Controversial law may pass National Assembly ahead of April electionsCredit card firms are considering filing a petition with the Constitutional Court to ban lawmakers from providing the government with the right to lower the services fees on card payments.A revision of the Credit Finance Business Act allows the government to set the rates of credit card service fees charged on retailers.Ahead of the April 11 general elections, the bill has been pushed by a dominant number of ruling and oppositi

Several big-cap Brazilian petrochemical makers, resource developers and food companies are seeking to list their shares on the Korean bourse in a bid to tap a new funding source, market watchers said Tuesday.Brazilian companies setting sights on the South Korean stock market include Braskem, the largest petrochemical company in the Americas, and Brasilfoods, the world‘s third-largest meat processor.The Brazilian companies have been sounding out the possibility of share listings on the Korea Exch

Korea’s national pension fund saw its investment yield tumble last year as the eurozone debt crisis and the global economic downturn increased market instability, it operator said Monday.The National Pension Service, the country’s largest stock investor, said it earned around 7.67 trillion won ($6.8 billion) last year, or a 2.31 percent investment return. That compares with a 10.39 percent return in 2010 and a 10.41 yield in 2009.The NPS said the detailed figures on its portfolio investment will

HSBC Holdings, Europe's biggest bank, made a $21.9 billion profit last year, the largest among western banks, as its strength in Asia helped it cope with a euro zone debt crisis that has plunged many rivals into huge losses.HSBC, which makes more than three quarters of its pretax profit outside Euro

The financial regulator on Monday announced fresh rules to toughen household lending at non-bank financial companies, putting the brakes on burgeoning private sector debt, which is nearing 900 trillion won ($801 billion).Lenders in the secondary banking sector, including cooperatives, have been ordered to limit lending money to non-members of the credit firm to less than one-third of their total loan, according to the Financial Services Commission. The National Agricultural Cooperative Federatio

South Korean stocks dropped 1.42 percent Monday on concerns that rising oil prices may hurt the South Korean economy and corporate earnings, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 28.73 points to end at 1,991.16. Trading volume was moderate at 629 million shares worth 5.48 trillion won ($4.85 billion) with decliners leading gainers 570 to 275.“Rising oil prices could be a big burden to the local economy and hurt corpora

Korea Exchange Bank dismissed all nine of its executives Monday, under the business policy of its new CEO Yun Yong-ro to revamp management structure.His move comes a month after financial regulators endorsed Hana Financial Group’s takeover of KEB from Lone Star Funds.Yun, the first KEB CEO under the wing of Hana Financial, notified the nine executives, including four deputy CEOs, that their terms would not be extended.The executives were at their posts during Lone Star’s management of the bank f

Korean shares’ direction next week will most likely be affected by rising oil prices and lingering worries over the eurozone debt problems, analysts said Saturday.The benchmark KOSPI ended this week at 2,019.89, down 0.17 percent or 3.58 points from a week earlier.The KOSPI got off to a strong start, driven by the news that China lowered the reserve ratio for its banks. During the week, Wall Street rallies also bolstered investor sentiment here as the Dow Jones industrial average cracked the 13,

Korea will toughen rules on household lending by non-bank financial companies in an effort to put the brakes on its rapid growth, the financial regulator said Sunday.Non-bank financial firms, including cooperatives and insurers, will be required to lower their loan-to-deposit ratios to less than 80 percent in two years and to increase credit loss provisions for high-risk loans, the Financial Services Commission said in a statement. Even as the average loan-to-deposit ratio at non-bank financial

ICON Media Communications, an investor relations firm with offices in New York and Los Angeles, announced that it has formed a strategic partnership with Seoul IR Consulting.The tie is aimed at promoting strategic communications counsel between the U.S. and Korean financial markets while enhancing the brand of the two firms in the investment community.“This partnership marks a milestone for ICON as we continue to expand our footprint into the global markets,” said Debra Chen, founder of ICON. “B

The labor dispute in Standard Chartered Bank Korea has entered a critical phase again as its management recently failed to reach a compromise with the union.The union of Standard Chartered has threatened to stage a general strike amid the standstill in their negotiations with the management.Though the unionized workers, who went on a walkout between June and August, returned to work, the dispute has not been resolved, according to bank spokespeople.“They are working at branches. But their protes

Chairman could oversee Hana’s emergence as Korea’s No. 1 financial groupHana Financial Group plans to select the successor to incumbent chairman Kim Seung-yu, whose term expires in late March, in the coming days.The new chairman will be the second figure to head Hana Financial since Kim took on the top post in 2005.Further, Kim’s successor will take on the role of integrating different corporate culture of Hana Bank and Korea Exchange Bank, which was acquired by the group this month, over the ne

Korean stocks finished 0.6 percent higher Friday as foreign investors scooped up Seoul shares on economic optimism, analysts said. The local currency rose against the U.S. dollar. Reversing its earlier fall, the benchmark Korea Composite Stock Price Index added 12.09 points to 2,019.89. Trading volume was heavy at 709 million shares worth 5.64 trillion won ($5.02 billion) with gainers leading losers 490 to 323. “In the morning, the KOSPI was dragged down by concerns over rising oil prices and wo