The International Monetary Fund will release a report next week highlighting South Korea’s successful policy response to speculative capital inflows, a government official said. The report will exemplify the Finance Ministry’s imposition of taxes and limits on speculative trading as legitimate macro-prudential measures. “The IMF is to release a report about the emerging market’s combating of ho...

Number of accounting firms more than triples in 10 years as demand grows The nation’s accounting transparency is approaching international standards after years of effort by financial regulators and businesses. Shoddy bookkeeping by large companies has been partly blamed for the economic crisis that hit the nation in the late 1990s and for the so-called Korea Discount ― referring to undervaluat...

South Korean stocks started lower on Wednesday as investor sentiment remained fragile amid concerns that political turmoil in Libya would jack up oil prices, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.99 points, or 0.15 percent, to trade at 1,966.93 in the first 15 minutes of trading. Already-rising oil prices, sparked by the economic recovery and money printi...

The Financial Services Commission said it has suspended Domin Mutual Savings & Finance, based in Chuncheon, Gangwon Province, saying that the bank’s capital shortages were excessive. The latest suspension of the bank came after the financial regulator forced six savings banks to halt their business last week, as their asset erosion and capital shortages triggered jittery depositors to withdraw t...

Deposit withdrawals from secondary banks sharply reduce as officials work to calm market The government and financial institutions were trying to calm savings banks’ jitters on Tuesday, pledging fresh support for troubled secondary banks hit by toxic property loans. Concerns over an industry crisis showed signs of subsiding as deposit withdrawals across the country nearly halved from the previo...

The Bank of Korea plans to strengthen its foreign exchange department to more efficiently manage its ever-growing currency reserves and better cope with market volatility. The central bank announced plans to overhaul its organization for the first time in 13 years, focusing on slimming down departments and enhancing international affairs capability. The nation’s foreign currency reserves reache...

The Financial Services Commission suspended operations of four savings banks on Saturday, following its similar sanction against three debt-saddled players since January. The regulator announced that it halted businesses of Busan II Savings Bank, Jungang Busan Savings Bank, Jeonju Savings Bank and Bohae Savings Bank for six months until Aug. 18. The series of measures against distressed savings...

South Korean stocks ended 1.82 percent higher Friday as investors hunted for bargains following recent bearish trading, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 35.92 points to 2,013.14, ending above the 2,000-point level for the first time in three sessions. Trading volume was heavy at 488.9 milli...

The government faces an uphill battle to legislate tax benefits for Islamic bond investors at a parliamentary session starting Friday amid sturdy objections from opposition politicians and churches. The Finance Ministry is pushing for a bill on Islamic bonds, or sukuk, that would grant tax exemption on profits earned by bondholders in a bid to widen Korea’s access to increasing Middle Eastern oi...

Asian Development Bank appointed Korea’s former financial regulator Rhee Chang-yong as its new chief economist, the bank said Thursday. Rhee, a Korean national, was the vice chairman of the Financial Services Commission and chairman of the Securities & Futures Commission, and has over 20 years experience as an economist, financial advisor and academic, according to the bank. (Bloomberg)