Gov't redesignates KDB, IBK as public firms, brings them under scrutiny

The government on Friday redesignated the Korea Development Bank and Industrial Bank of Korea (IBK) as public firms, placing them under state inspection after their privatization plans were scrapped.The Korea Exchange (KRX), the country's main bourse, stayed as a public institution despite its efforts to be delisted, mainly from criticism against its lax management, the finance ministry said.Once designated, the institutions come under a set of regulations on management transparency, accountabil

Jan. 24, 2014

Regulator reaffirms stolen data not circulated

Struggling to dispel rising public concerns over a massive leak of personal data, South Korea's financial regulator reasserted Thursday that the information stolen from several credit card firms has not been circulated.Over the weekend, the Financial Services Commission revealed that some 20 million bank clients' personal data, including bank account numbers, addresses and credit ratings, had been leaked from KB Kookmin, Nonghyup and Lotte.A leak also occurred at Kookmin Bank, which shared its c

Jan. 23, 2014

Korean banks to grow in 2014

As Koreans struggle to shake off the shock of a nationwide data breach, a think tank on Wednesday predicted the local banking sector was likely to grow in 2014 amid signs of a global economic recovery and a bullish outlook for the export-driven country’s economy. “The country’s economy is now on an upward trend and also the inflation is also expected to gradually rise,” according to Yun Chang-hyun, president of the Korea Institute of Finance.The Bank of Korea predicts Korea’s economy will grow 3

Jan. 22, 2014

Stock investment data also leaked in 2012

The recent financial accident involving a data breach for up to 15 million credit card holders here is arousing further concerns over the nation’s cyber security as evidence is popping up that other financial sectors, such as brokerages and insurance companies, may have also suffered such breaches. On Wednesday, stock brokerage insiders revealed that there had been a hacking attack on Koscom, which provides more than half of Korea’s 62 securities firms with IT infrastructure and financial operat

Jan. 22, 2014

Seoul shares close higher on IMF’s positive growth forecast

South Korean stocks closed higher for the third straight day Wednesday, helped by an improved economic growth forecast from the International Monetary Fund and a stable exchange rate stance by Japan, analysts said. The Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index gained 6.53 points, or 0.33 percent, to 1,970.42. Trading volume was low at 235.9 million shares worth 3.42 trillion won ($3.20 billion), with gainers outpacing losers 413 to 369.Analysts

Jan. 22, 2014

Shares close higher on back of China’s liquidity injection

South Korean stocks closed higher Tuesday, helped by China’s move to supply more liquidity into the market ahead of the Lunar New Year holidays, analysts said. The Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index gained 10.11 points, or 0.52 percent, to 1,963.89. Trading volume was low at 285.5 million shares worth 3.29 trillion won ($3.08 billion), with gainers outpacing losers 409 to 378.Analysts said Seoul shares moved up modestly after People’s Ba

Jan. 21, 2014

Korean won’s volatility increases in 2013

The daily volatility of the South Korean currency rose in 2013 compared with a year earlier due to geopolitical risks and the Federal Reserve’s monetary stimulus tapering, the central bank said Tuesday.The average daily volatility of the local currency reached 5.2 won last year, compared with 4.2 won the previous year, according to the Bank of Korea. It recorded 3.4 won in the fourth quarter of last year, smaller than 5.3 won in the third quarter.The won showed the fourth-lowest volatility last

Jan. 21, 2014

Korean currency's volatility rises in 2013

  The daily volatility of the South Korean currency rose in 2013 compared with a year earlier due to geopolitical risks and the Federal Reserve's monetary stimulus tapering, the central bank said Tuesday.    The average daily volatility of the local currency reached 5.2 won last year, compared with 4.2 won the previous year, according to the Bank of Korea (BOK). It recorded 3.4 won in the fourth quarter of last year, smaller than 5.3 won in the third quarter.   The won showed the fourth-lowest v

Jan. 21, 2014

CJ Mall user info hacked, too

Customers of CJ Mall, the online shopping website affiliate of conglomerate CJ, have become the latest group of victims of personal data theft, with some confirmed to have suffered financial losses.Broadcaster SBS reported Monday that a user of CJ Mall recently discovered that his shopping credit points had been used to purchase mobile gift vouchers without his knowledge.The hacker had used Kim’s ID and password to log in the website, and changed Kim’s mobile phone number information before maki

Jan. 20, 2014

Shares close higher on China’s Q4 figures

South Korean stocks closed higher Monday, buoyed by better than expected growth numbers from China for the fourth quarter, analysts said. The Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index gained 9.30 points, or 0.48 percent, to 1,953.78. Trading volume was low at 273.9 million shares worth 2.83 trillion won ($2.66 billion), with losers outpacing gainers 451 to 357.Analysts said Seoul shares moved up modestly after Beijing announced GDP growth hitti

Jan. 20, 2014

Foreign ownership rises in KOSDAQ market

Foreign investors are expanding their presence on the country’s secondary Kosdaq market with their ownership reaching over a five-year high, data showed Monday.According to the data compiled by the Korea Exchange, foreigners held 12.59 trillion won ($11.8 billion) worth of stocks traded on the tech-laden Kosdaq market as of Friday, accounting for 10.16 percent of the total market capitalization, the highest since August 2007.The latest figure compares with 8.27 percent a year ago and also marks

Jan. 20, 2014

Asset managers’ presence falls in stock market

Asset managers’ presence in the local stock market is decreasing, with the portion of stocks in their fund portfolios to the total market capitalization hitting the lowest in eight years, data showed on Monday.According to the data compiled by the Korea Financial Investment Association, stocks under asset managers’ investment fund portfolio accounted for 5.89 percent of the total market cap at the end of last year, the lowest since 2005 when the comparable figure was 5.67 percent.After reaching

Jan. 20, 2014