Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Job creation lowest on record among under-30s
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Opposition chief acquitted of instigating perjury
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FSS asks prosecutors to probe 4 savings banks
The Financial Supervisory Service recently asked the prosecution to investigate four debt-saddled savings banks for alleged embezzlement or breach of duties, officials said Thursday.The four troubled savings banks are Solomon, Korea, Hyundai Swiss and Mirae, according to regulatory officials at the FSS.Solomon Savings Bank is the largest player in the secondary banking sector, and the combined assets of the four lenders hover at 10 trillion won ($8.84 billion).As the FSS is also considering susp
May 3, 2012
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Tax policies unnerve foreign investors
The foreign business community expressed uneasiness through a survey about the nation’s taxation policies, despite Korean tax authorities’ recent promise of fewer and easier audits on foreign firms.In March, the National Tax Service said it would reduce the frequency and scope of tax audits on foreign companies doing business here in a bid to attract more long-term investment.But in a survey conducted by the Federation of Korean Industries on 150 foreign firms operating in Korea, 72 percent of t
May 3, 2012
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Shares end lower on weak U.S. data
South Korean stocks closed 0.20 percent lower on Thursday on weaker than expected U.S. economic data and lingering eurozone woes, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 3.96 points to close at 1,995.11, the first drop in five sessions.Trading volume was heavy at 677 million shares worth 4.57 trillion won ($4.03 billion), with gainers outpacing losers 442 to 378.“Lower than expected job gains in the United States and oth
May 3, 2012
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Korea’s foreign reserves hit record high in April
South Korea’s foreign exchange reserves reached a new record high in April as the strength of the euro and other currencies boosted the conversion value of those assets, the central bank said Thursday.The country’s foreign reserves reached $316.84 billion at the end of last month, up $890 million from March, according to the Bank of Korea. The previous record was $315.95 billion set in the previous month.Asia’s fourth-largest economy saw its foreign reserves surpass the $300 billion mark for the
May 3, 2012
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Korea, China, Japan agree to invest in each other’s state bonds
HONG KONG (Yonhap News) ― South Korea, China and Japan agreed Thursday to invest in each other’s government bonds, reaffirming their commitment to stabilizing the regional financial and currency markets, government officials said. “We agreed to promote the investment by the foreign reserve authorities in one another’s government bonds, further strengthening our cooperation,” the financial ministers and central bank governors from the three nations said in a joint statement. “We agreed to have wo
May 3, 2012
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Options limited for loan shark victims
Lee instructs state-run legal aid agency to sue loan sharks on behalf of victimsKwon Hyung-min (not his real name), a self-employed tradesman in a provincial market, found himself in hot water after borrowing 2 million won ($1,700) from a private lender, which he promised to pay back in 10 days. He missed the deadline, and thanks to annual interest of 360 percent, his liabilities eventually snowballed to 200 million won. The loan shark used illegal methods including violence to collect the debt.
May 3, 2012
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Korea better to remain in MSCI emerging markets index
Asia’s 4th largest economy unlikely to graduate to developed markets index soonSouth Korea would be better off remaining in Morgan Stanley Capital International’s emerging markets index than entering its developed markets index, said a global investment bank.Shawn Kim, an equity strategist and executive director at Morgan Stanley, said that Korea could end up like Israel and be ignored by global investors if it moved into the developed index.“After Israel was included in the MSCI developed inde
May 3, 2012
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S. Korea's foreign reserves hit record high in April
South Korea's foreign exchange reserves reached a new record high in April as the strength of the euro and other currencies boosted the conversion value of those assets, the central bank said Thursday.The country's foreign reserves reached $316.84 billion at the end of last month, up $890 million from March, according to the Bank of Korea. The previous record was $315.95 billion set in the previou
May 3, 2012
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Shinhan posts W826.3b profit in first quarter
Shinhan Financial Group Co., South Korea’s largest financial company by market value, said first- quarter profit fell 11 percent after the company set aside more funds for bad loans as the economy slows. Net income dropped to 826.3 billion won ($733 million) in the three months ended March 31 from 924.3 billion won a year earlier, the Seoul-based company said in an e-mailed statement today. That compares with the 766.1 billion won average of 20 analyst estimates compiled by Bloomberg. Earnings a
May 2, 2012
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Shares end higher buoyed by U.S. data, corporate earnings
South Korean stocks closed 0.86 percent higher on Wednesday on U.S. economic data and solid earnings by local blue-chip companies, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index added 17.08 points to close at 1,999.07, rising for the fourth consecutive session. Trading volume was heavy at 639 million shares worth 6.21 trillion won ($5.50 billion), with gainers outpacing losers 529 to 320.“The overnight rally in Wall Street exerted p
