The Korea Herald

Household debt keeps rising

Aug 31, 2011

Household loans extended by South Korea’s financial institutions are set to jump by more than 5 trillion won ($4.66 billion) in August, an unusually high figure for a month of slow home debt, data showed Wednesday.Financial authorities said household debt between Aug. 1-26 already reached 4.9 trilli
Lending controls invite resistance from banks

Aug 31, 2011

Credit card firms also voice discontent with regulatory policiesUneasiness and skepticism over the financial regulators’ policy to curb household loans are growing in the banking sector and among think tanks.While the Financial Services Commission plans to unveil additional measures to curb househol
SC First Bank to keep 42 branches shuttered until strike ends: CEO

Aug 31, 2011

The head of SC First Bank said Wednesday that the lender will not re-open 42 temporarily shuttered branches until the ongoing labor strike comes to an end.More than 2,500 unionized workers at the South Korean unit of Standard Chartered Plc. has been on strike since late June, the longest walkout in
Companies’ H1 profits slip on global slowdown

Aug 30, 2011

The first half net profit of some of the country’s largest companies dropped more than 7 percent from a year ago, while one in 10 companies posted net losses, damped by global economic slowdown, data showed Tuesday.According to the Korea Exchange and the Korea Listed Companies Association, the combi
Hana Financial sees growth with soundness

Aug 30, 2011

In the years since the 2008 global financial crisis, Hana Financial Group has been successful in attaining qualitative growth and asset soundness at home and abroad over the past few years.A variety of indices show that the nation’s fourth-largest financial group has made headway in its move to crea
Questions arise over loan controls

Aug 30, 2011

Skepticism emerges on real role of financial authoritiesTop financial regulators’ move to curb the growth of household lending in the banking sector doesn’t appear to have gained widespread support, even among ordinary regulatory officials.Financial Services Commission chairman Kim Seok-dong has rep
Hyundai Motor to offer suppliers advance payments

Aug 29, 2011

Three major units of Hyundai Motor Group have decided to pay their subcontractors in advance ahead of the Chuseok holidays.There are about 2,800 Hyundai subcontractors, with the advance payments for their coming auto parts supply to total 1.15 trillion won ($1.06 billion), group officials said Monda
Samsung’s insurance units top payment reserve lists

Aug 29, 2011

Samsung Life and Samsung Fire & Marine hold the largest payment reserves among local life and non-life insurance companies, according to the Financial Supervisory Service.FSS data showed that Samsung Life holds 99.1 trillion won ($91.7 billion) in provisions for insurance payments to customers, topp
Moody’s Korean unit faces probe

Aug 28, 2011

FSS inspectors to investigate rating firm’s assessment of enterprisesKorea Investors Service, a local unit of U.S.-based Moody’s Investors Service, will be investigated by Korean regulators over its fairness in assessing enterprises, industry sources said.The Financial Supervisory Service, which has
SC First Bank union plans six-month partial strike

Aug 26, 2011

The labor union at SC First Bank said it would continue its strike even after returning to work next week, in its ongoing battle with management over the bank’s push to introduce performance-based pay. About 3,000 unionized workers at the local unit of Standard Chartered Plc will resume work from ne
Watchdog demands retailers...slash commission charges

Aug 26, 2011

The Fair Trade Commission has demanded major retailers cut commission they charge traders who use their floor space.The corporate watchdog plans to pressure business groups by disclosing the commission fees they charge merchants, who often have no other option but to comply to the rules set by depar
Watchdog issues institutional caution on KEB

Aug 26, 2011

SEOUL, Aug. 26 (Yonhap) -- South Korea's financial regulator said Friday it has issued an institutional caution as well as a 54.5 million won (US$50,332) fine on Korea Exchange Bank (KEB) for breaching regulations on loan and personal information."An institutional caution and fine were imposed on th
Shinhan Financial to set up group management board next month

Aug 25, 2011

SEOUL, Aug. 25 (Yonhap) -- Shinhan Financial Group Co. said Thursday that it will set up a special management board next month to improve openness and transparency at South Korea's No. 3 banking group.The financial group said the board will be made up of CEOs from its six major affiliates such as Sh
Banks urge customers to change passwords

Aug 25, 2011

Amid the growing risks of private information being leaked online, financial companies are waging a security campaign to persuade customers to alter their online transaction passwords.The promoters include major commercial banks, insurance companies and credit card firms. Via their homepages, they r
Shinhan Financial to nominate poolof potential CEOs

Aug 25, 2011

New plan aimed at ensuring transparency in management lineupShinhan Financial Group decided to nominate several candidates for chief executives of the group, starting next month, under its effort to raise transparency in management structure.Board members of the nation’s third-largest financial grou