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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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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Industry experts predicts tough choices as NewJeans' ultimatum nears
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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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ING Life Korea gets closer to customers
ING Life Korea is aiming to get close and personal with its existing and potential customers by further “opening its ears” to hear their needs in financial planning.The Korean subsidiary of the global life insurer is boosting in-house training not only for financial consultants but also for executives, in an effort to boost customer relations, its press release said.In addition to the 180-day consulting training, the company has sent its managers and executives to its nationwide centers to meet
April 25, 2012
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Korea to auction stake in Woori
FSC chief Kim says local, foreign investors will be treated equallySouth Korea plans to seek bidders for its stake in Woori Finance Holdings Co. in a third attempt to sell the nation’s largest financial company by assets.The government will hold an international auction and announce details on the plan “soon,” Financial Services Commission chairman Kim Seok-dong said in Seoul on Wednesday. Local and foreign investors’ bids will be treated equally, he said.A rally in Asian equity markets this yea
April 25, 2012
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Ex-deputy chief of FSS to head financial training center
The Korea Banking Institute, an educational organization for financial professionals, has named Lee Jang-young, former deputy governor of the Financial Supervisory Service, its new chief. After graduating from Seoul National University with a degree in economics, Lee worked as a professor of economics at the State University of New York, researcher at the Korea Institute for International Economic Policy, the Korea Institute of Public Finance and economist at the International Monetary Fund.He a
April 25, 2012
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Korea to auction Woori Finance stake in third sale attempt
South Korea plans to take bids for its stake in Woori Finance Holdings Co. in a third attempt to sell the nation’s largest financial company by assets.The government will hold an international auction and announce details on the plan soon, Financial Services Commission Chairman Kim Seok Dong said in Seoul today. Local and foreign investors’ bids will be treated equally, he said.The sale is part of
April 25, 2012
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Budget to focus on welfare, job creation in 2013
South Korea’s budget for 2013 will focus heavily on welfare, job creation and education-related spending to meet growing demands for social security and achieve sustainable growth, the government said Tuesday.The budget plan, outlined by the finance ministry and approved by the Cabinet, emphasizes sustainable growth and restoring a balanced budget next year to ensure the country has the available resources to cope with its rapidly aging population, reunification and other unforeseen economic cri
April 24, 2012
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Shares fall on eurozone woes
South Korean stocks dropped 0.47 percent Tuesday on rising political uncertainties in Europe and overnight losses on Wall Street, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 9.21 points to close at 1,963.42. Trading volume was heavy at 622 million shares worth 4.97 trillion won ($4.35 billion), with losers outpacing gainers 641 to 206.“Fiscal woes in Europe fueled political uncertainties on the continent, having a negative impact on the local bourse,”
April 24, 2012
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European fund withdrawal from Korea hits $18.2b in 2011
The amount of European funds that left South Korea reached $18.2 billion in 2011 mainly due to financial woes facing many eurozone economies, a report by the central bank showed Tuesday.European investors pulled the money from the local bourse last year, contributing to a net outflow of $10.9 billion in stock investments, according to the report by the Bank of Korea.Despite the withdrawal of funds, the European Union still accounted for 28.1 percent of all inbound investments last year, which wa
April 24, 2012
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Budget to focus on welfare, job creation in 2013
South Korea’s budget for 2013 will focus heavily on welfare, job creation and education-related spending to meet growing demands for social security and achieve sustainable growth, the government said Tuesday.The budget plan, outlined by the finance ministry and approved by the Cabinet, emphasizes sustainable growth and restoring a balanced budget next year to ensure the country has the available resources to cope with its rapidly aging population, reunification and other unforeseen economic cri
April 24, 2012
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Kim MS shares rally on presidential run
Regulators, analysts caution investors against politically-driven stocksManufacturing, materials and rail shares linked to Kim Moon-soo rallied across the board on Monday, following the incumbent Gyeonggi governor’s official announcement that he will run for the presidency at the end of the year.The jump has led the Financial Supervisory Service to strengthen its oversight over political-themed stocks, including ones related to other presidential hopefuls such as Seoul National University profes
April 23, 2012
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Insurers’ loan delinquency rate stable in March