May 2, 2012
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Korean banks’ overseas net profits double in 2011: FSS
The combined net profit of Korean banks’ overseas sales operations nearly doubled last year, as their profitability recovered to pre-crisis levels, the nation’s top financial regulator said Wednesday.The total net profit of 93 overseas units run by 11 banks last year amounted to $721.6 million, up 95.5 percent from $369.1 million in 2010, thanks to a sharp drop in expenses from bad debt and a turnaround in securities-related profits.Profits had gone down to $312 million in 2008 and $286 million
May 2, 2012
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Banks face fine for abusing borrowers
Regulators vow more stern actions on practices burdening borrowersFinancial regulators plan to take disciplinary measures against a group of banks for engaging in irregular lending practices, based on a year-long investigation.A number of retail customers in the banking sector will face punitive measures for their urging of customers to purchase financial products such as deposits and insurance products in return for having their loan applications approved, officials at the Financial Services Se
May 2, 2012
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Central government tightens budget for 2013
The government will seek a balanced budget next year despite an expected outpouring of welfare legislation from the parliament. A government roadmap on budget compilation and fund use for next year, approved by the Cabinet on April 24, calls for refraining from indiscriminate welfare programs and giving state aid to welfare programs selectively. If it achieves this fiscal goal, it will be the second time since 1980 for the government to equal revenue to expenditure. The government budget has bee
May 1, 2012
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Local governments in dire financial straits
Increased welfare, costly infrastructure projects weigh on local public financesLocal governments’ financial problems are worsening due to increased welfare programs imposed by the central government and costly infrastructure projects. Some cash-strapped cities have been unable to pay staff salaries on time. In April, Incheon was a day late in paying allowances to employees. The city’s decision to reduce overtime allowances and halt bonuses to senior officials from May points further to its fisc
May 1, 2012
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ASEAN+3 to increase currency swap
Korea, China and Japan and 10 Southeast Asian countries are poised to become more aggressive in their joint action in response to possible currency volatility.The ASEAN Plus Three group plans to endorse an increase in their access to a regional fund during the meeting of finance ministers and central bank governors, slated for May 3 in Manila, according to Bank of Korea officials.Participants are expected to approve a proposal approved by their deputies who earlier agreed to double the size of t
May 1, 2012
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Korea to offer incentives to boost private investment
Korea’s government said Tuesday it plans to use tax breaks and other incentives to fuel private investment vital for sustainable growth and job creation.In a meeting of economic policymakers, the Ministry of Strategy and Finance said it will revamp tax law so more benefits can be given to both local and overseas companies that seek business opportunities in the country.The measures come as economic policymakers oppose artificial economic stimulus measures that could trigger more problems down th
May 1, 2012
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Consumer inflation slows in April
South Korea’s consumer prices grew at a slower pace in April than a month earlier as the government sought to tame inflationary pressure, a report showed Tuesday.According to the report by Statistics Korea, the country’s consumer price index rose 2.5 percent in April from a year earlier, slowing from a 2.6 percent on-year gain in March. The index was unchanged from a month earlier. April’s reading is the lowest in 21 months and marks the second month in a row inflation has been in the 2 percent
May 1, 2012
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Korea to sell 4 trillion won in Treasury bills in May
South Korea plans to sell 4 trillion won ($3.54 billion) worth of Treasury bills in May to shore up government coffers, the Finance Ministry said Monday.Treasury bills are intended to raise money so the government can cope with short-term financial shortfalls. Such bonds generally mature in less than one year, with those to be sold next month to come due in 63 days.The debt issuance will take place from next Wednesday through May 30 in four different sessions, the ministry said. Each session wil
May 1, 2012
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FSS chief presses banks on social obligations
The nation’s top financial regulator called on the banking industry to expand their social contribution activities during a meeting with 18 CEOs of banks on Monday.“The financial sector has been criticized for glossing over difficulties of the underprivileged,” Financial Supervisory Service Gov. Kwon Hyouk-se told the participants.“In proportion to their earnings, banks should have a deeper engagement with charities and causes for their own business interests,” he said. The FSS chief’s remarks c
April 30, 2012
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Shares end 0.34% higher on corporate earnings
South Korean stocks closed 0.34 percent higher Monday as investor sentiment was buoyed by better-than-expected U.S. corporate earnings in the first quarter and good showing by local blue chip companies, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index added 6.64 points to close at 1,981.99, rising for a third session.Trading volume was heavy at 824 million shares worth 6.21 trillion won ($5.49 billion), with losers outpacing gainers 4
April 30, 2012
