NPS chief sees EU opportunities

National Pension Service boosts overseas real estate investmentsNational Pension Service chairman Jun Kwang-woo said he sees investment opportunities in Europe as major state properties, such as Spain’s Madrid Airport, are to be privatized.In an interview with the Yonhap news agency after his Europe trip for an industry forum Sunday, the head of the world’s fourth-largest pension fund said NPS will be “actively eying” the undervalued properties expected in the market as some states enter debt re

Oct. 24, 2011

BOK chief hints at rate hike

South Korea’s central bank will resume its efforts to raise the interest rate if a set of external economic uncertainties are reduced, its chief has said.Bank of Korea policymakers face a dilemma in how to deal with lingering inflation concerns and heightened economic uncertainty sparked by dimmer g

Oct. 23, 2011

Korea to see price rises outpace economic growth

Korea’s economic growth rate is forecast at far below the estimated inflation gain this year, data showed on Sunday, raising fears that the country might be entering an era of a chronically slow growth. According to the data by the Korea Center of International Finance, 10 foreign investment banks p

Oct. 23, 2011

EU summit likely to affect S. Korea's stock market direction next week

South Korean stocks stand to be affected by the outcome of next week's summit talks among European leaders as the fiscal debt crises in Greece and other eurozone countries still weigh on the overall market sentiment here, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI)

Oct. 22, 2011

Korea soon to finalize currency swap expansion deal with China

The government will soon finalize the won-yuan swap expansion deal with Chinese authorities to boost the $26 billion currency swap currently in place, multiple sources at the Finance Ministry confirmed on Thursday. A senior ministry official said the expansion of the won-yuan swap was proposed by th

Oct. 21, 2011

SC First sets out on early retirement

Lay-off may be extended to non-executive posts as bank struggles with extended strikeStandard Chartered First Bank Korea began speeding up its manpower restructuring, as unionized workers’ long-running walkout failed to garner wide support from the public.This week, the bank launched one-on-one talk

Oct. 21, 2011

Shinhan Bank opens first branch in western China

HONG KONG (Yonhap News) – South Korea's second-largest lender Shinhan Bank said Friday it has opened its first branch in the western region of China, amid rapid economic growth recently witnessed in China's less developed region.Shinhan Bank said its twelfth Chinese branch opened in Changsha,

Oct. 21, 2011

Regulator poised to curb big bank dividends

South Korea’s financial regulator is moving to draw up measures to put a lid on local banks’ excessive dividend payouts that have caused a public outcry, officials said Thursday.“Measures are on the drawing board to require banks to cut the amount of profits available for dividends,” said an officia

Oct. 20, 2011

Japan currency swap to bolster won: report

Experts call for government to sign more currency swaps with the U.S., ChinaThe expanded currency swap between South Korea and Japan is likely to bolster the value of the Korean won and help reduce its volatility, local brokerages said Thursday. Korea and Japan announced on Wednesday their agreement

Oct. 20, 2011

Bank CEOs pledge to cut fees

Chief executives in the banking industry are moving to reach a consensus on slashing service fees on customer transactions amid mounting public anger over so-called corporate greed.The move comes after a group of citizens has been holding a series of rallies against financial companies, criticized f

Oct. 20, 2011

Seoul shares end 2.74% lower on Europe’s woes

South Korean stocks closed 2.74 percent lower Thursday as investor sentiment was chilled by nagging concerns about the eurozone sovereign crisis, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 50.83 points to close at 1,805.09.

Oct. 20, 2011

KOTRA, KOGAS strike deal with IDB on more natural gas import

The Korea Trade-Investment Promotion Agency and the Korea Gas Corp. signed a memorandum of understanding with the Inter-America Development Bank to better access natural gas abundant in the Latin American region, Luis Albert Moreno, president of IDB said Thursday in Seoul. “Korea Gas Corp. probably

Oct. 20, 2011

Hana Financial denies report of cutting KEB takeover price

   (Yonhap News) -- Hana Financial Group on Wednesday denied a local report that it has asked Lone Star Funds to cut the sales price for Korea Exchange Bank (KEB), which South Korea's No. 4 banking group is trying to take over.    In July, Hana agreed with the U.S. buyout fu

Oct. 19, 2011

2012 growth rate forecast to miss growth potential

South Korea’s real economic growth rate is expected to hover below the country’s growth potential in 2012 due to the global economic slowdown, private think tanks said Wednesday.According to the Samsung Economic Research Institute), the nation’s inflation-adjusted growth rate for next year is estima

Oct. 19, 2011

Korea, Brazil agree to boost trade, investment

South Korea and Brazil have agreed to expand their bilateral trade and investment as part of efforts to boost their overall economic cooperation, officials said Wednesday. The countries also shared the view that they and other emerging countries should keep their fiscal health strong enough to shiel

Oct. 19, 2011

Seoul runs job fair for U.N., global finance bodies

The government plans to run a recruitment drive for Korean posts at United Nations agencies and other international institutions this Friday at Korea University in Seoul, the Finance Ministry said Wednesday.Finance Ministry and Foreign Ministry officials will explain the work and personnel policies

Oct. 19, 2011

Buyers line up for savings banks

Potential bidders include Hyundai, Korea Investment and KiwoomCompetition to take over distressed savings banks has grown heated among investors after financial authorities began the process of selling six savings banks on Friday.The stock brokerage sector has emerged as the most active investor in

Oct. 19, 2011

Regulators pile more pressure on ‘corporate greed’

Financial firms rebut mounting criticism over compensationKorea’s financial regulators continued their push to force the local financial industry to shape up, but changed their tone, mindful of excessive meddling in the private sector.The industry is under fire for getting away with large paychecks

Oct. 19, 2011