The loan delinquency ratio of South Korean insurers remained unchanged in March from the previous month reflecting stable financial market conditions, the financial watchdog said Monday.The average default ratio of loans extended by local life and non-life insurers came in at 0.81 percent as of the end of March, according to the Financial Supervisory Service. This marks the third month in a row that the default rate has remained fixed.The latest report showed that compared to the year before, th
April 23, 2012
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Seoul shares end flat before U.S. rate decision, earnings reports
South Korean stocks closed effectively flat on Monday as investors waited for this week's U.S. interest rate decision and corporate earnings, analysts said. The local currency dipped against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gave up 2.02 points, or 0.10 percent, to close at 1,972.63. Trading volume was moderate at 578 million shares worth 3.52 trillion won
April 23, 2012
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Seoul stocks to track U.S. economic data, earnings
South Korean stocks are expected to mirror economic data and corporate earnings reports coming out of the United States this week and developments taking place in eurozone countries, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,974.65 on Friday, down 1.71 percent from a week earlier, mainly due to weaker than expected U.S. consumer sentiment and sluggish first quarter growth in China, South Korea’s largest export market.Uncertainties brought on by Spain’s de
April 22, 2012
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Korea’s debt may match GDP by 2030
South Korea’s government debt could surpass 100 percent of its gross domestic product in 2030, hit by a steady increase in welfare spending and rising debts of public companies, a report by the Bank of Korea warned Sunday. The nation’s public debt rose to a record high of 420.7 trillion won ($368 billion) as of the end of last year, with the ratio of national debt to GDP climbing to 34 percent from 33.4 percent a year ago. “The ratio of national debt to GDP is expected to remain low until 2015,
April 22, 2012
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Korea to contribute $15 billion to IMF
WASHINGTON (Yonhap News) ― South Korea announced a plan Friday to provide $15 billion to the International Monetary Fund, which seeks to expand its lending capacity.The move comes as spring meetings of the IMF and G-20 are under way here. South Korea’s finance minister, Bahk Jae-wan, and the Bank of Korea chief, Kim Choong-soo, are attending the sessions.In a joint statement with Australia, Singapore and the United Kingdom, South Korea said the contribution is part of efforts to “increase the pr
April 22, 2012
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IMF warns Europe not to ease up in debt battle
WASHINGTON (AP) ― An infusion of hundreds of billions of dollars will give the International Monetary Fund a badly needed boost to tackle Europe’s prolonged debt crisis. But global finance officials sent a strong message Saturday that struggling governments must speed reforms or risk spooking jittery markets and raising the economic danger.The lending agency said in a statement after its weekend meetings that financially-strapped European countries must put in place bold changes to resolve their
April 22, 2012
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Loan shark crackdown gets massive response
The government received more than 5,600 complaints in the three days after it opened a call center last Wednesday to help victims of loan sharks, the nation’s top financial regulator said Sunday.The government last week announced plans to root out illegal private lenders that exploit low-income households with poor credit ratings. The reported cases involved illegal high-interest loans, mortgage fraud, coercive debt collection and voice phishing.The FSS has extended the reporting hours by three
April 22, 2012
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Twins charged with stock fraud
U.S. finance regulators said 21-year-old twins from Britain sold investors on a fraudulent computer program they said would make investment choices.The brothers Alexander and Thomas Hunter created a newsletter called Doubling Stocks and sold investors on a robot program called Marl, which made their investment decisions, The Financial Times reported Saturday.The Securities and Exchange Commission
April 22, 2012
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Finance chief urges global efforts to curb oil prices
South Korea’s finance minister has called for greater international cooperation to control the surging price of crude oil, which can weigh down economic growth, the government said Friday.“The minister met with counterparts from China, India, Mexico and Canada, as well as the head of the World Bank, and exchanged views on what measures can be taken to deal with crude prices,” the Ministry of Strategy and Finance said in a press release in Seoul.Bahk Jae-wan is in Washington to take part in a two
April 20, 2012
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Shares fall 1.26% on weak U.S. economic data
South Korean stocks fell 1.26 percent on Friday due to disappointing U.S. job and technology sector data and eurozone concerns, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 25.21 points to close at 1,974.65. Trading volume was moderate at 508 million shares worth 4.74 trillion won ($4.14 billion), with losers outpacing gainers 602 to 247.“Weaker-than-expected U.S. economic data related to the labor and housing markets and
April 20, 2012
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Open bidding plan for new KTX line unveiled
The Ministry of Land, Transport and Maritime Affairs announced on Thursday a formal open bidding document for a new KTX line, whose route involves Suseo, rekindling disputes over the privatization of the bullet train system. The plan confirmed the government’s resolve to allow private companies to run part of the train network. Opposition parties and civic groups, however, protested that the move is a step toward the privatization of KTX, which will lead to higher rates. The Suseo route of the K
April 19, 2012
