The Korea Herald

Govt. mulls system to supervise banks over service charges

Jul 9, 2017

South Korea's financial regulator said Sunday it is considering adopting a system to supervise banks when they raise service charges. The move is part of President Moon Jae-in's pledges to help relieve the financial burden of consumers and strengthen transparency at banks when they raise fees and charges. In a report made to the ruling Minjoo Party, the Financial Supervisory Service (FSS) said banks, insurers and card companies have charged a combined 27.7 trillion won (
Samsung's chief global wealth ranking rises to 45th place: report

Jul 9, 2017

Samsung Group Chairman Lee Kun-hee's ranking among the world's super rich rose to 45th place last week, thanks to the surge in the stock value at the conglomerate's electronic arm, a US-based financial news source said Sunday. According to Bloomberg, Lee, who has been hospitalized since May 2014 after he suffered a heart attack, is valued to be worth $18.5 billion. The total represents an increase of $4.4 billion this year alone, the information source said. His ranking
Creditors offer final concessions over brand dispute between Kumho, China's Doublestar

Jul 7, 2017

Creditors of Kumho Tire Co. on Friday decided to offer final concessions to resolve a dispute surrounding the usage fee of the Kumho brand between the tiremaker's parent company and China's Qingdao Doublestar Co. The concessions came after a meeting earlier in the day with Kumho Tire's creditors, which are led by state-run Korea Development Bank. Under the concessions, Qingdao Doublestar is required to pay 0.5 percent of its sales as a brand usage fee to Kumho Asiana Gro
Seoul stocks sink 0.33% despite Samsung's upbeat earnings

Jul 7, 2017

South Korean stocks finished lower Friday, taking a cue from overnight falls on Wall Street, although Samsung Electronics, the top cap here, delivered a record quarterly high for the second quarter, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index fell 7.94 points, or 0.33 percent, to close at 2,379.87.Trade volume was moderate at 303 million shares worth 4.97 trillion won ($4.31 billion), with losers outnumbering gainers 485 to 307.The loc
Korean stocks down late Thursday morning

Jul 7, 2017

South Korean stocks traded lower late Friday morning, as investors opted to cash in recent gains. Samsung, the top cap here, slid after reporting its all-time high earnings for the second quarter.The benchmark Korea Composite Stock Price Index shed 5.30 points, or 0.22 percent, to 2,382.51 as of 11:15 a.m.Market kingpin Samsung Electronics fell 0.04 percent, while SK hynix, a major chipmaker, declined 0.44 percent.Hyundai Motor, the No. 1 automaker, dropped 2.57 percent.Top steelmaker POSCO gain
Stocks open lower on overnight US losses

Jul 7, 2017

South Korean stocks opened lower Friday taking a cue from overnight losses on Wall Street, although Samsung Electronics, the country's top market cap, delivered market forecast-beating earnings for the second quarter.The benchmark Korea Composite Stock Price Index shed 5.15 points, or 0.22 percent, to 2,382.66 in the first 15 minutes of trading.Market kingpin Samsung Electronics fell 0.66 percent, and major chipmaker SK hynix was 0.73 percent down.Hyundai Motor, the No. 1 automaker, declined 1.2
Securities firms to venture into short-term credit business

Jul 6, 2017

South Korea’s five largest securities firms in net worth are expected to submit applications to start short-term financing businesses Friday.The firms -- Mirae Asset Daewoo, NH Investment & Securities, KB Securities, Samsung Securities and Korea Investment & Securities -- are planning to apply for eligibility reviews to start financing businesses from the third quarter of this year, according to the Financial Services Commission on Thursday.The eligible securities firms will be gra
Seoul stocks almost flat ahead of Samsung's earnings guidance

