Financial authorities on Tuesday unveiled the vision to strengthen the state-policy financing by merging the state-controlled KDB Financial Group and the Korea Finance Corp. by July 2014.The separate functions of KDB Financial and the KoFC are scheduled to be re-integrated five years after the latter spun off from the financial group in 2009, according to the Financial Services Commission.The merge, in which KDB is to re-absorb the KoFC, should go through lawmakers’ approval procedures during th

Data from the Korea Financial Investment Association showed Monday that six out of the 23 foreign asset management firms operating in Korea reported losses during the second quarter of the year.They included Goldman Sachs Wealth Management, which posted an operating loss of 3.15 billion won ($2.7 million) during the April-June period. As its deficit deepened from 263 million won over the same period last year, the U.S.-based firm has decided to close down its business in Korea.CBRE Global Invest

Twin powerful explosions detonated outside mosques in the northern Lebanese city of Tripoli Friday, killing at least 27 people, wounding 350 and wreaking major destruction in the country's second largest city, Lebanese Health Ministry officials said.Footage aired on local TV showed thick, black smoke billowing over the city and bodies scattered beside burning cars in scenes reminiscent of Lebanon's 1975-90 civil war.The blasts hit amid soaring tensions in Lebanon as a result of Syria's civil war

Five men gang-raped a woman photographer in India's financial hub Mumbai, police said Friday, fuelling protests and stirring memories of a similar attack last December in New Delhi.The attack took place on Thursday evening in an upmarket district of central Mumbai as the 23-year-old woman and a male colleague were taking photos of old buildings for a magazine.The pair were approached by members of the gang and told they should not be there. The man was then tied up with a belt while the woman wa

The foreign ministry said Friday it has extended its travel restrictions on Yemen, citing security instability and terrorist threats.The Ministry of Foreign Affairs decided in an emigration review committee to prolong its travel ban on Yemen by six months until the end of February next year, according to a statement on its website.South Korea currently holds travel restrictions on four other Middle Eastern and African countries: Iraq, Afghanistan, Syria and Somalia.In the same committee, the min

Some stock brokerage firms have decided to close down amid a worsening business environment in the domestic market, according to financial industry sources.A few securities firms recently tendered applications for “returning their business license” to financial authorities, said a source.Citing the saturated market, the sources said the low profitability in the securities sector is somewhat attributable to the oversupply under which the number of brokerage houses comes to 62.“It is time to serio

Yang Kun, chief of the Board of Audit and Inspection, offered to resign Friday amid controversy over the agency’s reports on the former President Lee Myung-bak’s project to refurbish four major rivers. He conveyed his intention to step down to President Park Geun-hye, Cheong Wa Dae officials said. He was appointed by Lee on March 11, 2011 for a four-year term. Yang has been under pressure from the ruling Saenuri Party for its inconsistent assessments of the river project. In 2011, the BAI said t

Worries over a massive capital outflow are escalating in the local financial market as indices show that a number of overseas investors pulled out from fund products this week.The trend reflects global concern about a possible financial crisis in emerging countries such as India and Indonesia, which may have negative impact on Korean industries.According to the Korea Financial Investment Association on Thursday, the local market posted a net capital outflow from the “funds investing in Korean st

Korea’s financial authorities are considering drawing up contingency plans to cope with the negative impact of a possible financial crisis in emerging Asian countries, industry sources said on Wednesday. The move by the financial policymakers comes after news that India, Indonesia and Thailand have recently undergone a drop in their currency value and equity prices, which were reportedly affected by the U.S. exit strategy to retrieve its investment in emerging countries.The policymakers also app

The Financial Supervisory Service said Wednesday that it has reprimanded Allianz Life Insurance Korea for engaging in accounting irregularities.The local unit of Munich-based Allianz Group was found to have breached the regulatory rules that mandate insurers to draw up their financial statements under guidelines set by the FSS governor or the Financial Services Commission chairman.According to FSS officials, the company reported artificially low reserves for its insurance payments, instead inves

알리안츠생명보험이 고객들에게 수취한 보험료로 부당한 회계처리를 해오다 금융당국에 적발됐다.21일 금융감독원에 따르면 알리안츠생명은 파생상품에 투자한 금액을 보험료 적립금에서 차감하는 방법을 썼다.이 생보사는 지난 2011년 1270억원에 달하는 책임준비금을 재무제표상에 과소 표시한 것으로 드러났다. 책임준비금은 고객에게 지급해야 할 보험금 등을 포함한다.또 2008회계연도와 2009회계연도 장부에선 총 280억원가량의 오류가 적발됐다.금감원은 알리안츠생명이 금융감독원장 또는 금융위원회의 지시를 준수하지 않은 것으로 보고 있다.한편 알리안츠생명은 보험계약자에게 불리한 내용은 수년간 공지하지 않은 것으로 전해졌다.금감원 관계자는 이 회사가 지난 2012년까지 특정 상품을 판매하면서 “관련 안내자료에 유리한 내용만을 골라 기재했다”고 밝혔다.금감원은 해당 기관에 과징금 2천6백만원을 부과하고 임원 1명에 ‘주의’ 처분을 내렸다. 직원 16명도 제재 대상이다. (코리아헤럴드 / 김연세, 정

Four major commercial banks were found to have paid their executives higher salaries in the first half compared to the previous year despite a sharp drop in their profit figures. According to the Financial Supervisory Service on Tuesday, the per capita salary for the four banks’ 37 executives reached 79.45 million won ($69,100) during the first six months of 2013.The figure reflected a 3 percent rise from the 76.85 million won posted during the same period last year. The collective payment given