International ratings service Moody's Investors Service Monday downgraded credit ratings for eight South Korean banks, hurt by lack of investments. The banks involved are the Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, Industrial Bank of Korea, National Agricultural Cooperative Federation, Korea Development Bank (KDB) and Export-Import Bank of Korea.

South Korea's state-run Korea Development Bank said Sunday it can delay a deal to sell Daewoo Shipbuilding & Marine Engineering to Hanwha Group by one month. Yonhap News Agency reported Hanwha signed a deal in November with KDB to buy a 50.37 percent stake in the world's No.

Fears were mounting yesterday over the future of US investment banking giant Lehman Brothers as its shares plunged and threatened to put UK banking stocks under pressure.

Shares in US investment bank Lehman Brothers have plunged 30% on fears the group will not be able to raise the funds it needs to cover losses. Lehman was seeking ways to raise $6bn after sustaining credit crunch-related write-downs and losses.

By From news reports The state-owned Korea Development Bank said Tuesday that it was in the hunt for the troubled U.S. investment bank Lehman Brothers, confirming weeks of speculation over its intentions.