BOK governor says Korean economy likely to miss 3% growth target

Hanwha Techwin has been chosen as a preferred bidder for Doosan DST by Doosan Group and DST’s sales manager Credit Suisse was perhaps fate, destiny or meant to be. Hanwha Techwin's K9 self-propelled howitzer (Hanwha Techwin)With most analysts, investment bankers and the defense industry having forecast Hanwha Techwin to win armored vehicle and missile launcher system developer DST, Techwin’s announcement Wednesday morning did not come as a surprise. This was because, as industry sources argued,

NH NongHyup Bank, which has the largest number of ATMs in Korea, said its recently-launched checking account would offer limitless ATM charge exemptions.The bank’s NH Main Transaction Preferential Account offers up to 2 percent annual interest with a minimum annual deposit of 1 million won ($866), the nation’s fourth-largest lender said. NH NongHyup Bank runs an event until March for customers who opened a new account in the bank or set an automatic transfer to the bank to give out 3,000 gifts.

NongHyup Financial Group said Wednesday it is actively striving for global expansion focusing on Southeast Asia and China under the leadership of chairman Kim Yong-hwan.Since taking office last year April, chairman Kim has stressed global expansion especially during the sluggish financial domestic market and recognized NongHyup’s specialization in agricultural finance, according to the officials.  NongHyup Financial Group signs an MOU with Korea Rural Community Corp. in December last year. (Nong

Korea's finance minister said Wednesday that his country will increase participation in the global movement to cope with base erosion and profit shift (BEPS) issues in a bid to keep pace with global efforts to build a fair taxation system.BEPS refers to tax avoidance strategies employed by multinational companies that weaken a country's tax base. Finance Minister Yoo Il-ho (Yonhap)Last year, leaders of the Group of 20 agreed to give countries the tools they need to ensure that the so-called Goog

Local savings banks earned the highest net revenue in four years in 2015 from the wide spread between deposit and loan interest rates, the financial regulator’s data showed on Wednesday.The combined net profit of 79 savings banks came to 2.499 trillion won ($2.16 billion) last year, up 24 percent on-year, according to the Financial Supervisory Service. This marks a notable comeback in four years for the industry that had boomed to a near 3 trillion-won revenue in 2011 but went downhill following

South Korean share prices opened higher Wednesday as investors were calmed by comments from the U.S. Federal Reserve chief Janet Yellen that ruled out an immediate rate hike.The benchmark Korea Composite Stock Price Index rose 9.78 points, or 0.49 percent, to 2,004.69 in the first 15 minutes of trading.The index was trading 0.55 percent higher at 2005.97 as of 9:55 a.m. On Tuesday, Yellen said at an economic club meeting in New York that she considers it “appropriate” for the Fed’s rate setting

Hanwha Techwin, a listed defense manufacturer, has been chosen as the preferred bidder for Doosan DST, according to local news reports.Hanwha Techwin was said to have offered around 700 billion won ($600 million) for a 100 percent stake in Doosan DST owned by Doosan Group’s special purpose company DIP Holdings and private equity partners -- IMM and Mirae Asset.Hanwha had closely competed with LIG Nex1 over DST, which was put on sale by Doosan last year as the group was facing a liquidity shortag

Korean credit card firms saw their combined net profits shrink last year from a year earlier, marking the first fall in three years, as they spent more on services to attract customers amid tougher competition, data showed Wednesday.Eight credit card issuers posted combined profits of 2.158 trillion won ($1.86 billion) in 2015, down 7.5 percent from 2.178 trillion won the previous year, according to data from the Financial Supervisory Service.Despite an increase in revenue from interest rate cha

Creditors, led by the state-run Korea Development Bank, decided Tuesday to give some breathing room for cash-strapped shipping company Hyundai Merchant Marine, by rolling over debts.A week ago, Korea’s No. 2 shipping operator sought the approval of its creditors for self-rescue measures to tide over its liquidity crunch.“Creditors decided to give a three-month maturity extension of principal and interest starting from March 29 and to select an outside institution to normalize management,” the KD

Samsung Life Insurance will relocate its headquarters in July to a corporate building in Seocho-gu, southern Seoul, following Samsung Electronics’ move to Suwon, Gyeonggi Province. The decision made by the country’s top life insurer will put an end to its 32-year stay in the firm’s signature structure on Taepyeong-ro in the center of the city.The move comes amid a broader effort by Samsung Electronics to cut corporate costs and boost efficiency as major divisions of the tech giant moved from the

Korean stocks closed 0.62 percent higher Tuesday as downbeat U.S. economic data raised questions over a near-term rate increase by the Federal Reserve, boosting appetite for riskier assets, analysts said. The local currency rose against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.37 points to close at 1,994.91. Trade volume was slim at 377.9 million shares worth 4 trillion won ($3.43 billion), with gainers beating decliners 531 to 261.Foreigners turned to net

Korea Land & Housing Corp plans to sell apartment buildings and land in Hanam-dong, Seoul. The state-run LH housing developer will put out a notice on March 30 for the auction of Niblo Barracks, which consists of more than 500 apartments, and 60,677 square-meters of land in the area owned by Korea’s Ministry of National Defense. Potential bidders will need to submit their bids from May 3-4. A preferred bidder will then have to pay in full for the real estate in five months or by installments wit

NH-CA Asset Management, a joint venture between NH Financial Group of Korea and Amundi of France, will strengthen its sales and marketing of overseas funds this year, with more weightage given to overseas stocks and alternative investments, its chief executive said Tuesday.CEO Han Dong-joo said the company hopes to raise its assets under management to 36 trillion won ($30.9 billion) this year from 29 trillion won in 2015, and hopefully to 60 trillion won by 2020.NH-CA Asset Management CEO Han Do

 South Korea will conduct an integrated survey of its seven public funds' long-term fiscal estimation in 2018 in a bid to map out proper fund management plans based on an accurate assessment, the Ministry of Strategy and Finance said Tuesday.The survey by the National Pension Service and six others -- the Government Employees Pension Service, the Korea Teachers Pension, the Military Pension Service, the National Health Insurance Service, Workers' Compensation Insurance and Employment Insurance -