Jul 6, 2017

South Korean stocks finished almost flat Thursday, as investors took to the sidelines ahead of Samsung Electronics's earnings guidance for the second quarter and on a sharp fall in global oil prices, analysts said. The Korean won fell against the US dollar.After a choppy session, the benchmark Korea Composite Stock Price Index edged up 0.54 point, or 0.02 percent, to close at 2,387.81.Trade volume was moderate at 298 million shares worth 4.69 trillion won ($4.05 billion), with losers outnumberin
Individuals shy away from bullish market led by large cap stocks: data

Jul 6, 2017

South Korea's retail investors are generally staying away from the local bourses, industry data showed Thursday, as foreigners and institutions pushed up stocks to record highs in recent months backed by improving corporate earnings and resilient exports.The KOSPI main bourse has risen 18 percent in the first six months this year, while the tech-heavy KOSDAQ market posted a 6 percent jump during the same period.The daily trading volume of individual investors contracted 8.5 percent to 5.06 trill
Stocks open slightly higher on Samsung, SK hynix

Jul 6, 2017

South Korean stocks opened slightly higher on Thursday as investors are increasingly focused on corporate earnings. Samsung Electronics, the country's top market cap, is set to release its second quarter earnings guidance later this week.The benchmark Korea Composite Stock Price Index rose 1.25 points, or 0.05 percent, to 2,389.60 in the first 15 minutes of trading.Market kingpin Samsung Electronics gained 0.55 percent, and SK hynix was 0.44 percent up.Hyundai Motor, the No. 1 automaker, remaine
Moody’s maintains Korea’s credit rating at Aa2

Jul 5, 2017

Moody’s Investors Service has maintained South Korea’s credit rating at Aa2, a high quality and low risk rating, according to the Ministry of Strategy and Finance on Wednesday. It also raised the country’s 2017 growth outlook to 2.8 percent from 2.5 percent.　Moody accredited the country’s “very high” assessment based on economy size, diversity and competitiveness, which it credits as helping the country achieve reasonably robust medium-term growth against very
Market rebounds after North Korea risk shock

Jul 5, 2017

South Korea’s main stock market rebounded Wednesday from a brief retreat after North Korea’s missile launch, but the foreign selling trend continued a second day. 　The benchmark Korea Composite Stock Market Index rose 0.33 percent to close at 2,388.35 on Wednesday, after a 0.58 percent loss the previous day, the third-largest since May. Foreign investors net sold 8.9 billion won ($7.7 million) in Korean stocks, a continued sell-off after 193.6 billion won was sold by offshore investo
Seoul stocks rebound on Samsung, SK hynix

Jul 5, 2017

South Korean stocks rebounded on Wednesday from a brief dip in the previous session, as investors brushed off geopolitical woes stemming from North Korea's missile launch, analysts said. The Korean won rose against the U.S. dollar.After a choppy session, the benchmark Korea Composite Stock Price Index rose 7.83 points, or 0.33 percent, to close at 2,388.35.Trade volume was moderate at 329 million shares worth 4.65 trillion won ($4.04 billion), with gainers outnumbering losers 420 to 358.After th
Stocks open slightly lower on geopolitical risk, profit-taking

Jul 5, 2017

South Korean stocks opened slightly lower Wednesday, as risk-off sentiment took hold amid geopolitical tensions stemming from North Korea's intercontinental ballistic missile launch.The benchmark Korea Composite Stock Price Index fell 1.39 points, or 0.06 percent, to 2,379.13 in the first 15 minutes of trading.Market kingpin Samsung Electronics shed 0.21 percent, and SK hynix was 0.15 percent down.Hyundai Motor, the No. 1 automaker, remained flat, while AmorePacific, the country's top cosmetics
Banks' loan delinquency rate edges up in May

Jul 5, 2017

The delinquency rate of South Korean banks' won-denominated loans edged up in May from a month earlier due to a slight rise in non-performing loans, government data showed Wednesday. The rate for bank loans more than 30 days overdue stood at 0.58 percent at the end of May, up from 0.54 percent at the end of April, according to the data by the Financial Supervisory Service.Compared to a year ago, however, the rate was down 0.16 percentage point, it said. "In May, newly delinquent loans excee