Articles by 김연세
김연세
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Financial security loopholes stir debate over BOK’s role
Question of central bank’s supervisory authority emergesRecent security incidents in the financial sector have reignited debate on whether the Bank of Korea should have authority to conduct independent inquiries into financial companies.Currently, the central bank is only entitled to probe financial companies jointly with the Financial Supervisory Service.While FSS-BOK joint investigations are foc
April 20, 2011
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Bad bank may acquire W4tr in toxic loans
A bad bank, which is about to emerge under financial regulators’ move to write off overdue assets, is expected to absorb as much as 4 trillion won ($3.6 billion) in overdue loans held by financial companies.While regulators are considering setting up the bad bank before the third quarter, sources predicted Tuesday that it could initially purchase around 4 trillion won in soured project finance loa
April 19, 2011
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FSS denies lawmaker’s allegation of wrongdoing
DP legislator claims officials withdrew money before savings bank shutdownThe allegation that former and incumbent financial regulatory officials exploited insider information for their own means has been contentious issue amid the recent liquidity woes in the secondary banking sector.An opposition lawmaker has claimed that several financial regulatory officials withdrew their deposits from saving
April 19, 2011
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Bad bank may absorb toxic loans
The financial industry is expected to set up a bad bank which would specialize in disposing of toxic assets held by financial companies, amid a soaring number of bad loans caused by the prolonged property marker slump.Financial regulators reportedly called for chiefs of five major financial groups to take the initiative in dealing with bad assets in the market by holding a meeting Monday.Though th
April 18, 2011
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Financial firms ordered to report cyber security
Task force to launch crackdownThe financial authorities have embarked on an initial inquiry into the cyber security systems of all financial companies in the aftermath of the recent security lapses at Hyundai Capital and Nonghyup.“Since April 11, we have been conducting an IT security inspection ― in written form ― into all financial service companies,” the Financial Services Commission said in a
April 15, 2011
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Import price growth reached 27-month high last month
South Korea’s import prices rose at the fastest pace in 27 months in March due to sharp gains in oil and other commodity prices, the central bank said Friday, pointing to growing inflationary pressure.In local currency terms, the country’s import prices jumped 19.6 percent in March from a year earlier, picking up from a 16.9 percent on-year advance in February, according to the Bank of Korea.The M
April 15, 2011
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Korean exports dominate Chile’s import market
South Korea has more best-selling products in Chile than any other country thanks mainly to a free trade agreement with the South American nation implemented seven years ago, a local trade agency said Friday.According to the state-run Korea Trade-Investment Promotion Agency, South Korea currently has 40 best-selling products out of 150 key import items of Chile. Seoul also has 29 second best-selli
April 15, 2011
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Electronic banking safety under scrutiny
Customers of the National Agricultural Cooperative Federation, Nonghyup, have been unable to withdraw cash or use online banking services after the shutdown of the bank's computer system began around 5 p.m. on Tuesday, April 12, 2011. (Yonhap News)Authorities launch investigation into network failure of NonghyupThe prosecution and financial regulators began their investigation into the unprecedent
April 14, 2011
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Central bank raises inflation forecast to 3.9%
IMF predicts 4.5% prices growth, BOK expects stability in oil pricesThe Bank of Korea on Wednesday revised its projection for this year’s consumer inflation to a three-year high of 3.9 percent while maintaining its growth outlook at 4.5 percent. Oil and vegetable prices, the main drivers of inflation, are expected to ease during the third quarter, but the underlying upward trend will continue into
April 13, 2011
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Nonghyup under probe for glitch in network system
Financial regulators on Wednesday launched an inquiry into the National Agricultural Cooperative Federation, also called Nonghyup or NH Bank, which suffered a significant problem with in its online transaction systems.Nonghyup has seen its network systems, including Internet banking and automated teller machines, break down since around 5 p.m. Tuesday.The bank had to make an official apology as it
April 13, 2011
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Hacked data probe may spread to Hyundai Card
The recent hacking at Hyundai Capital raises the possibility that customer information at Hyundai Card could also have been stolen or be vulnerable to intrusion.Hyundai Capital recently suffered a cyber attack in which personal information of about 420,000 customers and passwords of 13,000 have been hacked.While the automobile loan-oriented firm has been under an intensive probe from the FSS, regu
April 12, 2011
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Criminal probe set for stock trading of Deutsche Bank
Regulator suspends parts of brokerage unit’s operationsFinancial regulators on Wednesday requested that the prosecution investigate Deutsche Bank AG and its staffers for allegedly manipulating stock prices last November.In addition, they suspended some operations of Deutsche Securities Korea, a brokerage unit of the Germany-based investment bank. The securities firm is banned from selling a certai
April 12, 2011
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Hyundai Capital under full-scale probe
FSS sends investigators to largest auto loan firm over customers’ information leakThe Financial Supervisory Service on Monday dispatched a group of inspectors to Hyundai Capital where the personal information of about 420,000 customers and passwords of 13,000 customers have been stolen by hackers.The hacking allegedly went on for about two months without detection by staff of Hyundai Capital, whic
April 11, 2011
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Korea, U.S. regulators differ on KEB status
FSC delays ruling on Lone Star’s shareholder eligibility to April 27Korea Exchange Bank has been barred from operating deposit businesses in the U.S. since Lone Star Funds took over the lender in 2003, in contrast to Korea where there have been no such restrictions, sources said Sunday.The restriction indicates that U.S. regulators regard Lone Star as a non-financial investor, they said.“It seems
April 10, 2011
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Top regulator pledges to increase inspectors
Financial Supervisory Service Gov. Kwon Hyouk-se reiterated Thursday that he would increase the manpower directing probes of financial companies by reshuffling the regulatory body.Kwon, who took office as the chief financial regulator a week ago, told reporters that he would prioritize increasing the ratio of inspectors among FSS staffers in coming months.He cited the slashed ratio of inspectors ―
April 7, 2011
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