The nation’s biggest credit card firms are expected to receive regulatory punishment for unauthorized sales activities.The Financial Supervisory Service has uncovered about 20,000 irregular cases including reckless issuance of credit cards.Since May, the regulatory agency has been probing six major credit card issuers ― Shinhan, Hyundai, KB Kookmin, Samsung, Lotte and Hana-SK ― in a bid to curb ex

Hyundai Motor Group chairman Chung Mong-koo has instructed his staff to actively publicize at home and abroad that Hyundai Motor and Kia Motors have become global players with competitive technologies. Chung Mong-kooDespite marked growth in overseas sales, Hyundai and Kia had failed to garner international acknowledgement in the core technology sector.But this year, Chung’s pride and promotion str

Policymakers worried about EU debt crisisThe nation’s chief financial regulator has picked stabilization of the foreign exchange market as the most urgent task in the financial market.Over the weekend, Financial Services Commission Chairman Kim Seok-dong pledged to put priority on securing liquidity in banks’ foreign currency trading, saying that the issue was “the No. 1 regulatory target for this

Kim Kyung-ho, a former executive director of the Asian Development Bank, has been recommended as CEO of the Korea Housing Finance Corp.Last Friday, the Financial Services Commission recommended Kim and Cheong Wa Dae is reviewing whether to appoint him to the post. Kim Kyung-hoThe 58-year-old candidate, a senior public official, had held key posts including spokesman for the Finance Ministry before

Financial regulators plan to allow savings banks which meet requirements for financial soundness to operate an installment financing business unit.The regulatory decision comes under the Financial Services Commission’s strong commitment to reviving the distressed savings banking industry.Savings banks are required to satisfy two requirements to open an installment financing unit: They should see t

LONDON (AP) -- London's departing police chief revealed Tuesday that 10 of the 45 press officers in his department used to work for News International, but he denied there are any improper links between the force and Rupert Murdoch's media empire.Paul Stephenson was giving evidence to a committee of lawmakers investigating wrongdoing at the now-shuttered tabloid News of the World, and allegations

The Bank of Korea said Tuesday it would narrow the scope of foreign exchange banks’ bond purchasing as part of its efforts to minimize side effects.As many local and foreign banks have actively invested in foreign currency-denominated bonds, the nation has undergone steep growth in foreign currency debts and the Korean won’s appreciation.Banks will be banned from investing in foreign currency-deno

The nation’s chief financial regulator has expressed his skepticism toward major financial groups’ plan to offer its shareholders generous dividends.“Though it is important to maximize shareholder rights, it is also important for financial companies to protect customer rights,” Financial Supervisory Service Gov. Kwon Hyouk-se told reporters on Tuesday.It would be desirable for major financial grou

European banks expected to expand presence in Korea under Korea-EU FTAEuropean banks are expected to expand their presence in the local market following the implementation of the Korea-EU Free Trade Agreement.Those aiming to making inroads into Korea include Banco Bilbao Vizcaya Argentaria S.A., a lender headquartered in Spain and the third-largest lender in the EU.Korea’s regulatory officials are

Ssangyong Motor CEO Lee Yoo-il (right) poses with Mahindra and Mahindra CFO Bharat Doshi (center) and the Indian firm’s president for automotive and farm sector Pawan Goenka at a press conference in Seoul last March. (Ssangyong Motor Co.)Mahindra & Mahindra Ltd., the majority shareholder of Ssangyong Motor, has continued to reiterate that it would invest in the automaker on a long-term basis devel

The new Chairman WCompany offers unprecedented seven-year care service plan to customersSsangyong Motor Co., which launched the new Chairman W in the local market last week, is to provide consumers with a long-period guarantee service.The service, dubbed “W Promise 715 program,” offers customers free-of-charge car inspections for seven years, the automaker said in a statement on Monday.Customers

Financial regulators plan to activate micro-loan issuances to individuals from the savings banking industry by curbing excessive competition among credit card companies.The plan comes as credit card issuers have been vying to issue loans despite customers’ low credit standings.“Though the savings banking industry has been severely damaged due to construction-related toxic loans, there are still ma

The nation’s financial regulator is investigating four major commercial banks on suspicion of unauthorized lending, banking sources said Wednesday.The four facing a probe are Kookmin, Woori, Shinhan and Hana, and the Financial Supervisory Service has recently completed its preliminary examination of the banks, the sources said.The unauthorized lending practice refers to banks’ demand that borrower

Ssangyong Motor Co. CEO Lee Yoo-il (right) and labor union leader Kim Kyu-han (second from right) unveil “New Chairman W,” the newest version of its flagship sedan, the Chairman, in Seoul on Wednesday. (Yonhap News)Ssangyong Motor unveiled the new Chairman W in the local market more than three years after it launched the Chairman W in February 2008.At a press conference in Seoul on Wednesday, the

Hana Financial Group chairman Kim Seung-yuHana says regulators issued no edict against loanHana Financial Group has refuted criticism that it issued loans to Lone Star Funds, the biggest shareholder of Korea Exchange Bank, in defiance of regulators’ instruction.A Hana official denied the speculation that “the financial group made a lending totaling 1.5 trillion won ($1.4 billion) despite tackling

KB Financial Group chairman Euh Yoon-dae speaks at a press conference in Seoul on Tuesday to mark the first anniversary of his inauguration as head of the financial group. (Yonhap News)Chairman says group is interested in Woori’s brokerage unitKB Financial Group wants to take over a life insurance company in its efforts to push for M&As in the non-banking sector, its chairman said on Tuesday.Chair

Regulator to force nonviable institutions out of marketStarting Tuesday, the government will conduct another round of regulatory examinations on the overall savings banking industry tarnished by involvement of some banks in a corruption scandal.The Financial Services Commission said Monday that it would make inquiries into 85 out of 98 savings banks for two months to normalize the debt-saddled sec

South Korea’s financial watchdog plans to draw up measures to mend the practice of handling currency margin trading in a bid to prevent retail investors from inflicting heavy losses, officials said Sunday.Margin trading allows investors to place heavy bets on currency volatilities with a relatively small amount of money. Currency margin trading can yield huge profits, but it can also inflict heavy

The move by Korea Exchange Bank to offer a record interim dividend to its biggest shareholder Lone Star Funds is sparking concerns about long-term growth for South Korea‘s No. 5 lender, market watchers said Sunday.KEB’s board decided on Friday to pay out a quarterly dividend worth of 1,510 won ($1.42) per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion wo

Models show Samsung Electronics’ smartphone “Galaxy S2” in celebration of the launch of the phones in Mexico on June 30. The sales of the phones have broken the 3-million barrier. (Yonhap News)Samsung Electronics Co., the world’s second-largest maker of mobile phones, said Sunday its overseas sales of the Galaxy S2 smartphone topped the 3 million mark 55 days after its launch.More than 3 million u