KOSPI rose 20.85 points to 1,839.96, breaking the third straight session of falls. Trading volume was moderate at 483.5 million shares worth 4.3 trillion won ($3.7 billion) with gainers outpacing losers 492 to 342.“Better-than-expected data on U.S. job markets gave some sol