Watchdog to receive preliminary applications for Internet bank

South Korea regulators on Tuesday said they will receive preliminary applications from consortiums wanting to launch South Korea's first Internet-only bank.According to the Financial Services Commission and Financial Supervisory Service, prospective operators will be allowed to submit applications Wednesday through Thursday. The preliminary approval process will eventually lead to the creation of the first new entity in the country's banking industry in 23 years. Government regulators said Kakao

Sept. 29, 2015

20% of C-suite members leave major firms: data

Nearly 20 percent of executives at South Korea's major companies were either dismissed or stepped down in the past year amid efforts to streamline business portfolios, data showed Thursday.The total number of registered and non-registered executives at flagship companies of the country's top 10 business groups stood at 2,585 at the end of June, down 47 from a year earlier, according to the data compiled by corporate tracker Chaebul.com.The 10 surveyed companies are Samsung Electronics Co., Hyund

Sept. 24, 2015

Kumho Group, creditors get closer to agreement on stake sale

Kumho Asiana Group and creditor banks have nearly reached an agreement to resell a majority stake in Kumho Industrial Co., the group's de facto holding company, back to its chairman, a move that is expected to put an end to Park's years-long efforts to restore the conglomerate to its former size.The creditors led by the state-run Korea Development Bank said Wednesday that it notified the company of the final price of the stake sale, which was set at 722.8 billion won (US$607.7 million) in total.

Sept. 23, 2015

Top 30 biz groups invest 61 tln won in H1

South Korea's top 30 conglomerates spent 61.1 trillion won ($52.4 billion) in investment for facilities and research activities in the first half of this year despite economic uncertainties at home and abroad, data showed Sunday. The nation's 30 largest conglomerates by assets executed 45.1 percent of their 2015 investment plan in the first six months of this year, spending 46.5 trillion won in facilities and 14.6 trillion won in R&D, the Federation of Korean Industries said.The FKI said the lar

Sept. 20, 2015

Samsung Electronics faces grim Q3 earnings outlook

Samsung Electronics Co., the world's largest handset maker, is expected to post worse-than-expected earnings in the third quarter due to worsening profitability from its mobile division, analysts said Sunday. The earning guidance by 22 brokerage houses averaged at 6.61 trillion won ($5.68 billion) as of Sept. 17, 6.4 percent down from the estimate a month earlier, according to the data compiled by corporate researcher FnGuide. "The operating profit in the IT and mobile division is expected to ho

Sept. 20, 2015

S. Korea to task bad bank with corporate restructuring

South Korea's financial regulator said Friday it will charge a leading bad asset management firm with overhauling debt-laden companies in an effort to speed up the country's corporate restructuring program.   The Financial Services Commission (FSC) said it scrapped its earlier plan to establish an independent company that specializes in corporate restructuring, funded by two policy lenders and commercial banks.   Instead, the FSC said it will assign the role to United Asset Management Company (U

Sept. 18, 2015

Seoul shares open lower after Fed rate freeze

South Korean stocks opened lower Friday, driven by losses in top market cap Samsung Electronics and other market heavyweights following an overnight interest rate decision by the U.S. Fed, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) dropped 6.97 points, or 0.35 percent, to 1,969.52 in the first 15 minutes of trading.   At the end of a two-day rate-setting meeting on Thursday (local time), the Federal Open Market Committee kept its interest rate unchanged. The Dow Jon

Sept. 18, 2015

Uncertainties to weigh on S. Korean market: BOK chief

The South Korean financial market will continue to face lingering uncertainties in the short term despite a U.S. interest rate freeze, the central bank chief said Friday.  The U.S. Federal Reserve kept its key interest rate at a record low at its September meeting amid rising concerns over slumping global demand and unstable financial markets, stemming from China, the world's second-largest economy.  "Fed Chair Janet Yellen seemed to take a dovish stance, but short-term uncertainties will still

Sept. 18, 2015

[URGENT] FOMC freezes base rate

[URGENT] FOMC freezes base rateThe U.S. Federal Open Market Committee kept the benchmark interest rate untouched at 0-0.25 percent per annum on Friday (Korean time).(khnews@heraldcorp.com)

Sept. 18, 2015

Seoul shares end flat ahead of U.S. Fed decision

South Korean stocks closed nearly flat Thursday as investors took a wait-and-see stance awaiting the outcome of a key U.S. Fed policy meeting due later this week. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index edged up 1.04 points, or 0.05 percent, to close at 1,976.49. Trading volume was moderate at 502.1 million shares worth 5.55 trillion won ($4.76 billion), with losers outpacing advancers 477 to 333.The Federal Open Market Committee started

Sept. 17, 2015

Gov't to hold policy meeting after U.S. rate decision

South Korea will convene a macroeconomic and financial policy meeting right after the U.S. Federal Reserve makes a decision on interest rates, a finance ministry official said Thursday.  After a two-day meeting, the Federal Open Market Committee is scheduled to announce its interest rate decision Friday morning (Seoul time).  "The overnight decision by the FOMC is expected to have a far-reaching impact regardless of whether key rates are marked up or remain pat," the official said. "Because anal

Sept. 17, 2015

BOK vows to ensure financial stability amid growing uncertainties

South Korea's central bank said Thursday that it will focus on keeping the local financial market stable as international volatility is likely to grow on China's economic instability and a looming U.S. rate hike.Concerns have been escalating over an economic hard landing in China, South Korea's top export market, and the outcome of a U.S. interest rate decision later this week."Volatility in the international financial market may increase as the U.S. rate decision nears," the Bank of Korea said

Sept. 17, 2015

Hana Financial Investment sets sail under new name

Hana Financial Investment vowed Wednesday to help develop the Korean financial service industry under a new corporate name while announcing a promotional event for customers. 　The company, formerly called Hana Daetoo Securities, adopted its new corporate name on Sept. 1 to mark its increased market competiveness in the financial service sector. 　The financial investment affiliate of Hana Financial Group has accumulated a decade of experience in asset management and investment banking. 　“We are p

Sept. 16, 2015