Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Job creation lowest on record among under-30s
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Opposition chief acquitted of instigating perjury
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Shares drop on U.S. falls, eurozone woes
South Korean stocks closed 0.85 percent lower Wednesday on overnight Wall Street falls and growing concerns that France and Greece may reverse course on fiscal austerity measures, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 16.72 points to 1,950.29, a turnaround from a gain in the previous session. Trading volume was moderate at 462 million shares worth 4.90 trillion won ($4.29 billion), with losers outpacing gainers 537 to 306.U.S. stocks fell to a tw
May 9, 2012
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FSC chief rebukes union’s threat against Woori stake sale
Kim Seok-dong, chairman of the Financial Services Commission, on Wednesday stressed that the government will go ahead with its plan to privatize Woori Financial Group despite warnings of a strike by the Woori union.The labor union of Woori warned on Monday that it will launch a general strike if the government takes steps to merge the nation’s largest financial group in assets with rival KB Financial Group. “The privatization of Woori Financial Group is not something people can protest against,”
May 9, 2012
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KDIC moves to sell troubled savings banks
Sets May 18 deadline for bids to manage sale of suspended banksThe state-run Korea Deposit Insurance Corp. has begun the procedure to sell off four suspended savings banks ― Solomon, Mirae, Korea and Hanju.The KDIC announced Wednesday on its website that it will receive bids from select companies to manage the sale and provide legal advice.The requests for proposals should be submitted to the KDIC headquarters in Seoul by 5 p.m. on May 18. The selected sale manager and legal consultancy will hav
May 9, 2012
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Treasury yields sink as turmoil deepens in Greece
NEW YORK (AP) ― Rattled investors took refuge in U.S. government bonds after stock markets dropped around the world.Investors were alarmed by the deepening political turmoil in Greece, which threatens to undermine that country’s financial rescue program.The leader of a left-wing party declared that Greece was no longer bound by its pledges to impose steep spending cuts in return for relief from international lenders. Alexis Tsipras is struggling to form a new government two days after Greek vote
May 9, 2012
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Left-wing leader rejects Greek austerity pledge
ATHENS (AP) ― The smoldering debate over European austerity flared hotter Tuesday as the left-wing politician trying to form a new Greek government declared that his country is no longer bound by its pledges to impose crippling cutbacks in return for rescue loans.The comments by Alexis Tsipras flew in the face of EU leaders’ insistence on fiscal discipline and sent the Greek stock market tumbling just two days after Greek voters rejected mainstream pro-austerity politicians. Instead, the people
May 9, 2012
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Savings banks probe expands to corruption
Mirae head suspected of embezzling W300bState investigators on Tuesday were expanding their probe into alleged irregularities to include accounting fraud, embezzlement and illegal loans at four suspended mutual savings banks, with one of their chairmen in detention. Kim Chan-kyung, chairman of Mirae Savings Bank, is suspected of embezzling over 300 billion won ($264 million) by issuing illegal loans and withdrawing company money as he prepared for his flight to China early this month, news repor
May 8, 2012
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Producer price gain slows to 2.4% in April
South Korea’s producer price growth decelerated to a 26-month low in April mainly due to a slower gain in costs of manufactured products, the central bank said Tuesday.The producer price index, a barometer of future consumer inflation, rose 2.4 percent on-year to 125.3 last month, compared with a 2.8 percent increase in March, according to the Bank of Korea. The on-year gain is the lowest since the 2.4 percent advance reported for February 2010.Producer prices also edged down 0.1 percent from th
May 8, 2012
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Shares rise on U.S., European gains
South Korean stocks closed 0.54 percent higher Tuesday as investor sentiment got a boost from gains in U.S. and European markets, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI moved up 10.57 points to 1,967.01, a turnaround from a three-session losing streak. Trading volume was moderate at 484 million shares worth 4.10 trillion won ($3.61 billion), with gainers outpacing losers 544 to 276.Market watchers said investors were buoyed by overall gains in the U.S.
