New regulations mean major stakeholders face fines if banks take too many lending risksThe financial regulator plans to add new clauses to regulations on savings banks to enhance supervision and punish large shareholders for risky behavior, sources said Sunday.The Financial Supervisory Commission is rewriting rules governing the country’s embattled savings banks suffering the result of their inves

Toyota Korea is receiving pre-launch orders for the compact car Corolla from Monday. The Corolla, which holds the world sales record with more than 37 million units sold since the first generation Corolla was launched in 1966, will be introduced to the local market later in the month. CorollaAs part of the promotion event, the company opened a Facebook page for the vehicle, and is holding a prize

Hyundai Motor Co. launched the hatchback version of its subcompact Accent and added a diesel engine to the subcompact lineup on Wednesday.The new diesel engine, available in both Accent Wit and the original Accent, is a 1.6-liter engine that puts out 128 brake horsepower and manages 20 kilometers per liter of fuel with automatic transmission. With manual transmission, the vehicle manages 23.5 kilo

Nissan Korea is offering a range of special deals, and holding a special test drive event until the end of the month.During the period, the company is offering lease financing programs with the Rogue crossover utility vehicle and the Altima sedan. RogueThe program requires 35 percent of the price to be paid up front, and monthly payments of 139,000 won ($124) for the Rogue, and 149,000 won for the

Honda Korea is offering a range of discount and free equipment packages with its vehicles until the end of the month.With the Accord, the company is offering a navigation system and rear-view camera, 1 million won ($895) discount and coverage for the 2 percent acquisition tax. AccordThose purchasing the Civic are given a choice between 4 million won discount, 36-month interest free installment pro

The A6 from VW’s luxury brand undercuts prices of rivals in high-end sedan segmentVolkswagen AG’s Audi luxury brand will target executives with a revamped A6 sedan to increase sales and lure customers from BMW and Daimler AGat the more expensive end of the product range.“The A6 is the epitome of the top-of-the-range sedan,” development chief Michael Dick said in an interview. “I’m convinced it wil

Cheong Wa Dae, USFK sites hit but no damage reportedWebsites of about 40 key South Korean institutions, including the presidential office and the Ministry of Foreign Affairs and Trade, came under cyber attack on Friday.Although there was no serious damage caused by the attack, the websites were hit bydistributed denial-of-service attacks around 10 a.m.The attacked websites included a number of gov

The Bank of Korea is under intense pressure to raise the benchmark interest rate for March after keeping the rate unchanged last month despite spiraling consumer prices.Analysts have widely criticized the Monetary Policy Committee of the central bank, accusing it of missing the opportunity to make timely increases in the interest rate since the latter half of 2010.Woori Futures research analyst Ch