Shinhan CEO targets Asian top 10By Kim Yon-seShinhan Bank president & CEO Suh Jin-won pledged Wednesday to achieve the goal of making the lender one of the top 10 commercial banks in Asia and No. 1 in Korea within four years.Suh, who took office 100 days ago, unveiled the bank’s mid- and long-term targets during his meeting with reporters in downtown Seoul.“I will take the role of initiating chang

April 7, 2011

Some lawyers claim the U.S. fund should not have been allowed to buy KEBFinancial regulators face a bumpy road in their scheduled ruling on whether Lone Star Funds was eligible to acquire Korea Exchange Bank in 2003.Over the past few weeks, the Financial Supervisory Service asked 10 major law firms to make legal reviews on the U.S. buyout fund’s eligibility as KEB’s biggest shareholder.At least on

April 5, 2011

Package of measures against surging household debts to be unveiled SundayFinancial authorities plan to induce the public to control their use of credit cards to address rising household debts.Instead, the usage of check cards ― which refer to cards containing functions of both credit and debit cards ― will likely be promoted.The policy, aimed at easing the financial burden of debt-saddled low- and

April 4, 2011

Dispute resurfaces over the central bank’s supervisory authority A fresh dispute is brewing over the mandate of financial supervision as the Bank of Korea is stepping up its demand for the right to inquire into financial institutions independently.The primary authority to investigate banks, securities, insurance and other financial companies currently belongs to the Financial Supervisory Service.

April 3, 2011

The government is to toughen its crackdown on conglomerates’ irregular support for affiliates, often used to evade taxes and hide the transfer of owners’ wealth to their siblings. The Ministry of Strategy and Finance said Thursday the government will widen its investigation into and levy new taxes on corporations unfairly giving orders to subsidiaries. As part of the government’s commitment to est

March 31, 2011

Samil PricewaterhouseCoopers is seeking to strengthen its global accounting and consulting services as the nation’s largest accountancy marks its 40th anniversary.Chairman Ahn Kyung-tae will unveil the roadmap to become a specialized global player in an anniversary ceremony on Friday.The firm stressed that advancing into the global market is not an option but a necessity.“Samil dispatched skilled

March 31, 2011

Financial regulators have been glossing over commercial banks’ long-standing practice of charging customers irregular service fees on transactions via automated teller machines.The Financial Services Commission recently held a low-key internal meeting to map out comprehensive measures to ease the growing financial burden of low- and middle-income households.During the meeting composed of FSC senio

March 30, 2011

Major commercial banks should refrain from engaging in excessive competition to increase their assets as there is a possibility that they will face financial difficulties, a report said on Sunday.The Korea Institute of Finance likened the current situation to that of the period between 2005 and 2008, when banks saw their profitability continue to worsen due to heated competition.The cautionary adv

March 27, 2011

South Korea is moving to stem future cases of bird flu as foot-and-mouth disease outbreaks have been largely put under control, the government said Sunday.The farm ministry said it currently maintains poultry movement restrictions in 14 rural cities and counties across the country after quarantine authorities had to cull 6.27 million birds on 269 farms since Dec. 29, when the first case of bird fl

March 27, 2011

Another South Korean has been confirmed dead in the aftermath of Japan's devastating earthquake and tsunami, the foreign ministry here said Sunday, raising the country's death toll in the disaster to two.A 37-year-old woman, identified only by her surname Jeon, was living in the city of Ishinomaki with her Japanese husband when the magnitude-9.0 earthquake hit, the ministry said, adding that her b

Social Affairs March 20, 2011

A magnitude 6.1 earthquake struck Japan off the coast of Honshu in Japan at 9:03 p.m. on Sunday, according to the U.S. Geological Survey.The quake was 163 kilometers (101 miles) north-east of Sendai, one of the cities worst hit by the March 11 temblor. The quake struck at a depth of 53 kilometers, USGS said.There were no immediate reports of damage from the shake.(Bloomberg)

World News March 20, 2011

South Korean figure skater Kim Yu-na arrived home on Sunday, with the world championships initially scheduled for this week in quake-ravaged Japan in limbo, and said she will concentrate on other commitments during her stay."I had been prepared for the championships and it's disappointing that I didn't get the chance to show it," Kim said at a press conference at the Incheon International Airport

More Sports March 20, 2011