SEOUL, March 13 (Korea Bizwire) — South Korea’s financial watchdog has imposed sanctions on relatives of big name companies and celebrities for engaging in illegal foreign exchange trading worth US$40 million, officials said Friday. The Financial Supervisory Service (FSS) decided to issue warnings against 39 individuals including LG Group Chairman Koo Bon-moo’s sister and Lee Soo-man, the [...]
SEOUL, March 12 (Korea Bizwire) – Commission income and asset sales boosted net profit for South Korean credit card companies in 2014, the financial watchdog said Thursday. The combined net earnings of eight credit card firms stood at 1.8 trillion won (US$1.6 billion) last year, up 5 percent from the previous year, according to the [...]
SEOUL/SEJONG, Feb. 9 (Korea Bizwire) – South Korea’s tax earnings from the country’s 30 largest conglomerates are expected to shrink 15 percent this year, economic sources said Monday, as the business community claims rates are already high for a trade-dependent nation. Official data by Financial Supervisory Service (FSS) and corporate tracker Chaebul.com said the business groups [...]
SEOUL, Feb. 6 (Korea Bizwire) – South Korean lenders saw their combined net profit soar 60.4 percent last year from a year earlier as they set aside less reserves against bad loans, the financial watchdog said Friday. The combined net income of 18 local banks stood at 6.2 trillion won (US$5.7 billion) in 2014, up [...]
SEOUL, Dec. 28 (Korea Bizwire) — Foreign investors’ net purchases of South Korean stocks nearly doubled in 2014 from the previous year thanks to ample liquidity in the United States and other major economies, data showed Sunday. Offshore investors bought a net 8.21 trillion won (US$7.47 billion) worth of local stocks in the first 11 [...]
SEOUL, Nov. 13 (Korea Bizwire) – Women in their 20s and 30s are reportedly known to be the most frequent victims of phishing scam, according to the Financial Supervisory Service. By region, people living in Seoul’s affluent Gangnam and Seocho districts are most easily fallen by the financial fraud. The financial regulator released a report on November 11 [...]
SEOUL, Nov. 5 (Korea Bizwire) – Yuhan Corporation, the first runner in terms of sales and net profit among Korean drug companies, is expected to reach one trillion won sales this year, for the first time as a pharmaceutical company. In a recent electronic disclosure to the Financial Supervisory Service, Yuhan said that its preliminary [...]
SEOUL, Oct. 23 (Korea Bizwire) – As the issue of anti-money laundering (AML) is getting more critical all over the world, the Financial Supervisory Service (FSS) ordered the Korean branches of four international banks that do not have any adequate internal system to closely monitor money laundering activities, with relevant regulations set up and consolidated. Of the [...]
SEOUL, Oct. 22 (Korea Bizwire) – From now on, ordinary people can get private financial “advice” via the Internet like private banking service that people with a large amount of assets use. Common people will get the financial consulting service from the Financial Supervisory Service (FSS) by typing in their basic financial data like monthly income, [...]
SEOUL, Oct. 20 (Korea Bizwire) — A parliamentary investigation disclosed that the volume of earned surplus stocked up by large corporations has increased at a fast pace for the past few years. According to Congressman Lee Jong-kul (New Politics Alliance for Democracy) on October 18 based on data submitted by the Financial Supervisory Service, the [...]