South Korea's financial regulator said Friday that three card firms will have their businesses suspended for three months starting next week as punishment for a recent massive data breach.Last month, the Financial Services Commission (FSC) revealed that some 20 million clients' personal data, including bank account numbers, addresses and credit ratings, had been leaked from three credit card firms -- KB Kookmin, NH Nonghyup and Lotte. There was also a breach at a bank that shared its customer da

Companies dream of becoming a global brand, but for small and mid-sized firms, that dream may be more difficult to fulfill. One shortcut for building a globally recognized brand is to win world-renowned business awards. “(Winning) international awards can be used as a great tool to build a strong brand,” said Michael Gallagher, the founder and president of the Stevie Awards, during a press conference in Seoul on Thursday. “A business award win or participation can have a greater impact on the gr

South Korean lenders saw their profit sink more than 50 percent last year as they suffered a decline in interest income and set aside more reserves against bad loans, the financial regulator said Thursday.The combined net income of 18 local banks, including market leaders Woori and Kookmin, reached 4 trillion won ($3.77 billion) in 2013, down from the 8.7 trillion won the previous year, according to the Financial Supervisory Service.Local banks’ profit has been rising, reaching 11.8 trillion won

South Korea's tax agency said Thursday that it aims to collect 14.7 trillion won ($13.8 billion) more in taxes this year than last year amid the government's ongoing efforts to expand its revenue base.In a plan submitted to lawmakers, the National Tax Service set its goal at a total of 204.9 trillion won worth of national taxes including income, corporate and value-added taxes this year.This is 7.7 percent, or 14.7 trillion won, more than the 190.2 trillion won the NTS brought in last year, the

South Korea's central bank froze the key interest rate for the ninth consecutive month on Thursday amid caution against emerging market unrest sparked by the U.S. monetary stimulus cut.Bank of Korea Gov. Kim Choong-soo and his six fellow policymakers held the benchmark seven-day repo rate, called the base rate, at 2.5 percent, as widely expected.The BOK said that it will pay close attention to developments in external risk factors such as shifts in major countries' monetary policies and market u

South Korea’s currency has been “more resilient” than that of other emerging countries to global financial volatility prompted by U.S. tapering of its stimulus program, a U.S. Federal Reserve report showed Wednesday.In the Monetary Policy Report submitted to Congress on Tuesday (local time), the Fed analyzed the financial stress and vulnerabilities of 15 emerging market economies and provided the “vulnerability index” for each country.The index is based on such major data as current account, nat

Deputy Prime Minister and Finance Minister Hyun Oh-seok on Wednesday reiterated the incumbent administration’s vision for giving foreign investors the confidence to invest in Korea. “To echo President Park Geun-hye, the government will turn Korea into the world’s most investor-friendly market,” Hyun said in a meeting with major foreign companies and business lobby groups held at Lotte Hotel in downtown Seoul. In particular, he predicted that the Korean market can offer more opportunities for for

South Korea’s financial regulator reported the head of the major conglomerate Tong Yang Group to the prosecution Wednesday for a criminal investigation into alleged stock price manipulation.According to the Financial Services Commission, Tong Yang Group chairman Hyun Jae-hyun and 12 executives of its affiliates are suspected of having released unconfirmed information on Tong Yang Cement & Energy Co. between 2012 and September 2013, sending the company share prices higher.Through the stock price

South Korea's money supply grew at the fastest pace in 10 months in December due to an increase in bank lending, the central bank said Wednesday.South Korea's M2, a narrow measure of the money supply, rose 5.3 percent to 1,932 trillion won ($1.812 trillion) in December from a year earlier, accelerating from a 5.1 percent on-year gain in November, according to the Bank of Korea.It marked the fastest on-year gain since February of last year when the money supply grew an identical 5.3 percent.On a

The Finance Ministry said Monday that tax authorities were considering easing probes on conglomerates and other major enterprises to communicate the Park Geun-hye administration’s determination to spur the economy this year with their help. Such policy moves, however, are likely to pose a dilemma and even invite backlash among some lawmakers as the government is already operating at a deficit. According to data released by the Finance Ministry, central government tax revenue stood at 201.9 trill

South Korean stocks closed slightly higher on Monday thanks to gains in blue chips, even though investors took to the sidelines on jitters over the U.S. economy.The South Korean won gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 0.04 percent, or 0.80 points, to 1923.30. Trading volume on the main market came to 205.33 million shares worth 3.15 trillion won ($2.9 billion), with advancers outnumbering decliners 456 to 356.The market started higher on last week’

Three major credit card businesses are expected to see a sharp drop in earnings this year due largely to a recent massive data breach that involved up to 20 million of their customers nationwide, according to market insiders.The net profit of the three involved credit card firms ― KB Kookmin, NH NongHyup and Lotte Card ― will be hurt “significantly” as they face a drop in customers as well as disciplinary actions from regulators, the sources said. Analysts now predict that the companies’ combine