Articles by 김연세
김연세
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IBK targets investment banking
Established in 1961, the Industrial Bank of Korea has continued to focus on supporting small and medium-sized enterprises as a state-controlled lender.In the long-term, the bank is set to prepare to become a comprehensive financial services provider.It has been enhancing its investment banking capability as it seeks to diversify its business portfolio. Customers are seen behind a sign for the Indu
Special Reports June 28, 2011
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KB Kookmin Wise Card gains growing popularity
KB Kookmin Wise Card has been attracting a growing number of customers thanks to a variety of noteworthy benefits.The number of holders of its latest credit card surpassed 100,000 in the 18 days after its launch on March 2. By June 14, that number had reached 360,000. KB Kookmin Card unveils a new credit card called “Wise Card.” (KB Card)The Wise Card is a first of its kind in the local market, al
Special Reports June 28, 2011
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Securities firms could be hit by ban on short-term loans
The stock brokerage industry faces a revamping as financial regulators have decided to restrict transactions of “call money,” short-term loans provided to securities firms from financial companies.Citing the necessity of reducing the liquidity risk among securities firms, the Financial Supervisory Service said last week that it would ultimately ban brokerages from applying for call loans starting
June 27, 2011
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SC First Bank faces mass strike
Bank offers ‘final proposal,’ but union sees no differenceAbout 3,000 unionized workers of Standard Chartered First Bank Korea are poised to go on an indefinite strike this week as they have failed to reach a compromise with management on salary.Despite continued efforts at persuasion and proposals by management, the union still opposes plans from the U.K.-based bank’s Korean unit to introduce a p
June 26, 2011
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Renault Samsung launches New QM5 crossover car
Renault Samsung Motors on Sunday unveiled its updated QM5 crossover utility vehicle that aims to enhance the carmaker’s image as a quality manufacturer of upper-end cars.The new QM5 is a makeover of the existing vehicle with streamlined exterior lines, rearranged headlamps and a radiator grille that gives it a more “urban” style that could be more attractive to Korean consumers.The company, which
Mobility June 26, 2011
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Hyundai-Kia shifts consumer target in U.S.
Portion of small vehicles continues to drop in American sales over a decadeHyundai Motor had been regarded as a minor player in the United States and had focused on finding a niche. Its main target was the small-sized vehicle market.Hyundai Motor and its affiliate Kia Motors saw small vehicles account for more than half in their North American sales in 2001.But the portion of small cars in Hyundai
Mobility June 26, 2011
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Emergence of big investment bank not in sight
Failure of two brokerages’ merger dims prospectsThe nation is facing a stumbling block in establishing a large-scale investment bank although the chief financial regulator has unveiled a policy toward activation of IB businesses.The pessimistic view comes after KDB Financial Group failed to take over Woori Financial Group amid an uneasy sentiment between the two state-run financial companies.There
June 23, 2011
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Hyundai supports parts makers in Europe
In road show, Italy focuses on Korean auto parts makersHyundai Motor Group held a fair in Italy to give Korean auto parts manufacturers the opportunity to make inroads into the southern European market.The automotive group said Thursday that it held a “Fiat Tech Fair,” a road show for auto components, at Fiat Group Automobiles in Turin, Italy. Hyundai Mobis, a unit of Hyundai Motor Group, hosted t
Mobility June 23, 2011
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FSS seeks to curb power of financial chiefs
Regulator focuses on enhancing independence of groups’ unitsRegulators are moving to scale down the authority of major financial group chairmen, saying the current system provides them with “excessive” power to control all of their groups’ units.“The direction would be focused on enhancing the independence of financial groups’ subsidiaries by tackling chairmen’s authority,” said an official of the
June 22, 2011
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Household debt burden grows
Ratio of household credit to GNDI rising: BOKHouseholds’ ability to pay their debts was critically weak during the first quarter as the pace of debt growth surpassed that of income growth.According to the Bank of Korea, the nation’s household credit, including loans and credit purchasing, reached 801.4 trillion won ($750 billion) at the end of March, up 8.4 percent from a year earlier.Central bank
June 22, 2011
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Hyundai Motor’s sales soar in India
Hyundai Motor is enjoying rapid sales growth in India, capturing nearly 20 percent of the emerging market in May. The automaker sold 31,123 vehicles last month, up 14.6 percent from a year ago. Its market in India has reached 19.5 percent, raising the possibility of sales growth for 13 consecutive years.The figure is the highest monthly market share for this year, rising 0.2 percentage points from
June 21, 2011
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Fate of Hyundai Capital CEO depends on sanction level
The Financial Supervisory Service is poised to decide whether to order stern disciplinary measures against the CEO of Hyundai Capital for incurring cyber attacks due to allegedly negligent internal controls.As officials of the regulatory body move to fine-tune the sanction level on Hyundai Capital CEO Ted Chung, he could be banned from holding a job in the financial industry for the next few years
June 21, 2011
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Hyundai Securities hit by network glitch
Cyber network problems have occurred again in the nation’s brokerage sector, following similar cases in NH Investment & Securities, Leading Investment & Securities, and Dong Yang securities earlier this year.Customers of Hyundai Securities suffered troubles in their online investment in stocks for about an hour early Monday due to a glitch in the brokerage firm’s network system.The investors could
June 20, 2011
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IMF urges BOK to tame inflation
Delegation calls for speedy hikes in key rate and currency appreciationA delegation from the International Monetary Fund on Friday advised Korea to take tighter monetary policy and pull up its currency value to tame mounting inflationary pressure.Speaking at a news conference after winding up its two-week inspection of the Korean economic situation, the delegation said it is necessary for Korea to
June 17, 2011
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Lawmakers agree on BOK inspection right
The National Assembly is poised to settle the long-standing dispute over whether to provide the nation’s central bank with independent authority to inspect financial companies.Ruling and opposition lawmakers have reportedly reached a consensus to pass the proposed revision of the law on the Bank of Korea as early as this month, according to the political sector.The revised bill has been pending at
June 17, 2011
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