The Korea Herald

Foreign exchange reserves...rebound on less intervention

Nov 2, 2011

The central bank’s stockpile of foreign exchange reserves rebounded in October, indicating it poured in less money to tame currency volatilities amid deepening sovereign debt crisis in Europe.Data released by the Bank of Korea Wednesday said its foreign exchange reserves posted the largest monthly gain in six months to $310.98 billion in October on higher returns from investments. The bank said the increase of $7.6 billion from September is also attributed to the weakening of the U.S. dollar, wh
Foreign investors buy Korean stocks, bonds in October

Nov 2, 2011

Foreigners snapped up around 2.63 trillion won ($2.33 billion) worth of South Korean equities and debts in October amid softening concerns over a global financial meltdown, data showed Wednesday.Overseas investors picked up a net 1.04 trillion won of equities, raising their share holdings to 367.87 trillion won as of October, compared with 339.1 trillion won in the previous month, according to the data by the Financial Supervisory Service.The October rebound halted their two-month selling streak
Foreign IBs cut 2012 growth outlook for Korean economy

Nov 2, 2011

Major foreign investment banks slashed their growth projections for the South Korean economy next year to an average of 3.8 percent, saying the global economic slowdown will hit the country’s export growth, data showed Wednesday.The growth outlook was downgraded from an average of 3.9 percent estimated in October by 10 foreign investment banks including Barclays Capital, according to data compiled by the Korea Center for International Finance.UBS AG gave the lowest projection of an estimated 2.8
Korean official named to senior post at U.N. IPR agency

Nov 2, 2011

GENEVA (Yonhap News) -- A South Korean government official has been nominated for a senior position in the World Intellectual Property Organization, becoming the first Korean to rise to the agency’s higher echelon, the country’s representative here said Wednesday.Kim Jong-an, 52, a former trademark examiner of the Intellectual Property Tribunal of Korea, was nominated to be the director for the International Trademarks Promotion in the Brands and Designs Sector of the WIPO, a specialized agency
LG Uplus denies report on borrowing

Nov 1, 2011

LG Uplus, one of the nation’s major telecom operators, denied a news report that it is seeking a loan amounting to $200 million.“It is a totally groundless report,” said a spokesman for the telecom company, an affiliate of LG Group.Quoting unnamed sources, Bloomberg reported that the Korean telecommunications and mobile phone operator has held discussions with banks for a two to three-year facility.The news agency said the facility will be a loan-style floating rate note, a type of offshore loan
October trade surplus falls to $4.29b

Nov 1, 2011

South Korea’s trade surplus shrank sharply from a year earlier in October as imports growth outpaced exports gains, the government said Tuesday.The country’s trade surplus reached $4.29 billion last month, down from $6.34 billion a year earlier, according to the Ministry of Knowledge Economy. Last month’s figure, however, was larger than the $1.55 billion surplus tallied in September.The ministry said exports grew 9.3 percent from a year earlier to $47.4 billion while imports gained 16.4 percent
Consumer prices grow 3.9 percent in October

Nov 1, 2011

South Korea’s consumer prices grew at a slower pace in October than a month earlier, falling below the 4 percent mark for the first time this year, a report showed Tuesday. According to the report by Statistics Korea, the country’s consumer price index rose 3.9 percent last month from a year earlier, slowing from the 4.3 percent on-year gain in September.The October figure marked the first time this year that the index has fallen below the government’s annual inflation target of 4 percent for 20
Banks lose faith in profit targets

Nov 1, 2011

Commercial banks plan to lower their earning targets for 2012, forecasting that the nation will continue to suffer from the economic slowdown and their revenues will decrease due to their recent decision to slash transaction service charges.Woori Bank has set the aim of its net profit for next year at about 1.5 trillion won ($1.3 billion), compared to the 2011 goal of 1.8 trillion won.Shinhan Bank is considering scaling down the 2012 target to between 1 trillion and 2 trillion won, compared with
Seoul shares close marginally higher

Nov 1, 2011

South Korean stocks finished marginally higher Tuesday as foreign investors snapped up blue-chip tech and auto exporters, outweighing losses in banks and steelmakers, analysts said. The local currency fell against the U.S. dollar.After bobbing in and out of negative territory, the benchmark KOSPI edged up 0.6 points, or 0.03 percent, to 1,909.63. Trading volume was moderate at 348 million shares worth 6.19 trillion won ($5.56 billion) with losers leading gainers 541 to 290. “Foreign investors co
Bond outlook improves on currency swaps

Nov 1, 2011

Borrowing conditions in the dollar bond market improved after Korea secured expanded currency swaps with Japan and China in October, local banks said Tuesday. Commercial banks said Korea’s $300 billion-plus foreign exchange reserves and the expanded currency liquidity through currency swaps are lowering funding costs for them.“We saw an immediate bounce of interest in the secondary buying of dollar-bonds on Oct. 19 when market heard of Seoul’s expanded currency swap with Japan from $13 billion t
Industrial output grows 6.8%

Oct 31, 2011

South Korea’s industrial output continued to grow in September from a year earlier, despite persistent uncertainties in the global economy, a government report showed Monday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 6.8 percent last month from a year earlier. The September figure represents the 27th consecutive on-year expansion since July 2009. The report also showed production gaining 1.1 percent compared to the previous month,
IBK’s ad envisions a bank for all people

Oct 31, 2011

The Industrial Bank of Korea deeply appreciates that its corporate PR ad, which focuses on jobs, has been honored by the 12th Korea Herald Advertising Awards, organized by the country’s biggest English-language daily newspaper. IBK is making efforts to help implement government-led policies such as a support for small and midsize companies while trying to provide comprehensive financial services to customers around the country.As a result, about 10 million customers visited IBK, elevating the ba
Korea Investment as Asian leader

Oct 31, 2011

Korea Investment & Securities has been building client loyalty and trust by offering services that prioritize customer satisfaction. We are on our way to becoming the best financial services company in Asia with international branches in New York, London, Hong Kong, Japan, Singapore and Vietnam, on top of more than 110 branches here.Our advertisement was design to introduce our corporate value and quality services to foreign investors. We included the long history of winning service awards from
Woori Financial to share growth with customers

Oct 31, 2011

Woori Financial Group has been posting consistent growth as the leading financial services company of Korea. Our advertisement had to portray our prestigious, leading position in the industry which a traditional Korean ink painting looked most suitable for. When we were brainstorming for the Korean ink painting advertisement at the beginning of this year, we aimed to symbolize the New Year wishes for prosperity our customers are all hoping for. The sunrise on Namsan and the headquarters of Woori
KB Financial Group embraces change in ad

Oct 31, 2011

It is a great honor for KB Financial Group to be honored by the 12th Korea Herald Advertising Awards, organized by the country’s biggest English-language daily newspaper. The ad that has been recognized at the annual awards captures the honors KB Financial Group has secured and the group’s corporate symbol in a manner that stresses its resolve to remain at the top in the financial industry in Korea. At the same time, the ad showcases the group’s push for transparent and sound management to bette