May 8, 2012
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ABS issuance surges 63.8 percent in Q1
The issuance of asset-backed securities in South Korea surged 63.8 percent in the first quarter from a year earlier, led mostly by state-run firms, the country’s financial regulator said Tuesday.ABS sales by local financial firms and mortgage agencies totaled 8.94 trillion won ($7.86 billion) in the January-March period, compared with 5.46 trillion won the previous year, according to the Financial Supervisory Service.The spike came as public firm Korea Land and Housing Corp. and Korea Housing Fi
May 8, 2012
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Top business groups take 60% of stock market cap
Listed companies belonging to South Korea’s top 10 conglomerates account for nearly 60 percent of the local stock market’s total capitalization, a report showed Monday.The Korea Exchange report showed the aggregate market capitalization of the affiliates stood at 737.17 trillion won ($648.91 billion) as of end-April, up 14.72 percent from the end of 2011. The figure translates into 59.21 percent of the stock market capitalization, up 3.21 percentage points from the end of last year. Samsung Grou
May 7, 2012
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No further bank runs after suspensions
FSS calls for depositors of under 50 million won not to withdraw money from savings banksNo massive deposit withdrawals have been spotted at the regional affiliates of the four suspended mutual savings banks, officials at the Financial Supervisory Service said on Monday. The suspended banks include Solomon, Korea, Mirae and Hanju. A total of 34.4 billion won ($10.3 million) was withdrawn as of 3 p.m. on Monday at Busan Solomon and Gwangju Solomon, subsidiaries of the Solomon Savings Bank, the na
May 7, 2012
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Banks’ bad debt ratio rises in Q1
The bad debt ratio of South Korean lenders rose in the first quarter from the three months earlier as new non-performing loans were reported in shipbuilding and real estate areas, the financial watchdog said Monday.Non-performing loans at 18 local banks totaled 20.9 trillion won ($18.3 billion), or 1.51 percent of their total lending, at the end of March, according to the Financial Supervisory Service. The figure marks a 0.15-percentage point gain from the previous quarter.Compared with a year e
May 7, 2012
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Shares drop 1.64% on Europe elections
South Korean stocks fell 1.64 percent Monday as investors were spooked by election results in Europe and weaker than expected U.S. employment data last week, analysts said.The local currency declined against the U.S. dollar.The benchmark KOSPI lost 32.71 points to 1,956.44, in its the third straight session of decline. Trading volume was moderate at 527 million shares worth 4.69 trillion won ($4.12 billion), with losers outpacing gainers 622 to 211.“The market retreated as investors felt uneasy
May 7, 2012
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Woori union opposes M&A by bank
Financial Industry Union demands government to give up mega bank planThe labor union of Woori Financial Group on Monday called on the government to stop its attempt to privatize the state-controlled company by selling it to another major banking group.The government’s plan to privatize Woori is likely to result in an acquisition by or a merger with a rival bank, creating a “mega bank” which would pursue high-risk business and limit consumers’ choice of financial services, the union said in a pre
May 7, 2012
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Prosecutors raid suspended savings banks over alleged
Prosecutors said Monday they have raided four savings banks to investigate alleged irregularities that led to their operations being suspended a day earlier.Investigators raided the head offices of Solomon Savings Bank, Mirae Savings Bank, Korea Savings Bank and Hanju Savings Bank, along with the homes of each bank's executives, prosecution officials said.In total, more than 30 locations, includin
May 7, 2012
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Regulators suspend four savings banks
Solomon, Korea face delisting from bourseThe Financial Services Commission said Sunday that it has decided to suspend operations of four mutual savings banks in Korea over the next six months.The four secondary financial firms are Solomon Savings Bank, Korea Savings Bank, Mirae Savings Bank and Hanju Savings Bank, the FSC said in a press release.Of six banks the regulatory body has investigated since September last year, the FSC shortlisted the four as distressed banks with weak financials.Only
May 6, 2012
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Etrade seeks investors for stable share price
Largest PE shareholder G&A could consider exit next year When Nam Sam-hyun joined Etrade Korea as its chief executive officer four years ago, he was in deep sorrow at seeing the company, the first online brokerage firm to be established in Korea, fall behind Kiwoom Securities. Nam, the former CEO of Woori Futures, said he has since vowed to improve everything about Etrade’s image and operations by first investing in not only its electronic systems but also human capital.“When I first came to thi
May 6, 2012
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Four savings banks suspended for lack of sufficient capital
(Heraldbiz.com)Financial regulators Sunday suspended operations of four savings banks for their failure to meet the capital adequacy ratios recommended by the Bank for International Settlements (BIS) standards.They are Solomon Savings Bank, Mirae Savings Bank, Korea Savings Bank, Hanju Savings Bank, the Financial Services Commission(FSC) said.It is the second time since September that the financi
May 6, 2012
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Imminent suspension prompts runs on big savings banks
Some of the nation’s largest mutual savings banks showed signs of bank runs on Friday as the Financial Supervisory Service is set to suspend their operations as early as Sunday.The top financial regulator is expected to suspend the business of three of the 10 biggest savings banks and a smaller bank, the combined assets of which hover at 10 trillion won ($8.84 billion).Banking sources said the financial authorities already put the computer network systems of the four troubled lenders under their
May 4, 2012
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Kids with stock holdings exceeding 100 mln won top 100 mark
The number of kids with stock holdings exceeding 100 million won (US$88,400) exceeded the 100 mark for the first time in April as owners of large businesses take steps to pass on their wealth to their children, data showed Friday.According to the data compiled by Chaebol.com, an information provider on large conglomerates, 102 children under 12 held sizable shares in listed companies as of the end
May 4, 2012
