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Asia Top News and Analysis South Korea

  • Samsung Headquarters

    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.

  • South Korean exports grew more than expected in June and the trade surplus hit a record high, data showed on Monday, setting the stage for the central bank to raise interest rates next week for the first time in 11 months.

  • Ten years removed from the Asian financial crisis of 1997 the countries which were most affected by the event have rebounded and then some, and market pros say the risk of similar events in the future have decreased now and emerging markets continue to look like a good long-term bet.

  • U.S. private equity fund Lone Star said on Friday it will start to look at fresh investments in South Korea, once it sells its 51% stake in Korea Exchange Bank  and pending legal proceedings are resolved.

  • Shares in South Korea's Samsung Card soared nearly a third on their market debut Wednesday, bucking a soft wider market, as investors bet on its steady earnings and shareholding values in affiliate firms.

  • South Korea's National Pension Service is interested in buying a majority stake in Korea Exchange Bank (KEB) from Lone Star, but has had no formal talks with the U.S. investment firm, a senior fund executive said.

  • U.S. private equity firm Lone Star sold a 13.6% stake in Korea Exchange Bank (KEB) in an increased block trade, raising $1.28 billion, a source familiar with the deal said on Friday.

  • Prosecutors demanded a six-year prison term for Hyundai Motor Chairman Chung Mong-koo on Tuesday in his appeal trial against a three-year sentence handed down in February for embezzlement.

  • Singapore's DBS Group Holdings, Southeast Asia's largest bank, said on Monday it has ended talks with Lone Star about buying a stake in South Korean lender Korea Exchange Bank.

  • Shares of LG.Philips LCD jumped more than 5% on Friday on market talk that stakeholder Philips could sell 14% of the South Korean flat-screen maker to Japan's Toshiba.

  • South Korean exports in May rose at a faster-than-expected pace, data showed on Friday, reinforcing expectations for a pickup in growth in Asia's fourth-largest economy.

  • South Korean chip makers rallied on Friday, with Samsung Electronics up as much as 4.5%, on market talk spot prices for DRAM memory chips had rebounded, sparking speculation prices may have bottomed.

  • Universal Studios said on Tuesday it has agreed to open its latest Asian theme park in South Korea by 2012, seeking to expand in Asia's burgeoning theme park industry.

  • Fund manager Franklin Templeton is opening five new funds in South Korea later this month which will be registered in the country, accept won investments and hold overseas assets, country head Andrew Ashton told Reuters.