Korean, foreign firms strive to attract customers with new diesel line-upsCompetition to launch vehicles with high fuel efficiency has been heated in the local automobile market.Among the contenders are Korean carmakers, such as Hyundai Motor and Kia Motors, and major import brands including BMW, Mini, Volkswagen, Nissan and Chrysler.Noticeably, fuel efficient diesel-powered sedans as well as diesel-powered sport utility vehicles are gaining popularity with Korean consumers.Drivers’ priorities

Financial regulators endorsed the deal between Hana Financial Group and Lone Star Funds to trade shares of Korea Exchange Bank.Hana Financial has been allowed to take over KEB, which has been owned by the U.S.-based fund since 2003, the Financial Services Commission said Friday.The FSC ultimately has not accepted the opinion among a group of lawmakers and the KEB union that Lone Star has been ineligible to own the bank and the merger deal is invalid.In a statement, the regulator reaffirmed its e

Regulators took disciplinary action against Samsung Life Insurance for its irregular business practices.The Financial Supervisory Service said Friday that it has decided to impose on Samsung Life 335 million won ($293,000) in fines and issue a "caution" against the company.The life insurance firm was negligent in controlling the outsourcing business for the information technology sector, the FSS said in a statement."Samsung Life also opened several cash management accounts without the consent of

Kia Motors Corp. reported record-high earnings last year on the back of its upgraded brand image and robust sales growth in overseas markets.The automaker posted about 3.5 trillion won ($3 billion) in net profit in 2011, up 30 percent from a year earlier.Its vehicle sales reached 43.2 trillion won last year, up 20.6 percent from a year before. Its operating profit also jumped 41.6 percent to 3.5 trillion won.Kia’s outstanding performance is attributable to the brisk sales of its automobiles base

Financial regulators endorsed the deal between Hana Financial Group and Lone Star Funds to trade shares of Korea Exchange Bank.Hana Financial has been allowed to take over KEB, which was owned by the U.S.-based fund since 2003, the Financial Services Commission said Friday.The FSC ultimately has not accepted the opinion among a group of lawmakers and the KEB union that Lone Star has been ineligible to own the bank and the merger deal is invalid.There have been continuous speculations that Lone S

Financial regulators endorsed the deal between Hana Financial Group and Lone Star Funds to trade shares of Korea Exchange Bank.Hana Financial has been allowed to take over KEB, which has been owned by the U.S.-based fund since 2003, the Financial Services Commission said Friday.The FSC ultimately did not accept the opinion among a group of lawmakers and the KEB union that Lone Star was ineligible to own the bank and the merger deal is invalid.There have been continuous speculations that Lone Sta

Financial regulators are close to ruling on Lone Star Funds’ eligibility as the biggest shareholder of Korea Exchange Bank.“Inspectors have been in the last-minute review on the issue as to whether Lone Star has been a non-financial investor (which is banned from owning a local bank),” Financial Services Commission chairman Kim Seok-dong told reporters Thursday.But Kim said the FSC has yet to decide whether to announce its stance on the U.S.-based equity fund at the panel discussion, slated for

Shinhan conducts early retirement program for first time since 2009The nation’s banking sector has been striving to cut workforces amid growing worries over low cost-efficiency from the lackluster earnings outlook.Among the banks are Kookmin, Shinhan, Hana, Standard Chartered Korea and the National Agricultural Cooperative Federation. Others such as Woori and Citi will possibly follow suit.Shinhan Bank, which conducted a large-scale personnel reshuffle on Thursday, said about 250 employees will

Financial regulators are been in the last stage before their ruling on Lone Star Funds’ eligibility as the biggest shareholder of Korea Exchange Bank.“Inspectors are finally reviewing the issue as to whether Lone Star has been a non-financial investor (which is banned from owning a local bank),” Financial Services Commission chairman Kim Seok-dong told reporters Thursday.But Kim said the FSC has yet to decide whether to announce its stance on the U.S.-based equity fund at the panel discussion, s

Citigroup Korea plans to resurrect an earlier project to set up a retail-based securities firm.It comes four years after financial regulators rejected an application from Citibank Korea for a brokerage business for individual customers in 2008.“In case a chance is given, we would like to establish a retail-based brokerage unit,” Ha Yung-ku, CEO of Citigroup Korea and Citibank Korea, said during a recent interview at his office in downtown Seoul.Citigroup Korea has been operating a wholesale-base

