Report says 2003 documents were written by regulators, not accounting firmFinancial regulators are suspected of fabricating documents on Lone Star Funds in 2003 when Korea Exchange Bank was acquired by the buyout fund, according to a news report.At least over the past few months, the Financial Services Commission (then the Financial Supervisory Commission) has argued that the records, submitted by an accounting firm, prove that Lone Star was eligible to own a Korean bank.But the documents were a

The Obama administration has delivered a formal request to Iran for the return of a U.S. surveillance drone captured by Iranian armed forces, but said it is not hopeful that Iran will comply.President Barack Obama said Monday that the U.S. wants the top-secret aircraft back.“We have asked for it bac

A nuclear reactor in South Korea stopped operating Tuesday for unknown reasons, a state-run nuclear power plant operator said.The Unit-1 reactor with a capacity of 1-million kilowatt in Uljin, 330 kilometers southeast of Seoul, came to a standstill at around 8 p.m., according to the Korea Hydro & Nu

Opposition lawmakers call for parliamentary probe into FSC over KEB dealFinancial regulators are expected to make public their stance on Lone Star Funds this week as to whether the U.S.-based fund was eligible to own Korea Exchange Bank between 2003 and 2006.“The Financial Services Commission has notified that it would send related documents on Lone Star to us on Dec. 15,” a researcher of the Solidarity for Economic Reform said Tuesday.The regulator’s coming move reflects a Nov. 24 ruling by the

Opposition submits proposal to investigate into regulator’s OK of fund’s takeover of KEBFinancial regulators are expected to make public their stance on Lone Star Funds this week as to whether the U.S.-based fund was eligible to own Korea Exchange Bank between 2003 and 2006.“The Financial Services Commission has notified that it would send related documents on Lone Star to us on Dec. 15,” a researcher of the Solidarity for Economic Reform said Tuesday.The regulator’s coming move reflects a Nov.

The ratio of young customers to total buyers of import cars has surged by about 10 percentage in five years.According to the Korea Automobile Importers and Distributors Association, the number of buyers of foreign-made cars in their 20s and 30s accounted for 22.7 percent of customers in 2011, compared to 12 percent in 2006.The proportion young customers in the import automobile market, which stayed below 10 percent 10 years ago, continued to increase to 17.6 percent in 2009 and 20.3 percent in 2

Korea’s commercial banks recently saw their credit ratings raised while many big foreign banks suffered downgrades by three global rating agencies.According to the Korea Center for International Finance, six Korean banks recently enjoyed upgraded credit ratings or more positive outlooks from the rating firms.In July, Standard & Poor’s raised its rating of Shinhan Bank and Hana Bank by one notch.In November, Fitch Ratings revised its outlook on three state-run banks ― Industrial Bank of Korea, Ex

A South Korean national was stabbed to death in a Korean district in Atlanta earlier this week, the foreign ministry said Saturday, as South Korean diplomats called for swift investigation into the case.The ministry identified the victim as a 32-year-old man, surnamed Ko, who was a permanent residen

A Seoul court issued an arrest warrant Saturday for an aide to President Lee Myung-bak’s brother in the latest in a string of high-profile corruption scandals.The aide, surnamed Park, has been accused of receiving about 700 million won ($619,000) in cash and an expensive watch from two businessmen i

A judge questioned an aide to President Lee Myung-bak's brother on Saturday over allegedly taking bribes from local businessmen, an official said.Kim Hwan-soo, a judge of the Seoul Central District Court, is expected to decide late Saturday whether to issue a warrant to formally arrest the aide, the