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Two savings banks suspended as woes deepen

Feb 17, 2011

FSC orders 6-month business halt to Busan, Daejeon banksThe Financial Services Commission on Thursday suspended operations of two savings banks as part of its ongoing restructuring of the secondary banking sector hit by toxic construction debt.It also announced plans to provide a nearly 20 trillion won ($18 billion) credit line in support for other viable institutions. The regulator said it halted
Hana Financial CEO, Hana Bank cautioned

Feb 16, 2011

The Financial Supervisory Service reprimanded Hana Financial Group president & CEO Kim Jong-yeol and the group’s banking unit for irregularities on Wednesday.The regulator said it issued a “caution” against Kim, who had served for Hana Bank as CEO, for being careless about the bank’s investment in U.S. stocks and bonds in 2008. Kim Jong-yeolSeveral staffers of the bank were also subject to regulat
Shinhan starts work to restore image

Feb 15, 2011

New chairman to put group in gear for competition with KB, WooriHan Dong-woo, nominated to head Shinhan Financial Group, faces the daunting challenge of restoring the group’s reputation and mending in-house frictions. The former vice chairman of the group’s insurance unit was tapped as the next chairman of the nation’s third-largest financial group Monday.Shinhan has suffered a management crisis d
Shinhan, Woori pick chairman candidates

Feb 14, 2011

Shinhan Financial Group nominated Han Dong-woo, a former vice chairman of the group’s life insurance unit, as the single candidate for its chairman ship Monday.The nation’s third-largest financial group said its candidate selection committee picked Han out of the four potential candidates for the top post.Woori Finance Holdings Co., Korea‘s top financial services company, also named two candidates
30 conglomerates have 231 units in tax havens: data

Feb 14, 2011

More than one in 10 overseas corporations owned by Korea’s 30 major conglomerates are based in tax havens, a website reported on Monday.According to online data service provider chaebol.com, Korea’s 30 major business groups operate 231 subsidiaries in tax-havens such as Hong Kong, Luxembourg, Bermuda and the Cayman Islands.Samsung Group topped the list with 38 units in tax havens including Hong Ko
Owner of the missing W1 billion identified

Social affairsFeb 11, 2011

The police are looking for a private lottery dealer in his 30s with the family name Kang for having stored 1 billion won ($980,000) in a Seoul warehouse under borrowed identification and fake phone numbers. The investigators suspect him to have accumulated the money as slush funds from running illegal lotteries. The case was discovered when Yeongdeungpo police received a report of suspected explos
Pyongyang turns to Seoul lawmakers for talks

PoliticsFeb 11, 2011

North Korea made another proposal for the resumption of talks with South Korea Friday, this time to Seoul's political parties, apparently as its chance of winning concessions from the Seoul government has nearly disappeared.The proposal came one day after the communist nation's military said it will no longer deal with the South Korean government, accusing the latter of lacking any willingness to
KOSPI falls below 2,000

Feb 11, 2011

Seoul stocks plunged to a two-month low on Friday as foreigners continued their selling spree and an interest rate freeze stoked investor jitters, analysts said.The benchmark Korea Composite Stock Price Index sank 31.31 points, or 1.56 percent, to 1,977.19, extending a losing streak to a fourth session. The benchmark index fell below the 2,000-point level for the first time this year, sinking to i
Central bank puts off key rate hike

Feb 11, 2011

The Bank of Korea kept its benchmark interest rate for February unchanged Friday despite growing inflationary pressures, which may invite severe criticism in the market.The central bank’s Monetary Policy Committee kept the key rate untouched after it raised it by 25 basis points to 2.75 percent in January. The bank only confirmed its earlier stance for a gradual rate hike.Like several past cases,
Korea, U.S. sign supplementary FTA accord

Feb 10, 2011

Korea and the U.S. have signed their recently concluded free trade agreement, paving the way for the pending pact to be ratified in both countries, Seoul‘s trade ministry said Thursday.In December last year, both countries reached a final agreement focusing on U.S. demands that South Korea soften its automotive safety and environmental standards.The Korea-U.S. free trade agreement, known as the K
LG Electronics accused of breaching Sony TV patents

IndustryFeb 10, 2011

LG Electronics Inc. was accused in two lawsuits by Sony Corp. of infringing eight patents for technology used in liquid-crystal display televisions and monitors.Sony filed two new complaints, each listing four patents, yesterday in federal court in Los Angeles. The Tokyo-based electronics maker said LG’s 32LD350 LCD television and E2360V LCD monitor are among the products that infringe its technol
Woori draws 4 candidates for chairmanship

Feb 9, 2011

Woori Finance Holdings Co., Korea's top financial group, drew four candidates for its chairmanship, including the current chairman deemed highly likely to serve another term, financial sources said Wednesday.Woori Finance Chairman Lee Pal-seung applied for the top post and is seen as the most powerful candidate for the chairmanship amid ongoing government efforts to put the company in private hand
Deutsche Bank brokerage unit faces suspension

Feb 9, 2011

The financial authority is poised to ask the prosecution to investigate Deutsche Bank AG and suspend part of businesses of the investment bank’s securities unit in Seoul for their alleged manipulation of stock prices, sources said Wednesday.According to several regulatory officials, Deutsche Bank’s brokerage unit in Seoul may face business suspension for “six months” ― the highest administrative s
Banking groups brace for leadership change

Feb 9, 2011

Woori, Shinhan, KDB to select new heads in March amid looming industry consolidationVeteran bankers and former bureaucrats are jockeying in several races for top financial business posts dogged by alleged political pressure, in-house power struggles and procedural disputes.Woori Finance Holdings and Shinhan Financial Group plan to select their new heads next month. Hana and KDB groups are also set
Wounded captain of rescued freighter to return home Saturday

Social affairsFeb 7, 2011

SALALAH/MUSCAT, Oman -- The captain of a rescued South Korean freighter, who was wounded during a naval raid on Somali pirates in the Arabian Sea last week, will be airlifted home Saturday, officials here said Friday.The 58-year-old Seok Hae-kyun was shot three times by pirates during the rescue operation by South Korean commandos for the Samho Jewelry. He was the only one wounded among the 21-mem