The Korea Herald

FSS warns of credit card woes

Financial Supervisory Service Gov. Kim Jong-chang speaks during a meeting with chief executives of credit card companies on Monday. (Kim Myung-sub/The Korea Herald)The nation’s chief financial regulator on Monday expressed his strong resolve to tighten supervision of credit card issuers, warning their excessive competition could bring the industry to a new crisis. In his breakfast meeting with CE

March 7, 2011

Former IBK CEO Yun to head KEB

Hana group nominates veteran financier ahead of acquisitionHana Financial Group chose Yun Yong-ro, former CEO of Industrial Bank of Korea, as president & CEO of Korea Exchange Bank, company officials said Monday.The nation’s fourth-largest financial group is poised to take over KEB and its executive recommendation committee proposed to the group’s board members that Yun head the new banking unit.T

March 7, 2011

S. Korean man confirmed dead in New Zealand quake

The body of a South Korean man missing in a powerful earthquake in New Zealand has been found, Seoul's ambassador to the country said Friday.The New Zealand police notified South Korea that Yoo Gil-hwan, 24, who went missing along with his sister after their language learning center building collapsed in the 6.3-magnitude quake in Christchurch on Feb. 22, was confirmed dead, according to Amb. Noh

Social Affairs March 4, 2011

BOK under growing pressure to hike rate

The Bank of Korea is under intense pressure to raise the benchmark interest rate for March after keeping the rate unchanged last month despite spiraling consumer prices.Analysts have widely criticized the Monetary Policy Committee of the central bank, accusing it of missing the opportunity to make timely increases in the interest rate since the latter half of 2010.Woori Futures research analyst Ch

March 4, 2011

Regulator warns against excessive bank competition

FSS chief blasts Shinhan for stock options given to ex-chairFinancial Supervisory Service Gov. Kim Jong-chang on Thursday issued a strong warning against excessive competition and executive compensation among commercial banks.In a meeting with bank CEOs in Seoul the nation’s chief financial regulator cautioned that banks should refrain from behavior that could destabilize their finances and furthe

March 3, 2011

KB Kookmin Card targets No. 1 issuer

CEO says company will focus on product diversity and convergence with telecom sectorKB Kookmin Card set out its ambition to take the No. 1 position in the domestic market as the former Kookmin Bank unit, restarted as a separate corporation on Wednesday.KB Financial Group launched the stand-alone credit card firm eight years after the money-spinning unit was merged into the bank in 2003.The unit ha

March 2, 2011

Koreans forecast to be 4th richest in 2040s

South Korea is expected to emerge as the world’s fourth richest country in terms of purchasing power in the 2040s, according to a report by Citigroup.The country’s economic surge will be powered by its high levels of technology and human resources and would be further boosted by a possible reunification with North Korea, analysts said.According to the U.S. investment bank’s report, cited by the Ko

March 2, 2011

Ex-Shinhan chief given stock options

Shinhan Financial Group has granted stock options to its former chairman Ra Eung-chan, who resigned in October over alleged irregularities.Board members of the nation’s third-largest financial group recently endorsed a proposition that Ra be entitled to stock option rights, industry sources said on Tuesday.The stock options amounted to more than 300,000 shares. Considering the group’s stock price

March 1, 2011

FSC chief warns against trading fraud

Financial Services Commission Chairman Kim Seok-dong pledged Thursday to toughen punishment on trading irregularities in the financial industry one day after the government partly suspended Deutsche Bank’s local unit for stock manipulation. Concerning the speculation that Deutsche Bank may pull its investments out of the Korean market, he told reporters, “I don’t care about that (on whether or not

Feb. 24, 2011

Korea boosts accounting transparency

Number of accounting firms more than triples in 10 years as demand growsThe nation’s accounting transparency is approaching international standards after years of effort by financial regulators and businesses.Shoddy bookkeeping by large companies has been partly blamed for the economic crisis that hit the nation in the late 1990s and for the so-called Korea Discount ― referring to undervaluation o

Feb. 23, 2011

No more savings banks suspensions: FSC

The nation’s chief financial regulator on Monday strived to calm jitters among savings banks’ clients amid the growing fears of a bank run.Financial Services Commission Chairman Kim Seok-dong called them to refrain from withdrawing their deposits, which would make more banks face business suspension.His remarks came after a great number of depositors pulled out their cash from the secondary financ

Feb. 21, 2011

BOK bolsters foreign currency team

The Bank of Korea plans to strengthen its foreign exchange department to more efficiently manage its ever-growing currency reserves and better cope with market volatility.The central bank announced plans to overhaul its organization for the first time in 13 years, focusing on slimming down departments and enhancing international affairs capability.The nation’s foreign currency reserves reached an

Feb. 21, 2011

Fears of run on savings banks looming

FSC suspends 4 more second-tier banks 2 days after promising no new suspensions in H1Financial regulators’ ongoing crackdown on savings banks is increasing the chances of a bank run under which a great number of customers withdraw their deposits.The Financial Services Commission suspended operations of four more saving banks over the weekend, raising the possibility of a massive exit by depositors

Feb. 21, 2011

Radioactive leak alert issued at Daejeon

A warning of a radioactive leak was issued at a state-run nuclear power research institute in the central city of Daejeon on Sunday, but no radiation leaked outside, institute officials said.The Korea Atomic Energy Research Institute, located 164 kilometers south of Seoul, said it sounded the warning at 2:32 p.m. as the radiation level of its research reactor, the 30 megawatt HANARO unit, surpasse

Feb. 20, 2011

LG top brass hits the road for hands-on reviews

Troubled company’s CEO scans production lines at home and abroadLG Electronics’ top man Koo Bon-joon’s air mileage must be piling up at record speed with all the overseas trips he has logged since taking over the distressed electronics maker last September.Koo, 50, has been particularly travel-happy over the past few months, according to those close to the company, embarking on frequent trips to e

Feb. 20, 2011

LG top brass hits the road for hands-on reviews

Articles by 김연세