Four major financial groups are expected to reap more than 10 trillion won ($9.3 billion) in combined net profit this year, mainly buoyed by revised accounting standards.The market is focusing on the growing feasibility of their all-time high earnings as they reported remarkable earnings during the first quarter.Profits posted by the four groups ― KB, Woori, Shinhan and Hana ― reached 2.6 trillion

The Prime Minister’s Office is set to unveil a road map to reforming the nation’s financial regulatory body, which has been tarnished by a series of corruption scandals involving its staff and distressed savings banks.The reform plan, to be unveiled this week, will aims to reestablish public confidence in the embattled Financial Supervisory Service, which has been harshly criticized for failing to

South Korea’s construction industry went through hard times last year despite a general boom in growth in other sectors, a report by the central bank showed Thursday.The woes were mainly due to the sluggish local real estate market that caused a general drop in houses being built across the country and led to a decrease in work. Such developments exerted negative influence on key numbers such as r

The total amount of loans offered to local credit card holders decreased in the first quarter compared to the last three months of 2010 as financial institutions and state regulators tightened oversight to prevent risks down the road, an industry report showed Thursday.The latest findings showed card loans provided by six dedicated cards, excluding BC Card, reached 5.45 trillion won ($5.07 billion

The Financial Supervisory Service on Wednesday decided to ban its staffers from taking senior posts at financial companies right after their retirement as a way to prevent corruption. The decision came as part of its sweeping reform measures following several incumbent FSS staffers’ wrongdoings.In its statement, the regulatory body said it would ban the habitual practice under which incumbent and

Authorities look to stem risks from currency speculationThe nation’s financial regulator and the central bank said Tuesday they would increase the number of banks dealing with foreign currency trading, which would be subject to their ongoing joint probe.The period of their joint inquiry into the foreign exchange banks will also be extended, according to the Financial Supervisory Service and the Ba

Regulators plan to select preferred bidders in JuneThe nation’s top financial watchdog decided Friday to put seven debt-saddled savings banks up for auction to find preferred bidders among bigger financial companies.“After conducting due diligence on them and launching the bidding process in May, we plan to pick preferred bidders in June,” the Financial Services Commission said in a statement.The

The dollar slid to 1,071.2 won on Thursday, posting its lowest level in 32 months against the Korean currency.The Korean currency’s value rose by 8.3 won from a day earlier, bringing it to its highest point since Aug. 22, 2008, when it stood at 1,062.5 won per dollar.Economists attributed the won’s rise in value to U.S. policymakers’ stance which hinted at easing ― or a wait-and-see approach towar

Budget spending focused on investment in new growth enginesThe Ministry of Strategy and Finance on Thursday unveiled its policy to improve the nation’s fiscal soundness next year by slashing unnecessary expenditure.The government is aiming to minimize the 2012 fiscal deficit by curbing the growth of total expenditure, ministry officials said citing its report to the Cabinet meeting held earlier in

By Kim Yon-seKorean consumers’ purchasing power has weakened on average even though the economy sustained its pace of growth during the first quarter, a Bank of Korea report showed Wednesday.The central bank said the country saw its growth rate of gross domestic product post 4.2 percent in the first quarter on a year-on-year basis and 1.4 percent on a quarter-to-quarter basis.But the gross domesti