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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Job creation lowest on record among under-30s
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NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
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Opposition leader awaits perjury trial ruling
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Financial crimes on rise in Korea
The number of serious crimes in South Korea’s financial sector increased last year, data showed Monday, raising the need to bolster countermeasures to prevent investment losses.Of the 209 cases probed for unfair trade practices in 2011, 72.7 percent were referred to the state prosecutors’ office for criminal investigation, according to data by the Financial Supervisory Service. The number represents a gain from 63.3 percent in 2007.The increase was largely led by sharp gains in unfair trading in
Jan. 9, 2012
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Samsung likely to post record profit this year
Strong smartphone business expected to help Samsung overtake Intel in operating profitSamsung Electronics, Asia’s biggest technology company, is set to post a record profit on strong sales of smartphones, brokerages said Monday. Local securities houses said Samsung is expected to solidify its global market position as a leading provider of smartphones and tablet computers, both of which are enjoying stronger sales worldwide. Daewoo Securities said Samsung’s revenue and operating profit this year
Jan. 9, 2012
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BOK mulls hike in bank reserve requirement
The Bank of Korea is considering a set of measures that include a hike in bank reserve requirements in order to rein in consumer prices. “Given that price stability is deemed the most important issue, the Bank of Korea is reviewing short-term policy measures to stabilize consumer prices in addition to the mid-term and long-term tool of adjusting the benchmark interest rate,” a high-ranking BOK official told the local press Monday. To that end, the central bank is likely to raise the bank reserve
Jan. 9, 2012
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Korea big player in global M&A market
Local firms’ cross-border takeover deals surge in value 51-fold in 5 yearsKorea has become the 10th-largest acquirer in the cross-border mergers and acquisitions markets, overtaking Germany and France.According to data of the Korea Capital Market Institute, Korean companies’ takeover of foreign players in the M&A markets was equivalent to $11.2 billion (12.7 trillion won) in combined asset value for the first 10 months of 2011.In 2010, Korean firms spent a net $9.9 billion on the overseas M&A de
Jan. 9, 2012
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Seoul shares down on unabating eurozone woes
South Korean stocks closed 0.9 percent lower on Monday as investors kept a wary eye on the debt-saddled eurozone while reacting cooly to improved U.S. data, analysts said. The local currency fell against the U.S. dollar.Moving in a tight range, the benchmark KOSPI fell 16.65 points to 1,826.49. Trading volume was moderate at 388.1 million shares worth 4.14 trillion won ($3.5 billion), with decliners outnumbering gainers 514 to 316.“Investors have nothing to anticipate from the U.S. data as they’
Jan. 9, 2012
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Samsung recruits diplomat
A diplomat who played a key role in negotiations for Korea-U.S. Free Trade Agreement will likely take the post of an executive director at Samsung Electronics.Kim Won-kyoung, a councilor of the Korean Embassy in the United States, tendered his resignation last weekend, according to diplomatic sources.The 45-year-old figure has reportedly been scouted by Samsung Electronics to hold the post of an executive director at the chipmaker’s U.S. sales corporation.Kim worked as the general director of th
Jan. 9, 2012
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Kyobo-KTB SPAC fails to fully disclose information on target firm
A special purpose acquisition company (SPAC) jointly built by South Korea’s major securities firm and leading venture capital firm failed to fully disclose information on its target company, resulting in its overvaluation, documents showed Sunday. Kyobo-KTB SPAC, a paper company established by Kyobo Securities Co. and KTB Securities Co., released inaccurate information about target company Korea Fueltech Corp., which then allowed the SPAC to overvalue Korea Fueltech.In a December regulatory fili
Jan. 8, 2012
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FSS seeks tie-ups with G20 nations in 2012
Korea’s financial regulator plans to bolster collaboration with international organizations to develop advanced supervision skills and help Korean financial firms to actively tap overseas markets.On Sunday, the Financial Supervisory Service unveiled its 2012 policy directions, which include enhancing cooperation with overseas supervisors and hosting planned gatherings.Its global policy features pushing for signing memoranda of understanding with several members of the Group of 20.“We will seek M
Jan. 8, 2012
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Shares to feel the effects of eurozone woes
Korea’s bourse is expected to feel the effects of eurozone woes with stocks prices likely to remain locked this week despite modest gains made coming into the new year, local analysts said Saturday.The benchmark KOSPI gained 0.95 percent from the previous week’s closing to end the first week of trading in 2012 at 1,843.14 points.The 17.40 point gain comes despite unfounded rumors about a nuclear accident in North Korea that caused the KOSPI to temporarily fall sharply for a time on Friday.Analys
Jan. 8, 2012
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Regulator set to beef up monitoring of stocks linked to politicians
Politically sensitive stocks log sharp rises on rumors ahead of elections this yearKorea’s financial regulator said Sunday it would strengthen its monitoring of the local stock market to weed out false rumors concocted to boost share prices amid worries over politics-linked stocks. According to the Korea Exchange and the Financial Supervisory Service, the number of stocks that investors considers to move in tandem with political developments here shot up to 78, reflecting the planned parliamenta
