Korean investors were crushed by the market crash that swept the world three years ago. The Seoul stock exchange’s KOSPI Index lost 41 percent during 2008, while the most popular mutual fund fell 39 percent.High-net-worth stock pickers looking for better performance have found Seo Jae-hyeong.Seo’s Korea Creative Investment advisory firm works with brokerages to sell Koreans “wrap accounts” ― packa

Shinhan CEO targets Asian top 10By Kim Yon-seShinhan Bank president & CEO Suh Jin-won pledged Wednesday to achieve the goal of making the lender one of the top 10 commercial banks in Asia and No. 1 in Korea within four years.Suh, who took office 100 days ago, unveiled the bank’s mid- and long-term targets during his meeting with reporters in downtown Seoul.“I will take the role of initiating chang

Leading processed food companies and franchises have upped their prices in the past week, adding to the already-high inflationary pressure.The industry-wide increase arrived following an almost 10 percent price hike by sugar manufacturers in December. The industry’s No. 4 DongA One said it will raise wholesale prices of flour by 8.6 percent starting Tuesday.Haiti Confectionary & Foods increased wh

Some lawyers claim the U.S. fund should not have been allowed to buy KEBFinancial regulators face a bumpy road in their scheduled ruling on whether Lone Star Funds was eligible to acquire Korea Exchange Bank in 2003.Over the past few weeks, the Financial Supervisory Service asked 10 major law firms to make legal reviews on the U.S. buyout fund’s eligibility as KEB’s biggest shareholder.At least on

The head of KB Financial Group Inc. said Monday that its flagship banking unit plans not to unload shares in the parent group in the local market in a bid to minimize its market impact.Korea’s top lender, Kookmin Bank, bought about 21 percent stake in its parent, KB Financial Group, in September 2008 when the group was created. By banking law, the bank is required to unload around 9 percent stake

Korea’s won climbed to a 30-month high and bonds declined after the U.S. jobless rate unexpectedly dropped to a two-year low in March, spurring optimism that a global recovery is gaining momentum.Overseas investors increased their holdings of Korean shares for a 13th day, the longest streak of net purchases this year. The nation’s foreign-exchange reserves rose to $298.62 billion at the end of Mar

Korean banks saw total earnings from their overseas operations jump 28.8 percent last year from a year earlier thanks to an increase in interest income, the financial regulator said Monday. Net income by 92 overseas units and branches operated by 11 local banks stood at $369.1 million in 2010, compared with $286.4 million in the previous year, according to the Financial Supervisory Service (FSS).T

Foreign investors cut holdings of local shares for the second straight month in March amid worries over political unrest in the Middle East region, the financial regulator said Monday.Foreigners sold a net 772 billion won ($709.4 million) of Korea’s listed shares last month, further reducing local share holdings following their net selling of 3.72 trillion won in February, the Financial Supervisor

Korea’s deposit insurance agency said Monday it plans to put most of the seven suspended savings banks up for sale from as early as this month as part of the country’s widening efforts to revamp the ailing financial segment.In February, the country’s financial regulator Financial Services Commission (FSC) suspended the savings banks, including top player Busan Savings Bank and its four affiliates,

Package of measures against surging household debts to be unveiled SundayFinancial authorities plan to induce the public to control their use of credit cards to address rising household debts.Instead, the usage of check cards ― which refer to cards containing functions of both credit and debit cards ― will likely be promoted.The policy, aimed at easing the financial burden of debt-saddled low- and

The Fair Trade Commission said Sunday it fined nine Taekwang Group companies 4.6 billion won ($4.23 million) for illegally supporting one of its affiliates. The watchdog referred three of them to the prosecution for investigation. It is the first punishment of conglomerates since the FTC pledged last week to toughen its crackdown on irregular inter-affiliate transactions which conglomerates have o