CEO says lender leading Korean banks’ globalization with 59 network channels in 14 nationsShinhan Bank plans to offer high-end financial products by launching an upgraded business sector this year that connects the commercial bank and its brokerage affiliate.“We are about to introduce the independent business sector. It is designed to elevate synergy between Shinhan Bank and Shinhan Investment Corp.,” bank president & CEO Suh Jin-won told The Korea Herald.While the bank and the securities firm o

Ssangyong Motor Co. said Friday its flagship sports utility vehicle, the Korando C, has won the ScanCovery Trial 2012 held in the Netherlands, demonstrating its high driving performance.The team Voorthuizen, arranged by Ssangyong Motor’s official Dutch dealer Ssangyong Benelux, finished first to beat some 60 rival teams, which drove popular models by companies such as Mercedes-Benz and Volvo, the company said.In the competition, all cars were required to race the 7,000 kilometer course from the

Low stock prices of the financial group could be hurdle for speeding up privatizationPolicymakers will hold their first official meeting of this year at the end of this month to revitalize the government’s stalled project to privatize Woori Financial Group.Newly formed members of the Public Fund Oversight Committee are scheduled to have a workshop on the state-controlled Woori Financial sale plan this month, according to government officials.The six members of the PFOC, under the wing of the Fi

Hyundai Motor’s manufacturing factory manager Kim Eok-jo has been promoted to the post of vice chairman in charge of the company’s labor sector.Since January 2011, Kim has worked for Hyundai Motor as a president and the chief of the carmaker’s Ulsan plant.Before that, he played a significant role in boosting the automaker’s overseas sales as head of Hyundai Motor’s Czech Republic corporation.Hyundai has been striving to enhance its internal strength amid global uncertainties, in part through act

Financial regulators filed a complaint against the chief of CNK International and three other persons with the prosecution in connection with a growing financial scandal. The Securities & Futures Commission said it took the measure as they are suspected of having engaged in unfair stock trading practices.The SFC said it also informed the prosecution of the alleged wrongdoings of a former diplomat and minister for the Prime Minister’s Office Cho Joong-pyo and five other persons. After he retired

CEO says bank’s new targets include India, Indonesia and ThailandThe Industrial Bank of Korea said it will expand its overseas business in Asia for this year by opening more branches in the region.Apart from China and Vietnam, the state-owned bank is considering making inroads into India, Indonesia and Thailand, IBK president & CEO Cho Jun-hee told The Korea Herald.“We are seeking to open a liaison office in India this year. We also plan to tap the markets, such as Indonesia and Thailand, where

The Chung Mong-koo Foundation will provide 13,000 college students from underprivileged households with financial support, Hyundai Motor said Tuesday.The foundation, set up by Hyundai Motor chairman Chung, plans to issue tuition fee loans with low or zero percent interest rates.“Over the next two years, about 13,000 college students will enjoy the educational support. Lending rates range between 0 and 3 percent,” the automaker said in a statement.About 5,000 students could be beneficiaries of th

Euh stresses banks’ role change for upgrade of Korea’s financial marketKB Financial Group clarified its position that it will not bid to take over the state-run Woori Financial, at least for 2012.“This year, we have no plan to acquire any financial company including Woori Financial Group and the group’s subsidiaries,” KB Financial chairman Euh Yoon-dae told The Korea Herald on Monday.His stance comes as government officials and Woori Financial chairman Lee Pal-seung are striving to revitalize th

South Korea’s top automaker Hyundai Motor Co. was the No. 2 seller of vehicles in the Russian imported car market last year, with its affiliate Kia Motors Corp. ranking fourth, industry data showed Sunday.Hyundai Motor sold a total of 163,447 passenger cars and light commercial vehicles in the Russian market last year, trailing only General Motors Co., according to the data.In the overall Russian car market, including foreign and domestic brands, Hyundai Motor placed third, after Russian carmake

Overseas investors became net sellers of South Korean equities last year as they opted to buy safer assets amid global economic uncertainties, the financial watchdog said Sunday.Foreign investors offloaded a net 9.6 trillion won ($8.4 billion) worth of stocks in 2011, compared with a net purchase of 22.9 trillion won in the previous year, according to the Financial Supervisory Service.Overseas investors’ holdings of local stocks stood at 351.5 trillion won, or 30.4 percent of domestic stock owne