Korea Exchange Bank said on Tuesday it successfully issued bonds worth $700 million to foreign investors in its biggest dollar-denominated offering despite growing uncertainties stemming from the European fiscal crisis.In its first attempt to issue global bonds since it was acquired by Hana Financial Group in February, KEB sold 3.125 percent, five-year notes at a relative yield of 255 basis points more than similar-maturity U.S. Treasuries.KEB initially offered a yield of 275 basis points higher

The growth of electricity consumption by South Korea’s industrial sector rose 4.2 percent on-year in May due mainly to export gains in energy intensive industries, the government said Tuesday.Sales of industrial electricity moved up to 21.53 billion kilowatt-hours last month from 20.67 billion kilowatt-hours reached a year earlier, according to the Ministry of Knowledge Economy. The gain marks a slowdown from an 8.5 percent on-year increase tallied in May 2011, although numbers accelerated from

The government plans to make certain that the state budget earmarked for use in the second half will be spent in a timely manner to bolster economic growth, the Finance Ministry said Monday.In a budget review meeting chaired by Vice Finance Minister Kim Dong-yeon, Seoul said it will do its best to inject money into projects in the coming months without delay.“The goal is to reduce the size of funds that are carried over into next year or not used at all because of various obstacles,” the senior

Self-employed tradesmen across the country have threatened to boycott Lotte Card starting next month in protest of the low commission rate Lotte Mart applied to its credit card affiliate. A group of about 1 million self-employed businesspeople and some 60 organizations representing massage parlors, motels, restaurants and bars said Monday they will start boycotting Lotte Card and Lotte Mart from July 1. Lotte VIC Market, a warehouse store chain established by Lotte Mart to launch late this month

South Korean stocks will be influence by Greece’s parliamentary elections that are expected to shape the future of the eurozone and the global economy, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,854.16 points after a choppy session on Friday, a drop of 13.32 points from Thursday but a gain of 22.52 points from a week earlier.The solid weekly gains were helped by a surge in stock prices in chemical, steel and machinery and construction after they had not do

Korean lenders need to better manage their loans and guard against a rise in loan defaults, the top central banker said Friday.In a meeting with presidents of commercial banks, Bank of Korea Governor Kim Choong-soo said loan delinquency rates have accelerated this year.“Such trends are raising concerns,” he stressed, pointing out that inability to pay back loans can pose serious challenges for local lenders and the economy as a whole. The remarks came as household loan delinquency rates reached

Korea’s ratio of household debt to gross domestic product has exceeded the average figure held by members of the Organization for Economic Cooperation and Development.According to the Korea Chamber of Commerce and Industry, Korea’s household debt-to-GDP ratio reached 81 percent, surpassing 73 percent of the OECD average.The level is quite serious as it is similar to the ratio (85 percent) of Spain which is suffering from a financial crisis and far exceeding that (61 percent) of Greece, one of th

SK Telecom, Korea’s largest mobile carrier, has launched a service that will ensure consumers receive compensation when hit by financial fraud via mobile networks.The service, named “Safe and Joy,” will offer its customers compensatory damages of between 1 to 3 million won, which they can use to take legal action, should they fall victim to voice and messenger phishing, and credit card misuse. Parents of Safe and Joy’s customers who had been exposed to such fraud can also receive the same financ

FSS says most unlawful practices detected at large institutionsMajor banks have been caught for misconduct such as failing to confirm real names in financial transactions or making borrowers purchase financial products to have their loan applications approved, the Financial Supervisory Service said Thursday. The nation’s top financial regulator said it reprimanded numerous banks 53 times and punished 348 bank employees over the past two years.The FSS issued institutional warnings to KB Kookmin B

South Korean stocks gained 0.25 percent Wednesday on expectations the U.S. Federal Reserve may announce new stimulus measures to bolster growth, analysts said.The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index moved up 4.58 points to 1,859.32. Trading volume was moderate at 5.38 million shares worth 3.73 trillion won ($3.19 billion), with losers outpacing gainers 423 to 381.“Forecasts that the U.S. will push forward additional quantitative easing to s