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Prosecutors raid Kookmin Bank over computer system change

Prosecutors searched the computer center of South Korea's No. 2 lender Kookmin Bank on Tuesday as part of a probe into suspicions surrounding the bank's introduction of a new computer system, prosecution sources said.During the raid on the computer center in western Seoul, prosecution inve...

Updated : 2014.09.16 10:53

KB board pressures chairman to quit

KB Financial Group’s board on Monday urged its chairman Lim Young-rok to voluntarily resign following the financial regulator’s decision to suspend the KB chief last week.During a two-hour board mee...

Updated : 2014.09.15 21:07

Korea logs trade surplus for 31st straight month

South Korea posted a trade surplus for the 31st consecutive month in August although the surplus shrank significantly from a year earlier on dwindling exports, customs data showed Monday.The country’s overall exports came to $46.2 billion last month, down 0.2 percent from the same month l...

Updated : 2014.09.15 20:37

KB Financial in freefall on CEO risk

KB Financial Group Inc. plunged more than 5 percent on the South Korean stock market on Monday as the chief of the country's No. 2 banking group by market value comes under pressure from the company board to resign.KB Financial stocks were trading at 38,850 won on the main bourse as of 11:...

Updated : 2014.09.15 13:38

Foreign stock funds suffer continuing outflows

Stock funds that invest in overseas securities have suffered massive outflows over the past five years as investors drawn by an earlier stock boom in emerging markets exited to reduce losses after being spooked by the financial crisis in late 2007, data showed Monday.Foreign stock funds po...

Updated : 2014.09.15 10:12

FSC to demand investigation of KB chairman

South Korea’s financial watchdog is stepping up punitive actions against KB Financial Group chairman Lim Young-rok, who has refused to resign over alleged managerial failures.The Financial Services C...

Updated : 2014.09.14 20:47

South Korean regulator to sue KB Financial chairman after lapses

A South Korean regulator will sue KB Financial Group’s top executive after management lapses at the nation’s second-biggest banking group by market value.  KB Financial chairman Lim Young-rok is su...

Updated : 2014.09.13 16:18

FSC suspends KB chief

The Financial Services Commission raised the sanction for feud-ridden KB Financial Group chairman Lim Young-rok to “suspension of duty,” a notch above the “reprimand warning” suggested by the Fina...

Updated : 2014.09.12 21:32

KDB to set up equity fund for Dongbu Power takeover

Korea Development Bank is expected to set up a private equity fund to take control of Dongbu Power Dangjin Corp. after talks to sell off the thermal electricity generation plant fell through last week, industry sources said Friday.The bank, in charge of arranging the sale of the plant to h...

Updated : 2014.09.12 21:29

BOK holds key rate at 2.25 percent

South Korea’s central bank on Friday held the base rate at 2.25 percent in a widely expected move, a month after it cut the policy rate for the first time in 15 months under government pressure.The decision is in line with a poll conducted by Yonhap Infomax, the financial news arm of Yonh...

Updated : 2014.09.12 21:27

Government to fine cigarette hoarders

The government said Friday it will impose fines of up to 50 million won ($48,300) on those who hoard cigarettes in a bid to stabilize the market following its decision this week to hike tobacco prices.The penalty will go into effect as of noon Friday, according to the Ministry of Strategy ...

Updated : 2014.09.12 21:26

Insurers’ delinquency ratio edges down in June

The loan delinquency ratio for South Korean insurance firms edged down in June from a month earlier on decreases in both overdue corporate and household debts, the financial watchdog said Friday.The average bad debt ratio of local life and nonlife insurers stood at 0.53 percent at the end ...

Updated : 2014.09.12 21:26

Sales at department stores, discount chains up in August

Sales at local department stores and discount chains rose in August, preliminary government data showed Friday.According to the data by the Finance Ministry, department store sales increased 11.7 percent on-year in August, following a 2 percent gain tallied in July.Sales at discount chains...

Updated : 2014.09.12 21:25

Financial regulator suspends KB Financial chairman

South Korea's top financial regulator on Friday suspended the chairman of KB Financial Group Inc., the country's fourth-largest banking group by assets, for management failures, upgrading the punishment proposed by the watchdog.The Financial Services Commission (FSC) said it decided on a "...

Updated : 2014.09.12 17:39

Yeouido struggles to revive former glory as financial hub

Yeouido, once considered the unrivaled financial hub of Seoul, is now weighed down by a high real estate vacancy rate amid the prolonged downturn of financial businesses. Foreign financial firms are h...

Updated : 2014.09.11 21:23