An additional personal data leak was detected at two major foreign banks here, and this time, the stolen information was circulated and led to actual financial damages, according to financial authorities.The Financial Supervisory Service said Thursday that the data of some 50,000 clients were stolen from Citibank Korea and Standard Chartered Bank Korea late last year.Together with the 130,000 cases confirmed leaked earlier, a combined 190,000 clients’ personal information were stolen from the tw

April 10, 2014

South Korean stocks closed higher Thursday, led by gains in tech and some defensive shares with the pace of the Korean won's ascent to the U.S. dollar slowing on verbal intervention by foreign exchange authorities, analysts said. The won closed at a near six-year high.The benchmark Korea Composite Stock Price Index rose 9.66 points, or 0.48 percent, to 2,008.61. Trading volume was moderate at 219 million shares worth 4.1 trillion won ($3.94 billion), with gainers outpacing losers 492 to 310.The

April 10, 2014

South Korea's central bank could discuss raising the key interest rate in a pre-emptive manner if demand-pull inflationary pressure rises, its new chief said Thursday.Bank of Korea (BOK) Gov. Lee Ju-yeol presided over his first rate-setting meeting, in which the monetary policy committee unanimously held the benchmark seven-day repo rate, called the base rate, at 2.5 percent for the 11th straight month.Lee, a former senior deputy governor at the BOK, replaced his predecessor Kim Choong-soo on Ap

April 10, 2014

The country's authorities are closely monitoring the financial market, the finance ministry said Thursday.The ministry also said it is "undesirable" to see an excessive one-sided movement in currency exchange rates."It is not desirable for market volatility to intensify due to a short-term one-sided movement in any direction," the ministry said in a memo to reporters."Therefore, we are closely monitoring foreign capital flows and transactions situations in the financial markets at home and abroa

April 10, 2014

Local opened higher Thursday following an overnight gain in U.S. stocks, and the Korean currency continued to rally against the U.S. dollar, causing the Finance Ministry to step up monitoring on the exchange rate.The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.44 points, or 0.27 percent, to 2,003.94 in the first 15 minutes of trading.Exporters started a tad lower on concerns over the strengthening local currency, while defensive shares gathered ground.Top market cap Samsung Electr

April 10, 2014

South Korea's central bank froze the key interest rate for the 11th straight month on Thursday amid an economic recovery at the first rate-setting meeting with its new chief at the helm.Bank of Korea Gov. Lee Ju-yeol and his six fellow policymakers held the benchmark seven-day repo rate, called the base rate, at 2.5 percent as widely expected.Gov. Lee, a former senior deputy governor at the BOK, replaced his predecessor Kim Choong-soo on April 1, vowing to operate the monetary policy in a consis

April 10, 2014

When someone suspected of a crime or irregularity commits suicide, it usually has multiple effects ― the investigation comes to a screeching halt, and people are left wondering if the allegations were really true, or if possibly the victim sought to claim his innocence through death. The Financial Supervisory Service and Woori Bank are now grappling with these and other questions after a high-ranking bank official was found to have killed himself amid an illicit loan investigation.On Monday even

April 9, 2014

South Korean stocks closed higher Wednesday, led by gains in defensive shares and steelmakers, amid worries that the soaring local currency may weaken exporters’ profitability, analysts said. The won closed at near six-year high.The benchmark Korea Composite Stock Price Index inched up 5.92 points, or 0.3 percent, to 1,998.95. Trading volume was moderate at 230 million shares worth 4.69 trillion won ($4.51 billion), with gainers outpacing losers 472 to 331.The index opened higher, tracking an ov

April 9, 2014

KB Financial Group has embarked on a policy to reinforce its nonbanking units, focusing on a group of auction targets in the merger and acquisition market.Under the initiative of its chairman Lim Young-rok, the group is seeking to diversify its earnings portfolio to overcome its reliance on first-tier banking.“Our nonbanking businesses lag behind several competitors. We plan to participate in the coming bids for stock brokerage houses or insurance firms,” said a group spokesman.He stressed that

April 9, 2014

Korea’s money supply grew 5.2 percent in February from a year earlier as bank lending remained firm, the central bank said Wednesday.The country’s M2, a narrow measure of money supply, amounted to 1,954 trillion won ($1.87 trillion) in February from a year earlier, compared with 1,937 trillion won in February, according to the Bank of Korea.On a seasonally adjusted basis, the country’s M2 advanced 1 percent in February from the previous month, quickening from a 1 percent on-month gain in January

April 9, 2014

When someone suspected of a crime or irregularity commits suicide, it usually has multiple effects -- the investigation comes to a screeching halt, and people are left wondering if the allegations were really true, or if possibly the victim sought to claim his innocence through death. The Financial Supervisory Service and Woori Bank are now grappling with these and other questions after a high-ranking bank official was found to have committed suicide amid an illicit loan investigation.On Monday

April 9, 2014

South Korea's financial watchdog is in talks with its Japanese counterpart over inspections into Tokyo branches of local banks on suspicions of various illegal activities. The Financial Supervisory Service (FSS) recently held discussions with Japan's Financial Services Agency on cooperative steps in looking into allegations that Tokyo branches of Woori Bank and state-run Industrial Bank of Korea (IBK) were involved in illegal lending and creating slush funds.The watchdogs are also discussing fol

April 9, 2014

South Korean stocks closed almost flat Tuesday as gains in steelmakers, shipbuilders and telecom shares offset a decline in some tech shares, analysts said. The South Korean won rose against the greenback.The benchmark Korea Composite Stock Price Index inched up 3.33 points, or 0.17 percent, to 1,993.03. Trading volume was light at 215 million shares worth 3.7 trillion won ($3.52 billion), with gainers outpacing losers 407 to 399.The index opened lower, tracking an overnight fall in the U.S. sto

April 8, 2014

Some ruling party lawmakers on Monday expressed worries over the government’s latest plans to ease or lift regulations on investment in Seoul and its satellite cities. The skeptical position taken by some of the Saenuri Party lawmakers on deregulating the country’s largest metropolitan area came during the National Assembly’s interpellation session on the economy sector.While Saenuri Party said it supports the Finance Ministry’s deregulation target involving both the Seoul metropolitan area and

April 7, 2014

South Korean stocks closed almost flat on Monday as gains by steelmakers, shipbuilders and tech helped offset a decline in autos and telecom shares. The South Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index moved up 1.61 points, or 0.08 percent, to 1,989.70. Trading volume was light at 182 million shares worth 3.59 trillion won ($3.42 billion), with losers outpacing gainers 510 to 286.The index opened lower, tracking Friday’s fall in the U.S. stock m

April 7, 2014

Foreign investors of South Korean stocks extended their selling spree for the fifth consecutive month in March as concerns over the slowing Chinese economy and protracted Ukraine conflict kept them from betting on risky assets, the financial watchdog said Sunday.Overseas investors offloaded a net 1.25 trillion won ($1.19 billion) worth of local stocks in March, compared with a net selling of 1.23 trillion won a month earlier, according to the Financial Supervisory Service (FSS).The FSS noted tha

April 6, 2014