The Korea Herald

GE to repay Buffett for 2008 rescue

Sept 14, 2011

General Electric said Tuesday that it would pay billionaire Warren Buffett‘s company $3.3 billion, plus dividends, for the preferred shares he bought during the 2008 financial crisis.Buffett’s purchase of the preferred shares in October 2008 rescued GE in the depths of the crisis, when the company w
Brokerages spend W100b on entertaining clients

Sept 13, 2011

South Korea’s brokerage houses annually spend more than 100 billion won ($92 million) on wining and dining their clients, Financial Supervisory Service data showed on Tuesday. In a single business day, about 400 million won worth of meals and entertainment expenses are signed off for entertaining cl
European funds unload stocks, bonds on Seoul market: data

Sept 13, 2011

European funds valued at about 5.5 trillion won ($5 billion) are estimated to have pulled out of South Korea’s stock and bond markets since August according to the country’s financial regulators’ data, underscoring the volatile sentiment gripping jittery investors.The sell-off came after the histori
Brokerages lack financial health

Sept 13, 2011

Data shows Korean firms lag behind foreign rivals in soundnessKorean securities firms are of weak financial soundness compared to foreign brokerage houses in Korea, a regulatory report has shown.Data from the Financial Supervisory Service showed Tuesday that 42 local brokerages posted an average net
Buffett adds investment exec as part of succession

Sept 13, 2011

OMAHA, Nebraska (AP) -- Berkshire Hathaway has hired a second hedge fund manager to help run the company's investment portfolio and prepare for what it described as the eventual retirement of 81-year-old billionaire Warren Buffett.Berkshire said Monday that Ted Weschler will join the Omaha-based com
Seoul shares to track reaction to Obama's jobs speech next week

Sept 10, 2011

Amid an absence of major events next week, the South Korean stock market is expected to be largely influenced by the political reactions following U.S. President Barack Obama's jobs proposal, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) wrapped up this week at 1,812
Rainy weather lifts producer prices

Sept 9, 2011

The unusually heavy rains and typhoons of the past two months caused prices of fresh produce to rise by the steepest pace since April, the central bank said Friday.Producer prices of fresh vegetables and fruits advanced 6.6 percent in August from a year earlier, signaling rapid price increases in pr
BOK holds key interest rate at 3.25%

Sept 8, 2011

The Bank of Korea kept the benchmark interest rate unchanged at 3.25 percent Thursday despite inflationary pressures, leaving it steady for the third consecutive month.The decision of the central bank’s Monetary Policy Committee reflected global uncertainty, including the eurozone debt crisis, BOK G
Korea to put anti-inflation, jobs on front burner

Sept 8, 2011

South Korea will put the top priority of its macroeconomic policy on taming inflation and boosting jobs as part of efforts to stabilize the livelihoods of ordinary working-class people, the Finance Ministry said Thursday.The ministry also said it will carry out its macroeconomic policy in a “flexibl
Suicide top cause of death for under 40s

Sept 8, 2011

Suicide was the main cause of death for Koreans aged 40 or younger in the past year, followed by accidents and cancer, Statistics Korea said Thursday. The government agency report said the country’s suicide rate was the highest among member nations of the Organization for Economic Cooperation and De
Daewoo’s capital plan may cause problem

Sept 8, 2011

Daewoo Securities Co.’s plan for a big capital increase is feared to dent its share price as the move is unlikely to do much to boost its earnings and competitive edge, analysts said Thursday, downgrading their price targets on the company.Daewoo Securities, South Korea’s No. 2 brokerage by market c
Markets notice little of Bahk’s inflation fight

Sept 8, 2011

Three months into his term as the country’s finance minister, Bahk Jae-wan’s efforts to tame inflation and stabilize the market have received little notice in an economy at risk of excessive debt at home and abroad. And economic indicators spell trouble for Bahk. Coming into office on June 2, he pri
FSS bows to banks on fees cut

Sept 8, 2011

Financial regulators have postponed instructing banks to slash service fees on transactions via automated teller machines due to complaints from the banking sector, sources said.The Financial Supervisory Service had planned to announce the policy to force banks to cut service fees on money transfers
Korea scraps tax cut plans for firms, rich

Sept 7, 2011

Officials stress securing tax revenue, fiscal balance to ward off external risksThe government on Thursday decided to scrap plans to cut corporate tax rates for conglomerates, compromising following calls for fiscal balance and more spending on the poor.In a meeting to discuss tax revisions for the
Brokerages seek support to lift market status

Sept 7, 2011

Chief regulator urges CEOs to refrain from issuing credit loansCEOs in the brokerage industry called for financial authorities to map out measures for the South Korean stock market to be upgraded to developed status.Their request targets an upgrade from Morgan Stanley to reduce the “Korea discount”