Shinhan Financial Group reported robust quarterly earnings despite low interest rates, boosted by of a recovery in earnings in its nonbanking units including brokerage, credit card and life insurance.The financial group said Wednesday that it reaped 592.1 billion won ($548.2 million) in net profit during the first quarter, up 6 percent from 558.4 billion won during the same period last year. The figure was an 89.1 percent surge compared to the previous quarter.A group spokesperson cited the “div

Woori Bank has traded on the main bourse at above 10,000 won ($9.1) per share over the past six trading sessions after staying below 9,000 won in January.One reason could be that more and more market participants seem to be anticipating the financial authority-led auction process for the state-funded bank to kick off in the coming months.While Woori’s stock price will likely continue to gain as Financial Services Commission chairman Yim Jong-yong ― who took office a month ago ― pledged to accele

South Korea’s financial market weathered the possibly negative effects from Greece’s woes, as China’s policy to boost its economy offset the worries and non-European investors maintained their “buy and hold” position on Monday.The benchmark KOSPI and the secondary KOSDAQ inched up 0.15 percent and 0.01 percent to close at 2,146.71 and 706.96 points, respectively. The U.S. dollar dipped below the 1,080-won mark.Foreign investors on the main Korean bourse seemingly downplayed the feasibility of a

Gasoline and diesel prices for retail consumers are expected to climb sharply during the second quarter, as global crude oil prices hit the highest level so far this year after touching the estimated bottom in late January.South Korea’s benchmark gasoline prices, which traded at 1,505.35 won ($1.36) per liter on Thursday, are likely to exceed this year’s record of 1,516.49 on March 19 in the coming weeks, according to research analysts.They cite a number of external factors, which could shore up

South Korean stocks and currency are making a strong showing after Iran reached a provisional nuclear deal with the United States and several major economies on April 2.Financial market insiders share the view that their favorable performance is attributable to eased worries over the recent bounce-back of international oil prices ― as high prices usually undermine both industries and private consumer sentiment.The KOSPI surpassed 2,050 points for the first time this year during the Monday sessio

Financial authorities and the securities industry predict small investors will increase their participation in the stock market, as officials are poised to open a registered space to trade over-the-counter stocks and vitalize funds for overseas investment.The optimism is backed by the recent improved performance of overseas equity funds, which is seeing its highest investment levels in seven years, and the scheduled widening of the scope of nonlisted share trading.In cooperation with the operato

Keangnam Enterprises, which is being probed by the prosecution, allegedly carried out irregular lobbying with banking officials and financial authorities in a bid to get approval for huge loans, according to the Board of Audit and Inspection.The prosecution recently asked the state auditor to hand over relevant documents to search for records of insolvent lending by banks to the midsized builder despite the firm’s poor financial health, investigators said Tuesday.The investigators are focusing o

SANAA (AFP) - Yemen's Shiite rebels said Wednesday that their forces captured Defence Minister Mahmud al-Subaihi as they advanced towards Aden, the port city where President Abedrabbo Mansour Hadi has taken refuge."Subaihi was arrested in the city of Houta" in Lahj province, rebel spokesman Mohammed Abdulsalam said in a statement aired by the militia's Al-Massira television.Yemen's foreign minister called Wednesday for urgent military intervention in his country ahead of an Arab League summit in

BERLIN (AFP) - Budget airline Germanwings said Wednesday there were at least 72 Germans on its plane that crashed in the French Alps, killing all 150 people aboard.Company executive Thomas Winkelmann estimated there had been 35 Spanish victims, a figure far lower than the 49 cited by the Spanish government.Winkelmann said that Germanwings was still working on establishing the nationalities of all the victims, a task complicated by the fact that some passengers had dual nationality.As of 10:00 GM

ROME (AP) - Italian police say they have dismantled a ring of Islamic extremists in Italy and Albania who recruited fighters for the Islamic State group.Three people were arrested, police said in a statement Wednesday, including an Italian of Moroccan origin who purportedly authored an Italian-language IS propaganda booklet for potential Italian jihadis.Police said two others arrested were Albanians: A man who was arrested in Albania and his nephew in Turin. Albanian police identified the uncle