Mirae Asset seeks overseas employees, acquisitions

Mirae Asset Global Investments Co., Korea’s second-largest money manager, plans to boost the number of overseas employees by as much as 30 percent this year and acquire companies to strengthen coverage of emerging markets. Foreign hires in 2011 will mostly be fund managers, analysts and marketing personnel, chief executive officer Koo Jae-sang said in an interview, declining to say where the emplo

Feb. 16, 2011

Seoul left behind in bourse consolidation

Global stock exchange tie-ups to reduce trading options for Korea ExchangeA fresh wave of international stock exchange integration poses a bigger challenge to Korea Exchange lagging behind in trading infrastructure and networks with major global players, analysts said.Three major alliances are under way among top bourses in the U.S. and Europe representing more than 40 percent of the world’s trade

Feb. 15, 2011

30 conglomerates have 231 units in tax havens: data

More than one in 10 overseas corporations owned by Korea’s 30 major conglomerates are based in tax havens, a website reported on Monday.According to online data service provider chaebol.com, Korea’s 30 major business groups operate 231 subsidiaries in tax-havens such as Hong Kong, Luxembourg, Bermuda and the Cayman Islands.Samsung Group topped the list with 38 units in tax havens including Hong Ko

Feb. 14, 2011

Foreigners turn net sellers of local shares

After spearheading last year’s bull run of the Korean market, foreigners have shifted to big net sellers of local shares this year due to concern over global inflation and other negative factors, industry sources said Sunday.As of Friday, foreign investors sold a net 2.06 trillion won ($1.83 billion) worth of Korean stocks, according to the Korea Financial Investment Association and Hana Daetoo Se

Feb. 13, 2011

KOSPI falls below 2,000

Seoul stocks plunged to a two-month low on Friday as foreigners continued their selling spree and an interest rate freeze stoked investor jitters, analysts said.The benchmark Korea Composite Stock Price Index sank 31.31 points, or 1.56 percent, to 1,977.19, extending a losing streak to a fourth session. The benchmark index fell below the 2,000-point level for the first time this year, sinking to i

Feb. 11, 2011

BOK freezes key rate at 2.75 pct for Feb.

South Korea's central bank left the key interest rate unchanged on Friday in a bid to gauge the effect of a surprise rate hike made last month despite concerns about inflation.   Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers froze the benchmark seven-day repo rate, dubbed the base rate, at 2.75 percent.   Last month, the BOK unexpectedly hiked the borrowing costs by a quarter

Feb. 11, 2011

Stronger won an option to tame inflation

Currency appreciation would improve supply of imports, reduce currency volatility, economists sayA stronger won could help tame the country’s inflationary pressure, as a tool to ease the burden of surging import prices, economists said Thursday.Although tolerating a more expensive won would hurt exporters, the move will ease some supply shortage, they said. They predicted that further appreciation

Feb. 10, 2011

Woori draws 4 candidates for chairmanship

Woori Finance Holdings Co., Korea's top financial group, drew four candidates for its chairmanship, including the current chairman deemed highly likely to serve another term, financial sources said Wednesday.Woori Finance Chairman Lee Pal-seung applied for the top post and is seen as the most powerful candidate for the chairmanship amid ongoing government efforts to put the company in private hand

Feb. 9, 2011

Deutsche Bank brokerage unit faces suspension

The financial authority is poised to ask the prosecution to investigate Deutsche Bank AG and suspend part of businesses of the investment bank’s securities unit in Seoul for their alleged manipulation of stock prices, sources said Wednesday.According to several regulatory officials, Deutsche Bank’s brokerage unit in Seoul may face business suspension for “six months” ― the highest administrative s

Feb. 9, 2011

FSC to be tougher on credit card firms

The Financial Services Commission unveiled a comprehensive package to curb excessive competition among credit card companies on Wednesday, a precautionary measure to prevent another liquidity crunch amid growing risks of reckless card and loan issuance. The financial regulator said it plans to induce issuers to offer reasonable supplementary services that would not harm their profitability and con

Feb. 9, 2011

Prediction split on key rate setting

Analysts’ views were mixed on the prospect of an interest rate hike ahead of the monetary policy committee’s monthly meeting for benchmark interest rate-setting slated for Friday. This reflects the Bank of Korea’s dilemma of containing rising prices while keeping growth on track. Inflation driven by fresh food prices and commodities abroad is pressuring the central bank to raise the key rate for t

Feb. 9, 2011

Banking groups brace for leadership change

Woori, Shinhan, KDB to select new heads in March amid looming industry consolidationVeteran bankers and former bureaucrats are jockeying in several races for top financial business posts dogged by alleged political pressure, in-house power struggles and procedural disputes.Woori Finance Holdings and Shinhan Financial Group plan to select their new heads next month. Hana and KDB groups are also set

Feb. 9, 2011

Banks eye Asian credit card markets

Korea’s banking giants are tapping China, Vietnam and other Asian countries as they wade through competition in the highly saturated local credit card market, industry watchers said Tuesday.The overseas push comes as Korean card firms have been beefing up their marketing expenses in a bid to lure more subscribers with spin-offs and new entries expected to further intensify competition to grab a bi

Feb. 8, 2011