Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
Man convicted after binge eating to avoid military service
-
4
First snow to fall in Seoul on Wednesday
-
5
Industry experts predicts tough choices as NewJeans' ultimatum nears
-
6
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Opposition chief acquitted of instigating perjury
-
9
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
10
[Exclusive] Hyundai Mobis eyes closer ties with BYD
![[Exclusive] Hyundai Mobis eyes closer ties with BYD](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/25/20241125050044_0.jpg&u=)
![[Exclusive] Hyundai Mobis eyes closer ties with BYD](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/25/20241125050044_0.jpg&u=)
-
Builders’ net borrowing up 69% in 3 years
South Korean construction companies’ net borrowing has jumped 69.2 percent over the past three years, data showed Tuesday, pointing to growing risks of a liquidity crisis amid the country’s protracted slump in the property market.The combined net borrowing of the 23 builders hit 18.1 trillion won ($16.3 billion) as of last September, compared with 10.7 trillion won by the end of 2009, according to the data compiled by the local financial industry and credit appraisers. Net borrowing refers to th
March 19, 2013
-
BNP Paribas Cardif Life Insurance wins award
BNP Paribas Cardif Life Insurance came out on top in the environmental preservation sector at the state-sponsored 2013 Adding Happiness Social Contribution Award Ceremony, the company said on Tuesday. The corporate social sharing award is presented in recognition of BNP’s unique social sharing project, “Happy Forest for Sharing,” as well as other “different but professional” social sharing projects in partnership with NGOs and experts, the Korean subsidiary of European insurance firm BNP Paribas
March 19, 2013
-
Prosecutors raid KEB in rate-rigging probe
Prosecutors raided the Korea Exchange Bank’s main office Tuesday as part of an investigation into allegations that the nation’s fifth-largest lender took profits by illegally raising interest rates on loans to small and medium-sized firms.The Financial Supervisory Service requested the investigation on March 5 claiming that the bank gained some 18.1 billion won ($16.2 million) through rate manipulations between 2006 and 2009. The prosecutors seized computer hard drives and data from CEO Yun Yong
March 19, 2013
-
Shin indicates replacement of financial executives
Top executives at state-owned financial institutions, organizations and companies are expected to be replaced soon as Shin Je-yoon, the Financial Services Commission chairman-nominee, heralded sweeping changes of top financial posts. At a confirmation hearing on Monday, the nominee for Korea’s financial regulatory body said that he would suggest and recommend the replacement of incumbent executives to President Park Geun-hye, despite their terms. He added that he would replace them, if necessary
March 18, 2013
-
1 in 3 new chaebol auditors is ex-government official
One in 3 outside auditors at major conglomerates and their subsidiaries are former government officials, thought to be used mainly as lobbyists for those companies rather than being independent monitors of management.Data by the Korea Exchange and the Financial Supervisory Service showed that more than 30 percent of 81 outside auditors selected or expected to be appointed as auditors this year at 66 listed subsidiaries and affiliates of Korea’s top 10 conglomerates were former high-ranking gover
March 18, 2013
-
[Newsmaker] FSS chief will let consumers request probes
Consumers will likely be entitled to call for the Financial Supervisory Service to conduct probes into financial firms such as commercial banks and insurance firms.Choi Soo-hyun, who took office as governor of the FSS on Monday, pledged to introduce consumer-initiated investigations in the financial market.The new chief regulator’s policy reflects his strong commitment to bolstering the protection of consumers, as the number of irregular business practices has continued to grow in the financial
March 18, 2013
![[Newsmaker] FSS chief will let consumers request probes](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/03/18/20130318000480_0.jpg&u=20130318203301)
-
Lotte Tour hit hard by Yongsan plan default
Lotte Tour has faced critical financial woes, raising the possibility that the company could be driven out from the nation’s main bourse.The scenario of Lotte Tour being delisted from the Korea Exchange comes as the 31 trillion won ($28.4 billion) urban development project in Yongsan, Seoul, is on the verge of collapse under dishonored bills.While the company participated in the largest-ever project as a main investor, its external auditor Daesung Accounting Corp. publicly evaluated Lotte Tour’s
March 18, 2013
-
KB Financial executive removed for spreading false information
KB Financial Group decided to deposition its deputy president and chief strategy officer Park Dong-chang, a close aide to chairman Euh Yoon-dae, for spreading groundless information to shareholders, the company said Monday.Park came under hot water as he is suspected of leaking “false” insider information to a U.S.-based proxy advisory firm, Institutional Shareholder Services Inc. and shareholders. Park allegedly told ISS that three of KB’s outside directors ― and former high-ranking state offic
March 18, 2013
-
GS Caltex completes 4th heavy oil cracker
GS Caltex Co., South Korea’s second-largest oil refinery, said Sunday that it has started commercial operation of its fourth heavy oil processing plant. GS Caltex spent 1.3 trillion won ($1.2 billion) to build the plant in Yeosu, 455 kilometers south of Seoul, that converts heavy oil into transportation fuels like gasoline and diesel, the company said in a statement.The plant processes 53,000 barrels of heavy oil per day, boosting the company’s daily heavy oil processing capacity to 268,000 barr
March 18, 2013
-
Non-bank lenders’ household loans surge
