The Korea Herald

Kim Yon-se

안녕하세요 Kim Yon-se 기자입니다.

Articles by Kim Yon-se

FSS to facilitate opening of foreign financial branches

May 27, 2013

Korea’s top financial supervisor has pledged to reduce inconveniences experienced by foreign financial services firms operating in the country.“We plan to simplify business licensing procedures, which would shorten the period between foreign firms’ application for opening branches and regulators’ endorsement,” said Financial Supervisory Service Gov. Choi Soo-hyun during an interview with The Korea Herald last week. He took office in March as the first FSS governor under the Park Geun-hye adminis
BNP Paribas investigated for unauthorized activities here

May 26, 2013

Financial regulators launched an investigation into the Korean unit of French-based BNP Paribas for engaging in allegedly unauthorized business practices, sources said Sunday.The largest bank in France has operated an investment banking business in Seoul without regulators’ permission, multiple sources told The Korea Herald.The banking regulations stipulate that there should be a strict firewall between the (commercial or corporate) banking and the investment banking units unless there is regula
FSS investigating CJ Group for stock manipulation

May 26, 2013

The Financial Supervisory Service is making inquiries into CJ Group over the allegations the business group engaged in fraudulent stock trading, regulatory officials said Sunday.According to the officials, the regulatory investigation is focused on whether CJ had conducted business practices that include stock manipulation or illicit use of insider information.The probe was initiated on suspicion that CJ Chairman Lee Jay-hyun might have used slush funds secretly in borrowed-named, offshore bank
1 million people to benefit from state-led debt workout programs

May 26, 2013

The number of individuals benefiting from the government-led debt-restructuring programs will reach up to 1 million this year, data showed Sunday.The Park Geun-hye government has been pushing to rescue people saddled with debt for a long time as part of efforts to help them resume their ordinary economic lives. This is also part of a drive to ease rising household debts, which are feared to weigh on the overall economy.In a related move, the government recently launched the debt relief program d
Exporters hit by weak yen in first quarter: report

May 26, 2013

South Korean exporters saw their first-quarter sales shrink as the impact of the weak yen continued to put them at a disadvantage against Japanese rivals, a report showed Sunday.The yen has weakened against the U.S. dollar significantly since the fourth quarter of last year, apparently driven by the so-called Abenomics ― a mixture of aggressive monetary and fiscal policies preached by its Prime Minister Shinzo Abe.A weak yen makes Japanese products less expensive, making them a challenge for Sou
KRX chairman offers to step down

May 26, 2013

The head of South Korea’s stock bourse operator has offered to resign, signaling what could be the beginning of a replacement at the top of brokerage-related agencies, industry sources said Sunday.Kim Bong-soo, the chairman of the Korea Exchange recently expressed his intent to step down to Financial Services Commission Chairman Shin Je-yoon, according to the sources.Kim, 59, offered to resign, saying that he has done his part and now is the time to leave, a source said on condition of anonymity
[단독] 프랑스 최대은행, 한국서 무허가 증권업무

May 26, 2013

금융감독원이 최근 BNP파리바은행 서울지점의 부당영업 행위에 대한 조사에 착수한 것으로 26일 확인됐다.이 은행의 국내지점은 당국으로부터 인가를 받지 않은 상태에서 투자은행 업무를 해왔던 것으로 전해졌다.국내법 및 감독규정은 증권 영역에 속하는 투자은행 업무와 일반은행업 사이의 방화벽 설치를 의무화하고 있다.금융권의 고위 관계자는 “이를 무시한 비인가 영업은 법 위반에 속할 수 있다”며 “조사가 끝나봐야 알겠지만 금감원 제재는 불가피할 것”이라고 내다봤다.금융투자업계에 따르면 BNP파리바 외에 또다른 외국계은행의 국내지점도 당국에 적발됐다. 이 은행 역시 업종간 겸업을 승인없이 영위한 혐의를 받고 있다.(코리아헤럴드 / 정주원 기자)　　<관련 영문기사>BNP Paribas under probe for irregular business in SeoulBy Chung Joo-wonFinancial regulators launched an investigation into the Kore
[Newsmaker] Lee takes helm of Woori Financial

