Korea blanketed by fine dust, alert issued

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FSS warns of zero tolerance

The Financial Supervisory Service issued an ultimatum to the country’s major banks, warning that the executives and auditor in charge would be held responsible for any future financial misconduct.“S...

Updated : 2014.04.15 21:14

Finance Ministry calls for ‘no extra spending’ in next year’s budget

The Finance Ministry appeared to be seeking to improve the nation’s fiscal balance next year by slashing unnecessary expenditure and reducing the number of government projects.The Ministry of Strategy and Finance on Tuesday called upon government agencies and ministries to follow the prin...

Updated : 2014.04.15 20:59

Seoul shares end down on bearish investor sentiment

South Korean stocks ended lower Tuesday as investors sat on their hands ahead of an announcement of China’s gross domestic product and earnings of U.S. big tech caps while institutional investors dumped their shares, analysts said. The South Korean won fell against the U.S. dollar.The ben...

Updated : 2014.04.15 20:59

Eight investors join Korean gold bourse

Eight more members have joined Korea’s gold trading platform, an indication that the newly launched gold bourse is gaining investors’ attention, the Korea Exchange said Tuesday. With the new members, a total of nine securities firms and 56 dealers, importers and wholesalers will be regis...

Updated : 2014.04.15 20:59

Financial regulator to ease IPO requirements

The Financial Services Commission on Tuesday unveiled plans to improve the corporate financing environment by easing the regulations on initial public offerings and devising ways for invigorating the moribund local capital market.The regulator said as the first step toward easier IPOs, it...

Updated : 2014.04.15 16:02

Regulator resumes probe into Woori Bank

The financial regulator has resumed its scrutiny into Woori Bank’s Tokyo branch over its alleged illicit lending in exchange for kickbacks or the possible creation of slush funds.The probe will conti...

Updated : 2014.04.14 20:48

Chaebol profit from unlisted firms

In clear contrast to Korean stockholders, who get the smallest of dividends in the OECD, conglomerate chiefs and their family members received huge dividends last year from their unlisted affiliates.The amount includes dividends from money-losing operations, and this has once again aroused...

Updated : 2014.04.14 20:40

Data leaks discovered at IBK, Citi capital firms

Up to 30,000 pieces of customer information at two capital firms were leaked and likely circulated in the market, the nation’s financial regulators said Monday. The Financial Supervisory Service, which has been cooperating with the prosecution in combing the financial sector for more data...

Updated : 2014.04.14 20:38

Seoul shares end little changed on lack of leads

South Korean stocks finished nearly flat Monday on lack of upward momentum, with foreign investors dumping their shares, analysts said. The South Korea won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 0.42 points, or 0.02 percent, to 1,997.02. Trading v...

Updated : 2014.04.14 20:23

[Newsmaker] Samsung Financial arms face restructuring

It had long been obvious that the hard-pressed financial companies suffering from a continued fall in profits would drastically downsize at some point, and it was Samsung Group that triggered the rest...

Updated : 2014.04.13 20:11

Hyun sees rising rates as global risk

Rising interest rates pose a risk to the global economy, said Finance Minister Hyun Oh-seok, whose country is grappling with record household debt.The speed and degree at which major economies taper m...

Updated : 2014.04.13 19:52

BOK likely to launch team to study reunification issues

The nation’s top central banker said Saturday that the Bank of Korea is considering setting up a team to deal with currency and economic integration related to inter-Korean unification.BOK Gov. Lee Ju-yeol, speaking to reporters during his visit to Washington, D.C., said the central bank ...

Updated : 2014.04.13 19:50

Gov't pours W14t into covering pension funds deficit over past 5 years

The government has poured almost 14 trillion won ($13.5 billion) into the pension funds for public servants and soldiers over the last five years to cover their deficit, data showed Sunday.The government pumped a combined 13.9 trillion won to plug losses by the pension funds from 2009-2013...

Updated : 2014.04.13 11:22

New massive data leak found at card companies

The personal information of more than 100,000 customers was once again found to have been stolen from leading credit card companies.This time, the theft also involved Shinhan Card, which had previously been left out from information leak scandals.Watchdog Financial Supervisory Service disc...

Updated : 2014.04.11 20:20

Regulator to unveil plan to promote initial public offerings

South Korea’s financial regulator will remove hurdles for initial public offerings on the country’s stock market in a bid to invigorate a sector that has been on a downward spiral, sources said Friday.The Financial Services Commission will unveil a plan next week to revive the IPO market...

Updated : 2014.04.11 20:20