The Korea Herald

Korea’s debt risks rise on global woes

Sept 25, 2011

Spread on credit default swaps rises above 2 percentKorea’s sovereign default risks went up last week as the Korean won and the main stock index confronted a selling spree amid growing concerns over the country’s wobbly financial market battered by the deepening fiscal crisis in Europe. The spread o
Specter of 2008 financial crisis looms again

Sept 25, 2011

Korean authorities face volatility amid deepening eurozone debt problemThe 2008 financial crisis sparked by the bankruptcy of Lehman Brothers in the U.S. is still fresh in the minds’ of Korean investors and policymakers. Now eerily similar developments are sweeping the country’s financial market as
Deutsche Bank employee faces prosecution probe

Sept 25, 2011

One more employee of Deutsche Bank AG will likely be subject to criminal investigation in Korea on suspicion of engaging in irregular stock trading, according to the Financial Supervisory Service.FSS officials allege that an employee of Deutsche Bank rigged the price earnings ratio during his tradin
Hyundai Card to tie up with Hyundai-Kia in U.S.

Sept 25, 2011

Hyundai Card’s global business is drawing interest over whether the company will successfully debut in the U.S. credit card market.CEO Ted Chung’s willingness to tap the world’s largest credit card market could also be meaningful as Hyundai Motor, the majority shareholder of Hyundai Card, has active
FSS to warn card industry CEOs

Sept 25, 2011

Most of six firms under review likely to face sanctions for irregular practicesThe Financial Supervisory Service is moving to reprimand chief executives of major credit card companies for irregular business practices.While the FSS is considering handing down sanctions on several companies for irregu
Seoul bourse hit by panic selling

Sept 23, 2011

KOSPI drops to 15-month low 1,697, won surges thanks to interventionThe Seoul stock market wrapped up its worst week since July, 2010 Friday, as investors continued to slash their exposure to local assets on overnight losses in the United States and Europe.The benchmark KOSPI tracked overnight falls
‘Market jitters likely to cut growth’

Sept 23, 2011

South Korea’s top central banker said Friday the country’s economy is likely to lose growth momentum, largely due to prolonged market jitters and weakening growth in advanced economies, hinting at cutting the bank’s growth estimate for the year.The remarks by Bank of Korea Gov. Kim Choong-soo came a
Market retreats further on U.S. Fed statement

Sept 22, 2011

Seoul stocks dropped another 2.9 percent Thursday on smaller-than-expected stimulus measures from the U.S. Federal Reserve on top of a global growth downgrade by the International Monetary Fund. The benchmark KOSPI lost 53.73 points to 1,800 after dipping as low as 1,780 at around noon. The junior K
Eximbank supports Korea-Cambodia ties

Sept 22, 2011

The Export-Import Bank of Korea has taken the lead in enhancing tie-ups for development projects between Korea and Cambodia.Under initiative of chairman & CEO Kim Yong-hwan, the state-run bank met to map out further development of the National Polytechnic Institute of Cambodia in Phnom Penh, Thursda
BOK chief: Korea not likely to face another sudden crisis

Sept 22, 2011

WASHINGTON (Yonhap News) -- The head of South Korea’s central bank sought Wednesday to ease worries over his country’s financial markets, saying they won’t likely face another sudden crisis.The current situation is “different from when (the South Korean economy) was in difficulty in 2008,” Bank of K
Stock fraud via broadcasters surfaces

Sept 22, 2011

The financial regulator has launched a full-fledged investigation into alleged stock manipulation via cable TV channels, Internet broadcasters and cyber communities.Allegations that investment advisors engaged in stock manipulation recently emerged, an official at the Financial Supervisory Service s
Deutsche Securities Korea to resume derivatives trading

Sept 22, 2011

Six-month ban imposed for causing market crash ends in OctoberDeutsche Securities Korea is to resume derivatives trading from October when a six-month ban imposed by the local regulator expires, sources said. Speaking on behalf of Deutsche Securities Korea, Michael West, head of PR for the company’s
Stock fraud via broadcasters growing

Sept 22, 2011

Regulator launches probe into allegations of stock manipulation by broadcastersThe financial regulator has launched a full-fledged investigation into alleged stock manipulation practices via cable TV channels, Internet broadcasters and cyber communities.Allegations that investment advisors engaged i
Vote for Jeju and ...win a Hyundai

Sept 21, 2011

Cast your vote to make Jeju Island a New 7 Wonders of Nature and you may win a Morning or a tablet PC, Hyundai Motor Co. said Wednesday. The largest carmaker here said a total of 50 successful votes will be picked by lottery by Nov. 11 when the global campaign ends. The Official ‘New7Wonders of Natu
Seoul to provide W4tr in Nonghyup restructuring aid

Sept 21, 2011

The government has decided to provide 4 trillion won ($3.5 million), or 15.7 percent, of the total needed to restructure state-run National Agricultural Cooperative Federation, the Finance Ministry said Wednesday. The amount is 2 trillion won short of the 6 trillion won requested by Nonghyup, the co