The Korea Herald

KB Financial seeking to buy a life insurer

KB Financial Group chairman Euh Yoon-dae speaks at a press conference in Seoul on Tuesday to mark the first anniversary of his inauguration as head of the financial group. (Yonhap News)Chairman says group is interested in Woori’s brokerage unitKB Financial Group wants to take over a life insurance company in its efforts to push for M&As in the non-banking sector, its chairman said on Tuesday.Chair

July 5, 2011

KB Financial seeking to buy a life insurer

FSC to examine 85 savings banks in sector cleanup

Regulator to force nonviable institutions out of marketStarting Tuesday, the government will conduct another round of regulatory examinations on the overall savings banking industry tarnished by involvement of some banks in a corruption scandal.The Financial Services Commission said Monday that it would make inquiries into 85 out of 98 savings banks for two months to normalize the debt-saddled sec

July 4, 2011

Watchdog mulls stricter rules to curb currency margin trading

South Korea’s financial watchdog plans to draw up measures to mend the practice of handling currency margin trading in a bid to prevent retail investors from inflicting heavy losses, officials said Sunday.Margin trading allows investors to place heavy bets on currency volatilities with a relatively small amount of money. Currency margin trading can yield huge profits, but it can also inflict heavy

July 3, 2011

Controversy brews over Lone Star’s receipt of massive dividends

The move by Korea Exchange Bank to offer a record interim dividend to its biggest shareholder Lone Star Funds is sparking concerns about long-term growth for South Korea‘s No. 5 lender, market watchers said Sunday.KEB’s board decided on Friday to pay out a quarterly dividend worth of 1,510 won ($1.42) per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion wo

July 3, 2011

Overseas sales of Galaxy S2 top 3m

Models show Samsung Electronics’ smartphone “Galaxy S2” in celebration of the launch of the phones in Mexico on June 30. The sales of the phones have broken the 3-million barrier. (Yonhap News)Samsung Electronics Co., the world’s second-largest maker of mobile phones, said Sunday its overseas sales of the Galaxy S2 smartphone topped the 3 million mark 55 days after its launch.More than 3 million u

Industry July 3, 2011

Doubts grow over financial supervisory reform

Skepticism is growing over the performance of the Prime Minister’s Office-led task force to overhaul the nation’s financial supervisory structure.Though the task force was set up in the wake of financial regulators’ failure in oversight of savings banks, the 13-member team has not reached a consensus and has delayed unveiling its measures.The team, launched early May, said it would draw out measur

July 3, 2011

Hyundai-Kia chief stresses best quality

Hyundai Motor Group chairman Chung Mong-koo has called for employees in the United States to prioritize producing vehicles with “advanced” quality.His remarks are in line with Hyundai Motor and its affiliate Kia Motors’ road map to catch up with European and Japanese carmakers from its earlier business strategy focused on product stabilization.Chung visited a sales corporation of Hyundai-Kia in Lo

Industry June 30, 2011

Shinhan Financial mulls M&A ...in securities, insurance sector

Shinhan Financial Group is considering taking over at least one financial company in the stock brokerage and insurance market in the coming months or years.Chairman Han Dong-woo, who took office 100 days ago, unveiled the group’s future strategies, including the mergers and acquisitions project during a news conference in Seoul on Thursday.“It is necessary for us to seek opportunities to expand th

June 30, 2011

Shinhan Financial mulls M&A ...in securities, insurance sector

Greek parliament passes key austerity bill

ATHENS, Greece (AP) -- Greece's lawmakers have approved a key austerity bill, paving the way for the country to get its next vital bailout loans that will prevent it from defaulting next month.The unpopular 28 billion euros ($40 billion) five-year package of spending cuts and tax hikes was backed by a majority of the 300-member parliament Wednesday, including Socialist deputy Alexandros Athanassia

World News June 29, 2011

Prosecutors express intent to resign over revision of investigation rights

South Korean senior prosecutors expressed their intent to resign on Wednesday in apparent opposition to a move that would empower police to open investigations.Senior Prosecutor Hong Man-pyo offered his resignation amid deepening tension surrounding the revision of the criminal procedure code.Four other prosecutors offered their resignations in a collective move later in the day.The resignations c

Social Affairs June 29, 2011

National Assembly passes Korea-Peru FTA bill

The National Assembly on Wednesday passed a bill on South Korea’s free trade agreement with Peru, paving the way for trades and investments between the countries to increase.South Korea and Peru signed the deal in March. The pact, which does not require an endorsement from the Peruvian parliament, calls for both countries to eliminate all tariffs within 10 years after it takes effect.The National

Politics June 29, 2011

Three funds bid for Woori Financial

Three private equity funds have submitted letters of intent to take over Woori Financial Group while no financial group will participate in the M&A competition.The Public Fund Oversight Committee, which closed the receiving of LOIs on Wednesday, said the potential buyers are MBK Partners, Vogo Investment, and TStone Partners.The committee, under the wing of the Financial Services Commission, plans

June 29, 2011

Hyundai-Kia overtakes 6 competitors in a decade

Hyundai Motor and its affiliate Kia Motors emerged as one the world’s top five automakers in global sales last year, selling more than 5 million vehicles.About a decade ago, the two companies under the wing of Hyundai Motor Group ranked 11th worldwide in total sales volume.Climbing six notches in less than 10 years was not a simple accomplishment, as it required stepping over global players includ

Mobility June 29, 2011

Hyundai-Kia overtakes 6 competitors in a decade

FSC targets OECD average in controlling household debt

The financial authorities on Wednesday pledged to bring snowballing household debt down to the Organization for Economic Cooperation and Development average.With household debt at a record high of more than 800 trillion won ($740 billion), the Financial Services Commission reiterated its commitment to tackling the issue.“We plan to stabilize the market gradually with the goal of lowering the debt

June 29, 2011

Hana chief shies away from Woori bidding

Hana Financial Group chairman Kim Seung-yu on Tuesday downplayed the possibility of the financial company participating in a bidding competition for Woori Financial Group.His remarks came one day ahead of the deadline for submitting letters of intent to financial authorities to attend the takeover bidding for state-run Woori Financial.He told reporters that it would not be easy for the group to pa

June 28, 2011

Articles by 김연세