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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Seoul shares drop 1.04% on eurozone woes
South Korean stocks fell 1.04 percent on Monday as lingering concerns over the eurozone debt situation overshadowed hopes for positive U.S. economic data, analysts said. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) slumped 19.14 points to 1,820.03. Trading volume was moderate at 296.6 million shares worth 3.93 trillion won ($3.45 billion), with decliners outnumbering gainers 543 to 292.“Persistent worries over Europe’s debt debacle li
Nov. 21, 2011
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Bahk hints at growth projection cut
Boom is expected to increase sales of formula firms, diaper and toiletry makers for children. Finance Minister Bahk Jae-wan on Monday said the government will factor in the 2012 growth projection cut by the state-run Korea Development Institute in revising its economic outlook.Answering questions about the deteriorating economic conditions and Seoul’s soon-to-be revised growth outlook for next year, Bahk said he respects KDI’s decision in scaling down the expectations as uncertainties stemming
Nov. 21, 2011
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FSC chairman accused of abusing authority
The prosecution is expected to investigate Financial Services Commission Chairman Kim Seok-dong and seven other regulatory officials for their allegedly light action on Lone Star Funds.The Minbyun, or Lawyers for a Democratic Society, in coordination with the People’s Solidarity for Participatory Democracy filed a complaint with the prosecution against the eight FSC officials on Monday, citing their allegedly “neglecting duties” and “abusing authority.”The seven other FSC officials are vice chai
Nov. 21, 2011
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Life span for Koreans to hit 89 by 2040: report
The average lifes pan of Koreans will hit 89.38 years by 2040 in an economy where per capita income will have doubled to $38,408, a state report said.The Ministry of Strategy and Finance Ministry said Asia’s fourth largest economy will continue to expand exports and that 2009’s per capita income of $17,175 will more than double in just under three decades. The average life expectancy in Korea is 80, making it the 20th longest living nation among 193 countries monitored by the World Health Organi
Nov. 21, 2011
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Rule-violating bankers to face imprisonment
FSC to work closely with prosecution to weed out irregular lendingRegulators have decided to call for the prosecution or police to investigate financial industry employees engaged in irregular sales practices.Bank employees, who urge customers to buy other financial products in exchange for issuing loans could be subject to imprisonment under regulators’ coordination with the investigative agencies, the Financial Services Commission said Monday. While the figures engaged in the practices have be
Nov. 21, 2011
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Korean brokerages’ China investment jumps
HONG KONG ― South Korean securities firms’ investment in China rose nearly six-fold on-year in the first half of this year due to China’s growing importance as the world’s No. 2 economy, Seoul’s financial regulators said Monday.Investments made in mainland China by South Korean brokerages totaled 197.8 billion won ($ 31.1 billion) as of the end of June, up 598.9 percent from the previous year, said Financial Supervisory Service officials in Hong Kong.The tally includes money spent on purchasing
Nov. 21, 2011
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Korean banks need more deleveraging under Basel III
South Korean banks need to strengthen their balance sheets through more deleveraging in order to survive a set of new global capital requirements, a former Basel committee official said Monday. “Complex securities and derivatives are proven less profitable for banks ... they need to turn to another direction and deleverage their balance sheets and comply with the Basel requirements,” Nout Wellink, the former chairman of the Basel Committee on Banking Supervision (BCBS), said an interview with Yo
Nov. 21, 2011
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BOK names own man for ‘public post’
The Bank of Korea chose one of its own officials to manage the nation’s $311 billion in foreign- exchange reserves after its first public recruitment campaign for the job.Choo Heung-sik, currently director at the bank’s Reserve Management Group, will replace Hong Taeg-ki as the group’s director-general, the central bank said on Monday. The decision followed the central bank’s announcement in September the three-year position will be open to both central bank officials and outsiders, with work ex
Nov. 21, 2011
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S. Korea’s household credit nears 900tr won
South Korea’s household credit rose to near 900 trillion won ($789.5 billion) in the third quarter, but quarterly growth slowed on the regulator’s move to curb home debt, the central bank said Monday.Household credit totaled a record 892.5 trillion won as of the end of September, up 16.2 trillion won from three months earlier, according to the Bank of Korea (BOK).Third-quarter growth slowed from the 18.9 trillion won on-quarter expansion tallied in the second quarter, but the aggregate household
Nov. 21, 2011
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KDIC eyes bond issue worth 14 trillion won
Korea Deposit Insurance Corp., South Korea’s state-run deposit insurer, is pushing to float up to 14 trillion won ($12 billion) worth of unsecured bonds in a bid to brace for an overhaul of savings banks, financial sources said Monday.KDIC plans to issue 300 billion won worth of unsecured bonds every week starting next month in a bid to prepare funds totaling 14 trillion won, according to the sources.The move is expected to help government efforts to salvage the fragile sector.In March, a specia
