Skepticism is growing over the performance of the Prime Minister’s Office-led task force to overhaul the nation’s financial supervisory structure.Though the task force was set up in the wake of financial regulators’ failure in oversight of savings banks, the 13-member team has not reached a consensus and has delayed unveiling its measures.The team, launched early May, said it would draw out measur

Hyundai Motor Group chairman Chung Mong-koo has called for employees in the United States to prioritize producing vehicles with “advanced” quality.His remarks are in line with Hyundai Motor and its affiliate Kia Motors’ road map to catch up with European and Japanese carmakers from its earlier business strategy focused on product stabilization.Chung visited a sales corporation of Hyundai-Kia in Lo

Shinhan Financial Group is considering taking over at least one financial company in the stock brokerage and insurance market in the coming months or years.Chairman Han Dong-woo, who took office 100 days ago, unveiled the group’s future strategies, including the mergers and acquisitions project during a news conference in Seoul on Thursday.“It is necessary for us to seek opportunities to expand th

ATHENS, Greece (AP) -- Greece's lawmakers have approved a key austerity bill, paving the way for the country to get its next vital bailout loans that will prevent it from defaulting next month.The unpopular 28 billion euros ($40 billion) five-year package of spending cuts and tax hikes was backed by a majority of the 300-member parliament Wednesday, including Socialist deputy Alexandros Athanassia

South Korean senior prosecutors expressed their intent to resign on Wednesday in apparent opposition to a move that would empower police to open investigations.Senior Prosecutor Hong Man-pyo offered his resignation amid deepening tension surrounding the revision of the criminal procedure code.Four other prosecutors offered their resignations in a collective move later in the day.The resignations c

The National Assembly on Wednesday passed a bill on South Korea’s free trade agreement with Peru, paving the way for trades and investments between the countries to increase.South Korea and Peru signed the deal in March. The pact, which does not require an endorsement from the Peruvian parliament, calls for both countries to eliminate all tariffs within 10 years after it takes effect.The National

Three private equity funds have submitted letters of intent to take over Woori Financial Group while no financial group will participate in the M&A competition.The Public Fund Oversight Committee, which closed the receiving of LOIs on Wednesday, said the potential buyers are MBK Partners, Vogo Investment, and TStone Partners.The committee, under the wing of the Financial Services Commission, plans

Hyundai Motor and its affiliate Kia Motors emerged as one the world’s top five automakers in global sales last year, selling more than 5 million vehicles.About a decade ago, the two companies under the wing of Hyundai Motor Group ranked 11th worldwide in total sales volume.Climbing six notches in less than 10 years was not a simple accomplishment, as it required stepping over global players includ

The financial authorities on Wednesday pledged to bring snowballing household debt down to the Organization for Economic Cooperation and Development average.With household debt at a record high of more than 800 trillion won ($740 billion), the Financial Services Commission reiterated its commitment to tackling the issue.“We plan to stabilize the market gradually with the goal of lowering the debt

Hana Financial Group chairman Kim Seung-yu on Tuesday downplayed the possibility of the financial company participating in a bidding competition for Woori Financial Group.His remarks came one day ahead of the deadline for submitting letters of intent to financial authorities to attend the takeover bidding for state-run Woori Financial.He told reporters that it would not be easy for the group to pa

Established in 1961, the Industrial Bank of Korea has continued to focus on supporting small and medium-sized enterprises as a state-controlled lender.In the long-term, the bank is set to prepare to become a comprehensive financial services provider.It has been enhancing its investment banking capability as it seeks to diversify its business portfolio. Customers are seen behind a sign for the Indu

KB Kookmin Wise Card has been attracting a growing number of customers thanks to a variety of noteworthy benefits.The number of holders of its latest credit card surpassed 100,000 in the 18 days after its launch on March 2. By June 14, that number had reached 360,000. KB Kookmin Card unveils a new credit card called “Wise Card.” (KB Card)The Wise Card is a first of its kind in the local market, al

The stock brokerage industry faces a revamping as financial regulators have decided to restrict transactions of “call money,” short-term loans provided to securities firms from financial companies.Citing the necessity of reducing the liquidity risk among securities firms, the Financial Supervisory Service said last week that it would ultimately ban brokerages from applying for call loans starting

Bank offers ‘final proposal,’ but union sees no differenceAbout 3,000 unionized workers of Standard Chartered First Bank Korea are poised to go on an indefinite strike this week as they have failed to reach a compromise with management on salary.Despite continued efforts at persuasion and proposals by management, the union still opposes plans from the U.K.-based bank’s Korean unit to introduce a p

Renault Samsung Motors on Sunday unveiled its updated QM5 crossover utility vehicle that aims to enhance the carmaker’s image as a quality manufacturer of upper-end cars.The new QM5 is a makeover of the existing vehicle with streamlined exterior lines, rearranged headlamps and a radiator grille that gives it a more “urban” style that could be more attractive to Korean consumers.The company, which

Portion of small vehicles continues to drop in American sales over a decadeHyundai Motor had been regarded as a minor player in the United States and had focused on finding a niche. Its main target was the small-sized vehicle market.Hyundai Motor and its affiliate Kia Motors saw small vehicles account for more than half in their North American sales in 2001.But the portion of small cars in Hyundai

Failure of two brokerages’ merger dims prospectsThe nation is facing a stumbling block in establishing a large-scale investment bank although the chief financial regulator has unveiled a policy toward activation of IB businesses.The pessimistic view comes after KDB Financial Group failed to take over Woori Financial Group amid an uneasy sentiment between the two state-run financial companies.There

In road show, Italy focuses on Korean auto parts makersHyundai Motor Group held a fair in Italy to give Korean auto parts manufacturers the opportunity to make inroads into the southern European market.The automotive group said Thursday that it held a “Fiat Tech Fair,” a road show for auto components, at Fiat Group Automobiles in Turin, Italy. Hyundai Mobis, a unit of Hyundai Motor Group, hosted t

Regulator focuses on enhancing independence of groups’ unitsRegulators are moving to scale down the authority of major financial group chairmen, saying the current system provides them with “excessive” power to control all of their groups’ units.“The direction would be focused on enhancing the independence of financial groups’ subsidiaries by tackling chairmen’s authority,” said an official of the

Ratio of household credit to GNDI rising: BOKHouseholds’ ability to pay their debts was critically weak during the first quarter as the pace of debt growth surpassed that of income growth.According to the Bank of Korea, the nation’s household credit, including loans and credit purchasing, reached 801.4 trillion won ($750 billion) at the end of March, up 8.4 percent from a year earlier.Central bank