Prosecution charges foreign brokerage workers for the first time; Kyobo Securities brokers also face trialThe prosecution said Sunday it had indicted two former employees of the Hong Kong branch of Credit Suisse Group AG on charges of manipulating Korean stocks.It is the first time staff of a foreign investment bank have been indicted in Korea on such charges, though there was a similar case invol

Toyota Motor president Akio Toyoda vowed to become the champion of sales among foreign automakers in Korea by 2014, promising tough competition with German players.During his visit to Seoul over the weekend, Toyoda said, “Though we may not able to restore our brand image all at once, we will make efforts to top the list of Korea’s import car market within three years.”The CEO’s commitment came dur

 

Prosecutors again summoned the chairman of Kumho Petrochemical Co. for questioning on Saturday over allegations that he created big slush funds and made unfair profits by using internal information.Park Chan-koo, a younger brother of Park Sam-koo, chairman of the Asiana Group which owns South Korea's second largest carrier Asiana Airlines, is suspected of having raised tens of billions of won in s

In a parting pitch to Asian allies, retiring U.S. Defense Secretary Robert Gates said Saturday that the Pentagon is considering steps to widen its military presence across the Pacific Rim. He said budget woes won't interfere. “America is, as the expression goes, putting our money where our mouth is with respect to this part of the world _ and will continue to do so,” Gates told Asia's premier secu

South Korea’s defense minister has warned that his country would respond very strongly to any future attacks by North Korea.Kim Kwan Jin said at a regional security conference in Singapore on Saturday that his government must react with stiffer responses than in the past because North Korean provocations are becoming increasingly bold.Kim said North Korea has been insincere in previous talks and m

Prosecutors on Saturday are going all out to reject lawmakers' plans to abolish a key investigation unit of the state prosecution as part of their judicial reform efforts.A subpanel of the special legislative committee on judicial reform announced on Friday that it agreed to press ahead with its legislation plan to scrap the central investigation unit of the Supreme Prosecutors' Office despite str

Kia Motors Corp., South Korea’s second-largest automaker, announced plans this week to raise output at its Georgia plant by 20 percent, underscoring the U.S. industry’s biggest market-share gain this year.Kia, an affiliate of Hyundai Motor Co., raised its U.S. share 0.8 percentage point to 3.8 percent through May, topping gains of 0.7 point for General Motors Co. and 0.6 point for Hyundai, accordi

A classified government document, containing telephone conversations between South Korean and U.S. presidents, was leaked by Chinese hackers, an opposition lawmaker said Saturday. "I received a report from the National Intelligence Service that a secret document written by the South Korean foreign ministry ahead of the Group of 20 (G-20) Summit in London in April 2009 was leaked to China," Rep. Sh

Responding to North Korea's fresh military threats against South Korea, the United States called on the communist nation Friday to improve inter-Korean ties.Earlier in the day, the North's military issued a statement vowing to launch “retaliatory military attacks” against South Korea because its reserve forces used photos of North Korean leaders for target practice.The threats were the latest in a

Hyundai Motor Co. and its affiliate Kia Motors Corp. saw their U.S. market share exceed 10 percent for the first time in May, mainly thanks to robust demand for new models.The automakers under the wing of Hyundai Motor Group sold 107,426 vehicles in the United States last month, up 21 percent from a year earlier.They captured 10.1 percent of the American market, where the total sales of global aut

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-run KDB

Hyundai Motor said that it would develop a mid-sized sedan aimed at mostly Chinese customers by 2013.The project to launch a China-oriented sedan came as the automaker anticipates that the sales of middle-class sedans will surge in coming years in the Asian superpower, a Hyundai spokesman said Wednesday.“The China-oriented sedan will not be a remodeled car,” he said. “A new model which would under

FSC hints at ruling against Lone Star ownershipHana 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 stake i

Royal Bank of Scotland also faces sanction from financial regulatorFinancial 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 and Cr

Agency says consumer loan, M&A and foreign currency liquidity problems unlikely to ease soonMoody’s Investors Service on Monday highlighted several uncertainties in the local banking industry, saying that unfavorable factors could hamper banks’ long-term growth.Negative factors cited by the ratings agency included growing consumer loans, M&A issues and foreign currency liquidity.“A key credit issu

Commercial bank develops creative financial products at homeHana Bank has been securing mutual investment with Chinese banks under its long-term vision to develop a future growth engine and diversify asset portfolios via overseas expansion.The commercial bank, which opened its first office in Shanghai 15 years ago, views China as one of the most lucrative markets.Over the past few years, the bank

 

 

Jaguar is targeting the Korean market by launching modern sedans and increasing the number of showrooms in major cities here.Its unique and beautiful designs are attracting Korean customers, especially people who want to buy a different type of car.“Many owners of BMW or Mercedes-Benz have replaced their cars with Jaguar models,” a Jaguar-Land Rover Korea spokesman said.“While vehicles of German o