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
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
6
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Job creation lowest on record among under-30s
-
9
NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
-
10
Opposition leader awaits perjury trial ruling
-
ABS issuance down 5.6% in 3rd quarter
The issuance of asset-backed securities in South Korea slipped 5.6 percent in the third quarter from a year earlier, led mostly by state-run firms, the financial regulator said Thursday.ABS sales by local financial firms and mortgage agencies totaled 6.53 trillion won ($5.77 billion) in the July-September period, compared with 6.91 trillion won the previous year, according to the Financial Supervisory Service.The decline came as public firm Korea Housing Finance Corp. scaled back issuances of mo
Nov. 17, 2011
-
Shinhan bids for troubled savings bank
Shinhan Financial Group Co. said Thursday it has decided to bid for a local savings bank, joining other local rivals in the race to take over the ailing financial institution.The country’s No. 3 financial firm said it has submitted a letter of intent to the state-run Korea Deposit Insurance Corp. to take part in the bidding for Tomato Savings Bank, one of the seven market players whose operations were suspended two months ago. In September, South Korea’s top financial regulator halted those savi
Nov. 17, 2011
-
Overseas investments by local brokerages up
South Korean securities firms increased their overseas investments in the first half from a year earlier as part of efforts to diversify their profit sources, the financial regulator said Thursday.Foreign investments made by 28 local brokerages totaled 2.48 trillion won ($2.17 billion) as of end-June, up 25.7 percent from the previous year, according to the Financial Supervisory Service.The tally includes money spent on purchasing foreign assets, such as equities and bonds, as well as investment
Nov. 17, 2011
-
Bahk named chief of banks federation
Bahk Byong-won, former presidential secretary for economic affairs, has been nominated chairman of Korea Federation of Banks.The KFB is poised to appoint the 59-year-old to the post at a decision-making meeting on Nov. 23.Bahk, who will replace current KFB chairman Shin Dong-kyu, worked as a senior aide to President Lee Myung-bak between 2008 and 2009 and was chairman of state-run Woori Financial Group between 2007 and 2008.He had mostly served in the government as a public official. Before work
Nov. 17, 2011
-
Nine officials to determine fate of Lone Star
The nine-member panel of the Financial Services Commission is scheduled to unveil its measures against Lone Star Funds, convicted of stock rigging, on Friday, which will possibly mark a historic event.The members include FSC chairman Kim Seok-dong, Financial Supervisory Service Gov. Kwon Hyouk-se, FSC vice chairman Choo Kyung-ho, Korea Deposit Insurance Corp. president Lee Seung-woo and Bank of Korea senior deputy Gov. Lee Ju-yeol.Kim clarified that the panel will decide on its action “according
Nov. 17, 2011
-
Political rumors fueling volatility in stock market
Artificial thematic grouping of shares spawns manipulation in stock marketsWith the presidential election set for next year, a growing number of Korean stocks are being linked to a slew of groundless ― often meticulously manipulated ― rumors in a way that fuels more volatility on the local bourse.Korea Exchange and brokerage data showed on Thursday that at least 60 stocks are estimated to be changing hands on the KOSPI and KOSDAQ under the category “election-themed” shares.It is no new phenomeno
Nov. 17, 2011
-
‘Korea capable of more stimulus without negative rating results’
Public finance in Korea is healthy enough for the government to provide more stimulus without negative consequences for its sovereign debt rating, senior vice president of Moody’s Sovereign Risk Group for Asia said Thursday.Although Korea would remain relatively less vulnerable to the ongoing debt saga in Europe, its “modest” amount of public debt leaves Seoul more room for additional policy accommodation should growth stalls further, Tom Byrne told reporters in Seoul.“Korea has good financial g
Nov. 17, 2011
-
FSC to decide on Lone Star on Friday
Financial regulators plan to unveil Friday their stance on whether to punish Lone Star Funds for stock manipulation.The Financial Services Commission said Wednesday it would hold an extraordinary meeting, composed of a nine-member panel, on Nov. 18 to discuss detailed ways to order the fund to sell most of its stake in Korea Exchange Bank.The regulator’s meeting is drawing wide interest “in terms of abusing authority or not” as the Supreme Court has yet to rule on whether the FSC should make pub
Nov. 16, 2011
-
FSS to spin off consumer protection unit
An independent watchdog aimed at strengthening the rights of financial consumers will be set up during the first half of 2012, after a decision by the Financial Services Commission on Wednesday.At the nine-member panel discussion, the FSC decided to spin off the department in charge of consumer protection from the Financial Supervisory Service, an executive arm of the FSC.FSS Gov. Kwon Hyouk-se, who took his office as the top regulator in March, finalized the move for a larger consumer protectio
Nov. 16, 2011
-
Seoul shares close down 1.59% on European debt woes
South Korean stocks finished 1.59 percent lower on Wednesday as investor sentiment was muted by the persistent debt crisis in Europe, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 30.05 points to close at 1,856.07. Trading volume was moderate at 402 million shares worth 5.58 trillion won ($4.91 billion) with losers outpacing gainers 631 to 190.“Concerns about Italy’s and Spain’s government bonds weighed on the market,” said an
