Regulators troubled over Lone Star ruling

FSC approved fund’s buyout of KEB, but consensus is that decision was wrongThe long-standing issue involving U.S. Lone Star Funds is embarrassing financial regulators again this year.The Financial Services Commission and the Financial Supervisory Service have recently shown off regulatory power by taking urgent countermeasures against several accidents including cyber system breakdown and hacking

April 26, 2011

Sony to unveil two tablet computers

Sony Corp. introduced its first tablet computers, joining Samsung Electronics Co. and Motorola Mobility Holdings Inc. in their pursuit of Apple Inc., a year after the iPad spurred a surge in demand for the devices.Sony will use Google Inc.’s Android operating system for the personal computers, Kunimasa Suzuki, Sony’s head of personal computers, said in Tokyo today. The S1 model will feature a 9.4-

TechnologyApril 26, 2011

Deutsche Bank New York, Hong Kong staff summoned over stock manipulation

South Korean prosecutors have summoned about a dozen employees of Deutsche Bank's New York and Hong Kong offices for questioning over alleged stock manipulation that forced the key index to nosedive last year, officials said Monday.The Seoul Central District Prosecutors' Office believes that employees at the German bank's overseas bureaus gave orders to the Seoul unit to place massive sell orders

April 25, 2011

Regulator probes SC First Bank's illegal metal loan business

South Korea's top financial regulator said Monday that it has launched a probe into SC First Bank, the local unit of British banking giant Standard Chartered Plc, on allegedly infringing domestic bank regulations by giving metal loans to corporate customers. "Investigators were dispatched to SC First Bank and if we find (the bank) violated local regulations, we will summon the bank officials and d

April 25, 2011

[News Focus] Tax cuts, easier loans fail to lift real estate

About one month has passed since the government rolled out measures to boost the sluggish real estate market. The centerpiece of the policy was to offer tax benefits and ease financing limits.Despite the policy and such positive economic indexes as soaring stock prices, however, the market has no signs of rebounding. Moreover, there are growing concerns of a further contraction in housing sales, d

April 25, 2011

Regulator launches Apple data probe

KCC sends inquiries to Apple over data of smartphone usersThe state media regulator said Monday it launched an investigation against Apple Inc. over collection of information of its smartphone users in Korea.The Korea Communications Commission said it requested Apple to promptly answer a questionnaire and return it by “the earliest date.”State authorities asked the company to clarify the duration

April 25, 2011

Korea to boost energy ties with Latin America

A Korean delegation team led by Second Vice Minister of Knowledge Economy Park Young-june will visit South America from April 26 to May 5 in an effort to boost energy ties with the region, the ministry said Monday. The delegation, which includes officials and local developers, will tour Mexico, Colombia, Venezuela and Peru, the ministry said. Officials from state-run firms Korea Electric Power Cor

IndustryApril 25, 2011

Samsung, Sony LCD venture to cut capital

S-LCD Corp., a venture between Samsung Electronics Co. and Sony Corp., said Monday that it will reduce capital through a share cancellation as part of efforts to improve its capital structure.In a regulatory filing, the venture said the number of its shares will be reduced to 660 million from the current 780 million, with its capital base to be cut to 3.3 trillion won ($3.05 billion) from 3.9 tril

IndustryApril 25, 2011

Income polarization deepens

Income inequality widened over the past decade, with the gains among the top 20 percent rising by more than half while those of the poorest 20 percent more than halved, the tax agency said Monday.Taxable income reported by the wealthiest 20 percent stood at an average of 90 million won ($83,210) in 2009, up 55 percent from 1999 when the figure was 58 million won, the National Tax Services said. Ga

April 25, 2011

LG Uplus launches app that locates local discounts

LG Uplus said Monday it recently launched a location-based social shopping service which enables people to save points or take part in events while they shop in its listed stores.Having launched the service named “Ding dong” last Monday, it is currently offering it in 1,000 locations in Seoul, including at The Face Shop, Beautiplex and some coffee shops and restaurants, said Ro Se-yong, senior vic

IndustryApril 25, 2011

FSS admits savings bank info leak

The Financial Supervisory Service is facing allegations that it failed to prevent its internal information from being leaked concerning the regulatory policies on savings banks.Among the allegations are that several customers of Busan Savings Bank withdrew large deposits a day before regulators suspended operations of the distressed bank in February.It has been alleged that key staffers of Busan S

April 25, 2011