Brokerages boost baby boomer R&D

Firms see fresh opportunity in providing new retirement-related asset managementSouth Korea’s major brokerages houses are setting up research centers targeting the country’s baby boomer generation in a bid to take a share in potentially huge securities-related markets.The term “baby boomers” refers

Sept. 15, 2011

Citibank Korea pays highest salary among lenders

Citibank Korea Inc. paid the highest salary among major banks in the country in the first half of this year, industry data showed Thursday. The South Korean unit of the U.S.-based Citigroup Inc. paid an average of 6.17 million won (US$5,593) a month to its workers in January-June period, according t

Sept. 15, 2011

Gold has been most profitable since Lehman Brothers’ collapse

Gold has been the most profitable investment vehicle since the collapse of Lehman Brothers Holdings in 2008, a survey showed Wednesday.According to the data compiled by the Yonhap news agency through banks and securities firms, the price of gold has increased 137.5 percent since the U.S.-based finan

Sept. 14, 2011

Woori Card moving to stand alone again

Woori Financial Group’s project to launch a stand-alone credit card operation is drawing interest as financial regulators move to sell dominant shares of the state-owned group.The financial group is scheduled to convene a board meeting this month to approve its plan to separate Woori Card from Woori

Sept. 14, 2011

Samsung Card to sell 20% stake in Everland

Stake sale signals major shift in control of Samsung GroupSamsung Card Co. said on Wednesday it plans to sell its 20.64 percent stake in its affiliate Samsung Everland Inc., which acts as Samsung’s Group’s holding company, sparking keen interest about possible stake buyers.Samsung Card, which owns a

Sept. 14, 2011

GE to repay Buffett for 2008 rescue

General Electric said Tuesday that it would pay billionaire Warren Buffett‘s company $3.3 billion, plus dividends, for the preferred shares he bought during the 2008 financial crisis.Buffett’s purchase of the preferred shares in October 2008 rescued GE in the depths of the crisis, when the company w

Sept. 14, 2011

Brokerages spend W100b on entertaining clients

South Korea’s brokerage houses annually spend more than 100 billion won ($92 million) on wining and dining their clients, Financial Supervisory Service data showed on Tuesday. In a single business day, about 400 million won worth of meals and entertainment expenses are signed off for entertaining cl

Sept. 13, 2011

European funds unload stocks, bonds on Seoul market: data

European funds valued at about 5.5 trillion won ($5 billion) are estimated to have pulled out of South Korea’s stock and bond markets since August according to the country’s financial regulators’ data, underscoring the volatile sentiment gripping jittery investors.The sell-off came after the histori

Sept. 13, 2011

Brokerages lack financial health

Data shows Korean firms lag behind foreign rivals in soundnessKorean securities firms are of weak financial soundness compared to foreign brokerage houses in Korea, a regulatory report has shown.Data from the Financial Supervisory Service showed Tuesday that 42 local brokerages posted an average net

Sept. 13, 2011

Buffett adds investment exec as part of succession

OMAHA, Nebraska (AP) -- Berkshire Hathaway has hired a second hedge fund manager to help run the company's investment portfolio and prepare for what it described as the eventual retirement of 81-year-old billionaire Warren Buffett.Berkshire said Monday that Ted Weschler will join the Omaha-based com

Sept. 13, 2011

Seoul shares to track reaction to Obama's jobs speech next week

Amid an absence of major events next week, the South Korean stock market is expected to be largely influenced by the political reactions following U.S. President Barack Obama's jobs proposal, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) wrapped up this week at 1,812

Sept. 10, 2011

Rainy weather lifts producer prices

The unusually heavy rains and typhoons of the past two months caused prices of fresh produce to rise by the steepest pace since April, the central bank said Friday.Producer prices of fresh vegetables and fruits advanced 6.6 percent in August from a year earlier, signaling rapid price increases in pr

Sept. 9, 2011

Korea to put anti-inflation, jobs on front burner

South Korea will put the top priority of its macroeconomic policy on taming inflation and boosting jobs as part of efforts to stabilize the livelihoods of ordinary working-class people, the Finance Ministry said Thursday.The ministry also said it will carry out its macroeconomic policy in a “flexibl

Sept. 8, 2011

Suicide top cause of death for under 40s

Suicide was the main cause of death for Koreans aged 40 or younger in the past year, followed by accidents and cancer, Statistics Korea said Thursday. The government agency report said the country’s suicide rate was the highest among member nations of the Organization for Economic Cooperation and De

Sept. 8, 2011

FSS bows to banks on fees cut

Financial regulators have postponed instructing banks to slash service fees on transactions via automated teller machines due to complaints from the banking sector, sources said.The Financial Supervisory Service had planned to announce the policy to force banks to cut service fees on money transfers

Sept. 8, 2011

Korea scraps tax cut plans for firms, rich

Officials stress securing tax revenue, fiscal balance to ward off external risksThe government on Thursday decided to scrap plans to cut corporate tax rates for conglomerates, compromising following calls for fiscal balance and more spending on the poor.In a meeting to discuss tax revisions for the

Sept. 7, 2011

Brokerages seek support to lift market status

Chief regulator urges CEOs to refrain from issuing credit loansCEOs in the brokerage industry called for financial authorities to map out measures for the South Korean stock market to be upgraded to developed status.Their request targets an upgrade from Morgan Stanley to reduce the “Korea discount”

Sept. 7, 2011