No more legal responsibility for wartime forced labor: Japan

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S. Korea drawing up contingency plan against potential Grexit

South Korea is working on contingency measures against possible increased volatility in financial markets as Greek people have turned down international creditors' austerity measures in a high-profile referendum, a high-ranking official said Monday.On Sunday, more than 60 percent of Greek ...

Updated : 2015.07.06 09:54

Mortgage growth hits 5-year high

The monthly increase of outstanding mortgages rose to its fastest pace in five years last month amid record-low interest rates, after the Bank of Korea cut its key rate to 1.75 percent on June 11.Korea’s seven largest commercial banks’ collective housing-collateralized loans swelled by 9...

Updated : 2015.07.05 22:33

Major banks in full-fledged restructuring

Major commercial banks are scaling back payrolls and closing down uncompetitive branches in the wake of weakening profits brought by low interest rates. While the industry’s full-scale restructuring is considered an inevitable measure to improve its manpower structure, concerns have also ...

Updated : 2015.07.05 21:09

Housing loan growth hits 5-year high

The monthly increase of outstanding mortgages rose to its highest point in five years last month amid record low interest rates.The Bank of Korea cut its key rate to a new record low of 1.75 percent on June 11.According to Korea’s seven largest banks, their collective housing-collateral...

Updated : 2015.07.05 15:45

U.S. hedge fund appeals court's refusal to stop Samsung merger

A U.S. hedge fund, opposing a proposed merger of two Samsung Group units, has filed an appeal against a Seoul court's dismissal of its request to block the deal, the latest in a series of legal rows unfolding against South Korea's top conglomerate over the high-profile merger. Elliott Ass...

Updated : 2015.07.03 21:56

Insurers may join complex financial centers: FSC

Financial consumers will be able to take out insurance at complex financial branches ― hybrid financial service centers that incorporate banking and securities operations.Regulators hope that such an...

Updated : 2015.07.03 18:22

Seoul pushes for W22tr stimulus

The government announced a 22 trillion won ($19.6 billion) stimulus package Friday, including an extra budget of about 12 trillion won.The Finance Ministry disclosed the expenditure plan designed to p...

Updated : 2015.07.03 16:41

AmorePacific chief becomes richest man in stock value in S. Korea

Suh Kyung-bae, chief of South Korea's top cosmetics maker AmorePacific Group, has become the country's richest man in stock value, overtaking former No. 1 Samsung Group Chairman Lee Kun-hee, market data showed Thursday.Stocks owned by Suh were valued at 12.8 trillion won (US$11.4 billion) ...

Updated : 2015.07.02 21:48

KRX to adopt holding company system

The Korea Exchange confirmed a restructuring plan to adopt a holding company system and go public, hoping to boost market competitiveness and expand overseas. Though the stock operator’s labor union immediately hit back at the announcement, the top regulator was determined to see the plan...

Updated : 2015.07.02 21:03

KB offers all-in-one car financing package

A KB Financial employee promotes a comprehensive automobile financing program to a customer. (KB Financial)Seeking to add fuel to its recently launched insurance subsidiary, KB Financial Group present...

Updated : 2015.07.02 21:02

Hana presses KEB union to accept merger schedule

Hana Financial Group on Thursday issued a de facto ultimatum to the labor union of Korea Exchange Bank, calling on its leaders to scrap their opposition to the planned merger between Hana Bank and KEB.The pressure from Hana came amid a reported situation that the group could face a heavier...

Updated : 2015.07.02 19:09

Seoul shares up 0.45 pct on eased Greek risk

South Korean stocks edged up 0.45 percent Thursday, rising for the third straight day, as fresh optimism for an economic rebound offset worries about Greece's debt problem, analysts said. The local currency fell against the U.S. dollar.   The benchmark Korea Composite Stock Price Index c...

Updated : 2015.07.02 16:30

Seoul shares open higher on waning MERS scare

South Korean stocks began higher Thursday, on hopes that the economy will prop up as the spread of Middle East Respiratory Syndrome seems to be on track for containment, analysts said.   The benchmark Korea Composite Stock Price Index rose 7.42 points, or 0.35 percent, to 2,105.31 in the...

Updated : 2015.07.02 10:07

KB to realign branch operation system

As part of its ongoing efforts to win back its former glory as the nation’s leading bank, KB Kookmin Bank said it would focus on reforming the operating management system of its branches.The bank, wh...

Updated : 2015.07.01 19:13

Foreign visitors exempt from Greek bank run

The capital controls introduced by the Greek government do not apply to foreign visitors to Greece, the Greek Ministry for Economy, Infrastructure, Shipping and Tourism said Wednesday.Foreigner visitors are free to make financial transactions, such as ATM withdrawals and credit or debit ca...

Updated : 2015.07.01 18:35