The Korea Herald

Samil PwC names first foreign partner

Jun 23, 2013

Daniel Fertig, 35, has been named a partner at Samil PricewaterhouseCoopers, the largest accounting service firm in Korea and part of the PwC global network. His work as partner begins on July 1.The British chartered accountant is the first foreigner to be admitted as partner of any of the big four accounting firms in Korea, the company said. Fertig transferred to Korea from PwC’s London office in 2006.His main role involves working with large Korean companies seeking to start or expand global o
Revised tax pact to boost hunt for Chun’s ‘hidden’ wealth

Jun 23, 2013

The National Tax Service’s stalled probe into the penalty default by former President Chun Doo-hwan is expected to gain momentum as the revised tax pact between Korea and Singapore is set to take effect this week.The revision calls for lifting a ban of free exchange of financial data between two tax authorities. Tax experts said the new pact may enable the NTS and the Financial Supervisory Service to track down former President Chun’s “mysteriously evaporated” properties. Chun’s wealth has been
Fed policy shakes up Korean growth forecasts

Jun 23, 2013

More think tanks may lower growth outlook amid U.S. money tightning
S. Korea's financial markets remain relatively resilient against Bernanke shock

Jun 23, 2013

South Korea's financial markets have remained relatively resilient compared with other major emerging countries in the face of heightened volatility sparked by worries that the U.S. might scale back its economy stimulus efforts, the finance ministry said Sunday. The financial markets here, including stocks and foreign exchange rates, were rattled on Thursday and Friday after U.S. Fed Chairman Ben Bernanke made remarks that Washington could taper its bond-buying program that has kept its intere
Seoul shares expected to trade lower on U.S. policy woe

Jun 22, 2013

South Korean stocks are expected to continue trade bearish next week as the United States Federal Reserve's remark to cut quantitative easing will dent investors' sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed down 66.41 points, or 3.52 percent, to 1,822.83 on Friday from the previous week.The KOSPI lost ground due mainly to the U.S. Federal Open Market Committee (FOMC) meeting held this week which had an adverse impact on investors' sentiment as
Financial markets continue to fall

Jun 21, 2013

Deputy P.M. calls for contingency plan, liquidity support for SMEs hit by sanctions against Iran
Insurers search for ways to fight increasing uncertainties

Jun 21, 2013

“Reshaping the insurance industry” was the main topic for this year’s International Insurance Society seminar held last week. The sector is trying desperately to steer clear from the three major deadlocks it’s facing: a sagging global economy, an aging society and natural disasters. “We did our best to pin down globally shared and applicable issues,” Moon Jae-woo, the co-head of organizing committee of the five-day international forum, told The Korea Herald. The reward for such efforts came in p
Top financial regulator to have more control

Jun 21, 2013

The top financial regulator is expected to wield more power over taking punitive actions against any unlawful activities by local financial companies, as part of an effort to reorganize the financial regulatory system, its officials said Friday.The Financial Services Commission, the country’s policymaking watchdog, will likely be given the authority to impose restrictions or sanctions on financial players for illegal acts, according to its officials.The authority to take punitive measures has so
Seoul shares plunge 1.49 pct on U.S. policy woes

Jun 21, 2013

South Korean stocks declined 1.49 percent Friday as the U.S. Federal Reserve chief's remark on its stimulus actions continued to weigh on investors' sentiment, analysts said. The local currency continued its slide against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 27.66 points to close at 1,822.83. Trading volume was low at 281.8 million shares worth 4.89 trillion won (US$4.24 billion) with losers far outpacing gainers 640 to 199. It marked the lowest level sinc
Fed shock batters Seoul's stock, forex markets for 2nd straight day

Jun 21, 2013

South Korean stocks opened lower Friday as the United States Federal Reserve's remark on a possible cut in monetary easing continued to weigh down on investors' sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) nosedived 36.16 points, or 1.95 percent, to 1,814.33 in the first 15 minutes of trading.Blue-chip shares lost ground across the board, with tech giant Samsung Electronics falling 2.26 percent and chipmaker SK hynix moving down 1.93 percent. Top steelmaker PO
Korean financial markets tumble on planned QE exit

Jun 20, 2013

Authorities on alert for preemptive measures against increased volatility
[Newsmaker] New Woori chief criticizes his predecessor

Jun 20, 2013

Lee Soon-woo, the new chairman of Woori Financial Group, has expressed discontent over the business policies of his predecessor Lee Pal-seung, who was a college classmate of former President Lee Myung-bak.The incumbent chairman, who stepped to the helm last week, was quoted by an online news provider as saying that Woori Financial tackled sale projects for the state-funded group led by financial authorities during the former chief’s term between June 2008 and June 2013.Lee stressed that it is in
Ex-Hanjin Shipping executive on tax haven blacklist

Jun 20, 2013

A former executive of Hanjin Shipping Co. has been accused of having set up paper companies in overseas tax havens.The Korea Center for Investigative Journalism, locally known as Newstapa, on Thursday released the eighth batch of names of Koreans engaged in founding and operating ghost companies.According to the press organization, former managing director Kim Young-so became one of two owners of a ghost company called Rhodes International Ltd. on Sept. 6, 2001, in the Independent State of Samoa
Egypt eyes Korean aid for infrastructure

Jun 20, 2013

Egypt seeks Korean aid in the form of loans to help fund infrastructure projects, a senior Egyptian government official said. “Financing (the Egyptian) government’s economic development projects calls for many concessional loans,” Mona Sayed Ahmed Ibrahim, the undersecretary of state for East Asian countries of the Egyptian International Cooperation Ministry, told The Korea Herald during an economic development workshop in Seoul. A total of 17 high-profile government officials from 15 emerging c
Seoul shares tumble 2 pct on Fed shock

Jun 20, 2013

South Korean stocks dropped 2 percent Thursday as investors' sentiment was dented by the U.S. Federal Reserve chief's remark on a possible reduction of its stimulus moves, analysts said. The local currency plunged againstthe U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 37.82 points to close at 1,850.49. Trading volume was moderate at 350.6 million shares worth 4.3 trillion won (US$3.76 billion) with losers far outpacing gainers 692 to 130. It marked the lowest leve