The Korea Herald

Eximbank sponsors teenage brass band from South Sudan

Oct 17, 2012

The Export-Import Bank of Korea said on Thursday that its staff including chief executive Kim Yong-hwan agreed to be personal mentors for about 30 members of a teenage brass band from South Sudan while providing them with regular scholarships.The brass band from the South Sudanese village of Tonj was created by the late Catholic priest Lee Tae-seok who devoted his life to healing people in the worn-torn country through both medicine and music. Lee had served as a clergyman, doctor, teacher and m
Banks’ foreign-currency deposits hit high in Sept.

Oct 16, 2012

Foreign currency deposits at South Korean banks rose to a fresh high in September on gains in the trade surplus and a rise in corporate sales of overseas bonds, the central bank said Tuesday.Outstanding foreign currency-denominated deposits held by local residents reached a record $39.26 billion as of the end of September, up $3.43 billion from the previous month, according to the Bank of Korea.Residents includes individual citizens and firms but does not cover foreign nationals with residency s
Shares up 0.83% on upbeat data

Oct 16, 2012

South Korean stocks rose 0.83 percent on Tuesday as investor sentiment got a boost from upbeat China and U.S. economic data as well as overnight gains on Wall Street, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 15.95 points to 1,941.54. Trading volume was moderate at 516.9 million shares worth 3.64 trillion won ($3.29 billion), with gainers outnumbering decliners 470 to 340.“It was mostly external factors, such as slowi
Eximbank backs projects to support Tanzania, Uganda

Oct 16, 2012

The Export-Import Bank of Korea said Tuesday it agreed to provide $50 million for an irrigation project in Tanzania and $26.8 million for a vocational training program in Uganda as part of its efforts to support African economies.Eximbank chief executive Kim Yong-hwan inked the agreements with finance ministers William Mgimwa of Tanzania and Maria Kiwanuka of Uganda on the sidelines of a biennial ministerial meeting for economic cooperation between Korea and Africa.The four-day Korea Africa Econ
‘14th century African king was the richest person of all time’

Oct 16, 2012

The wealthiest person ever to have lived is a 14th century king who ruled Malian Empire in Africa, a website claimed.Celebrity Net Worth, a website which keeps track of celebrities’ incomes, estimated the net worth of wealthiest people in history and sorted out the 25 richest people of all time, and found that Mansa Musa I of Mali ranks No.1.The website adjusted the respective wealth of rich people to incorporate the inflation: For example, $100 million in 1913 is equal to $2.3 billion in 2012.
Seoul shares open higher on foreign buying

Oct 16, 2012

South Korean stocks started higher on Tuesday as foreign investors scooped up local shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 0.73 percent, or 14.13 points, to 1939.72 in the first 15 minutes of trading.Shares gathered ground across the board, with market bellwether Samsung Electronics rising 1.31 percent and flat panel giant LG Display gaining 2.59 pe
Shares drop 0.4% on global recession woes

Oct 15, 2012

South Korean stocks closed 0.4 percent lower Monday as investors’ sentiment was dampened by concerns over a global recession and persistent eurozone debt woes, analysts said. The local currency declined against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 7.67 points to 1,925.59. Trading volume was moderate at 554.9 million shares worth 4.49 trillion won ($4.04 billion), with losers outnumbering gainers 548 to 297.“There’s no big positive momentum to lead the index upward
Eximbank helps extend hallyu to South Sudan

Oct 15, 2012

The Export-Import Bank of Korea said it agreed to work together for cultural exchanges with South Sudan on Monday, as a biennial ministerial meeting for economic cooperation between Korea and African nations kicked off in Seoul.In a memorandum of understanding inked Monday, Eximbank and KBS agreed with the South Sudanese government delegation to provide the African country with Korean pop culture content such as television dramas, hoping to spread the “Korean Wave” across the continent.The MOU s
‘MOFIA’ keeps financial sector under thumb

Oct 15, 2012

Retired financial bureaucrats given lifelong privilege to lead public agencies, banks by noseIt is well known that former financial bureaucrats dominate top positions at Korea’s public financial institutions and banks controlled by public agencies.Recent history shows that only a fraction ― about 3 percent ― of former and incumbent chief executive officers at 11 public financial institutions and three “special” banks were chosen from the institutions’ ranks.Bureaucrats who built their careers an
KEB wins banking award from finance magazine

Oct 14, 2012

Korea Exchange Bank was selected as the best emerging market bank in Korea by an international financial magazine on Saturday. Global Finance, a U.S.-based financial magazine, awarded KEB in the World’s Best Emerging Market Banks in Asia 2012’s Korea category at the awards ceremony held at the Foreign Correspondents’ Club in Tokyo, Japan. The magazine awards banks in different countries every year to time with the IMF/World Bank Annual Meeting. Global Finance gave highest points to KEB in the as
World Bank to open office in Korea

Oct 14, 2012

South Korea will sign a memorandum of understanding with the World Bank this week on the establishment of the global lending agency’s office in Seoul, the Finance Ministry said Sunday.The MOU will be signed between World Bank Group President Jim Yong Kim and Finance Minister Bahk Jae-wan during their breakfast meeting to be held in Seoul on Monday, the ministry said.Both sides will also ink a deal on the establishment of a bilateral cooperation fund and discuss ways to strengthen collaboration,
Shares expected to rebound this week

Oct 14, 2012

South Korean stocks are expected to move upwards this week, with investors awaiting the result of the European Union’s summit scheduled for later in the week, analysts said.The benchmark Korea Composite Stock Price Index closed at 1,933.26 last week, down 3 percent from a week earlier.It sank into negative territory as the International Monetary Fund provided a gloomier outlook for South Korea, while a lackluster forecast on third-quarter performances of large caps in the U.S. weighed on investo
No. of credit card delinquents jumps by 30 percent

Oct 14, 2012

The number of delinquent card loan borrowers reached near 500,000 over the past three years in 2011 as the economic slowdown turned such lending sour, data showed Sunday.The number of credit card loan borrowers on default stood at 176,000 in 2011, up 29.2 percent from a year earlier, according to the Financial Supervisory Service.The total number of such people reached some 488,000 following the 2008 global financial crisis in 2011, leading the value of loans overdue to reach 2.51 trillion won (
Hanwha Life Insurance buys office building in London

Oct 12, 2012

South Korea’s Hanwha Life Insurance Co. has purchased a premium office building in London in an effort to beef up its return from asset management, industry sources said Friday.Hanwha Life Insurance acquired the Wood Street headquarters building of international law firm Eversheds in London’s financial district for 250 billion won ($224 million) in August, according to the sources.“We will try to minimize investment risks by purchasing properties overseas for lease and seek stable investment ret
Shares flat despite upbeat U.S. jobs data

Oct 12, 2012

South Korean stocks closed almost unchanged on Friday as investor sentiment remained tepid despite an improvement in U.S. jobs data, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index inched up 0.17 points, or 0.01 percent, to 1,933.26, snapping a four-session losing streak. Trading volume was moderate at 390.4 million shares worth 3.72 trillion won ($3.35 billion), with gainers outnumbering decliners 448 to 371. “There were some opti