The Korea Herald

BOK holds rate, citing growth worries, inflation

Oct 13, 2011

Analysts see no rate hike through Q1 next yearThe Bank of Korea kept the key interest rate steady at 3.25 percent for the fourth straight month on Thursday, as worries over the weakening global economy outweighed concerns about the country’s high inflation.“The global economy is forecast to stage a
Plan to limit small payments scrapped

Oct 13, 2011

Data shows small card payments account for 30.6% of total transactionsThe Korean government is expected to keep the current credit card payment system, a turnaround from its previous stance announced on Monday, backing down to protests from small retailers and consumers. The Financial Services Commi
BOK freezes key rate at 3.25 percent for 4th month

Oct 13, 2011

SEOUL, Oct. 13 (Yonhap) -- South Korea's central bank held steady the key interest rate on Thursday for the fourth straight month as the global economic outlook remains dimmer and inflation growth eased.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers froze the benchmark seven-day
Ex-Lone Star Korea CEO appeals ruling

Oct 12, 2011

Paul Yoo, former CEO of Lone Star Korea, has appealed to the Supreme Court against Seoul High Court’s Oct. 6 verdict that he engaged in manipulation of Korean stocks in 2003.But the appeal is only related to his individual case and not the financial authorities’ ongoing probe into U.S.-based Lone St
Seoul shares end up 0.81% on brokerages, refiner gains

Oct 12, 2011

South Korean stocks finished 0.81 percent higher Wednesday as investors snapped up shares of brokerages and oil refiners, brushing off concerns over U.S. corporate earnings, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI added 14.48 points to close at 1,809.5, ext
NPS grows banking industry clout

Oct 12, 2011

Pension fund holds major stake in 4 financial groupsThe National Pension Service has expand its presence financial industry after regulators paved the way for the fund to increase its stake in commercial banks earlier this year.Experts are divided over the national pension fund’s active buying of sh
Money supply accelerates, household loans slow: BOK

Oct 12, 2011

Korea’s money supply expanded at its fastest pace in five months in August and banks’ household loan growth slipped to an eight-month low in September, the Bank of Korea said on Wednesday.The data came ahead of the central bank’s rate-setting meeting slated for Thursday amid widespread expectations
OECD: Korean economy in ‘slowdown’ phase

Oct 12, 2011

Major European economies see leading indicators slump on debt woesKorea’s economic conditions declined for three months in a row based on the composite leading indicator of the Organization for Economic Cooperation and Development, data showed on Wednesday. Korea’s CLI for August stood a
Seoul shares up 1.62% on eurozone hopes

Oct 11, 2011

South Korean stocks finished 1.62 percent higher on Tuesday, led by oil refiners and shipyards, as European leaders' move to shore up the region's banking sector boosted investor confidence, analysts said. The local currency climbed against the U.S. dollar. The benchmark Korea Composite Stock Price
Oilbank sets W100b for storage facility

Oct 11, 2011

Hyundai Oilbank Co., South Korea’s fourth-largest oil refiner, said Tuesday that it will spend 100 billion won ($86 million) on building a new storage facility for oil and petrochemical products.The facility in Ulsan, 414 kilometers southeast of Seoul, includes a 300,000-kiloliter tank, it said.Cons
BOK expected to freeze interest rate

Oct 11, 2011

The Bank of Korea is widely expected to keep the benchmark rate steady at its rate-setting meeting on Thursday, a survey by Korea Financial Investment Association showed on Tuesday.The KOFIA survey, conducted on local bond dealers, brokers and analysts between Sept. 27 and Oct. 3, revealed that 96.3
Brokerages move toward investment banking

Oct 11, 2011

Daewoo, Woori and Samsung jump on the IB bandwagon; Hyundai, Korea weigh optionsSince the Korean financial regulator set the standard for designating homegrown investment banks, local brokerages are racing to increase their paid-in capital to qualify for the potentially lucrative business. The Finan
Card, capital firms face scrutiny

Oct 11, 2011

The Financial Supervisory Service plans to launch an on-the-spot probe soon into the credit card and capital services industries amid a series of financial accidents involving customer information leaks among loan issuance firms.The action comes after a great amount of personal information was leake
World Bank to open regional consultation center in Seoul

Oct 11, 2011

The World Bank will open a consultation center in Seoul as part of their efforts to provide advice on finance to developing countries in the East Asia and Pacific region, the Finance Ministry said Tuesday.The agreement was reached under a memorandum of understanding signed between Choi Jong-ku, a de
Financial firms set to pay hefty bonuses

Oct 11, 2011

South Korea’s financial regulator has urged local bank chiefs to stem excessive dividend payments and set aside enough money to brace for worsening shockwaves stemming from the ongoing global uncertainty, sources said Tuesday.The move comes on the heels of projections that local banks are expected t