Nov. 16, 2011
-
Local banks’ bad debt ratio up in third quarter
The bad debt ratio for South Korean banks’ household loans rose in the third quarter from three months earlier as the economic slowdown and the slumping property markets spurred fresh loan delinquency, the financial watchdog said Wednesday.Local banks’ non-performing household loans accounted for 0.67 percent out of their total lending as of the end of September, up 0.11 percentage point from three months earlier, according to the Financial Supervisory Service.The bad loan ratio for bank mortgag
Nov. 16, 2011
-
Korea deserves higher sovereign rating: HSBC
Researcher points to nation’s capability to cover external debt, ample foreign reservesCredit rating agencies should raise their sovereign credit ratings of Korea to better reflect its improved ability to finance external debt, Frederic Neumann, co-head of Asia research team at HSBC said Wednesday. Commenting on Korea having the same rating Italy at Standard & Poor’s and Fitch Ratings, the Hong Kong-based economist said the ratings shared by the two at those agencies don’t accurately reflect the
Nov. 16, 2011
-
Financial derivatives trades surge amid growing concern
Regulators scramble to draw up measures to control high-risk tradesKorea’s financial derivates market is expected to surpass 30 quadrillion won ($26.6 trillion) this year, data showed on Tuesday, amid growing concerns about huge losses inflicted on retail investors. The strong appetite for high-risk trades of futures, options and equity-linked warrants is now set to boost the total trading volume of derivates to reach 30.35 quadrillion won by the end of the year, according to the Financial Super
Nov. 15, 2011
-
Korea’s import price growth hits 6-month high in Oct.
South Korea’s import prices rose at the fastest pace in six months in October primarily because the local currency depreciated against the U.S. dollar, the central bank said Tuesday.In local currency terms, the country’s import prices rose 16 percent in October from a year earlier, quickening from the 14 percent on-year gain in September, according to the Bank of Korea.The October data marked the fastest expansion since a 19 percent on-year advance in April, the BOK added.Compared with the previ
Nov. 15, 2011
-
Banks’ FX deposits jump in Oct. on currency volatility
South Korean banks’ foreign exchange deposits sharply rose last month as exports remained steady and high currency volatility led companies to buy the dollar, data showed Tuesday.Foreign currency-denominated deposits held by top lender Kookmin Bank and four other banks totaled $17.1 billion as of the end of October, up $2.4 billion or 16.6 percent from a year earlier, according to industry data.The sharp rise came mainly because capital inflows from export income continued and companies snapped
Nov. 15, 2011
-
Shares end down on nagging eurozone woes
South Korean stocks closed 0.88 percent down Tuesday as Italy’s high borrowing costs underpinned nagging concerns about the eurozone debt crisis, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 16.69 points to close at 1,886.12, snapping the second straight session of gains. Trading volume was moderate at 355.8 million shares worth 4.74 trillion won ($4.21 billion) with losers outpacing gainers 543 to 280.“As Europe’s debt p
Nov. 15, 2011
-
New plan in the making for Woori sale
Lawmakers mount calls for reactivation of plan to sell government-held stakeFinancial authorities are expected to come up with a new plan soon to privatize state-owned Woori Financial Group as calls from politicians for resumption of the stalled sale plan are mounting, sources said Tuesday.Last week, some members of the National Policy Committee of the National Assembly called for Korea Deposit Insurance Corp., the biggest shareholder of Woori Financial, to draw up a new plan to sell most of its
Nov. 15, 2011
-
Korea’s trade terms hit near 3-year low in Q3
South Korea’s terms of trade worsened to the lowest level in nearly three years in the third quarter as on-year gains in oil prices jacked up import costs, the central bank said Monday.The country’s net terms-of-trade index for goods came in at 78.7 in the July-September period, down 9.9 percent from a year earlier, the Bank of Korea said in a report. The third-quarter data marked the lowest level since 75.1 in the fourth quarter of 2008.The on-year growth rate also was the sharpest fall since t
Nov. 14, 2011
-
Hana chief’s fate may hang on FSC decision
Financial regulators’ planned action against Lone Star Funds is expected to affect the fate of Kim Seung-yu, the chairman of Hana Financial Group, which is seeking to acquire Korea Exchange Bank from the U.S.-based equity fund.Early this year, group board members allowed Kim, who had taken on the post of Hana Bank CEO or Hana Financial chairman since 1997, to extend his term for the top post by one more year until March 2012. The board members’ endorsement of the 68-year-old chairman’s tenure ex
Nov. 14, 2011
-
Shares up as Italy, Greece replace leaders
The benchmark KOSPI crawled up 2.1 percent to 1,902.81 Monday on hopes that new leadership in Greece and Italy would help resolve the debt crisis in Europe. Gains were led by tech shares after investors rushed to grab Hynix Semiconductor Inc. stock on the news that the world’s No. 2 computer memory chip maker will issue new shares to prospective buyer SK Telecom at 23,000 won ($20.41) each. Hynix advanced 3.48 percent to 22,300 won apiece. The KOSPI opened strongly on hopes that new technocratic
Nov. 14, 2011
