The government on Friday redesignated the Korea Development Bank and Industrial Bank of Korea (IBK) as public firms, placing them under state inspection after their privatization plans were scrapped.The Korea Exchange (KRX), the country's main bourse, stayed as a public institution despite its efforts to be delisted, mainly from criticism against its lax management, the finance ministry said.Once designated, the institutions come under a set of regulations on management transparency, accountabil

Struggling to dispel rising public concerns over a massive leak of personal data, South Korea's financial regulator reasserted Thursday that the information stolen from several credit card firms has not been circulated.Over the weekend, the Financial Services Commission revealed that some 20 million bank clients' personal data, including bank account numbers, addresses and credit ratings, had been leaked from KB Kookmin, Nonghyup and Lotte.A leak also occurred at Kookmin Bank, which shared its c

Skeptics question timing of the sector’s sanguine forecasts

The recent financial accident involving a data breach for up to 15 million credit card holders here is arousing further concerns over the nation’s cyber security as evidence is popping up that other financial sectors, such as brokerages and insurance companies, may have also suffered such breaches. On Wednesday, stock brokerage insiders revealed that there had been a hacking attack on Koscom, which provides more than half of Korea’s 62 securities firms with IT infrastructure and financial operat

South Korean stocks closed higher for the third straight day Wednesday, helped by an improved economic growth forecast from the International Monetary Fund and a stable exchange rate stance by Japan, analysts said. The Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index gained 6.53 points, or 0.33 percent, to 1,970.42. Trading volume was low at 235.9 million shares worth 3.42 trillion won ($3.20 billion), with gainers outpacing losers 413 to 369.Analysts

South Korean stocks closed higher Tuesday, helped by China’s move to supply more liquidity into the market ahead of the Lunar New Year holidays, analysts said. The Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index gained 10.11 points, or 0.52 percent, to 1,963.89. Trading volume was low at 285.5 million shares worth 3.29 trillion won ($3.08 billion), with gainers outpacing losers 409 to 378.Analysts said Seoul shares moved up modestly after People’s Ba

The daily volatility of the South Korean currency rose in 2013 compared with a year earlier due to geopolitical risks and the Federal Reserve’s monetary stimulus tapering, the central bank said Tuesday.The average daily volatility of the local currency reached 5.2 won last year, compared with 4.2 won the previous year, according to the Bank of Korea. It recorded 3.4 won in the fourth quarter of last year, smaller than 5.3 won in the third quarter.The won showed the fourth-lowest volatility last

  The daily volatility of the South Korean currency rose in 2013 compared with a year earlier due to geopolitical risks and the Federal Reserve's monetary stimulus tapering, the central bank said Tuesday.    The average daily volatility of the local currency reached 5.2 won last year, compared with 4.2 won the previous year, according to the Bank of Korea (BOK). It recorded 3.4 won in the fourth quarter of last year, smaller than 5.3 won in the third quarter.   The won showed the fourth-lowest v

Customers of CJ Mall, the online shopping website affiliate of conglomerate CJ, have become the latest group of victims of personal data theft, with some confirmed to have suffered financial losses.Broadcaster SBS reported Monday that a user of CJ Mall recently discovered that his shopping credit points had been used to purchase mobile gift vouchers without his knowledge.The hacker had used Kim’s ID and password to log in the website, and changed Kim’s mobile phone number information before maki