May 23, 2013

The new leadership of Woori Financial Group, which is expected to take the initiative in privatizing the state-funded firm, will take over in the coming weeks.The group’s personnel affairs committee said Thursday that it nominated incumbent bank unit CEO Lee Soon-woo as the new chairman.At a news briefing, nominee Lee clarified that he would not always adhere to the past sale project of a block deal for the taxpayers’ money-injected financial group.He clarified that the group ― in coordination w
FSC targets chaebol-owned financial firms

May 22, 2013

Financial subsidiaries of major business groups are likely to face stern regulatory inquiries over their governance structure, financial authorities said.The chaebol-based financial sectors mostly involve credit cards, insurance and securities, while laws on the commercial banking sector strictly ban the industrial (or non-financial) capital from becoming majority shareholders of banks.Aside from the banking regulations, the Financial Services Commission is poised to bolster shareholder-eligibil
Seoul survivors against nine-man Beijing

SoccerMay 21, 2013

FC Seoul recovered from going a goal down and missing a penalty to beat Beijing Guoan 3-1 and reach the AFC Champions League quarter-finals in a dramatic last-16 match which saw three red cards on Tuesday.The South Korean champions were stunned by an early strike by Freddie Kanoute, and then watched Serbian dangerman Dejan Damjanovic miss from the spot, before three goals in the final half-hour put them through to the last eight.Ex-Premier League marksman Kanoute was the first to receive his mar
New rice contamination reported in China

World NewsMay 21, 2013

Authorities are investigating rice mills in southern China following tests that found almost half of the staple grain in one of the country's largest cities was contaminated with a toxic metal.The mills in Hunan province's Youxian county were ordered to suspend business and recall their products after samples showed excessive levels of cadmium, according to an official notice issued Tuesday by the county government.It said the mills had been operating legally and sourced their rice from local fa
Ex-U.S. tax chief heads to Congress amid scandal

World NewsMay 21, 2013

Senators examining the case of unwarranted scrutiny of conservative groups that sought tax exempt status will hear for the first time on Tuesday from the man who was in charge of the U.S. tax collection agency when it singled out the groups, one of three potentially damaging issues consuming the first months of President Barack Obama's second term.Members of the Senate Finance Committee will be asking former Internal Revenue Service Commissioner Douglas Shulman what he knew about the conduct of
Court rules against man for emailing N. Korean spy

Social affairsMay 21, 2013

South Korea's Supreme Court has upheld a ruling sentencing a man to a year and half in prison for exchanging emails with an alleged North Korean spy and praising Pyongyang on his website.Spokesman Lee Hyun-bok said Tuesday the court cited the National Security Law in its ruling earlier this month against a 45-year-old South Korean identified only as Lee.The law prohibits glorifying North Korea or contacting North Korean spies. Park could have received 10 years in prison.The spokesman said the co
Korea to rescue 114,000 credit delinquents

May 21, 2013

The financial regulator said Tuesday that it has decided to relieve about 5 percent from the blacklist of 2.36 million credit delinquents, who were hit by the 1997 Asian foreign exchange crisis.The rescue package for some credit defaulters comes under policy direction of the Park Geun-hye administration to give aid to low-income households, said the Financial Services Commission.Out of the 2.36 million individuals that were blacklisted between 1997 and 2001, the FSC initially screened some 114,0
[Graphic News] Korea’s shift toward service industries stalls

May 20, 2013

South Korea’s service industries, such as culture, entertainment, social welfare, health care, education and finance, have failed to grow in importance over the past few years.According to research analysts in the stock investment sector, service-based industries are classified as related to the “creative economy,” a key policy area for President Park Geun-hye.Data held by the analysts showed that Korea saw the proportion of national gross domestic product accounted for by these industries stay