The Korea Herald

Seoul shares up 0.93% on eurozone hopes

Oct 19, 2011

South Korean stocks closed 0.93 percent higher on Wednesday as pensions and retail investors snapped up shares on hopes an increased eurozone rescue fund would help the region move closer to a debt crisis resolution, analysts said. The local currency shot up against the U.S. dollar.After swerving in
Credit card firms rage over further commission cut plan

Oct 19, 2011

SEOUL, Oct. 19 (Yonhap) -- South Korean credit card companies on Wednesday voiced strong opposition to the ruling party's move to unify their commission rates on retailers of different industries and sizes.On Tuesday, Grand National Party leader Hong Joon-pyo tabled a bill that would ban card firms
Financial firms refute growing backlash on excessive greed

Oct 19, 2011

South Korean financial firms on Wednesday rebutted rising public criticism of their large paychecks and high profit margins as the ongoing "Occupy" protests in the United States and elsewhere fueled local anger about corporate greed. (Yonhap News)Following the start of the "Occupy Wall Street" movem
S. Korea, Japan to discuss expansion of currency swap line

Oct 19, 2011

SEOUL, Oct. 18 (Yonhap) -- Leaders of South Korea and Japan plan to discuss the expansion of the won-yen swap line in an effort to stabilize the two financial markets, the Seoul government said Tuesday.South Korean President Lee Myung-bak was to hold a summit with Japanese Prime Minister Yoshihiko N
Korea’s financial market fast stabilizing

Oct 18, 2011

Fear indicator down, KOSPI makes back recent lossesSouth Korea’s financial markets have been shifting back to normal faster than earlier predicted after suffering a series of shocks sparked last month by fears of a global recession. Investment sentiment, though still cautious, is turning positive at
Seoul shares fall 1.41 percent on fading eurozone optimism

Oct 18, 2011

South Korean stocks closed 1.41 percent lower on Tuesday as remarks from Germany dampened investor hopes on the eurozone debt crisis resolution ahead of a European Union summit later this week, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI slumped 26.28 points to
Foreign banks mixed on Korea rate outlook

Oct 18, 2011

Major foreign investment banks forecast South Korea’s central bank to freeze its key interest rate for the remainder of the year, while some expect a rate hike or a cut, a report showed Tuesday.The Bank of Korea froze the benchmark rate at 3.25 percent in October for the fourth straight month as sig
Card issuers expected to reap huge profits from loan services

Oct 18, 2011

South Korean credit card firms are expected to rake in huge profits this year from their loan services as more cardholders take out cash advances on their credit cards amid tightened lending regulations, industry sources said Tuesday. Credit card companies posted a combined profit of 679 billion won
Samsung Fire expands sales in China

Oct 18, 2011

Samsung Fire & Marine CEO Chi Dae-sub (second from left, front row) poses at an event to celebrate the opening of a branch in Tianjin, China. (Samsung Fire & Marine)Samsung Fire & Marine Insurance, which holds about 30 percent of the Korean non-life insurance market, has been active in tapping the C
Hana pushes to cut KEB price

Oct 18, 2011

Chairman Kim Seung-yu visits U.S. to woo investorsHana Financial Group is expected to launch actions to placate opponents of the group’s planned takeover of Korea Exchange Bank from Lone Star Funds.Hana spokespeople said the move will come after the Financial Services Commission orders Lone Star, co
Credit card firms to cut transaction fees

Oct 17, 2011

Regulator’s move to promote ‘shared growth’ is met with protestKorea’s major credit card firms said on Monday they would slash the transaction fees they collect from small merchants as a reluctant response to the growing calls for a rate cut to bolster their shaky profits amid regulatory pressure. S
Prudential Korea values insurance customers’ needs

Oct 17, 2011

Prudential Life Insurance Company of Korea has been gaining consumers’ confidence by prioritizing customer needs in its product development and sales.The insurance firm pushes ahead with sales through “life planners,” while many companies heavily resort to ready-made products via sales channels such
Even peaceful unification would raise risks: S&P

Oct 17, 2011

Credit rating agency reaffirms Korea sovereign ratingCredit rating agency Standard & Poor’s projected a bleak view for the Korea in a post-reunification scenario, predicting that the government would suffer heightened policy risks even under peaceful circumstances.In its annual seminar in Seoul, the
Sales at supermarkets drop in September

Oct 17, 2011

Sales at South Korea’s major discount chains dropped from a year earlier last month, reflecting a worsening consumer sentiment in the wake of a possible global economic slowdown, the government said Monday.Sales at the country’s three major discount chains slipped 1.1 percent from the same period la
FSC may expedite KEB stake sale

Oct 17, 2011

Regulator could order sale at extra panel meetingThe Financial Services Commission has decided to speed up procedures to order Lone Star Funds, convicted of stock manipulation, to sell a large portion of its stake in Korea Exchange Bank.The financial regulator is likely to order the U.S. buyout fund