South Korean stocks fell 0.56 percent Thursday following the U.S. Federal Reserve’s announcement of no fresh action to boost the slowing economy, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 10.53 points to 1,869.4. Trading volume was light at 267.4 million shares worth 3.35 trillion won ($2.96 billion), with losers outnumbering gainers 446 to 342.“The meeting of the Federal Open Market Committee’s was somewhat disappointing

Growth of South Koreans’ credit card spending decelerated in the first half from a year earlier mainly due to the local economy’s slowdown, a trade association said Thursday.Purchases made with credit cards totaled 253.2 trillion won ($224.8 billion) in the January-June period, up 6.9 percent from a year earlier, according to the Credit Finance Association.When adjusted for inflation, the increase rate was less than 6 percent, the association added. The figure lags behind 17.7 percent on-year gr

The government will play a role in cushioning risks from a possible failure to purchase sufficient grain products in the face of concerns that rising international crop prices could increase food costs and overall inflationary pressure here, the finance minister said Thursday.“As international crop prices are recently spiking in the wake of droughts that hit the United States and South America, fears are rising over agflation,” Finance Minister Bahk Jae-wan told a price stabilization meeting.“We

GM Korea, Renault Samsung, Ssangyong post sagging salesHyundai Motor and Kia Motors saw their year-on-year vehicle sales increase last month on the back of robust performance overseas.Hyundai-Kia’s overseas factories in particular led the affiliated carmakers’ sales growth. They operate manufacturing plants in countries such as the U.S., China, Turkey, the Czech Republic and Slovakia.Hyundai Motor said it posted sales of 332,027 units in July, up 3.1 percent a year earlier.The nation’s largest a

A Seoul court sentenced the chairman of a now-suspended savings bank to 12 years in prison on Tuesday for extending more than 200 billion won ($177 million) in illegal loans.Shin Hyun-kyu, chairman of the Tomato Savings Bank, was charged last year with dereliction of duty, for incurring huge losses to the troubled bank through illegal loans.The bank's operation was suspended by the nation's top fi

South Korean stocks rallied 2.62 percent Friday as cheering remarks by the European Central Bank chief offered investors a sense of reassurance against the persistent eurozone crisis, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 46.69 points to close at 1,805.92. Trading volume was moderate at 393.4 million shares worth 4.54 trillion won ($3.95 billion) with gainers far outstripping losers 641 to 186.The ECB Presid

Kia Motors reported an operating profit of 2.3 trillion won ($2 billion) during the first half of 2012, up 25 percent on the same period last year.The automaker also saw its sales increase by 9.5 percent to 24.3 trillion won and net profit rise by 10.4 percent to 2.2 trillion won, posting all-time high figures on its financial statements.Despite global economic uncertainties, Kia recorded sales growth of 17.8 percent in the United States, 24.5 percent in Europe and 16.3 percent China.It sold 289

Renault Samsung Motors and GM Korea could be severely hit by proposed French government action to invoke “safeguard” measures against cars produced in Korea, auto industry insiders said Thursday. The French government notified the Korean government of its move to take issue with vehicle trade imbalance and other matters under the Korea-EU Free Trade Agreement.“We’ve been informed of their policy through the French Embassy on July 24,” said an official of the Foreign Affairs and Trade Ministry.“T

Nearly seven in 10 foreign companies in Korea said they would consider withdrawing from the country if their tax burden continued to grow, a poll showed Wednesday.According to a survey of 158 foreign businesses conducted by the Korea Chamber of Commerce and Industry, 69 percent of the respondents said “withdrawal could seriously be contemplated” if the nation chooses to levy heavier taxes.The KCCI reported that most of the respondents expressed unease about the nation’s corporate tax environment

Antitrust watchdog poised to dispatch inspectors to officesSix import car brands in Korea are paying close attention to the antitrust regulator’s ongoing investigation into foreign carmakers on suspicion of price-fixing and irregular practices with dealerships.According to the Fair Trade Commission, the brands under investigation are BMW, Mercedes-Benz, Volkswagen, Audi, Toyota Motor and Lexus. Mercedes-Benz Korea recently enhanced its public relations in a move to prevent misinformation from be

Cash flow problems hit conglomerate-based exporters on global factors such as euro crisisMore and more large-sized companies are facing risks of deterioration in financial soundness, mostly hit by external factors like the eurozone debt crisis.Among them are SK Telecom, SK Hynix, LG Display, LG Uplus, LG Innotek, LG International Corp., Cheil Industries, CJ CheilJedang Corp., Hanwha Chemical, Hyundai Hysco, Hyundai Merchant Marine and Doosan Heavy Industries, according to FnGuide, a financial in

South Korean stocks closed 1.84 percent lower Monday as Spain’s call for a rescue fund spurred a new wave of fears that the eurozone debt crisis is deepening, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index plunged 33.48 points to finish at 1,789.45. Trading volume was moderate at 491.3 million shares worth 3.55 trillion won ($ 310.5 million), with decliners far outstripping gainers 676 to 155.“Investors are unnerved by Spain because