The Korea Herald

ING Life Korea gets closer to customers

Apr 25, 2012

ING Life Korea is aiming to get close and personal with its existing and potential customers by further “opening its ears” to hear their needs in financial planning.The Korean subsidiary of the global life insurer is boosting in-house training not only for financial consultants but also for executives, in an effort to boost customer relations, its press release said.In addition to the 180-day consulting training, the company has sent its managers and executives to its nationwide centers to meet
Korea to auction stake in Woori

Apr 25, 2012

FSC chief Kim says local, foreign investors will be treated equallySouth Korea plans to seek bidders for its stake in Woori Finance Holdings Co. in a third attempt to sell the nation’s largest financial company by assets.The government will hold an international auction and announce details on the plan “soon,” Financial Services Commission chairman Kim Seok-dong said in Seoul on Wednesday. Local and foreign investors’ bids will be treated equally, he said.A rally in Asian equity markets this yea
Ex-deputy chief of FSS to head financial training center

Apr 25, 2012

The Korea Banking Institute, an educational organization for financial professionals, has named Lee Jang-young, former deputy governor of the Financial Supervisory Service, its new chief. After graduating from Seoul National University with a degree in economics, Lee worked as a professor of economics at the State University of New York, researcher at the Korea Institute for International Economic Policy, the Korea Institute of Public Finance and economist at the International Monetary Fund.He a
Korea to auction Woori Finance stake in third sale attempt

Apr 25, 2012

South Korea plans to take bids for its stake in Woori Finance Holdings Co. in a third attempt to sell the nation’s largest financial company by assets.The government will hold an international auction and announce details on the plan soon, Financial Services Commission Chairman Kim Seok Dong said in Seoul today. Local and foreign investors’ bids will be treated equally, he said.The sale is part of
Budget to focus on welfare, job creation in 2013　

Apr 24, 2012

South Korea’s budget for 2013 will focus heavily on welfare, job creation and education-related spending to meet growing demands for social security and achieve sustainable growth, the government said Tuesday.The budget plan, outlined by the finance ministry and approved by the Cabinet, emphasizes sustainable growth and restoring a balanced budget next year to ensure the country has the available resources to cope with its rapidly aging population, reunification and other unforeseen economic cri
Shares fall on eurozone woes

Apr 24, 2012

South Korean stocks dropped 0.47 percent Tuesday on rising political uncertainties in Europe and overnight losses on Wall Street, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 9.21 points to close at 1,963.42. Trading volume was heavy at 622 million shares worth 4.97 trillion won ($4.35 billion), with losers outpacing gainers 641 to 206.“Fiscal woes in Europe fueled political uncertainties on the continent, having a negative impact on the local bourse,”
European fund withdrawal from Korea hits $18.2b in 2011

Apr 24, 2012

The amount of European funds that left South Korea reached $18.2 billion in 2011 mainly due to financial woes facing many eurozone economies, a report by the central bank showed Tuesday.European investors pulled the money from the local bourse last year, contributing to a net outflow of $10.9 billion in stock investments, according to the report by the Bank of Korea.Despite the withdrawal of funds, the European Union still accounted for 28.1 percent of all inbound investments last year, which wa
Budget to focus on welfare, job creation in 2013

Apr 24, 2012

South Korea’s budget for 2013 will focus heavily on welfare, job creation and education-related spending to meet growing demands for social security and achieve sustainable growth, the government said Tuesday.The budget plan, outlined by the finance ministry and approved by the Cabinet, emphasizes sustainable growth and restoring a balanced budget next year to ensure the country has the available resources to cope with its rapidly aging population, reunification and other unforeseen economic cri
Kim MS shares rally on presidential run

Apr 23, 2012

Regulators, analysts caution investors against politically-driven stocksManufacturing, materials and rail shares linked to Kim Moon-soo rallied across the board on Monday, following the incumbent Gyeonggi governor’s official announcement that he will run for the presidency at the end of the year.The jump has led the Financial Supervisory Service to strengthen its oversight over political-themed stocks, including ones related to other presidential hopefuls such as Seoul National University profes
Insurers’ loan delinquency rate stable in March

Apr 23, 2012

The loan delinquency ratio of South Korean insurers remained unchanged in March from the previous month reflecting stable financial market conditions, the financial watchdog said Monday.The average default ratio of loans extended by local life and non-life insurers came in at 0.81 percent as of the end of March, according to the Financial Supervisory Service. This marks the third month in a row that the default rate has remained fixed.The latest report showed that compared to the year before, th
Seoul shares end flat before U.S. rate decision, earnings reports

Apr 23, 2012

South Korean stocks closed effectively flat on Monday as investors waited for this week's U.S. interest rate decision and corporate earnings, analysts said. The local currency dipped against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gave up 2.02 points, or 0.10 percent, to close at 1,972.63. Trading volume was moderate at 578 million shares worth 3.52 trillion won
Seoul stocks to track U.S. economic data, earnings

Apr 22, 2012

South Korean stocks are expected to mirror economic data and corporate earnings reports coming out of the United States this week and developments taking place in eurozone countries, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,974.65 on Friday, down 1.71 percent from a week earlier, mainly due to weaker than expected U.S. consumer sentiment and sluggish first quarter growth in China, South Korea’s largest export market.Uncertainties brought on by Spain’s de
Korea’s debt may match GDP by 2030

Apr 22, 2012

South Korea’s government debt could surpass 100 percent of its gross domestic product in 2030, hit by a steady increase in welfare spending and rising debts of public companies, a report by the Bank of Korea warned Sunday. The nation’s public debt rose to a record high of 420.7 trillion won ($368 billion) as of the end of last year, with the ratio of national debt to GDP climbing to 34 percent from 33.4 percent a year ago. “The ratio of national debt to GDP is expected to remain low until 2015,
Korea to contribute $15 billion to IMF

Apr 22, 2012

WASHINGTON (Yonhap News) ― South Korea announced a plan Friday to provide $15 billion to the International Monetary Fund, which seeks to expand its lending capacity.The move comes as spring meetings of the IMF and G-20 are under way here. South Korea’s finance minister, Bahk Jae-wan, and the Bank of Korea chief, Kim Choong-soo, are attending the sessions.In a joint statement with Australia, Singapore and the United Kingdom, South Korea said the contribution is part of efforts to “increase the pr
IMF warns Europe not to ease up in debt battle

Apr 22, 2012

WASHINGTON (AP) ― An infusion of hundreds of billions of dollars will give the International Monetary Fund a badly needed boost to tackle Europe’s prolonged debt crisis. But global finance officials sent a strong message Saturday that struggling governments must speed reforms or risk spooking jittery markets and raising the economic danger.The lending agency said in a statement after its weekend meetings that financially-strapped European countries must put in place bold changes to resolve their