In the 2012 model-year most Mercedes-Benz vehicles are equipped with a more fuel-efficient 7-speed automatic transmission and increased power from direct-injection gasoline engines. That includes a new turbo four-cylinder, a normally aspirated V6 and bi-turbo V8s ― some with ECO Stop/Start technology.Many 2012 models also feature a new viewscreen with a 5.8-inch color display, Bluetooth audio stre

Mobility May 15, 2011

Prosecutors have uncovered additional alleged ethical breaches by former and incumbent staff at the Financial Supervisory Service.The further allegations of corruption by FSS officials are adding to public criticism the regulatory body is facing for its irregularities in supervising savings banks.The alleged scandals mostly involve FSS staff overlooking illegitimate practices in the market in retu

May 12, 2011

Eight major commercial banks will next month purchase toxic loans totaling 1 trillion won ($923.6 million) issued to the construction sector as part of a bid from the nation’s financial regulators to minimize the negative impact of such loans on the market.Financial companies have issued loans to builders in the name of “project financing” over the past few years. But in the wake of the 2008 globa

May 12, 2011

Decision spurns speculation that Hana Financial-Lone Star deal may break downThe Financial Services Commission announced Thursday that it has decided to indefinitely delay its ruling on whether Lone Star Funds of the U.S. was eligible to buy Korea Exchange Bank in 2003.With the decision, speculation is rising in financial markets that the preliminary contract between Hana Financial Group and Lone

May 12, 2011

Central bank may be given right to inspect financial companiesThe nation’s financial market is focusing on the growing possibility that a proposed revision of the law on the Bank of Korea could pass the National Assembly this year.If the law on the BOK is revised, the central bank ― like the Financial Supervisory Service ― will be entitled to conduct independent inspections into financial companie

May 10, 2011

Four major financial groups are expected to reap more than 10 trillion won ($9.3 billion) in combined net profit this year, mainly buoyed by revised accounting standards.The market is focusing on the growing feasibility of their all-time high earnings as they reported remarkable earnings during the first quarter.Profits posted by the four groups ― KB, Woori, Shinhan and Hana ― reached 2.6 trillion

May 9, 2011

The Prime Minister’s Office is set to unveil a road map to reforming the nation’s financial regulatory body, which has been tarnished by a series of corruption scandals involving its staff and distressed savings banks.The reform plan, to be unveiled this week, will aims to reestablish public confidence in the embattled Financial Supervisory Service, which has been harshly criticized for failing to

May 8, 2011

South Korea’s construction industry went through hard times last year despite a general boom in growth in other sectors, a report by the central bank showed Thursday.The woes were mainly due to the sluggish local real estate market that caused a general drop in houses being built across the country and led to a decrease in work. Such developments exerted negative influence on key numbers such as r

May 5, 2011

The total amount of loans offered to local credit card holders decreased in the first quarter compared to the last three months of 2010 as financial institutions and state regulators tightened oversight to prevent risks down the road, an industry report showed Thursday.The latest findings showed card loans provided by six dedicated cards, excluding BC Card, reached 5.45 trillion won ($5.07 billion

May 5, 2011

The Financial Supervisory Service on Wednesday decided to ban its staffers from taking senior posts at financial companies right after their retirement as a way to prevent corruption. The decision came as part of its sweeping reform measures following several incumbent FSS staffers’ wrongdoings.In its statement, the regulatory body said it would ban the habitual practice under which incumbent and

May 4, 2011