Hyundai Mobis earnings rise 5.3% in Q1

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Hyundai Mobis earnings rise 5.3% in Q1

Hyundai Mobis, the nation's largest auto parts maker, said Friday its net earnings for the first quarter rose 5.3 percent on-year to 817.7 billion won ($787.5 million) on increased in demand for key automotive modules. Operating profit jumped more than 13 percent to 721 billion won in the...

Updated : 2014.04.25 18:46

KB Financial's earnings fall more than 9%

The nation's No. 2 banking group, KB Financial Group, said Friday its first-quarter earnings slipped more than 9 percent from a year earlier on a slipping profit margin amid falling commission income.Net income reached 373.5 billion won ($358.8 million) in the January-March period, compa...

Updated : 2014.04.25 18:42

Hana Financial's Q1 net falls over 30%

Hana Financial Group, the country's third-largest financial group, said Friday its first quarter net income fell more than 30 percent  on-year due mainly to losses from a state-led micro loan and its implication in an illegal lending scheme. Net profit stood at 207.8 billion won ($200 mi...

Updated : 2014.04.25 18:30

[Graphic News] Investment in tax havens rises

The amount of money wired by Korean firms to their special purpose companies in tax havens continues to rise, according to data from the Bank of Korea, Thursday.Financial investments in the form of st...

Updated : 2014.04.24 21:08

ABS issuance sinks 39.2 % in Q1

The issuance of asset-backed securities in South Korea sank 39.2 percent in the first quarter of this year from a year earlier as the state-run mortgage loan agency saw a drop in its financial instrument sale, the financial watchdog said Thursday.A combined 8.1 trillion won ($7.8 billion) ...

Updated : 2014.04.24 20:52

‘Chonghaejin Marine dodged taxes for 5 years’

Financial investigators revealed Thursday that Chonghaejin Marine Co. had not paid anything in corporate taxes in the past five years, due to exemptions given to the operator of the Sewol ferry because of previous losses.While a company operating in the red is entitled to some tax exemptio...

Updated : 2014.04.24 20:52

Morgan Stanley warned over unauthorized lending

In the wake of a series of sanctions imposed on foreign banks, Morgan Stanley’s Seoul branch was given a warning for conducting a loan business here without establishing an operating system, financial authorities said Thursday.According to the Financial Supervisory Service, the Seoul bank...

Updated : 2014.04.24 20:49

Seoul shares end 0.1% lower on institutional sales

South Korean stocks closed 0.1 percent lower Thursday as institutional investors unloaded local shares, tracking overnight falls in U.S. stock markets, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 2.03 points to 1,9...

Updated : 2014.04.24 20:47

Morgan Stanley's Seoul office reprimanded for unauthorized business

Morgan Stanley's Seoul branch and two of its officials have been reprimanded for engaging in financial business without the establishment of an adequate system to operate it, South Korea's financial watchdog said Thursday.  According to the Financial Supervisory Service (FSS), the Seoul o...

Updated : 2014.04.24 11:06

[Ferry Disaster] Mogul’s home, offices raided in ferry probe

Prosecutors raided Wednesday the home of the family that owns Chonghaejin Marine Co., the operator of the sunken ferry Sewol, as well as the firm’s offices and those of its affiliates, as part of a w...

Updated : 2014.04.23 20:25

Korea considers up to W260m compensation for ferry victims

The government appears to be considering giving up to 260 million won ($250,000) in compensation separate from insurance payments to the families of the Sewol ferry accident. As part of efforts to support the families of the deceased and the missing, the Finance Ministry said it plans to p...

Updated : 2014.04.23 19:57

SC Korea offers tailored banking services for expats

With the number of foreign nationals in Korea hitting the 1.5 million mark as of last year, the country appears to be working on improving immigration and multicultural polices to help foreigners sett...

Updated : 2014.04.23 19:57

Gold bourse trading below expectations

The newly launched gold bourse is drawing weaker-than-expected attention from investors, with the turnover below what was anticipated by authorities as the nation slows purchases in light of the capsized ferry Sewol, data showed on Wednesday.The gold bourse was launched on March 24 to help...

Updated : 2014.04.23 19:56

Import settlements in yen sink to record low in Q1

South Korean importers reduced their use of the Japanese currency in settling deals in the first quarter as the yen continued to weaken, the central bank said Wednesday.The use of the yen accounted for a fresh record low of 4.9 percent of the total import settlements in the first quarter, ...

Updated : 2014.04.23 19:56

Seoul shares end 0.19% lower on China slowdown woes

South Korean stocks closed 0.19 percent lower Wednesday as investor sentiment weakened over concerns about China’s economic slowdown, analysts said. The local currency fell against the U.S. dollar.After trading higher, the benchmark Korea Composite Stock Price Index declined 3.85 points t...

Updated : 2014.04.23 19:56