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Korea kicks off IDB meeting for Latin American development

South Korea’s Ministry of Strategy and Finance and the Inter-American Development Bank kicked off the annual meetings of the Board of Governors of the IDB and the Inter-American Investment Corp. in Busan on Thursday.Some 3,000 government officials and economists from Korea and Latin Ameri...

Updated : 2015.03.26 20:39

Myung Films fuels Korean movie industry

This is the second in a four-part series featuring IBK’s support for cultural content. ― Ed.Film director Frank Capra once said that movies were one of the three universal languages, along with math...

Updated : 2015.03.26 20:21

Corporate direct financing rises in Feb.

Direct financing by South Korean companies rose in February from a month earlier due to a jump in corporate bond sales, the financial watchdog said Thursday.Local companies raised a combined 8.1 trillion won ($7.3 billion) last month by selling stocks and bonds, up 8.2 percent from 7.5 tri...

Updated : 2015.03.26 09:40

KB Financial completes LIG takeover deal for W645 bil.

The board of KB Financial Group Inc., South Korea's second-largest banking group by assets, has approved a long-protracted takeover of LIG Insurance Co. for 645 billion won ($585 million), officials said Wednesday.The amount is for a 19.47 percent stake in the country's No. 4 non-life insu...

Updated : 2015.03.25 21:42

Korea’s per capita income grows 3.8%

South Korea’s gross national income surpassed $28,000 per capita in 2014, in part due to a strong Korean won against the U.S. dollar, while the economy expanded 3.3 percent, well below its 4 percent ...

Updated : 2015.03.25 19:20

Top regulator demands bold, speedy reform

The new head of the Financial Services Commission called for “bold and speedy” financial reform on Wednesday, expecting to receive the first batch of reform plans as early as next month. “We will e...

Updated : 2015.03.25 19:04

FSC mulls expanding loan transfer system

Financial authorities may expand the budget and range of the long-term fixed-rate loan transfer system, reflecting soaring public demand for lower interest burdens.“The FSC is communicating with nonmonetary institutions on whether or not to apply the low-rate loan switch system to savings...

Updated : 2015.03.25 19:03

Regulator mulls more money for new mortgage loan program on soaring demand

South Korea's financial regulator said Wednesday it will considering making more money available for long-term fixed-rate loans after borrowers gobbled up a new government-backed loan scheme from the first day of its launch.More than 40,000 people have signed on with local banks to convert...

Updated : 2015.03.25 11:43

BOK governor warns Korea faces short-term uncertainties

Bank of Korea Gov. Lee Ju-yeol said Tuesday that South Korea’s economic conditions were improving, but the country is still facing uncertainties stemming from increasing oil prices and the U.S. Feder...

Updated : 2015.03.24 18:53

Government debt soars in 2014

The government and some state-run companies were more than 1,200 trillion won ($1.1 trillion) in the red as of last year, with government debt growing almost twice as fast as a year earlier, central b...

Updated : 2015.03.24 18:51

Banks rush to issue CoCo bonds

Pressed by global regulatory standards on capital reserves, major Korean banking groups are gearing up to issue contingent convertible bonds, or CoCo bonds, to replace subordinated bonds.For this, most financial companies revised their articles of association or are planning to do so in th...

Updated : 2015.03.24 18:51

Financial regulator vows to clean out fintech restrictions

South Korea's top financial regulator Tuesday reiterated his pledge to remove regulations and restrictions that block the development of financial technology, or fintech, and create the best environment for fintech startups."Fintech can help the financial industry boost competitiveness and...

Updated : 2015.03.24 14:08

Financial Security Agency to be launched next month

An independent body in charge of handling financial security and preventing financial crimes in South Korea will be launched next month, sources said Tuesday, in a bid to beef up the sector's ability to share and protect financial information.The tentatively named Financial Security Agency...

Updated : 2015.03.24 12:05

Part-time workers hit record high

The number of employees who work less than 18 hours a week has reached a record-high 1.2 million, reflecting the widespread concerns about employment and job security, government data revealed Monday....

Updated : 2015.03.23 19:40

Korean conglomerates see cash reserves increase 8%

South Korea’s conglomerates and their affiliates have increased their cash holdings over the past year, despite the government’s efforts to induce companies to spend them to increase employee wages and facility investment.The combined retained earnings of 96 affiliates of the country’s ...

Updated : 2015.03.23 19:09