Korea will expand the “differentiated rate system” for public services as part of its ongoing efforts to tame inflation, a senior Finance Ministry official said Friday.The differentiated rate system will be applied to such services as electricity and highway toll fees by offering diverse rates based on time, amount of usage and other factors, Vice Finance Minister Yim Jong-yong said at a weekly an

The Seoul High Court delayed the trial in the case of alleged stock manipulation of the Korean unit of Lone Star Funds, the biggest shareholder of Korea Exchange Bank, to July 21.While the court held the trial on Thursday, it accepted the proposal for a delay from lawyers for Paul Yoo, former CEO of the now-defunct Lone Star Korea.In March, the Supreme Court hinted that former Lone Star Korea CEO

Tax agency finds 1.8 trillion won of foreign funds invested in local stocksThe National Tax Service is pushing for a discussion with Swiss tax authorities to widen the scope of information sharing needed to crack down on alleged tax dodging by overseas Koreans with bank accounts there.The agency was confirmed to have found more than 1.8 trillion won ($1.64 billion) of foreign funds invested in loc

Woori Finance Holdings Co.’s deal to buy a Los Angeles-based bank has fallen through due to regulatory hurdles, sources said Thursday, casting a shadow on its ambition to strengthen its footing in the United States.In May last year, Woori Finance, Korea’s No. 2 banking group, agreed to buy a controlling stake in Hanmi Bank, the flagship of Hanmi Financial Corp., for $240 million in a bid to expand

Household loans extended by Korean financial firms grew by the largest amount in four months in April on a sustained increase in home-backed lending, the central bank said Thursday.Household lending handled by local banks and non-bank institutions totaled an outstanding 606.9 trillion won ($558.2 billion) as of the end of April, up 4.6 trillion won from the previous month, according to the Bank of

BC Card Co. is upping the ante in the dispute over an overseas fee system imposed by Visa.According to industry sources, BC Card has decided to file a report with the Fair Trade Commission about Visa over the U.S.-based company’s policy of charging fees on transactions taking place outside of Korea.Visa charges a fee equal to 1 percent of the transaction amount for every time a Visa card is used i

The financial authorities have been in trouble again in realizing the project to recoup taxpayers’ money by selling the state-controlled Woori Financial Group.Though the Financial Services Commission had said it would accept letters of intent from potential bidders for Woori Financial by June 29, sales terms seem to be unattractive to local investors.Research analysts issue the possibility that th

Report says tax agency found evidence of illicit ‘round trips’ of funds to SwitzerlandThe National Tax Service has detected an illegal flow of funds in the form of roundtrip investment from private bank accounts in Switzerland, local news reports said Wednesday.Tax authorities in Switzerland are said to have returned 5 percent of the dividend tax or 5.8 billion won ($5.3 million) on the foreign fu

Lone Star Funds is ineligible as Korea Exchange Bank's major shareholder since the U.S. private buyout fund's 2003 acquisition of the South Korean lender may be illegal, a lawmaker said Tuesday.The remarks come as Lone Star Funds is in talks with Hana Financial Group Inc., the country's No. 4 banking group, to settle the sale of its 51.02 percent stake in KEB for 4.69 trillion won ($4.3 billion).I

Korean stocks ended 1.37 percent higher on Tuesday as institutional investors scooped up carmakers and financial shares, overshadowing concerns over the eurzone debt crisis, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 28.09 points to 2,076.83, the second straight session of gains.Trading volume was light at 207 million shar