FSC chairman accused of abusing authority

The prosecution is expected to investigate Financial Services Commission Chairman Kim Seok-dong and seven other regulatory officials for their allegedly light action on Lone Star Funds.The Minbyun, or Lawyers for a Democratic Society, in coordination with the People’s Solidarity for Participatory Democracy filed a complaint with the prosecution against the eight FSC officials on Monday, citing their allegedly “neglecting duties” and “abusing authority.”The seven other FSC officials are vice chai

Nov. 21, 2011

Chaebol choose not to chase domains named after tycoons

Korea’s major conglomerates are reminiscing about their failures to secure Internet domains named after their founders and scions as eBay put the domain leebyungchull.com up for auction.The starting price for the domain named after the Samsung founder is $21 million, or about 23.9 billion won on the American auction and shopping site.The chaebol, however, has no plans to purchase domain names for high prices from the so-called domain hunters. “There is no reason to spend so much money to buy the

IndustryNov. 21, 2011

Telecom carriers to block voice phishing calls

The government plans to oblige local telecommunication companies to block official-looking voice phishing calls from abroad starting as early as 2013, the Korea Communication Commission said Monday. Under a pending revision to the Telecommunications Business Act, the agency said, international phone calls would be cut off when they display the numbers of public organizations such as police stations and banks. When con artists use local, random numbers, telecom operators will offer calling identi

IndustryNov. 21, 2011

10 largest conglomerates’ net earnings tumble in Q3

Third-quarter net earnings of the nation’s 10 largest conglomerates plunged from three months ago thanks to the weak domestic currency and slowing demand in the U.S. and Europe, with LG Group posting an unprecedentedly large net loss of over 400 billion won.Apart from SK Group, Korea’s nine other top conglomerates saw their profits drop in the July-September period as the fiscal crises in advanced economies deepened global economic woes.Ten listed subsidiaries of LG Group, excluding the financia

IndustryNov. 21, 2011

Korean brokerages’ China investment jumps

HONG KONG ― South Korean securities firms’ investment in China rose nearly six-fold on-year in the first half of this year due to China’s growing importance as the world’s No. 2 economy, Seoul’s financial regulators said Monday.Investments made in mainland China by South Korean brokerages totaled 197.8 billion won ($ 31.1 billion) as of the end of June, up 598.9 percent from the previous year, said Financial Supervisory Service officials in Hong Kong.The tally includes money spent on purchasing

Nov. 21, 2011

Korean banks need more deleveraging under Basel III

South Korean banks need to strengthen their balance sheets through more deleveraging in order to survive a set of new global capital requirements, a former Basel committee official said Monday. “Complex securities and derivatives are proven less profitable for banks ... they need to turn to another direction and deleverage their balance sheets and comply with the Basel requirements,” Nout Wellink, the former chairman of the Basel Committee on Banking Supervision (BCBS), said an interview with Yo

Nov. 21, 2011

Tax dodgers named online

Former JU Group CEO owes most in unpaid taxesThe National Tax Service on Monday revealed a list of 1,313 tax dodgers, with their names made public via the Internet for the first time here.Names on the list, including 686 individuals and 627 corporate bodies, failed to pay taxes of 700 million won ($615,000) or more over the past two years. The taxation agency said the number of tax dodgers decreased by more than half compared to last year’s 2,797, while the amount of unpaid taxes declined from 5

IndustryNov. 21, 2011

BOK names own man for ‘public post’

The Bank of Korea chose one of its own officials to manage the nation’s $311 billion in foreign- exchange reserves after its first public recruitment campaign for the job.Choo Heung-sik, currently director at the bank’s Reserve Management Group, will replace Hong Taeg-ki as the group’s director-general, the central bank said on Monday. The decision followed the central bank’s announcement in September the three-year position will be open to both central bank officials and outsiders, with work ex

Nov. 21, 2011

S. Korea’s household credit nears 900tr won

South Korea’s household credit rose to near 900 trillion won ($789.5 billion) in the third quarter, but quarterly growth slowed on the regulator’s move to curb home debt, the central bank said Monday.Household credit totaled a record 892.5 trillion won as of the end of September, up 16.2 trillion won from three months earlier, according to the Bank of Korea (BOK).Third-quarter growth slowed from the 18.9 trillion won on-quarter expansion tallied in the second quarter, but the aggregate household

Nov. 21, 2011

Ssangyong Motor launches flagship sedan in China

Ssangyong Motor Co., South Korea‘s smallest carmaker, announced Monday the launch of its flagship luxury sedan for the first time in China, as the company moves to expand into the world’s largest auto market.The Chairman W, which is on display at the ninth annual Guangzhou International Motor Show, will officially go on sale Tuesday, the carmaker said.The CW700 limousine features a 3.6-liter XGi3600 engine and carries a price tag of around 120 million won ($105,200), Ssangyong said, adding it is

MobilityNov. 21, 2011

KDIC eyes bond issue worth 14 trillion won

Korea Deposit Insurance Corp., South Korea’s state-run deposit insurer, is pushing to float up to 14 trillion won ($12 billion) worth of unsecured bonds in a bid to brace for an overhaul of savings banks, financial sources said Monday.KDIC plans to issue 300 billion won worth of unsecured bonds every week starting next month in a bid to prepare funds totaling 14 trillion won, according to the sources.The move is expected to help government efforts to salvage the fragile sector.In March, a specia

Nov. 21, 2011

Finance minister calls for curbing excessive capital flows

SEOUL, Nov. 21 (Yonhap) -- South Korea's finance minister said Monday that there is a need to take measures to lessen the fallout from excessive cross-border capital flows in order to help the global economy move forward.Speaking at a forum arranged by the Asian Development Bank and the Institute fo

Nov. 21, 2011

Scientists create light from vacuum

 

TechnologyNov. 21, 2011