N. Korea fires 4 short-range projectiles

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Choi to sell record debt to fund stimulus

South Korea is forecast to sell an unprecedented amount of debt to fund stimulus as policymakers liken the economy’s current situation to that faced by neighboring Japan at the start of a two-decade slump.Finance Minister Choi Kyung-hwan unveiled a plan last week to boost spending by 11.7...

Updated : 2014.07.29 20:48

Credit card firms brace for debit card campaign

The government’s recent decision to temporarily expand the scope of tax deductions for users of check cash cards is expected to hit the local credit card industry, according to sources close to the m...

Updated : 2014.07.28 20:51

BOK report warns of ‘Japan-like aged society’

South Korea’s aging population will become a significant financial burden to the country’s younger generation, a study showed on Monday.People in their 20s and 30s will pay an average 100 million won ($97,400) more than the actual public benefits they will receive as a result of the gove...

Updated : 2014.07.28 20:50

Government, central bank on same page on economy: Choi

The government and the Bank of Korea have “no difference” in their assessment of the latest economic situation, the finance minister said Monday, adding that he expects both to seek “expansionary” measures aimed at bolstering the economic recovery.The remarks by Choi Kyung-hwan came in...

Updated : 2014.07.28 20:50

Lax supervision behind massive leak of data of cardholders

The financial watchdog's lax supervision led to a massive leak of customer information from the nation's three major financial institutions that came to light early this year, the state auditor said Monday. In January, an employee of the Korea Credit Bureau (KCB), a credit reference agency...

Updated : 2014.07.28 17:10

[Herald Interview] ‘Hana should gain KEB’s trust before merger’

Hana Financial Group executives should first gain the trust of Korea Exchange Bank employees before taking steps to merge KEB with Hana Bank, KEB union spokesman Kim Bo-heon said.“The 2012 agreement ...

Updated : 2014.07.27 19:44

Conglomerates increase cashable assets amid economic slump

South Korea’s top conglomerates have expanded their holdings of cashable assets over the past five years, data showed Sunday, due mainly to their reluctance to increase investment amid a prolonged economic slump.The combined amount of cashable assets held by 76 listed companies owned by t...

Updated : 2014.07.27 19:37

Seoul shares hit yearly high on bold stimulus package

South Korean stocks on Friday reached a new high for 2014, bolstered by expectations that government stimulus measures may boost the local economy, analysts said.Starting the day in positive territory, the benchmark Korea Composite Stock Price Index rose to 2,036.20 at one point during the...

Updated : 2014.07.25 21:38

KB Financial net doubles in Q2

South Korean financial group KB Financial Group said Friday its second-quarter earnings more than doubled from a year ago after last year’s one-off profit-loss factor was removed.The financial group’s net profit in the April-June period came in at 398.4 billion won ($388.2 million), soar...

Updated : 2014.07.25 21:37

Seoul to push tax on corporate cash reserves

The South Korean government announced a set of economic stimulus measures on Thursday, including a controversial plan to levy taxes on cash reserves kept at the nation’s largest companies. The financ...

Updated : 2014.07.24 21:32

BOK to issue coins honoring pope's visit

South Korea's central bank said Thursday it will release a set of commemorative coins to celebrate Pope Francis' upcoming visit to the country next month.The pope is scheduled to visit South Korea on Aug. 14-18, during which he will conduct four Masses, including one for the beatification ...

Updated : 2014.07.24 13:49

Govt's major economic measures unveiled in economy management plan

The following are key measures from the government's economy management plan to be carried out by newly inaugurated Finance Minister Choi Kyung-hwan. The plan mostly focuses on boosting domestic demand, stabilizing people's livelihoods and reforming the country's economic structure. Expans...

Updated : 2014.07.24 11:37

S. Korea to inject 40.7 tln won for economic recovery

South Korea plans to implement a macroeconomic policy package worth about 40.7 trillion won (US$39.7 billion) to kick-start an economic recovery beset by anemic domestic demand, slowing exports growth and deepening uncertainties at home and abroad, the finance ministry said Thursday.The go...

Updated : 2014.07.24 11:35

Naver to offer easier access to financial information

The public is to have easier access to financial information in the future, thanks to a partnership between the Financial Services Commission and the nation’s biggest portal Naver.FSC chairman Shin J...

Updated : 2014.07.23 19:51

Korea faces growth challenges: SC Bank

The Korean economy is facing increasing long-term growth challenges, including high household debt and an aging population, according to a report by Standard Chartered Bank.Strong exports and record-high foreign exchange reserves may bring about short- and mid-term growth, but slow domesti...

Updated : 2014.07.23 19:50