Dispute resurfaces over the central bank’s supervisory authority A fresh dispute is brewing over the mandate of financial supervision as the Bank of Korea is stepping up its demand for the right to inquire into financial institutions independently.The primary authority to investigate banks, securities, insurance and other financial companies currently belongs to the Financial Supervisory Service.

Korea’s listed companies saw their earnings surge 73 percent on-year in 2010 thanks to a recovery in domestic demand and robust exports, a report showed Sunday.The combined net profit of 573 firms listed on the main bourse came to 55.8 trillion won ($51 billion) last year, up from 32.2 trillion won the previous year, according to the report jointly compiled by the Korea Exchange and the Korea List

Korea’s top financial regulator has said the watchdog will push to make a final decision this month over whether Lone Star Funds has the legal right to be the top shareholder of Korea Exchange Bank.Financial Services Commission Chairman Kim Seok-dong said in a meeting with reporters, “We are working to make a final decision on Lone Star’s eligibility in April.” The regulator is expected to deliber

   Debts owed by the government, individuals and companies in South Korea reached a record high last year, data showed on Sunday, raising concerns that the high level of debts could derail the economy off the recovery track.   According to data compiled by the Bank of Korea, their interest-bearing debts reached 2,586 trillion won ($2.37 trillion) at the end of last year, up 7.4 percent from 2,408

   South Korea's inflation is expected to remain above the 4 percent range in April due to higher oil prices and other external shocks such as the fallout from Japan's nuclear crisis, experts said Sunday.   The country's consumer prices rose to a 29-month high last month and were far above the central bank's target, stoking expectation that the nation's central bank may raise its key rate soon.  

South Korea's top financial regulator has said the watchdog will push to make a final decision this month over whether Lone Star Funds has the legal right to be the top shareholder of Korea Exchange Bank (KEB).Financial Services Commission (FSC) Chairman Kim Seok-dong said in a meeting with reporters, "We are working to make a final decision on Lone Star's eligibility in April."The regulator is ex

The government is to toughen its crackdown on conglomerates’ irregular support for affiliates, often used to evade taxes and hide the transfer of owners’ wealth to their siblings. The Ministry of Strategy and Finance said Thursday the government will widen its investigation into and levy new taxes on corporations unfairly giving orders to subsidiaries. As part of the government’s commitment to est

Samil PricewaterhouseCoopers is seeking to strengthen its global accounting and consulting services as the nation’s largest accountancy marks its 40th anniversary.Chairman Ahn Kyung-tae will unveil the roadmap to become a specialized global player in an anniversary ceremony on Friday.The firm stressed that advancing into the global market is not an option but a necessity.“Samil dispatched skilled

Financial regulators have been glossing over commercial banks’ long-standing practice of charging customers irregular service fees on transactions via automated teller machines.The Financial Services Commission recently held a low-key internal meeting to map out comprehensive measures to ease the growing financial burden of low- and middle-income households.During the meeting composed of FSC senio

  South Korea's top central banker has stressed the need to steadily tackle growing household debt, which market watchers fear will undercut the country's economic growth momentum.   South Korean household debts came to nearly 800 trillion won ($721.8 billion) as of the end of last year, which analysts say had been stoked by the country's low borrowing costs.     In a dinner meeting with reporters

   South Korea's consumer prices grew at the second-fastest pace among member countries of the Organization for Economic Cooperation and Development (OECD) in February, data showed Wednesday.   According to the data offered by the OECD, South Korea's consumer prices jumped 4.5 percent last month from a year earlier, the second steepest hike among its 34 member nations. Estonia ranked first with 5.

Korean commercial and state-controlled banks are seeking to strengthen their investment banking sectors in the belief they will be their new growth engines.Beyond the saturated loan issuance market, most local banks share the view that investment banking is one of many priorities for globalization in the coming years.Among them are KB Kookmin Bank, Woori Bank, Shinhan Bank and Industrial Bank of K