Household loans extended by non-bank financial institutions in South Korea have surged in the past few years as low-credit borrowers scurried to seek loans from such lenders that do less tight credit evaluations, data showed Monday.The outstanding amount of household loans extended by non-banking firms reached 192.4 trillion won ($173.3 billion) at the end of January, up 74 percent from 110.4 trillion won tallied in 2007, according to the data by the Bank of Korea. The tally is in stark contrast
March 18, 2013
-
Shares down on global risks
South Korean stocks closed 0.92 percent lower on Monday as investors sat on the sidelines due to economic risks from the eurozone and the United States, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 18.32 points to 1968.18. Trading volume was low at 265.2 million shares worth 3.83 trillion won ($3.44 billion), with decliners outnumbering gainers 565 to 258.“The decline came as the financial crisis of Cyprus weighed down on inv
March 18, 2013
-
Seoul shares down 0.92 pct on global risks
South Korean stocks closed 0.92 percent lower on Monday as investors sat on the sidelines due to economic risks from the eurozone and the United States, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed18.32 points to 1968.18. Trading volume was low at 265.2 million shares worth 3.83 trillion won (US$3.44 billion), with decliners outnumbering gainers 565 to 258."The decline came as the financial crisis of Cyprus weighed do
March 18, 2013
-
Nominee: M&A is alternative to Woori Finance privatization
The nominee to lead South Korea’s financial regulator has said that a merger and acquisition of state-owned Woori Finance Holdings Co. is an option to privatize the country’s top banking group by assets.Shin Je-yoon, President Park Geun-hye’s choice to lead the Financial Services Commission, said all investors should be allowed to place bids for Woori Finance and it would be better to quickly privatize financial firms that received public funds, according to a written answer to lawmakers as part
March 17, 2013
-
FSS to investigate ‘false’ leaks from KB Financial Group
Financial regulators pledged Sunday that they would take stern punitive measures against unidentified whistle-blowers at KB Financial Group, who leaked reportedly “skewed” insider information.One or more ranking figures of KB Financial have been suspected of spreading groundless allegations involving the financial group’s M&A strategies, said an official of the Financial Supervisory Service.A key unverified allegation is that “the financial group had to scrap its takeover bid for the Korean insu
March 17, 2013
-
Financial firms brace for customer protection report
The Financial Supervisory Service plans to publicize its yearly assessment of about 70 financial firms’ consumer protection, involving cases of customers’ complaints and dispute arbitration, next month.Attention is being paid to whether Kiwoom Securities in the brokerage industry and Chartis in the nonlife insurance industry will be given the lowest grade of “class 5 (or poor)” for the 10th consecutive year.Between 2004 (for the 2003 assessment) and 2012 (for the 2011 assessment), the two financ
March 17, 2013
-
Nominee to lead financial regulator says M&A is alternative to Woori Finance privatization
SEOUL -- The nominee to lead South Korea's financial regulator has said that a merger and acquisition of state-owned Woori Finance Holdings Co. is an option to privatize the country's top banking group by assets.Shin Je-yoon, President Park Geun-hye's choice to lead the Financial Services Commission, said all investors should be allowed to place bids for Woori Finance and it would be better to quickly privatize financial firms that received public funds, according to a written answer to lawmaker
March 17, 2013
-
SC Bank warns of excessive competition in savings market
SC Bank Korea warned that the banking sector’s provision of high initial interest on savings, such as those offered for the disputed long-term property formation savings, may end up eroding their profit margins. The property formation savings is a long-term savings plan that is designed to support low-salary earners. They guarantee high, fixed amount of interest rates in the first three years and lower them significantly afterwards. The bank has given up aggressive promotions of this savings pla
March 15, 2013
-
Choi Soo-hyun promoted to take over FSS
Deputy Financial Supervisory Service Gov. Choi Soo-hyun is expected to succeed Kwon Hyouk-se, the current chief, who offered to step down from his post on Friday, the watchdog said, amid a personnel shake-up of government agencies by the presidential office.Kwon’s resignation came after President Park named Vice Finance Minister Shin Je-yoon as the nominee for Financial Services Commission chairman early this month.The FSS is the executive body of the policy-making FSC, and the head of the FSS i
March 15, 2013
-
Hana to gain complete control of KEB
Hana Financial Group is on track to take compete control of Korea Exchange Bank as the majority of its shareholders approved a plan to swap Hana shares with remaining KEB shares owned by minority stakeholders at Hana’s extraordinary general meeting on Friday.The share swap scheme was also approved at KEB’s meeting, but is expected to face growing opposition from KEB minority shareholders and union workers.The plan, not only to gain 100 percent ownership in Korea’s leading foreign exchange bank b
March 15, 2013
-
Seoul shares down 0.78 pct on lack of leads
South Korean stocks closed 0.78 percent lower on Friday amid a lack of positive leads, analysts said. The local currency edged down against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed15.63 points to 1986.50. Trading volume was low at 301.4 million shares worth 5.18 trillion won (US$4.66 billion), with gainers outnumbering decliners 461 to 355."Despite positive factors from abroad, shares finished lower as investors were unnerved by the weak yen and the central ba
March 15, 2013
![[Newsmaker] FSS chief will let consumers request probes](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/03/18/20130318000480_0.jpg&u=20130318203301)
