The Korean currency gained 2.6 percent against the U.S. dollar last year amid robust exports and continued capital inflows, the central bank said Monday. The won’s gain was the smallest last year among major Asian currencies excluding the Hong Kong dollar, which lost 0.2 percent against the greenback, according to the Bank of Korea. Hong Kong has pegged its currency to the greenback. Among majo...

The government is placing the Presidential Committee for the G20 Summit into the Finance ministry as a task force during February to coordinate follow-ups of agendas with France, the G20 chair for this year. “The G20 preparation body was created to organize the G20 Seoul summit last year and we are readying to move them to the Finance Ministry,” the government said. The committee will be compri...

Financial groups may see reputation undermined by acquiring distressed institutions The Financial Services Commission has come under criticism for apparently pressuring major financial groups to take over distressed savings banks. Bankers expressed skepticism over the financial watchdog’s move after it unveiled plans last week to put ailing savings banks up for auction and suspend operations at...

Commercial banks are raising interest rates on their loans following the increase of the benchmark rate last week, heightening the financial burden on households and small firms. The Bank of Korea unexpectedly raised the seven-day repurchase rate by 25 basis points on Thursday, as Korea grapples with higher inflation stemming from strong economic growth and rising oil, grain and other commodity ...

Japanese borrowing costs may rise if the country’s fiscal condition remains “unhealthy,” with bond sales exceeding tax revenue, the country’s new economy and fiscal policy minister said. “If the unhealthy situation continues for a long time, long-term interest rates will inevitably rise and hurt Japan’s global credibility,” said Kaoru Yosano at a news conference late Saturday in Tokyo after bein...

South Korea 's state-run asset management corporation plans to conduct probes on real estate-related project financing operations under the control of local savings banks, a source said Saturday. The Korea Asset Management Corp. (KAMCO) source said 386 project financing projects are to be checked, as concerns have been raised about deteriorating conditions that can cause trouble for the lenders...

The Fair Trade Commission has launched an investigation into the nation’s three major sugar manufacturers to see if they are implicated in irregular practices in pricing products, sources said Friday. The antitrust probe is aimed at examining their profit margins, distribution costs and other related factors to determine whether companies mark up prices too much, according to industry sources. ...

Measures include tariff cuts, crop and housing supplies The government plans to cut food tariffs, increase crop supplies and freeze public service costs in what it calls a “war against inflation.” A pan-government task force headed by the Finance Ministry on Thursday reported to President Lee Myung-bak a package of measures to rein in skyrocketing food, energy and home rental costs that are thr...

Regulatory approval for Hana Financial Group Inc.’s acquisition of Korea Exchange Bank may come later than expected, which could push up the group’s cost for the takeover deal, sources said Thursday. Hana Financial expected to receive regulatory approval around February for its Nov. 25 contract with U.S. buyout firm Lone Star Funds to take over a 51.02 percent stake in KEB for 4.69 trillion won ...

The labor union of Korea Exchange Bank is bracing for an all-out struggle, including a general strike, to block Hana Financial Group from acquiring the lender, which they fear could lead to a massive restructuring, sources said Tuesday. U.S.-based Lone Star Funds plans to sell its controlling stake in the bank to Hana this year, which is opposed by a majority of the bank’s workers. “They had ho...