The Korea Herald

‘KEB, Hana merger is a bonanza’

Jul 13, 2014

Hana Financial Group chairman Kim Jung-tae has reiterated his support for speeding up the merger between Hana and Korea Exchange Bank, stressing that the synergy from the integration would be worth up to 1 trillion won ($980 million).“The KEB, Hana merger is a bonanza,” Kim said during an executive workshop over the weekend. “The early merger will serve as a critical opportunity to make a breakthrough in the internal and external crises and prepare for future growth.” Hana Financial Group chair
Seoul shares expected to move within narrow range

Jul 13, 2014

South Korean stocks are expected to move in a narrow range next week as investors wait to assess the impact of the trade suspension of Portugal’s largest banking group and upcoming key events, analysts said Saturday.The benchmark Korea Composite Stock Price Index ended at 1,988.74 on Friday, falling 20.92 points, or 1.04 percent, from the previous week.The index started weaker in the beginning of the week ahead of Samsung Electronics’ earnings estimate released on Tuesday.Despite Samsung’s bigge
Foreign banks obligated to release financial info: watchdog

Jul 13, 2014

South Korea's financial watchdog said Sunday it will have foreign banks operating here to disclose their financial data, including balance sheets and income statements, starting in the fourth quarter of 2014.The Financial Supervisory Service (FSS) said all financial firms will be ordered to make public their financial status on the Financial Statistics Information System (FISIS), a financial data website operated by the watchdog since 2004."We will continue our efforts to provide people with mor
Seoul shares creep up on rate-cut hope

Jul 10, 2014

South Korean stocks inched up 0.12 percent on Thursday as investor sentiment was boosted by the central bank’s signal to cut the interest rate despite lingering concerns over a crippled earnings outlook, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 2.34 points to 2,002.84. Trading volume was moderate at 322.9 million shares worth 3.6 trillion won ($3.55 billion), with gainers outnumbering losers 428 to 382.“The Bank of Kor
Korea considers raising cigarette prices

Jul 10, 2014

Finance minister nominee hints at tobacco tax hikes
Funds’ net asset values decline slightly in June

Jul 10, 2014

Net asset value of investment funds in South Korea fell slightly in June from a month earlier as investors withdrew money from short-term funds amid lackluster performance by the local stock market, data showed Thursday.According to the Korea Financial Investment Association, the net asset value of stocks, bonds and real estate-related funds reached a combined 341.40 trillion won ($337.1 billion) at the end of June, down 401 billion won from a month earlier.Net asset value is the amount of funds
Validity of financial holding firms in question

Jul 10, 2014

KB leadership feud reignites skepticism about local financial umbrella system
Fitch appoints ex-Kookmin exec as managing director

Jul 9, 2014

Kim Ok-chanKim Ok-chan, a former executive at KB Kookmin Bank, has joined global ratings agency Fitch Ratings as an adviser to its head of Asia-Pacific on South Korean business matters, the firm said Tuesday.Prior to the post, Kim had been with KB Kookmin for 30 years, holding posts including acting president and chief executive, chief financial officer and head of the treasury department. Dual-headquartered in New York and London, Fitch Ratings has over 50 offices worldwide. Fitch Ratings is pa
Financial companies let off the hook on investigation delay

Jul 9, 2014

ING Insurance, NH and Lotte Card seemingly avoid regulatory scrutiny amid KB feud
Top 10 conglomerates' market capitalization slips on slump in Samsung, POSCO

Jul 9, 2014

South Korea's top 10 conglomerates saw their stock market capitalization edge down this year, as market heavyweights such as Samsung Electronics Co. and POSCO remained lackluster amid a bearish run on the local stock market, industry data showed on Wednesday.The combined market capitalization of affiliates under their wings stood at 726 trillion won (US$717 billion) as of Thursday, down 0.63 percent from the start of this year, according to the data.The decline was largely attributed to a slump
Finance nominee calls for bold stimulus steps

Jul 8, 2014

Deputy Prime Minister and Finance Minister nominee Choi Kyung-hwan on Tuesday called for bold measures to sustain the country’s economic growth. Describing the country’s economic recovery as “slow,” Choi said more “drastic measures” are required to continuing strengthening Asia fourth-largest economy. “Many of the advanced countries in the world are already mobilizing their forces, boosting their economies through quantitative easing and other nontraditional methods. ... We can no longer rely on
[Graphic News] Incomes catching up with house prices

Jul 8, 2014

Korea’s ratio of house prices to income last year was 23.4 percent of the ratio in 1986, indicating that it has become easier for people to buy homes.But the figure for Seoul’s affluent Gangnam area did not fall by as much, reflecting the polarization in the city’s real estate market. According to the Bank of Korea and KB Kookmin Bank on Tuesday, the general price-to-income ratio last year was 23.4, with the baseline figure of 100 based on the equivalent ratio in 1986. Also, Korea’s long-term PI
Korean stock market lags behind Asian peers: data

Jul 8, 2014

South Korea’s stock market is suffering a relatively sharp slump compared with other regional rivals as local companies, dented by a stronger local currency and weak domestic demand, are projected to have failed to meet market expectations in their second-quarter earnings, industry data showed on Tuesday.South Korea’s key stock index, the KOSPI, gained 0.15 percent this month through Monday, the lowest among 14 other regional stock indices, according to the data. Over the past three months, the
KEB chief says early merger talks ‘inevitable’

Jul 8, 2014

The head of Korea Exchange Bank raised the need to begin early merger talks with its parent group, Hana Financial, lending support to the group chief executive’s remarks that hinted at an integration of the banking affiliates before the agreed-upon 2017 deadline, KEB said Tuesday.In a July 7 written message to bank employees, KEB chief executive Kim Han-jo said, “We are in a situation where early integration talks are inevitable as profitability weakens and the management environment worsens ami
KEB chief says early merger talks "inevitable"

Jul 8, 2014

The head of Korea Exchange Bank (KEB) raised the need to begin early merger talks with its parent group, Hana Financial, lending support to the group chief executive's remarks that hinted at an integration of the banking affiliates before the agreed-upon 2017 deadline, KEB said Tuesday.In a July 7 written message to bank employees, KEB chief executive Kim Han-jo said, "We are in a situation where early integration talks are inevitable as profitability weakens and the management environment worse