Unification minister not to attend Russia forum

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Allianz Life sees strong demand for new product

 An insurance product of the Korean unit of Allianz Life attracted insurance premiums worth 30 billion won ($25.4 million) in less than two months since its debut on July 1. The company said Sunday ...

Updated : 2015.08.30 17:53

Delegation flies to Middle East to gauge interest in Woori Bank

A group of high-profile financial officials from Korea flied to the Middle East on Sunday to check foreign demand for a stake in Woori Bank, a state-run lender that has been put up for sale. The deleg...

Updated : 2015.08.30 17:49

Calm on Wall Street: A turbulent week ends on a placid note

Well, that was exciting.Days after China threw the biggest scare into Wall Street in years, U.S. stocks have come surging back and ended the week Friday on a placid note that suggested the worst may be over for now.Even so, investors are buckling their seat belts for more turbulence ahead....

Updated : 2015.08.29 10:33

[Weekender] Who will take on currency redenomination?

In the early 2000s, Korean tourists to Turkey saw a foreign exchange rate of 1 million won to about 1.3 billion lira.When it comes to South Korea’s economic scale, its won-denominated gross domestic ...

Updated : 2015.08.28 18:44

[Weekender] Korean currency evolves over millennium

Hwan-denominated notes, issued in 1953. (Bank of Korea)King Sejong, whose portrait is printed on South Korea’s 10,000 won banknote, was a key figure of the 15th century in the Joseon era (1392-1910)....

Updated : 2015.08.28 18:28

[Weekender] Bitcoin designed to shake central bank-driven frame

A virtual currency is shifting the idea of a centralized, corporeal currency while debates -- with their pros and cons -- on its safety and efficacy matters are underway.Bitcoin is a digital currency ...

Updated : 2015.08.28 18:12

UAE sovereign fund interested in buying stake in Woori Bank: official

The Abu Dhabi Investment Council has expressed its interest in buying a stake in state-run Woori Bank, which has been put up for sale, a government official said Friday.The Seoul government has been trying to sell its 51.04 percent stake in the bank since 2010 in a bid to retrieve public f...

Updated : 2015.08.28 11:34

S. Korean banks' bad loan ratio edges down in Q2

The bad loan ratio of South Korean banks edged down in the second quarter of this year from three months earlier on a rise in cleared debts, the financial watchdog said Friday.The combined bad loan ratio stood at 1.5 percent at the end of June, down 0.06 percentage point from the previous ...

Updated : 2015.08.28 09:15

[Graphic News] Childbirths rebound in Korea

The number of babies born in South Korea dipped in 2014, but rose for the fourth straight month in June this year, a government report showed on Wednesday.According to the report by Statistics Korea, ...

Updated : 2015.08.27 16:30

Seoul shares up for 3rd day on hopes of delay in U.S. rate hike

South Korean stocks rallied for the third session in a row to regain the 1,900-point threshold on Thursday on growing expectations that a U.S. interest rate hike could come later than expected, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Comp...

Updated : 2015.08.27 15:53

Finance minister dismisses concern over capital flight

South Korea is not faced with a capital flight situation stemming from increased external volatility despite lingering global economic uncertainties, the top economic policymaker said Thursday.Deliver...

Updated : 2015.08.27 15:30

Conglomerates' internal trades edge down in 2015

Transactions among affiliates of South Korea's large conglomerates edged down in 2015 as they heeded growing criticism over unfair business practices, the antitrust watchdog said Thursday.According to the Fair Trade Commission, cross-affiliate deals accounted for 12.4 percent of all busine...

Updated : 2015.08.27 12:42

Mirae Asset chairman honored by academia

Mirae Asset Financial Group chairman Park Hyeon-jooMirae Asset Financial Group chairman Park Hyeon-joo was conferred the top accolade by South Korean academia for its leading contribution in elevating...

Updated : 2015.08.26 20:38

Korea to reduce consumption taxes to boost economy

Finance Minister Choi Kyung-hwan(left) speaks during a meeting of the economic-related ministers at Seoul Government Complex on Wednesday. (Yonhap)The government will lower consumption taxes in its de...

Updated : 2015.08.26 18:41

Korea downplays stock contagion

South Korea’s Finance Minister Choi Kyung-hwan dismissed Wednesday market analysis that the nation’s stock market was showing signs of being coupled with that of China, whose index recently plummete...

Updated : 2015.08.26 17:48