The Korea Herald

Regulator begins procedure of Lone Star's KEB sale

Oct 17, 2011

SEOUL, Oct. 17 (Yonhap) -- South Korea's financial regulator on Monday took the first administrative step toward ordering U.S. private buyout firm Lone Star Funds to sell the bulk of its controlling stake in Korea Exchange Bank (KEB).The Financial Services Commission (FSC) said in an e-mailed statem
Banks’ overseas earnings double in H1

Oct 16, 2011

South Korean lenders saw their combined net profit from overseas operations grow more than two-fold in the first half from a year earlier on the back of increased interest income, the financial regulator said Sunday.Net income by 131 overseas units and branches managed by 11 local banks reached $429
Global efforts on eurozone crisis to help stock market

Oct 16, 2011

South Korean shares are expected to gain some ground this week as the international community moves to resolve the eurozone crisis, analysts said Saturday.The forecast comes as the benchmark KOSPI closed at 1,835.40 on Friday, up 75.63 points, or 4.3 percent, from a week earlier. The index had risen
Credit card firms to cut fees under pressure

Oct 16, 2011

Credit card firms plan to lower transactions fees by 0.2 percent in a reluctant response to merchants decrying the “unfair” fees.The plan to cut transaction fees is part of a broader reform to woo merchants after complaints led the financial regulator to consider allowing businesses to reject credit
G20 to strengthen financial safety net

Oct 16, 2011

Seoul split on need for currency swapThe Paris meeting of the world’s leading economies this weekend was a step forward in improving the financial safety net protecting the market from destabilizing capital movements, Finance Minister Bahk Jae-wan said. The G20 finance chiefs agreed to allow the Int
U.S. runs $1.3 trillion budget deficit in 2011

Oct 16, 2011

WASHINGTON (AP) ― The government ran a $1.3 trillion deficit for the budget year that ended last month, the third straight year it has operated more than $1 trillion in the red.The 2011 budget deficit was the second highest on record. It’s slightly ahead of the previous budget year’s $1.29 trillion
G20 considers boosting IMF role in eurozone

Oct 16, 2011

World’s leading economies ask IMF to draw up ways to help stem eurozone crisis as Italy, Spain strugglePARIS (AP) ― The finance chiefs of the world’s leading economies opened the door Saturday for the International Monetary Fund to play a bigger role in fighting the eurozone’s escalating debt troubl
Seoul to rein in financial firms’ pay packages

Oct 16, 2011

Korea’s financial regulators said they were considering measures to address the controversy over generous salaries and dividends in the banking, securities and other financial sectors. “Modifying the regulatory system is now being reviewed concerning some of the high compensation executives in the f
Institutional buying lifts shares 0.67%

Oct 14, 2011

South Korean shares finished 0.67 percent higher Friday as institutional investors including the National Pension Fund snapped up shares despite persisting eurozone worries, analysts said. The local currency edged down against the U.S. dollar.Reversing earlier losses, the benchmark Korea Composite S
Bidding for savings banks begins

Oct 14, 2011

Financial authorities Friday began the process of selling six savings banks suspended from business since mid-September due to poor financial health, in the hope of finding buyers by the end of December.State-run Korea Deposit Insurance Corp. made a public notice for the sale of the debt-saddled ban
Insurers fined W365b for price-fixing

Oct 14, 2011

Samsung Life, Mirae Asset among those punished for collusionTwelve life insurance companies were fined a total of 365.3 billion won ($315 million) by the antitrust regulator for engaging in price-fixing.The Fair Trade Commission unveiled the list of the companies Friday ― Samsung, Kyobo, Korea, Mira
Moody's downgrades LG Electronics' outlook to negative

Oct 13, 2011

Moody's Investors Service said Thursday that it has cut its outlook on LG Electronics Inc. to negative from stable, citing its loss-making mobile business and global economic slowdown. The move deals another blow to LG Electronics, the world's third-largest maker of mobile phones, which is trying to
Shares up on eurozone optimism

Oct 13, 2011

South Korean stocks closed 0.75 percent higher on Thursday as foreigners snapped up shares on growing hopes the eurozone will succeed in tackling its debt debacle, analysts said. The local currency gained against the U.S. dollar.The benchmark KOSPI climbed 13.6 points to 1,823.1. Trading volume was
Lone Star not to appeal guilty verdict

Oct 13, 2011

Hana-Lone Star deal totally up to FSCThe Financial Services Commission will announce the procedures for its coming action under which Lone Star Funds will be deprived of its status as the biggest shareholder of Korea Exchange Bank.The regulator’s stance comes several hours after U.S.-based Lone Star
Global LTE phone market to quadruple in 2012

Oct 13, 2011

The global market for long-term evolution mobile phones is expected to surge four-fold to around 32 million units in 2012, fueled by strong consumer demand, an industry report said Thursday.The report by Strategy Analytics, a global research and consulting firm, predicted market size will expand an