The Korea Herald

[News Focus] Shares headed for extended rally on capital inflow

Apr 18, 2011

The benchmark KOSPI was expected to experience an extended rally for the next few months on a new round of capital inflows forthcoming in May, analysts said Monday amid forecasts that local stock markets would hold up well despite unfavorable external conditions. “Foreigners are expected to continue their buying spree with renewed interest in the region. May is also the time when doubts about oil
Dividends to foreigners grow 33 pct in 2010

Apr 18, 2011

South Korea's listed companies paid out 33 percent more in dividends to foreign shareholders in 2010 than a year earlier, helped by an increase in earnings, data showed Monday. A total of 4.97 trillion won ($4.6 billion) in dividends were paid to foreigners last year, compared with 3.73 trillion won in the previous year, according to the data by the Korea Exchange (KRX). Last year's dividend
S. Korean banks' foreign borrowing jumps in March

Apr 18, 2011

South Korean banks' mid to long-term foreign borrowing jumped in March from the previous month as they braced for rising global uncertainties, the financial regulator said Monday. Twelve local banks borrowed a total of $3.49 billion last month through overseas bond issuance and loans with a maturity over one year, $1.68 billion more than in February, according to the Financial Supervisory Se
Seoul shares inch down after strong start

Apr 18, 2011

South Korean stocks lost ground on Monday after a strong start as investors unloaded tech blue chips and bank shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.29 points, or 0.06 percent, to trade at 2,139.21 in the first 15 minutes of trading. The KOSPI touched a record high of 2,149.45 as soon as the market opened, but tech and financial shares increase
Korea targets tax cheats in foreign havens

Apr 17, 2011

Kwon Hyuk, a reclusive shipping tycoon, shows how to get around paying taxes in and out of more than five trading borders while keeping over 10 trillion won ($9 billion) in assets.Register your business at a tax haven, stash all your profits there, and pretend you live abroad. Minimize paperwork. Even better if you can avoid the press.Kwon has been the main target of the Korean government’s latest
FSC to ease loan conditions for the poor

Apr 17, 2011

Overdue payments of less than 100,000 won no longer reflected in credit ratingsThe government on Sunday announced a set of measures to provide the poor with better access to financial sources as mounting household debts loom large over economic recovery. The package proposed by the Financial Services Commission centers on the overhaul of credit rating guidelines, market interest rates and individu
Financial firms ordered to report cyber security

Apr 15, 2011

Task force to launch crackdownThe financial authorities have embarked on an initial inquiry into the cyber security systems of all financial companies in the aftermath of the recent security lapses at Hyundai Capital and Nonghyup.“Since April 11, we have been conducting an IT security inspection ― in written form ― into all financial service companies,” the Financial Services Commission said in a
Import price growth reached 27-month high last month

Apr 15, 2011

South Korea’s import prices rose at the fastest pace in 27 months in March due to sharp gains in oil and other commodity prices, the central bank said Friday, pointing to growing inflationary pressure.In local currency terms, the country’s import prices jumped 19.6 percent in March from a year earlier, picking up from a 16.9 percent on-year advance in February, according to the Bank of Korea.The M
Korean exports dominate Chile’s import market

Apr 15, 2011

South Korea has more best-selling products in Chile than any other country thanks mainly to a free trade agreement with the South American nation implemented seven years ago, a local trade agency said Friday.According to the state-run Korea Trade-Investment Promotion Agency, South Korea currently has 40 best-selling products out of 150 key import items of Chile. Seoul also has 29 second best-selli
Stocks hit new high on earnings hopes

Apr 14, 2011

Korean stocks rose 0.9 percent to a fresh high on Thursday as auto and chemical shares got a boost from optimism over their first-quarter earnings, analysts said. The local currency edged up against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.14 points to a new record-high close of 2,141.06. The previous record was 2,130.43 set on April 5. Trading volume was
Financial firms’ derivatives trading jumps 36 percent

Apr 14, 2011

Korean financial companies’ derivatives trading jumped 36.2 percent on-year in 2010 on increased transactions of stock-linked investment products, the financial regulator said Thursday.The total trading volume of such derivatives as bond and stock futures and options at home and abroad came to 6.7 quadrillion won ($6.1 trillion) in 2010, compared with 4.9 quadrillion won in the previous year, the
Electronic banking safety under scrutiny

Apr 14, 2011

Customers of the National Agricultural Cooperative Federation, Nonghyup, have been unable to withdraw cash or use online banking services after the shutdown of the bank's computer system began around 5 p.m. on Tuesday, April 12, 2011. (Yonhap News)Authorities launch investigation into network failure of NonghyupThe prosecution and financial regulators began their investigation into the unprecedent
Korean agency makes first sovereign ratings

Apr 13, 2011

NICE Investors Service on Tuesday announced its sovereign ratings of six governments for the first time as a local ratings agency.NICE gave sovereign ratings for Korea as well as Malaysia, Thailand, Indonesia, Philippines and Brazil. The company said its evaluation would provide diversity in a ratings market dominated by Fitch, Moody and Standard & Poor’s, whose incorrect and belated evaluations h
Central bank raises inflation forecast to 3.9%

Apr 13, 2011

IMF predicts 4.5% prices growth, BOK expects stability in oil pricesThe Bank of Korea on Wednesday revised its projection for this year’s consumer inflation to a three-year high of 3.9 percent while maintaining its growth outlook at 4.5 percent. Oil and vegetable prices, the main drivers of inflation, are expected to ease during the third quarter, but the underlying upward trend will continue into
Nonghyup under probe for glitch in network system

Apr 13, 2011

Financial regulators on Wednesday launched an inquiry into the National Agricultural Cooperative Federation, also called Nonghyup or NH Bank, which suffered a significant problem with in its online transaction systems.Nonghyup has seen its network systems, including Internet banking and automated teller machines, break down since around 5 p.m. Tuesday.The bank had to make an official apology as it