Revised estimate comes after reduction in government’s growth projectionThe average level of revenue KOSPI-listed firms are expected to generate in the second half of the year dropped, stock analysis said Tuesday, raising concerns over a slower economic growth on weaker consumption and waning exports.The estimation of operating profits for 115 listed companies on KOSPI for the July-December period

Foreign investors continued to offload South Korean shares for a second consecutive month in June amid jitters over the eurozone debt crisis and other economic uncertainties, the financial regulator said Tuesday.Overseas investors sold a net 918.6 billion won ($863.8 million) of local equities in June, after selling a net 2.8 trillion won in the previous month, according to the Financial Superviso

Sales of imported vehicles in Korea surged 17.5 percent last month from a year earlier, helped by aggressive marketing strategies by local car dealers, a trade association said Tuesday.A total of 8,964 imported vehicles were sold here in June, compared with 7,629 units sold a year earlier, according to the Korea Automobile Importers and Distributors Association.Sales in June also represented a 2.1

The hybrid version of the Sonata sedan, made by Korea’s leading carmaker Hyundai Motor Co., ranked as the second best seller in the U.S. hybrid car market in June, industry sources said Tuesday.Sales data from Hyundai and U.S.-based automotive media showed the Sonata’s sales reached 1,422 last month compared to 4,340 for the Prius, which has effectively dominated the global hybrid car market since

Korean banks are expected to tighten their grip on home-backed lending in the third quarter as the regulator’s move to curb rising household debt will lead them to be wary of extending mortgage loans, the central bank said Tuesday.An index gauging lender attitudes on mortgage loans came in at zero for the July-September period, compared with 6 tallied in the second quarter, according to a survey o

Regulator to force nonviable institutions out of marketStarting Tuesday, the government will conduct another round of regulatory examinations on the overall savings banking industry tarnished by involvement of some banks in a corruption scandal.The Financial Services Commission said Monday that it would make inquiries into 85 out of 98 savings banks for two months to normalize the debt-saddled sec

The move by Korea Exchange Bank to offer a record interim dividend to its biggest shareholder Lone Star Funds is sparking concerns about long-term growth for Korea’s No. 5 lender, market watchers said.KEB’s board decided on Friday to pay out a quarterly dividend worth of 1,510 won ($1.42) per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion won.Lone Star h

Korean stocks ended 0.92 percent higher on Monday as investor sentiment was underpinned by eased woes over Greece’s debt crisis and better-than-expected U.S. data, analysts said. The local currency hit a near three-year high against the U.S. dollar.The benchmark KOSPI advanced 19.56 points to 2,145.30. Trading volume was moderate at 288.5 million shares worth 6.68 trillion won ($6.3 billion) with

Mirae Asset Global Investment, the largest mutual fund manager in the country, said it is in talks to take over Canada’s BetaPro Management Inc., an exchanged traded funds manager, the local brokerage said Monday.The mutual fund arm of the financial group said price or timing of the acquisition is yet to be finalized. The deal is widely expected to be valued at well over $100 million.“We’re consid

South Korea’s financial watchdog plans to draw up measures to mend the practice of handling currency margin trading in a bid to prevent retail investors from inflicting heavy losses, officials said Sunday.Margin trading allows investors to place heavy bets on currency volatilities with a relatively small amount of money. Currency margin trading can yield huge profits, but it can also inflict heavy

The move by Korea Exchange Bank to offer a record interim dividend to its biggest shareholder Lone Star Funds is sparking concerns about long-term growth for South Korea‘s No. 5 lender, market watchers said Sunday.KEB’s board decided on Friday to pay out a quarterly dividend worth of 1,510 won ($1.42) per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion wo

Skepticism is growing over the performance of the Prime Minister’s Office-led task force to overhaul the nation’s financial supervisory structure.Though the task force was set up in the wake of financial regulators’ failure in oversight of savings banks, the 13-member team has not reached a consensus and has delayed unveiling its measures.The team, launched early May, said it would draw out measur

Korea’s trade deficit with Japan fell in the first half, compared with a year earlier mainly because exports by Asia’s fourth-largest economy benefited from Japan’s devastating quake in March, data showed Sunday.Korea’s exports to Japan rose 49.9 percent on-year to $17.7 billion in the January-June period while imports grew 11.3 percent to $32.1 billion, according to data compiled by the Ministry

Korea’s financial watchdog said Sunday it plans to inspect large local banks and insurers every other year, a change from the current annual checkups, in a bid to ease unintended burdens on financial firms.Instead, the Financial Supervisory Service is seeking to strengthen the sector-wide monitoring system and focus on issue-based inspections when potential systemic risks crop up.In the wake of th