Nov. 21, 2011
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Entertainment stocks stage rally amid K-pop boom
As South Korean pop idol groups make a splash on stages across Asia and Europe, shares of local talent agencies are on a roll, luring both investors and companies wishing to seize a golden opportunity to jump on the “Korean pop” (K-pop) bandwagon.The power of “hallyu”, or the Korean wave, in the music industry has done wonders for the local entertainment industry. The combined net income of the country’s three major music entertainment agencies ― SM Entertainment Co., JYP Entertainment Corp. and
Nov. 21, 2011
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Finance minister calls for curbing excessive capital flows
SEOUL, Nov. 21 (Yonhap) -- South Korea's finance minister said Monday that there is a need to take measures to lessen the fallout from excessive cross-border capital flows in order to help the global economy move forward.Speaking at a forum arranged by the Asian Development Bank and the Institute fo
Nov. 21, 2011
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Banks, card firms face antitrust probe
The antitrust watchdog launched a probe into banks and credit card companies for possible manipulation in their service charges, industry sources confirmed Sunday, intensifying its push to slash fees further. The Fair Trade Commission is said to have launched their investigation into 17 local banks and more than 13 credit card firms to see if they conspired to fix prices to ease competition. Charged guilty, the case be a major blow to their balance sheet where the fines could add up to several h
Nov. 20, 2011
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Civil servants seek to avoid Sejong City move
Less than 10 months before 36 government agencies are to move to Sejong City in South Chungcheong Province, many civil servants are looking for ways to avoid relocation. Sitting by the construction site in full swing, next to nothing but a field of incomplete apartment blocks in Sejong City, a couple agreed not to make the second administrative town their new home.Lee, a deputy director at the Ministry of Knowledge Economy who declined to give her full name, found it difficult to imagine settlin
Nov. 20, 2011
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Seoul shares expected to move in tight range
South Korean stocks are forecast to move in a tight range next week as fiscal debt problems in Europe and the United States will weigh on investor sentiment, analysts here said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,839.17 on Friday, down 1.27 percent from a week earlier.The market suffered ups and downs throughout the week, affected by news coming from the debt-ridden eurozone economy.Foreign investors sold a net 595.9 billion won ($523.2 million) worth of stocks h
Nov. 20, 2011
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FSC chief under pressure to resign
Light action on Lone Star expected to invite series of protestsFinancial Services Commission Chairman Kim Seok-dong will likely be under heavier pressure to resign following regulators’ allegedly lukewarm action against Lone Star Funds last Friday.A group of lawmakers are poised to call for Kim to quit as the top regulator, criticizing the FSC for not taking stern measures on the U.S.-based equity fund.A group of unionized workers in the financial sector had already said Kim should leave the po
Nov. 20, 2011
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Regulator allows Lone Star to sell KEB to Hana
FSC paves the way for the country’s biggest banking takeover amid protestsKorea’s financial regulators on Friday paved the way for Lone Star Funds, convicted of stock manipulation, to take huge premiums from selling its stake in Korea Exchange Bank. The nine-member panel of the Financial Services Commission chose not to take stern action against the U.S.-based fund, ordering it to sell most of its KEB shares to any investor within six months. Under the decision, the fund is entitled to select an
Nov. 18, 2011
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Seoul shares nosedive 2% on eurozone crisis
South Korean stocks closed 2 percent lower on Friday as rising borrowing costs in Spain fueled fears that the eurozone debt crisis is spreading, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 37.5 points to close at 1,839.17. Trading volume was moderate at 328 million shares worth 4.71 trillion won ($4.14 billion) with losers outpacing gainers 631 to 206.“Jitters about the eurozone debt turmoil battered investor sentime
Nov. 18, 2011
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Lone Star allowed to sell KEB to Hana Financial
FSC paves the way for the country’s biggest banking takeover amid protestsKorea’s financial regulators on Friday paved the way for Lone Star Funds, convicted of stock manipulation, to take huge premiums from selling its stake in Korea Exchange Bank. The nine-member panel of the Financial Services Co
Nov. 18, 2011
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Nine officials to determine fate of Lone Star Funds
Attention focused on whether stern measures will hit U.S. buyout fundThe nine-member panel of the Financial Services Commission is scheduled to unveil its measures against Lone Star Funds, convicted of stock rigging, on Friday.The members include FSC Chairman Kim Seok-dong, Financial Supervisory Service Gov. Kwon Hyouk-se, FSC Vice Chairman Choo Kyung-ho, Vice Finance Minister Shin Je-yoon, Korea Deposit Insurance Corp. president Lee Seung-woo, and Bank of Korea senior deputy Gov. Lee Ju-yeol. F
Nov. 17, 2011
