South Korea is moving to stem future cases of bird flu as foot-and-mouth disease outbreaks have been largely put under control, the government said Sunday.The farm ministry said it currently maintains poultry movement restrictions in 14 rural cities and counties across the country after quarantine authorities had to cull 6.27 million birds on 269 farms since Dec. 29, when the first case of bird fl

Regulator likely to face criticism whether or not it supports own decisionThe market is focusing on the issue of whether financial regulators will endorse Hana Financial Group’s plan to acquire Korea Exchange Bank from Lone Star Funds in the coming weeks.The issue is gaining more interest after the Financial Services Commission declined to make a clear ruling on whether Lone Star has been eligible

Another South Korean has been confirmed dead in the aftermath of Japan's devastating earthquake and tsunami, the foreign ministry here said Sunday, raising the country's death toll in the disaster to two.A 37-year-old woman, identified only by her surname Jeon, was living in the city of Ishinomaki with her Japanese husband when the magnitude-9.0 earthquake hit, the ministry said, adding that her b

A magnitude 6.1 earthquake struck Japan off the coast of Honshu in Japan at 9:03 p.m. on Sunday, according to the U.S. Geological Survey.The quake was 163 kilometers (101 miles) north-east of Sendai, one of the cities worst hit by the March 11 temblor. The quake struck at a depth of 53 kilometers, USGS said.There were no immediate reports of damage from the shake.(Bloomberg)

South Korean figure skater Kim Yu-na arrived home on Sunday, with the world championships initially scheduled for this week in quake-ravaged Japan in limbo, and said she will concentrate on other commitments during her stay."I had been prepared for the championships and it's disappointing that I didn't get the chance to show it," Kim said at a press conference at the Incheon International Airport

Samsung Group said Sunday it will make an additional donation of supplies to Japan amid a near rush by businesses here to help people in the neighboring country hit by the powerful earthquake and tsunami.The nation’s largest business group earlier gave 100 million yen ($1.23 million) and 2,000 sets of emergency relief supplies, worth about 30 million yen, to Japan’s Red Cross Society.The group wil

Damages to South Korean businesses from the quake in Japan are still limited, but they may become more visible and serious if the problems facing Japanese firms become prolonged, market observers said Sunday.The most direct damage to South Korean companies came from the loss of containers containing products awaiting delivery in Japan.The Korea Maritime Institute estimated the country’s shipping c

North Korea has sent a wreath to Hyundai Group to commemorate the 10th anniversary of the death of Hyundai founder Chung Ju-yung, the conglomerate said Sunday, amid efforts by Pyongyang to improve ties with Seoul that quickly deteriorated following the North’s sinking of a South Korean warship and attack on a border island last year.The wreath from the North’s Korea Asia-Pacific Peace Committee wa

South Korean stocks will trade in negative territory this week as uncertainties in Japan and the Middle East are likely to dampen investors’ appetite for risks, analysts said.After moving with great volatility, the benchmark Korea Composite Stock Price Index closed at 1,981.13 on Friday, up 25.59 points, or 1.31 percent, from one week ago.The Seoul bourse was the sole stock market in Asia that fin

The number of South Korean corporate bankruptcies fell to a record-low level in February on the back of the country’s continued economic recovery, the central bank said Sunday.The number of companies that went bankrupt totaled 99 last month, down from 102 in the previous month, according to the Bank of Korea. The latest figure marked the smallest monthly number of business failures since the centr

The Financial Supervisory Service is set to reprimand a local asset management firm and a brokerage house for incurring huge losses by conducting allegedly reckless investments in stocks last November.The companies which faced regulatory punishment are Wise Asset and Hana Daetoo Securities. They were reportedly negligent in internal controlling, according to the FSS.Though the FSS had planned to f

Chairman of the Korea Chamber of Commerce and Industry, Sohn Kyung-shik, has sent letters to his Japanese counterparts expressing sympathy for Japan’s earthquake victims.The organization also plans to send the relief funds raised from 71 of its regional chambers to Japan this week, chamber officials said Sunday.In separate letters to the Japanese chamber and the chamber of commerce representing Se

Financial Services Commission Chairman Kim Seok-dong on Thursday pledged to take stern action against major shareholders of savings banks for illegal lending and excessive risk taking.“Main shareholders engaged in unfair practices will face strict sanctions,” he said. “We plan to review major shareholders’ eligibility regularly and drive out of the market those failing to meet requirements.”He mad

FSC also puts off ruling on whether Lone Star eligible to own KEBThe financial authorities Wednesday delayed its decision on whether to approve Hana Financial Group’s plan to acquire Korea Exchange Bank from U.S. Lone Star Funds.The Financial Services Commission also declined to make a clear ruling on whether the U.S. buyout fund was eligible to control Korea Exchange Bank when it acquired the len

KOSPI plummets below 1,900 during trading session, shedding 2.4% at closeKorean stocks tumbled 2.4 percent to a 15-week low on Tuesday hit by rising worries over radiation leaks from Japan’s quake-stricken power plant.The benchmark KOSPI fluctuated during the day, plunging to 1,882.45 at one point though it later managed to contain falls to close at 1,923.92.A day before the index stood at 1,971.2

Hana Financial Group’s shares were weighed down by a growing uncertainty surrounding its planned acquisition of Korea Exchange Bank from U.S. Lone Star Funds.As the possibility that financial regulators will delay the finalization of whether to approve the takeover emerges, the financial group saw its stock price fall for the fourth consecutive trading session.According to the Korea Exchange, Hana

The nation’s financial authority has been under mounting pressure to reject the takeover deal between Hana Financial Group and U.S. Lone Star Funds on the latter’s planned sale of Korea Exchange Bank.Amid several unfavorable factors for Lone Star, including the Supreme Court’s recent ruling, the possibility that the Financial Services Commission will scrap its alleged decision to endorse the deal

LG Chem said Sunday that it has been named “corporation of the year” at the 19th annual Supplier of the Year celebration, held at the GM World headquarters in Detroit, Michigan.Company officials said the win was attributable to its lithium-ion battery supplied for GM’s electric vehicle, Volt.To receive the most prestigious award among 82 global suppliers to GM who were also in presence at the awar

Major financial groups have been in keen competition to take over debt-saddled savings banks whose operations were suspended by regulators for liquidity woes.The Financial Services Commission has halted operations of seven savings banks since January. Among the potential buyers targeting them are KB Financial, Woori Financial, Shinhan Financial and Hana Financial.Woori Financial has become the pre

Group provides more financial services, upholds transparency in governanceKB Financial Group is stepping up efforts to improve financial services and maximize customer satisfaction to better meet a fast changing business environment. The group was established in September 2008 under a long term growth plan and an extensive stock transfer from major subsidiaries.Its units include Kookmin Bank, KB K