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Korea’s foreign reserves slide

Jun 2, 2011

Korea’s foreign exchange reserves shrank in May from the previous month as a stronger U.S. dollar reduced the conversion value of assets in other currencies, the central bank said Thursday. The country’s foreign reserves reached $305.08 billion as of the end of May, down $2.12 billion from April’s record high of $307.2 billion, according to the Bank of Korea. It was the first monthly decline sin...
KDB set to adopt ‘dual bank’ after merger with Woori

Jun 2, 2011

KDB Financial Group on Thursday expressed its wish not to merge the Korea Development Bank and Woori Bank for years even if it acquires Woori Financial Group. A group executive said, “a dual bank system on a long-term basis will be adopted under the scenario of the merger between KDB Financial and Woori Financial.” He dismissed the speculation that Woori Bank would be absorbed into the state-ru...
Seoul shares fall 1.27% on U.S., Greek strife

Jun 2, 2011

Korean stocks sank 1.27 percent on Thursday as investor sentiment was dented by downbeat U.S. economic data and a cut in Greece’s credit rating, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index tumbled 27.14 points to 2,114.2. Trading volume was moderate at 245.9 billion shares worth 7.19 trillion won ($6.7 billion), with losers outn...
[Herald Interview] ‘Every corporation should embrace clean technologies’

Jun 2, 2011

Global corporations should pursue revenue opportunities in such clean technologies as solar cells and smart-grids to keep up with the trend toward a low-carbon economy, said Gil Forer, the head of Ernst & Young’s global cleantech unit. Forer said corporations should take advantage of transformational opportunities and adopt clean technologies. “A number of factors including the growth in world ...
One third of employers see skills shortage: ManpowerGroup

Jun 2, 2011

One in three employers worldwide is experiencing difficulty filling vacancies due to lack of available talent despite an over-supply of available workers, staffing company ManpowerGroup said Thursday. In its sixth annual Talent Shortage Survey, the U.S.-based company said 90 percent of employers across Asia, Europe, the Middle East and Africa have problems filling critical positions, citing a la...
Samsung, POSTECH may sue KTB Asset

Jun 1, 2011

Chang denies advice on corrupt investment in Busan Savings Bank The snowballing lobby scandal involving Busan Savings Bank is taking a new twist as two scholarship foundations threatened to sue an asset management agency, claiming that it advised them to invest in the failing bank. The private Pohang University of Science and Technology and Samsung Dream Scholarship Foundation said they would f...
Investment banks expect Korea’s inflation to grow 4.1 percent

Jun 1, 2011

Global investment banks forecast Korea’s consumer prices to increase more than 4 percent this year, citing sustained economic growth and high oil prices, data showed Wednesday. The average of inflation projections made in May by nine foreign investment banks, including Barclays Capital, rose to 4.1 percent from the 3.9 percent predicted in the previous month, according to the data provided by th...
Seoul shares end flat on auto falls, bank gains

Jun 1, 2011

Korean stocks finished nearly unchanged on Wednesday as losses among automakers outweighed bank gains, analysts said. The local currency climbed against the U.S. dollar. After opening slightly higher, the benchmark KOSPI shed 0.05 percent, or 1.13 points to 2,141.34. Trading volume was moderate at 289 million shares worth 8.02 trillion won ($7.44 billion) with losers leading gainers 437 to 382. ...
Hana Financial strives to revive KEB deal

Jun 1, 2011

FSC hints at ruling against Lone Star ownership Hana Financial Group is striving to maintain its position as the provisional acquirer of Korea Exchange Bank after the preliminary deal with the bank’s biggest shareholder expired a week ago. Though Hana Financial officials had said the group would soon announce the extension of the deal with U.S.-based Lone Star Funds, which holds a 51 percent st...
HSBC, Credit Agricole rapped for irregularities

May 31, 2011

Royal Bank of Scotland also faces sanction from financial regulator Financial regulators have taken punitive actions against two European bank branches for their irregular trading of derivatives and plan to reprimand another Europe-based bank operating in Seoul. In a statement Tuesday, the Financial Supervisory Service said it has issued a warning against the Seoul branch of HSBC Holdings plc a...
Major retailers face probe over commission charges

May 31, 2011

The Korea Federation of Small and Medium Businesses has launched a probe into major retailers including Lotte, Hyundai and Shinsegae over alleged anticompetitive practices such as imposing unfairly high commission fees on dealers, it said Tuesday. The non-profit organization will investigate whether merchants selling their products through major retailers are being bullied with commission fees f...
Industrial output grows 6.9% in April

May 31, 2011

Korea’s industrial output continued to grow in April, but its expansion pace slowed, raising concerns the nation’s economic recovery may be losing momentum, a government report showed Tuesday. According to the report by Statistics Korea, production in the mining and manufacturing industries rose 6.9 percent last month from a year earlier, decelerating from a revised 9 percent growth in March. O...
Interest burden on household debt remains high

May 31, 2011

The interest payment burden on household debt has reached 480,000 won ($447) per head annually, the Bank of Korea said, revealing the exceedingly high level of loans and credit card bills taken up by the private sector. The figure from this March is the second-highest level after it reached a record high of 485,838 won for the one-year period ending last March. The central bank said private loa...
SC First union ends one-day strike over pay

May 30, 2011

The union members of the Standard Chartered First Bank Korea ended Monday their one-day strike in protest of the management’s proposal to adopt a performance-based pay system. The union said it decided to return to work from Tuesday, adding that it would push for a meeting with the management to settle the labor dispute. “But if the negotiation makes little progress, we will go into another stri...
Falling birthrate drives education spending down

May 30, 2011

The nation’s educational expenditure fell by the most in six years, mainly due to the declining number of students brought on by the country’s low birthrate, a state-run agency said Monday. The Statistics Korea said households with two persons or more spent 292,357 won ($269) monthly in education costs per child on average in the first quarter, down 14,434 won or 4.7 percent from same time last ...

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