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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Job creation lowest on record among under-30s
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NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
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Opposition leader awaits perjury trial ruling
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Eximbank raises $200m via debt sale
The Export-Import Bank of Korea (Eximbank) said Thursday it has raised around $200 million by floating Saudi riyal-denominated bonds for the first time in Asia.The bonds, worth 750 million Saudi riyal ($200 million), carry an interest rate 1.7 percentage points above the Saudi Arabia Interbank Offered Rate. The rate translates to 2.49 percentage points above the Libor, according to Eximbank.The bonds, which mature in five years, are the biggest riyal-denominated issuance since 1 billion won was
Nov. 24, 2011
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Korean consumer sentiment hits 6-month high in November
South Korea’s consumer confidence hit a six-month high in November, but consumers’ inflation expectations still remained close to a three-year high, the central bank said Thursday.The consumer sentiment index ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― reached 103 for November, up from 100 tallied in the previous month, according to a survey by the Bank of Korea.The November data marked the highest level since the index came in at 104 in May.The sent
Nov. 24, 2011
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BOK approves steps to boost its liquidity-supply capacity
South Korea’s central bank said Thursday that its policymakers have approved measures to help boost its capacity to supply liquidity into the country’s financial system and promote financial stability.After holding a policy meeting, the monetary policy committee of the Bank of Korea has decided to supply intra-day funds to brokerage houses and to expand the scope of its open market operations, according to the central bank.The BOK said it will be able to provide temporary funds to securities fir
Nov. 24, 2011
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Pork imports surge on reduced tariffs
Pork imports have more than doubled this year to almost one-third of the market, the largest-ever portion, a government report said Thursday. The nation imported 151.89 million metric tons of pork this year, up 117 percent from the amount imported until last November, the Ministry of Food, Agriculture, Forestry and Fisheries said. Competition in the pork market is set to become fiercer as more pork imports are set to enjoy tax and tariff exemptions with the Korea-U.S. Free Trade Agreement ratifi
Nov. 24, 2011
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Shinhan tops customer service index
Shinhan Bank has once again been picked as the best among Korea’s major commercial breaks in terms of customer satisfaction.Last week, Shinhan was selected as the No. 1 bank in the Korean Standard-Service Quality Index for 2011, grabbing the title for the 10th consecutive year.Of particular note was the bank’s new “Service Capability Level” system, designed to enhance the staff’s customer-oriented mindset. The system was added under the initiative of CEO Suh Jin-won, who took office early this y
Nov. 24, 2011
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Daewoo Shipbuilding opens Angola offshore oil plant
Daewoo Shipbuilding & Marine Engineering Co. opened the world’s largest floating production storage and offloading facility in Angola Tuesday, allowing offshore processing of hydrocarbons in the Pazflor oil field. The company said its project, dubbed Pazflor Floating Production Storage & Offloading Unit, is the first of its kind to process two very different grades of liquefied gas petroleum.“We’re proud to announce that Daewoo Shipbuilding has completed its third project in the Total E&P-operat
Nov. 24, 2011
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Seoul shares stage rebound
South Korean stocks reversed early morning losses to close up 0.67 percent on Thursday, as institutions snapped up battered stocks following a plunge in the previous session, analysts said. The local currency slumped against the U.S. dollar.The benchmark KOSPI rose 11.96 points to 1,795.06. Trading volume was moderate at 275.6 million shares worth 4.08 trillion won ($3.52 billion), with gainers slightly outnumbering decliners 432 to 412.“Institutions went hunting for bargains after the KOSPI dro
Nov. 24, 2011
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Regulator ordered to publicize on Lone Star
FSC official says the U.S. fund was ‘financial investor’ between 2003 and 2006The Supreme Court ordered the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank on Thursday.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago. The FSC and the Financial Supervisory Service are poised to clarify their stance on Lon
Nov. 24, 2011
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FSC regarded Lone Star as ‘financial investor’: official
Regulator says Texas buyout fund was eligible to own KEB until June 2006The Supreme Court ordered the Financial Services Commission to make public Lone Star Funds’ eligibility as the biggest shareholder of Korea Exchange Bank on Thursday.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago. The regulator has now lost its final case.The FSC and the Financial Supervisory Service
Nov. 24, 2011
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Hyundai Group sues Hyundai E&C creditors
Hyundai Group on Wednesday filed a lawsuit against creditors of Hyundai Engineering & Construction, the country’s biggest builder, over the conglomerate’s lost case to acquire a controlling stake in the builder last year. “We’re claiming a total of 325.5 billion won against the creditor group for damages caused after they deprived the Hyundai Group of the right to negotiate primarily with Hyundai E&C last year,” Min Byung-hoon, the group’s lawyer, told reporters at a press conference. Hyundai Gr