Jan. 8, 2012
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Regulator to put a ceiling on banks’ dividend payout
Korea’s financial regulator said Sunday it would ban local lenders from paying out dividends to their respective holding companies as part of efforts to drive out the “greedy practices” of the financial sector. The Financial Supervisory Service, which voiced its opposition to excessive dividend payments on several occasions, asked the banks to file capital soundness plans for the next five years. The plans should include banks’ dividend targets, and the FSS would put a ceiling on the figure to b
Jan. 8, 2012
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Pension fund gets qualified investor status from China
South Korea’s state-run pension fund has received qualified investor status from Chinese authorities, opening the door for its investment in Chinese stock markets, its officials said Sunday.The National Pension Service received the status of “qualified foreign institutional investor” (QFII) from the China Securities Regulatory Commission, according to the officials.The approval comes more than a year after the NPS applied for the QFII in December 2010. Among the world’s top four pension operator
Jan. 8, 2012
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Seoul shares to feel the effects of eurozone woes
South Korea's bourse is expected to feel the effects of eurozone woes with stocks prices likely to remain locked next week despite modest gains made coming into the new year, local analysts said Saturday.The benchmark Korea Composite Stock Price Index gained 0.95 percent from the previous week's clo
Jan. 7, 2012
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FSS probes stock rumors on N.K. nuclear blast
The Financial Supervisory Service opened a probe on Friday into suspicions that a group of investors manipulated stocks by spreading false rumors on North Korea.The measure was taken after South Korean stocks plunged for several minutes after 2 p.m. during the trading session, hit by the rumors that there was an explosion at the Yongbyon nuclear complex in North Korea. The FSS also requested that police investigate the case.Though the stock market stabilized before it closed, the brokerage secto
Jan. 6, 2012
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FSC, FSS to undergo six-week inspection by top audit agency
The Board of Audit and Inspection will launch an extraordinary inspection into the nation’s two financial regulators next Monday.The top auditor has informed the Financial Services Commission and the Financial Supervisory Service of its scheduled probe for the coming six weeks, regulatory officials said Friday.The officials said they do not rule out the possibility that the BAI may investigate the regulators’ ruling on Lone Star Funds, the biggest shareholder of Korea Exchange Bank.“The schedule
Jan. 6, 2012
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FSC, FSS under government inspection next week
The Board of Audit and Inspection will launch an extraordinary inspection into the nation’s two financial regulators next Monday.The top auditor has informed the Financial Services Commission and the Financial Supervisory Service of its scheduled probe for the coming six weeks, regulatory officials said Friday.The officials said they do not rule out the possibility that the BAI may investigate the regulators’ ruling on Lone Star Funds, the biggest shareholder of Korea Exchange Bank.“The schedule
Jan. 6, 2012
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Seoul shares decline 1.11% on renewed Europe concerns
Korean stocks dropped 1.11 percent Friday on renewed eurozone concerns that shrugged off optimism about economic recovery, analysts said. The local currency declined sharply against the U.S. currency.The benchmark KOSPI fell 20.6 points to 1,843.14. Trading volume was heavy at 466.6 million shares worth 4.36 trillion won ($3.75 billion) with losers outnumbering gainers 551 to 264.“Europe issues weighed heavily on the market, dragging down the key index,” said analyst Lee Seung-woo from Daewoo Se
Jan. 6, 2012
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Korea Exchange to open spot oil trading system
Korea’s bourse operator said Friday it plans to open a spot oil electronic trading system in a bid to bolster the local transaction market and help stabilize energy prices. The trading system will begin preliminary operations in late March after test runs are conducted next month, with oil refiners and exporters expected to be the main sellers, according to the Korea Exchange. Franchise dealers and gas station owners will take part as buyers through the trading system. Any entrepreneur in the oi
Jan. 6, 2012
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Eximbank raises $2.25b via debt sale
The state-run Export-Import Bank of Korea said Thursday it has issued dollar-denominated bonds worth $2.25 billion, the single biggest debt sale by a Korean institution excluding the government.The debt is composed of two-tranche global bonds maturing in five years and 10 years and three months, respectively, the policy lender said.The five-year bonds worth $1.25 billion carry an interest rate 3.15 percent above the corresponding U.S. state bond yields. The other tranche, worth $1 billion, are p
Jan. 5, 2012
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Brokerages’ foreign units’ losses increase
Korean securities firms saw losses at their foreign operations widen in the first half of fiscal 2011 from a year earlier due mainly to heightened market uncertainties, the financial regulator said Thursday.The 93 foreign units of 19 local brokerages saw their combined net loss reach $43.3 million in the April-September period of last year, compared with $17.3 million a year earlier, according to the Financial Supervisory Service. The firms close their books on March 31.The weak bottom line came
Jan. 5, 2012
