Richard Iley, Chief Economist, Asia at BNP Paribas, says the rate cut was a "relatively low risk" option for the Bank of Korea amid sluggish global growth and falling oil prices.» Read More
Asian markets were mixed Monday, as investors stayed cautious in spite of reassuring statements by U.S. President George W. Bush and Fed Chairman Ben Bernanke on sheltering the economy from the turmoil in the markets.
Asian markets made solid gains Friday, ending the week firmly in positive territory as investors bet on a positive reaction to Fed Chairman Ben Bernanke's speech on monetary policy and housing in Jackson Hole, Wyo. at 11 am Singapore time.
Asian markets mostly finished higher Thursday, but were off their morning highs. Volumes were thin amid a dearth of strong incentives, with many market participants holding back ahead of a long weekend in the United States. Japan and South Korea both closed almost 1% higher.
Asian stocks closed lower across the region Wednesday as investors shunned riskier assets on the renewed fears about the health of the U.S. economy. But markets were off their lows with South Korea closing just slightly in the red after plunging as much as 3% at one point during the session.
Merrill Lynch and Woori Bank are in discussions to cooperate in private banking operations after the U.S. bank proposed a joint venture geared to wealthy clients, a Woori official said on Wednesday.
Asian stocks mixed Tuesday as fresh fears about the outlook for the U.S. economy offset healthy profits and orders at firms in the region, while the yen firmed as investors trimmed exposure to riskier assets.
South Korea's top financial regulator reiterated on Tuesday that it would not start the approval process for Lone Star's sale of Korea Exchange Bank until a court ruling is made.
Asian stocks were stronger in the afternoon session Monday with markets taking cues from a Wall Street rally triggered by surprisingly strong economic data, while the Japanese yen weakened against the U.S. dollar as risk appetite strengthened.
Asian stocks led by finance counters, were lower across the board in the afternoon session Friday, on concerns that problems in the U.S. housing and credit markets could push the world's biggest economy into recession. Australia, Japan and South Korea all closed down.
Sharp said on Monday it filed a U.S. lawsuit accusing Samsung Electronics of infringing Sharp's LCD patents, the latest in a series of legal tussles among Asian technology companies.
Korean Air, South Korea's top airline, posted an unexpected quarterly net loss on Thursday after it booked $300 million in fines for its role in conspiring to fix flight prices.
SK Telecom, South Korea's top mobile carrier, reported a modest 8% rise in quarterly profit as solid subscriber growth and healthy mobile Internet service revenue outstripped higher marketing costs.
South Korea's economy grew a faster-than-expected 1.7% in the second quarter from the previous quarter due to strong exports, data showed on Wednesday, reinforcing expectations for an interest rate increase soon.
A former director at a Samsung unit was arrested on a wire fraud charge Thursday on allegations that he had embezzled about $1.5 million from the company, U.S. prosecutors said.
Billionaire investor Carl Icahn does not hold shares in Korea's Samsung Electronics and has no plans to bid for the company, contrary to press speculation in the last week, an Icahn representative said on Tuesday.
South Korea's POSCO topped expectations with a 55% jump in quarterly profit on Monday, bolstered by strong demand for steel, but forecast modest growth for the rest of the year.
South Korea's POSCO reported a 55% jump in second-quarter net profit on Monday on high prices and strong demand for steel.
The Bank of Korea on Thursday raised its key interest rate for the first time in nearly a year, amid expected strengthening economic growth and possible stronger inflation in the second half of the year.
South Korea's National Tax Tribunal on Thursday rejected an appeal by U.S. private equity group Lone Star Funds and ordered it to pay back taxes on profits from the sale of a Seoul office building.
Unionized workers at Kia Motors, South Korea's No. 2 auto maker, said on Tuesday they plan to stage work stoppages over wage disputes.