Korea’s debt risks rise on global woes

Spread on credit default swaps rises above 2 percentKorea’s sovereign default risks went up last week as the Korean won and the main stock index confronted a selling spree amid growing concerns over the country’s wobbly financial market battered by the deepening fiscal crisis in Europe. The spread o

Sept. 25, 2011

Deutsche Bank employee faces prosecution probe

One more employee of Deutsche Bank AG will likely be subject to criminal investigation in Korea on suspicion of engaging in irregular stock trading, according to the Financial Supervisory Service.FSS officials allege that an employee of Deutsche Bank rigged the price earnings ratio during his tradin

Sept. 25, 2011

FSS to warn card industry CEOs

Most of six firms under review likely to face sanctions for irregular practicesThe Financial Supervisory Service is moving to reprimand chief executives of major credit card companies for irregular business practices.While the FSS is considering handing down sanctions on several companies for irregu

Sept. 25, 2011

‘Market jitters likely to cut growth’

South Korea’s top central banker said Friday the country’s economy is likely to lose growth momentum, largely due to prolonged market jitters and weakening growth in advanced economies, hinting at cutting the bank’s growth estimate for the year.The remarks by Bank of Korea Gov. Kim Choong-soo came a

Sept. 23, 2011

Market retreats further on U.S. Fed statement

Seoul stocks dropped another 2.9 percent Thursday on smaller-than-expected stimulus measures from the U.S. Federal Reserve on top of a global growth downgrade by the International Monetary Fund. The benchmark KOSPI lost 53.73 points to 1,800 after dipping as low as 1,780 at around noon. The junior K

Sept. 22, 2011

BOK chief: Korea not likely to face another sudden crisis

WASHINGTON (Yonhap News) -- The head of South Korea’s central bank sought Wednesday to ease worries over his country’s financial markets, saying they won’t likely face another sudden crisis.The current situation is “different from when (the South Korean economy) was in difficulty in 2008,” Bank of K

Sept. 22, 2011

Stock fraud via broadcasters surfaces

The financial regulator has launched a full-fledged investigation into alleged stock manipulation via cable TV channels, Internet broadcasters and cyber communities.Allegations that investment advisors engaged in stock manipulation recently emerged, an official at the Financial Supervisory Service s

Sept. 22, 2011

Deutsche Securities Korea to resume derivatives trading

Six-month ban imposed for causing market crash ends in OctoberDeutsche Securities Korea is to resume derivatives trading from October when a six-month ban imposed by the local regulator expires, sources said. Speaking on behalf of Deutsche Securities Korea, Michael West, head of PR for the company’s

Sept. 22, 2011

Vote for Jeju and ...win a Hyundai

Cast your vote to make Jeju Island a New 7 Wonders of Nature and you may win a Morning or a tablet PC, Hyundai Motor Co. said Wednesday. The largest carmaker here said a total of 50 successful votes will be picked by lottery by Nov. 11 when the global campaign ends. The Official ‘New7Wonders of Natu

Sept. 21, 2011

Seoul to provide W4tr in Nonghyup restructuring aid

The government has decided to provide 4 trillion won ($3.5 million), or 15.7 percent, of the total needed to restructure state-run National Agricultural Cooperative Federation, the Finance Ministry said Wednesday. The amount is 2 trillion won short of the 6 trillion won requested by Nonghyup, the co

Sept. 21, 2011

Weaker won a mixed blessing for exporters

A rapid decline of the Korean won against the U.S. dollar is expected to boost sales of local exporters such as automakers and electronics manufacturers, analysts said on Wednesday. The depreciation of the local currency, or a drop in the value of the Korean won, is generally viewed as a factor that

Sept. 21, 2011

Two savings banks probed for irregularities

The Financial Supervisory Service said Wednesday that it has uncovered two savings banks ― Jeil and Ace ― which have issued irregular loans to ailing builders over the past few years.The regulator filed complaints the two lenders and nine other banks in the secondary banking industry with the prosec

Sept. 21, 2011

Seoul sets W23tr for infrastructure

Next year’s national budget to focus on investment, welfare, job growthThe government plans to allocate 22.6 trillion won ($19.8 billion) for social infrastructure projects next year, emphasizing that the 2012 budget plan, unveiled next week will focus on upping investment in public works, welfare a

Sept. 21, 2011

Italy downgrade to hit Korean market

In a surprise move, Standard & Poor’s has downgraded Italy’s sovereign debt rating, a development that analysts said could affect the Korean stock and foreign exchange markets negatively at least in the short term. The rating agency cut Italian debt one notch to “A/A-1” from a “A+/A-1+” grade, citin

Sept. 20, 2011