The Korea Herald

5 more firms placed on FTC watch list

Oct 5, 2011

Korea’s antitrust watchdog said Tuesday it has placed five more companies on a watch list that limits mutual investments and loan guarantees.The Fair Trade Commission said the number of corporate affiliates on its list stood at 1,605 from 55 business groups as of Saturday, compared with 1,600 last m
Eximbank to borrow $2b more from abroad

Oct 5, 2011

The state-run Export-Import Bank of Korea plans to secure around $2 billion additionally from overseas financial markets later this year as part of its efforts to brace for worsening borrowing conditions, its chief said Tuesday.Eximbank has raised $7.8 billion via overseas borrowing this year and pl
Remittances from Koreans overseas up

Oct 5, 2011

Remittances of funds to South Korea from Koreans living in foreign countries hit a more than two-year high in August as the local currency’s sharp weakness prompted them to accelerate money transfers, data showed Tuesday.Total funds flowing from Korean residents overseas to local people reached $768
Forex reserves fall by most in nearly 3 years in Sept.

Oct 5, 2011

South Korea’s foreign exchange reserves fell by the most in nearly three years in September due mainly to the weaker dollar conversion value of non-dollar assets and suspected dollar-selling intervention.The country’s foreign reserves reached $303.38 billion as of the end of September, down $8.81 bi
Finance minister urges greater market confidence

Oct 5, 2011

SEOUL, Oct. 5 (Yonhap) -- South Korea's financial markets are reacting "sensitively" to international anxieties, the top economic policymaker said Wednesday, calling for more confidence in the nation's economic and financial fundamentals."Financial and currency markets are reacting sensitively to ex
Ruling may change KEB’s fate

Oct 4, 2011

U.S. buyout fund could lose status as biggest shareholder of KEBThe Seoul High Court is likely to find the former CEO of Lone Star Funds’ Korean unit guilty on Oct. 6, according to industry sources.In March, the Supreme Court overturned the High Court’s earlier ruling that acquitted former Lone
Seoul markets hit by default fears in Greece

Oct 4, 2011

KOSPI falls by 3.59% while local currency closes at 1,194 won against dollarKorea’s financial markets on Wednesday reflected worse fiscal projections unveiled by the Greek government, seeing a plunge of stocks prices and further depreciation of the won against the U.S. dollar.The Korea Composite Sto
33 savings banks suffer from capital erosion: data

Oct 4, 2011

More than one-third of South Korea’s savings banks have eroded capital due to large bad debts, data showed Tuesday, raising concerns over their financial health and possible bankruptcies.The data comes after the Financial Services Commission, the country’s financial watchdog, suspended operations of
Household loans log first fall in 8 months

Oct 4, 2011

South Korean banks’ household loans fell for the first time in eight months in September as lenders joined the regulator’s move to curb growing household debt, industry data showed Monday.Household loans extended by top lender Kookmin Bank and three other major banks amounted to 276.9 trillion won (
Korea to boost foreign exchange stabilization bond issuance limit

Oct 3, 2011

South Korea is set to issue more foreign exchange stabilization bonds next year, the Finance Ministry said Monday, a move that comes amid worries the ongoing financial market turmoil will likely be sustained for the time being.The government plans to set the limit for foreign currency-denominated fo
BMW to recall 380 cars for faulty wiring

Oct 3, 2011

BMW is recalling over 380 of its X5 and X6 sport utility vehicles sold in South Korea for faulty wiring that could cause a fire, the Transportation Ministry said Thursday.The wiring to the fuel-filter heater, when damp, could electrically overload the heater even when the engine is turned off, causi
Korea recoups 60.6% of bailout funds

Oct 3, 2011

South Korea has recouped 60.6 percent of the public funds it injected to bail out troubled financial firms during the 1997-98 Asian financial crisis, the financial watchdog said Friday.The country had retrieved 102.2 trillion won ($87.2 billion) of a total of 168.6 trillion won in public funds as of
Asset managers’ Q1 net falls 8.3%

Oct 3, 2011

Total earnings by asset management firms in South Korea declined 8.3 percent in the first quarter of 2011 from a year earlier on money flight from mutual funds, the financial watchdog said Thursday.The combined net profits of 81 local and foreign asset managers came to 99.5 billion won ($84.3 millio
199 Koreans hold more than W5b in overseas accounts

Oct 3, 2011

A total of 199 private and corporate deposit holders in South Korea each have more than 5 billion won ($4 million) in their overseas financial accounts, data showed Monday.There were 199 cases reported for overseas financial accounts worth more than 5 billion won in June, with the reported amount to
BOK won’t change key rate: investment banks

Oct 3, 2011

Foreign investment banks see that the Bank of Korea is unlikely to change the benchmark interest rate by the second quarter of next year. According to the new projection data, Barclays Capital, Citibank and Morgan Stanley projected that the central bank will keep steady the interest rate at 3.25 per