The Korea Herald

Hyundai Capital chief Chung reprimanded for hacking

Aug 25, 2011

The financial regulator on Thursday publicly reprimanded Hyundai Capital CEO Ted Chung for failing to protect customer information against the hacking incident that leaked the personal information of about 1.75 million customers in April. Hyundai Capital was issued a warning, a softer reprimand. Ted
Trade chief slams calls for U.S. FTA renegotiation

Aug 25, 2011

Trade Minister Kim Jong-hoon dismissed opposition parties’ call for the renegotiation of Korea’s free trade agreement with the United States. “Calls for renegotiation are unrealistic at present as both sides are in earnest moving toward its ratification,” Kim said, speaking at a forum organized by t
Government tightens gasoline price control

Aug 25, 2011

The government Thursday said it will clamp down on oil refiners overcharging for fuel by pushing their corporate clients to switch to gas stations with more competitive pricing.The fresh fuel price control plan is based on findings that some gas stations were able to maintain high prices because gov
Shinhan Bank faces another sanction

Aug 25, 2011

The Financial Supervisory Service is to reprimand Shinhan Bank for irregular business activities at a meeting of the Sanction Review Committee on Thursday, officials said.The regulator is considering issuing a warning to the commercial bank, and will confirm or revise the sanction level during the m
Economists see minimal impact from Japan cut

Aug 24, 2011

By Cynthia J. KimThe Korean economy faces minimal impact from Japan’s sovereign credit rating cut by Moody’s Investors Service as the deteriorating fiscal conditions had already been factored in the market, economists said Wednesday.Local experts pointed out that the rating is unlikely to weaken the
FSS to warn Hyundai Capital, Nonghyup

Aug 24, 2011

By Kim Yon-seRegulatory sanctions against Hyundai Capital and the National Agricultural Cooperative Federation, or Nonghyup, are imminent, officials of the Financial Supervisory Service said Wednesday.The two financial companies have come under intensive regulatory investigations for incurring a cri
‘Little chance of Korean rating cut’

Aug 24, 2011

By Cynthia J. Kim and news reports Korea’s Finance Minister Bahk Jae-wan on Wednesday dismissed concerns over a possible cut in South Korea’s sovereign credit rating.“There is little chance that our nation’s ratings will be lowered,” Yonhap news agency quoted Bahk as telling reporters after attendin
Korea’s external debt hits fresh high of $398 billion

Aug 23, 2011

Korea’s external debt hit a fresh high of $398 billion as of the end of June on steady inflow of foreign capital on bonds, the Bank of Korea said Tuesday.The growth of short-term foreign debt, considered more volatile to external shocks, grew $1.3 billion to $149.7 billion in the three months. Overs
Fiscal woes may hit key sectors

Aug 23, 2011

Ratings agency expects chip, construction, savings bank sectors to sufferKorea’s construction and semiconductor industries could be severely damaged by fiscal woes in Europe and the United States, a local credit rating company predicted.Industries vulnerable to external shocks picked by NICE Investo
BOK to open Shanghai office later this year

Aug 23, 2011

South Korea’s central bank said Tuesday that it plans to open an office in Shanghai later this year in a bid to better monitor the Chinese markets and brace for the financial market opening there.The Bank of Korea said it plans to dispatch two employees on Wednesday to an envisioned office in Shangh
Officials pressed brokerages to alter economic reports

Aug 23, 2011

The government pressured brokerage houses to change their outlook on the Korean economy in their reports from “gloomy” to “positive,” financial industry sources said.The move has sparked fury from some economists and analysts who said the “nonsensical” intervention encroached on the independent rese
Bargain hunters push stock trade to record high

Aug 22, 2011

Bargain hunters jumping into stocks to take advantage of the sharp downturn in the market drove the number of active stock trading accounts to a record high level in the past week, the Korea Financial Investment Association said Monday. A total of 122,786 trade accounts have been created this m
Big investment banks unlikely to come soon

Aug 22, 2011

Global economic woes may delay bills on large financial groupsGrowing U.S. fiscal woes are stirring concern in Korea over a possible stall in the parliamentary passage of revised bills on capital market and financial investment businesses, calling for fostering American-style big investment banks.Th
SC First Bank’s striking workers likely to return to work next week: union

Aug 22, 2011

Striking workers at SC First Bank are likely to return to workplaces as early as next week, ending their all-out work stoppage that started in June in opposition to the bank’s move to adopt a merit pay scheme, the lender’s labor union said Monday.Unionized workers at the Korean unit of Standard Char
10 savings banks may face sanctions

Aug 22, 2011

FSS winds up inspection of 85 secondary banking institutionsFinancial regulators are expected to issue another round of sanctions against a group of savings banks after completing an intensive inquiry into the secondary banking industry.Under its policy of revamping the industry tarnished by the cor