South Korean banks' mid to long-term foreign borrowing jumped in March from the previous month as they braced for rising global uncertainties, the financial regulator said Monday.     Twelve local banks borrowed a total of $3.49 billion last month through overseas bond issuance and loans with a maturity over one year, $1.68 billion more than in February, according to the Financial Supervisory Se

   South Korean stocks lost ground on Monday after a strong start as investors unloaded tech blue chips and bank shares, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.29 points, or 0.06 percent, to trade at 2,139.21 in the first 15 minutes of trading.   The KOSPI touched a record high of 2,149.45 as soon as the market opened, but tech and financial shares increase

Kwon Hyuk, a reclusive shipping tycoon, shows how to get around paying taxes in and out of more than five trading borders while keeping over 10 trillion won ($9 billion) in assets.Register your business at a tax haven, stash all your profits there, and pretend you live abroad. Minimize paperwork. Even better if you can avoid the press.Kwon has been the main target of the Korean government’s latest

Prosecutors said Saturday they plan to summon witnesses to determine why the banking network of the country’s farm cooperative crashed.The Seoul Supreme Prosecutors’ Office said about 20 National Agricultural Cooperative Federation (Nonghyup) and IBM Korea employees will be questioned in relation to the network glitch that has affected services since late Tuesday.People have not been able to use N

Overdue payments of less than 100,000 won no longer reflected in credit ratingsThe government on Sunday announced a set of measures to provide the poor with better access to financial sources as mounting household debts loom large over economic recovery. The package proposed by the Financial Services Commission centers on the overhaul of credit rating guidelines, market interest rates and individu

Korean stocks should be able to maintain their steady gains and strive to reach record-high levels this week, despite downside risks, local analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) ended last week at 2,140.50, up 12.53 points, or 0.6 percent, from a week earlier, extending its rally of weekly gains to a fifth straight week.The total market cap also reached a n

MUNICH, Germany (DPA) ― BMW has built what it claims to be the world’s fastest pick-up truck, the BMW M3 pick-up, with an output of 309kW/420 hp under the bonnet and a top speed of 300 kph.The one-off concept vehicle was taken for “comprehensive testing” under strictest secrecy on the Nuerburgring racetrack on April 1, the car maker said.The rear-axle is said to have a load capacity of up to 450 k

Stuttgart Sports Cars, the official importer and distributor of Porsche vehicles, is offering special deals on the Cayenne and 911 until June 30 as part of a year-long campaign celebrating the German luxury marque’s 25th year in Korea.During the period, those purchasing the Cayenne will be offered a chance to drive the Panamera 4 using Porsche’s finance service’s lease contract while waiting for t

Hanbul Motors, the official importer and distributor of Peugeot vehicles, announced Thursday that it lowered the price of selected engine oils sold at official Peugeot service centers by 20 percent. There are 15 official Peugeot service centers located across the country.The engine oils with lowered prices are the Total Quarts 9000 used in Peugeot’s Euro IV diesel engine and the Total INEO used in