Articles by 김연세
김연세
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Finance sector braces for shake-up of key posts
Ex-minister Kang heads potential candidates for major private, public institutionsA number of highest-level personnel changes are expected in the financial market during the first quarter of this year, with attention focused on whether President Lee Myung-bak’s confidant Kang Man-soo and other senior bureaucrats land top industry posts. Woori Financial Group, Shinhan Financial Group, Hana Financi
Jan. 26, 2011
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FSS tougher on banks’ overseas branches
The Financial Supervisory Service plans to tighten oversight of local banks’ overseas operations, diverting from its earlier position of eased regulations to encourage their making inroads into foreign markets.The watchdog unveiled this year’s key regulatory policies during its meeting with financial market leaders at the Bankers’ Club in downtown Seoul on Tuesday.Major banks, including the nation
Jan. 25, 2011
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30 groups unveil record-high investment plan
Lee, CEOs agree to cooperate for 5 percent growthThe nation’s 30 largest business groups unveiled plans to invest more than 110 trillion won ($98.2 billion) and create 100,000 new jobs this year during their meeting with President Lee Myung-bak on Monday.Leaders of Samsung, Hyundai Motor and other groups said they would increase their investment to 113.2 trillion won for 2011, which will mark an a
Industry Jan. 24, 2011
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Will IMF lift prediction on Korea’s 2011 growth?
The Bank of Korea is focusing on the coming revised outlook of the International Monetary Fund for the 2011 global economy as the U.S. economy is showing positive signs of recovery.An issue is whether the IMF will revise its forecast on Korea’s GDP growth upward for this year, from its projection of 4.5 percent in October. The figure was identical to the outlook issued by the BOK.While BOK Governo
Jan. 23, 2011
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Kookmin Bank opens student branches
Kookmin Bank opened two branches to serve college students in Seoul on Thursday as it seeks to broaden its customer base.The nation’s largest bank opened the college student-only branch in Sookmyung Women’s University in Yongsan Ward and Ewha Womans University in Seodaemun Ward.Aside from basic banking services such as deposits and loans, the branches will provide customers with the opportunity to
Jan. 20, 2011
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Deutsche Bank faces fraud probe
FSS to demand criminal probe on stock tradingThe Financial Supervisory Service plans to ask the prosecution to investigate Deutsche Bank AG and several individual investors for allegedly engaging in fraudulent stock trading, sources told The Korea Herald on Wednesday.The financial regulator has completed its investigation into the Germany-based investment bank’s brokerage unit in Hong Kong. It pla
Jan. 19, 2011
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Hana Financial in alliance with Chinese bank
China Merchant Bank expected to boost Korean group’s expansionHana Financial Group has established a strategic partnership with China Merchant Bank, the country’s sixth-largest lender, beefing up ammunition for its planned portfolio diversification and expansion of China operations. The Korean financial group said Tuesday that the agreement will involve cooperation on a range of joint financial se
Jan. 18, 2011
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Kookmin Bank pushes for aggressive downsizing
Kookmin Bank is accelerating its major manpower restructuring, transferring 219 underperforming employees to an extra department designed for retraining.A certain portion of them will likely face dismissal or be pressured to quit if they fail to reach a certain level of performance within about two years, an official of the nation’s largest bank said Tuesday.The employees at the department are obl
Jan. 18, 2011
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FSC criticized for savings banks push
Financial groups may see reputation undermined by acquiring distressed institutionsThe Financial Services Commission has come under criticism for apparently pressuring major financial groups to take over distressed savings banks.Bankers expressed skepticism over the financial watchdog’s move after it unveiled plans last week to put ailing savings banks up for auction and suspend operations at some
Jan. 17, 2011
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Regulator suspends Samhwa Savings Bank
More face suspension, M&AsThe Financial Services Commission has launched a massive restructuring of the secondary banking sector, halting operations of a leading savings bank Friday.The financial watchdog suspended the main business of Samhwa Savings Bank, headquartered in southern Seoul, for six months until Jul. 13 for its poorly-performed financial statements.Samhwa saw its debt come to 50.4 bi
Jan. 14, 2011
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Seoul strives to fight hikes in home rental costs
A package of government measures unveiled Thursday to curb rising consumer prices includes a policy to stabilize the property market amid soaring housing rent prices.The government has focused on active supply of small-sized houses and funding for the mid- and lower-income households which generally resort to “jeonse,” the Korean rent system under which tenants pay a lump-sum deposit to rent a hou
Jan. 13, 2011
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Real estate market may be better off in 2011
Expectations are rising that the domestic real estate market hit bottom last year and began to recover in the last quarter.The Land & Housing Institute said Wednesday home transaction volume and prices rose for the sixth consecutive week during the fourth quarter of last year after seeing minus 0.1 percent growth in July.“In particular, it is noteworthy that the pace of growth has been accelerated
Jan. 12, 2011
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KEB union may strike to block Hana
The labor union of Korea Exchange Bank is bracing for an all-out struggle, including a general strike, to block Hana Financial Group from acquiring the lender, which they fear could lead to a massive restructuring, sources said Tuesday.U.S.-based Lone Star Funds plans to sell its controlling stake in the bank to Hana this year, which is opposed by a majority of the bank’s workers.“They had hoped t
Jan. 11, 2011
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Korea to establish grain firms in America, Asia
Korea plans to set up grain procurement companies in major countries such as the United States and Brazil to directly bring in agricultural products as part of its long-term effort to fend off consumer price inflation.After initially establishing a grain company in North America, the government plans to make active inroads into the markets, which include South America and Central Asia, by 2020.Acc
Jan. 10, 2011
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KEB union files injunction to block Hana’s deal with Lone Star
The labor union of Korea Exchange Bank filed a court injunction Monday to block U.S.-based Lone Star Funds’ plan to sell its controlling state in the bank to Hana Financial Group. In its filing with Seoul Central Court, the unionized workers called for KEB executives named by Lone Star, including bank CEO Larry Klane, to suspend the scheduled share selling.Lone Star signed a contract with Hana Fin
Jan. 10, 2011
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