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Heated competition may cause new credit card crisis

Feb 7, 2011

Worrisome signs are resurfacing from the issue of red-hot credit card competition, reminiscent of the 2003 bad debt fiasco, prompting regulators to consider fresh restrictions.Major card issuers have been fighting a marketing war since last year, vying for a bigger slice of consumer spending as it gets on track to recovery.The competition led to sharp increases in card issuances and service loans,
Korea pressured on currency

Feb 7, 2011

Seoul officials expected to turn more cautious in wake of U.S. criticismKorean officials are expected to take a more cautious approach in dealing with the foreign exchange market following the U.S. criticism of their active intervention to keep the won low, analysts said Monday.The Bank of Korea declined to make any official comment on the U.S. Treasury Department’s recent report to Congress on th
Myanmar picks junta insider as president

PoliticsFeb 4, 2011

YANGON (AFP) -- Myanmar named a key retired general as President on Friday, an official said, as the military hierarchy retained its stranglehold on power in the country's new political system.Thein Sein, who shed his army uniform to contest controversial elections last year, "was elected as the president with a majority vote," a Myanmar official told AFP on condition of anonymity.The former junta
Captain Seok put back on respirator

PoliticsFeb 4, 2011

The injured South Korean captain shot by Somali pirates last month was put back on a respirator early on Friday with signs of pneumonia complications, hospital officials said, one day after regaining his consciousness.Seok Hae-kyun, the captain of the Korean freighter Samho Jewelry, sustained multiple gunshot wounds during a Jan. 21 rescue operation in the Arabian Sea and received surgery twice in
Egypt riots add pressure on OPEC with $100 oil

Feb 4, 2011

OPEC is under pressure from consumers to boost supply as most of the world’s benchmark crudes surpass $100 a barrel amid political unrest in North Africa and the Middle East.Oil prices are high enough to “derail” the global economic recovery, Fatih Birol of the International Energy Agency said this week. Saudi Arabian Oil Minister Ali al-Naimi said last week prices nearer $75 would be “appropriate
U.S.-Egypt discuss Mubarak quitting

PoliticsFeb 4, 2011

WASHINGTON, D.C. (AP) -- The Obama administration is in talks with top Egyptian officials about the possible immediate resignation of President Hosni Mubarak and the formation of an interim government that could prepare the country for free and fair elections later this year, U.S. officials said. Creation of a military-backed caretaker government in Egypt is one of several ideas being discussed as
No more smoking in Seoul main squares from March

Social affairsFeb 4, 2011

Smokers in Seoul will no longer be able to light up in the city’s main squares under the toughened anti-cigarette ordinance taking effect next month, the city council said Friday. The smoking ban ordinance, which will come into effect on March 1, affects three main squares in downtown of the capital -- Seoul Plaza, Cheongyecheon Plaza and Gwanghwamun Plaza -- in a bid to reduce side effects of sec
3 bidders launch due diligence on ailing savings bank

Feb 4, 2011

Korea's three financial services companies, including industry leader Woori Finance Holdings Co., have launched a due diligence on an ailing savings bank, industry sources said Friday. Mid-sized Samhwa Mutual Savings Bank has been suspended by thefinancial regulator as it failed to meet regulatory capital requirements. The government is seeking to sell the embattled savings bank unless it normaliz
Korea, U.S. to expand anti-WMD program in joint drills

DefenseFeb 4, 2011

South Korea and the United States plan to expand a program that simulates removing weapons of mass destruction in this year’s joint military drills to deter threats from North Korea, military sources here said Friday.Forces of the two countries have annually carried out joint war games, with last year’s 11-day Key Resolve and Foal Eagle exercise involving some 18,000 American troops and about 20,0
Kim of FSS tapped as CEO of Ex-Im Bank

Feb 1, 2011

Kim Yong-hwan, senior deputy governor of the Financial Supervisory Service, was recommended as president & CEO of the state-run Export-Import Bank of Korea on Tuesday.President Lee Myung-bak is expected to appoint Kim, who was recommended by the Ministry of Strategy and Finance, to the post soon. Kim Yong-hwanBorn in Boryeong, South Chungcheong Province, the 59-year-old nominee graduated from Sung
Eximbank raises 40b yen via bond issuance

Jan 28, 2011

The state-run Export-Import Bank of Korea said Friday it has raised 40 billion Japanese yen ($484 million) by selling bonds in Japan to provide trade finance.The so-called “Uridashi” bonds mature in four years and carry a fixed interest rate of 1.05 percent, the bank said in a statement.Uridashi bonds are debts denominated in a non-Japanese foreign currency sold directly to Japanese retail investo
SM5 sedan taps European market

Jan 28, 2011

Renault Samsung Motors Co., the South Korean unit of French automaker Renault SA, said Friday it has introduced its mid-size passenger vehicle, the SM5, to the European market.The vehicle, known as the Latitude in overseas markets, is currently sold in some 30 countries throughout the world.“Through these SM5 exports, Renault Samsung Motors will fulfill its role as the Asian hub of the Renault-Nis
Overseas money transfer reaches almost $10b in 2010

Jan 28, 2011

Money remittances to foreign countries, including foreign workers’ income transfers, jumped last year to nearly $10 billion (11.2 trillion won) amid the economic recovery, central bank data showed Friday.Total money flowing to foreign countries reached $9.97 billion last year, up 31 percent from the previous year, according to the Bank of Korea.Among total remittances, payment of income to foreign
Woori, Shinhan in search of new chairmen

Jan 28, 2011

Two of the nation’s three major financial groups are to choose their next chairmen in about a month.Woori Financial Group’s incumbent chairman Lee Pal-seung will see his term end in March and Shinhan Financial Group currently maintains an interim chairman system due to the recent internal feud among executives.Woori Financial launched a committee Friday, which will recommend the list of several ca
IBK CEO aims to build finance group

Jan 27, 2011

Cho to focus on forging stable growth, boosting customer baseCho Joon-hee, new head of the Industrial Bank of Korea, said Thursday he will focus primarily on forging stable growth and boosting the customer base while pushing for a long-term goal of reorganizing the lender under a holding company structure.Cho took office last month as chief executive officer of the state-run lender which specializ