Nov. 23, 2011
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Verdict imminent on Lone Star
FSC might be ordered to decide on the fund’s shareholder eligibilityThe Supreme Court will deliver a verdict on a key issue regarding Lone Star Funds on Thursday, possibly forcing the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago.Before the suit, the reg
Nov. 23, 2011
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Court to rule on FSC’s duty on Lone Star
Regulator expected to be ordered to reveal the fund’s bank shareholder eligibilityThe Supreme Court will deliver a verdict on a key issue regarding Lone Star Funds on Thursday, possibly forcing the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago.Before the
Nov. 23, 2011
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Seoul shares slump 2.36% on U.S. growth concern
South Korean stocks retreated 2.36 percent to close at a six-week low on Wednesday, as investors offloaded shares of big caps amid concerns over U.S. economic growth data, analysts said. The local currency dropped against the U.S. dollar.The benchmark KOSPI plunged 43.18 points to 1,783.1, closing below the 1,800 mark for the first time since Oct. 11. Trading volume was moderate at 406.8 million shares worth 4.59 trillion won ($3.99 billion), with decliners far outnumbering gainers 678 to 174.“D
Nov. 23, 2011
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2012 growth average at 3.7%: economists
Major think tanks and investment banks slashed the 2012 growth forecast for the Korean economy to an average of 3.7 percent, tracking downward revisions emerging as exports cool due to growing external uncertainty in advanced nations.The growth forecasts by 19 think tanks, brokerage firms and banks came in mostly in the 3 percent range, predicting the country will grow below its potential growth rate of 4 percent for the second straight year. The grimmer outlook follows downward adjustments made
Nov. 23, 2011
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Farm sector to see major blow from U.S. FTA
Agriculture and livestock will be hardest hit by the trade pact between the U.S. and Korea as the lifting of trade barriers will wipe out at least 12.67 trillion won ($10.5 billion) of local production over the next 15 years, the government estimates. Farmers here will face an uphill battle fighting the inflow of cheaper products from the world’s largest economic bloc. The government plans to provide a total of 21.1 trillion won over the next decade on the farming, stockbreeding and fisheries in
Nov. 23, 2011
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More households borrow from secondary banking sector
Household loans from the secondary banking sector, which have a higher risk of default, hit a fresh high in the third quarter, the central bank said, fueling concerns over household debt. Loans provided by savings banks, insurance companies, credit card companies and other non-bank institutions grew 163 trillion won ($142 billion) in the past five years, swelling 1.6 times faster than loans from commercial banks. Korean households now owe 391.29 trillion won, or 46.5 percent of their total debt,
Nov. 22, 2011
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Seoul shares up 0.34% despite U.S. debt talk failure
South Korean stocks closed 0.34 percent higher on Tuesday as hopes for seasonal shopping demand and positive U.S. economic data outweighed the fallout from failed U.S. debt-reduction talks, analysts said. The local currency lost ground against the U.S. dollar.After a weak open, the benchmark KOSPI strengthened 6.25 points to 1,826.28. Trading volume was moderate at 261.4 million shares worth 3.82 trillion won ($3.33 billion), with decliners outnumbering gainers 443 to 368. “The impact of the U.S
Nov. 22, 2011
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KB, Shinhan to buy savings banks
Three of four major financial groups to own secondary banking unitKB Financial Group and Shinhan Financial Group are expected to take over major savings banks, as they won bidding competitions for the distressed sector.The state-run Korea Deposit Insurance Corp. said Tuesday that it selected Shinhan Financial Group as the preferred bidder for Tomato Savings Bank, the No. 2 player in the secondary banking sector.KB Financial Group has been picked as the preferred negotiator for Jeil Savings Bank.
Nov. 22, 2011
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Korea’s external debt falls in Q3 amid eurozone woes
South Korea’s external debt dropped in the third quarter from three months earlier mainly because local branches of foreign banks repaid overseas borrowing amid the eurozone debt crisis, the central bank said Tuesday.The country’s external debt totaled $394.3 billion as of the end of September, down $4.9 billion from a record high three months earlier, according to a report by the Bank of Korea.It marked the first quarterly decline since the foreign debt fell by $8.5 billion in the fourth quarte
Nov. 22, 2011
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Finance minister wary of fiscal expansion
South Korea’s finance minister on Tuesday expressed reservations about increasing the country’s fiscal spending in the face of an uncertain economic future.“Since it is hard to predict the country’s economic future and using fiscal policies can actually fuel market volatility, it may be advisable to take a more cautious stance,” Bahk Jae-wan told a meeting of senior economic policymakers.Maintaining a fiscal balance is a vital safety net in setting macroeconomic policies and it is unwise to use
Nov. 22, 2011
