President says special envoys help fill diplomatic hiatus

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Paralyzed Nonghyup banking system normalized

The nation’s largest banking network at Nonghyup has been normalized since Saturday after weeks of paralysis, which prosecutors suspect was caused by a cyber attack from North Korea. South Korea’s p...

Updated : 2011.05.01 19:13

Seoul shares likely to be range-bound next week

South Korean stocks are expected to trade in a tight range next week as investors will likely take a breather after the benchmark index's sharp rise, analysts said Saturday. The benchmark Korea Comp...

Updated : 2011.04.30 13:04

7 savings banks to be auctioned off

Regulators plan to select preferred bidders in June The nation’s top financial watchdog decided Friday to put seven debt-saddled savings banks up for auction to find preferred bidders among bigger f...

Updated : 2011.04.29 19:30

Hana Daetoo, Wise Asset rapped

Financial regulators on Thursday issued sanctions against a Korean asset management firm and a brokerage house for incurring huge losses after allegedly making reckless investments in stocks last Nov...

Updated : 2011.04.29 19:26

FSS reprimands Hana Daetoo, Wise Asset

Financial regulators on Thursday issued sanctions against a local asset management firm and a brokerage house for incurring huge losses after conducting allegedly reckless investments in stocks last ...

Updated : 2011.04.28 19:34

Won hits 32-month high

The dollar slid to 1,071.2 won on Thursday, posting its lowest level in 32 months against the Korean currency. The Korean currency’s value rose by 8.3 won from a day earlier, bringing it to its high...

Updated : 2011.04.28 19:04

2012 budget plan aims to reduce fiscal deficit

Budget spending focused on investment in new growth engines The Ministry of Strategy and Finance on Thursday unveiled its policy to improve the nation’s fiscal soundness next year by slashing unnece...

Updated : 2011.04.28 18:50

Current account surplus hits three-month high in March

South Korea’s current account surplus rose to the highest level in three months in March as exports of ships and other key products remained robust, the central bank said Thursday. The current acco...

Updated : 2011.04.28 18:49

Foreign insurers struggle to join mainstream

Despite their long presence in Korea, global giant life insurers still don’t come close to their major local rivals in terms of size, according to industry sources Friday. Nine foreign life insurer...

Updated : 2011.04.28 18:47

FSS to claw back insider savings bank withdrawals

The nation’s top financial watchdog said Wednesday that it will retrieve deposits withdrawn improperly at Busan Savings Bank right before the agency suspended its businesses. The Financial Superviso...

Updated : 2011.04.28 00:37

Buying power weakens despite GDP growth

By Kim Yon-se Korean consumers’ purchasing power has weakened on average even though the economy sustained its pace of growth during the first quarter, a Bank of Korea report showed Wednesday. The ...

Updated : 2011.04.27 19:10

Foreign life insurers take up 17% of Korean market

Foreign life insurance companies operating in South Korea claimed 16.9 percent of the local market in terms of assets last year, industry data showed Wednesday. The combined assets of the nine forei...

Updated : 2011.04.27 19:06

May manufacturing sentiment at 8-month high

South Korean manufacturers’ business confidence for May rose to the highest level in eight months due to optimism about the economic recovery, the central bank said Wednesday. The index of manufactu...

Updated : 2011.04.27 19:05

Lone Star haunts FSC chief for 8 years

Ruling on Lone Star’s eligibility as KEB owner postponed The Financial Services Commission decided to delay its ruling on the issue of Lone Star Funds’ eligibility as the majority shareholder of KEB...

Updated : 2011.04.27 19:04

FSS under fire for graft, negligence

The nation’s top financial watchdog is under fire after several charges of corruption and power abuse were revealed this week. Three former and current officials from the Financial Supervisory Serv...

Updated : 2011.04.26 19:43