Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New head of doctors' association vows war in case of disadvantage to medical professors
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Shinhan, Samsung, Lotte Card accept Hyundai’s fee hike offer
Hyundai Motor’s card transaction fee negotiations with Shinhan Card, Samsung Card and Lotte Card are nearing a conclusion, as the three card providers have agreed to accept a fee increase rate proposed by the carmaker, the involved companies said Wednesday.The three South Korean credit and debit card companies on Tuesday notified Hyundai that they each would accept the auto giant’s proposed rate hike. Hyundai is now said to be reviewing the terms of the respective deals.If Hyundai ac
March 13, 2019
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Woori Financial builds up ICT, nonbanking and risk management amid industry upheavals
Facing the most drastic business evolution among South Korea’s major banking groups this year is Woori Financial Group, which has recently resumed its financial holding company structure after years of privatization struggles.As the transformation has come amid the fast rise of financial technology, the downturn of conventional banking business and a generally slowing economy, the novice financial group set its mind this year on buttressing information and communication technology, risk ma
March 12, 2019
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New Woori Financial steps up nonbanking M&A with grand vision
Woori Financial Group, which began operating under a holding company structure from January, is stepping up its push to expand its nonbanking business by actively pursuing mergers and acquisitions. Woori Bank officially adopted a holding company structure on Jan. 14, with Chairman Sohn Tae-seung pledging initial focus on acquiring small asset management firms, real estate investment trusts and savings banks. The banking group plans to pursue larger M&A opportunities -- of securities and life
March 12, 2019
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Woori Bank, witness to Korea’s modern economic history
South Korea’s financial districts Yeouido and Jung-gu have experienced the country’s ups and downs throughout modern history, with few businesses surviving the political and financial upheavals.And only a few are as steeped in the nation’s financial history as Woori Bank, one of South Korea’s four major lenders, established 119 years ago. The bank’s roots are embedded in Daehan Cheon-il Bank, which was established by Emperor Gojong in January 1899 with funds from th
March 12, 2019
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Regulator to give some leeway on independent audits
The financial regulator said Tuesday it will offer some leeway to firms when they are subject to external audits, citing concerns that excessively tight probes could hamper business activities.Kim Yong-beom, vice chairman of the Financial Services Commission, told a meeting with corporate executives that the FSC understands the difficulties they face carrying out external audits. "There are voices that corporate vitality could be undermined due to audits," Kim told the meeting. Th
March 12, 2019
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Citibank targets 25% revenue growth in Asian trade corridors
Citibank aims to achieve 25 percent growth in revenue from client work in intra-Asia trade corridors this year by boosting its corporate financing business in the region, the firm said Monday.A key strategy in achieving the goal is to help businesses based in Asian nations to enter other Asian markets, it said. The bank’s key corridors are South Korea to ASEAN, Korea to China, Korea to India, Japan to ASEAN, Japan to China and China to ASEAN. To solidify its presence in the Asian mar
March 11, 2019
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Korea's auto market feels heat from credit card issue
After a week of trying to minimize damage, Hyundai Motor Group is unable to accept payments using Shinhan Card, Samsung Card and Lotte Card in South Korea from Monday, due to unresolved disputes with local credit card companies over transaction fees. The development is the latest in an escalating conflict between the Korean automaker and local credit card companies over a transaction fee hike that has been facing flak for inconveniencing customers in the process.Last week, Hyundai Motor and Kia
March 11, 2019
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About 117,000 people apply for debt write-off program
About 117,000 people applied for a debt write-off program over the past year, the financial regulator said Monday, as part of the government's efforts to promote inclusive financing. The scheme was launched in November 2017 to help borrowers who have failed to repay debts of less than 10 million won ($8,803) for over 10 years. Applications for the scheme had been extended to the end of last month.Including the 117,000 people, the government has written off or will write off the debts of 627,000
March 11, 2019
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Major S. Korean financial groups’ dividends top W2.5tr
The cash dividends of South Korea’s four major financial groups topped 2.5 trillion won ($2.23 billion) in 2018, according to reports Sunday.According to the groups -- KB Financial, Shinhan Financial, Woori Financial and Hana Financial -- they handed out a combined 2.52 trillion won to shareholders in dividends last year. The amount was up 8.8 percent from the previous year, when they paid a record 2.3 trillion won. It was also 157.3 percent higher than 979.9 billion won in 2011 when
March 10, 2019
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Zero Pay system handles under W200m payments a month, despite Seoul City’s drive
Despite Seoul City’s aggressive backing, the state-sponsored Zero Pay mobile payment system has handled less than 200 million won ($177,000) a month, signaling poor performance so far, data from the Financial Supervisory Service showed Wednesday.In January, Zero Pay facilitated 8,633 transactions totaling 199 million won, according to Zero Pay tracking data provided by the FSS to Rep. Kim Jong-seok of the main opposition Liberty Korea Party.This accounts for 0.0006 percent of the 1.56 bill
March 6, 2019
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Brokerage firms turn to YouTube
Taking a leaf from YouTube trends, such as eating shows, major South Korean brokerage firms are using the video sharing platform to increase online interaction with investors and inject creativity into market reports. Kiwoom Securities, an online brokerage services provider, has been a front-runner in the trend for years, with 22,193 subscribers to its YouTube channel as of Tuesday. The channel, launched in 2013, has the most subscribers among local brokerage firms. Most of the uploaded content
March 6, 2019
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S. Korean securities firms expand real estate portfolio
South Korean securities firms are seeking to solidify their presence in both local and overseas real estate markets this year by clinching licenses as real estate trust operators while expanding territories in the overseas property market. On Sunday, the Financial Services Commission granted preliminary licenses to three securities companies.They join 11 real estate trust operators, which are all brokerage houses. The three are also the first few to obtain licenses in 10 years.The three firms ar
March 5, 2019
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Korean securities firms’ 2018 net profit surges 9.6% on-year on strong commission earnings
South Korea’s securities brokerage companies saw their net profit grow 9.6 percent on-year to 4.17 trillion won ($3.7 billion) last year, on the back of strong commission fees from facilitating trades, the Financial Supervisory Service said Tuesday.According to the FSS’ earnings review of Korea’s 56 securities companies, their combined net profit in 2018 is the highest since a combined net profit of 4.43 trillion won logged in 2007. The firms’ return on equity, a measure
March 5, 2019
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[Photo News] Seoul Mayor tests out Zero Pay mobile pay system
March 5, 2019
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Hyundai Motor cuts ties with 5 credit card firms amid dispute over transaction fee hike
Hyundai Motor on Monday raised the stakes in an ongoing conflict with credit card companies over a transaction fee hike, announcing that it will be terminating its partnerships with five local credit companies The firm, however, left room for resolving the conflict by stating that the suspension would take effect from March 11, leaving the following week up for negotiations. “Hyundai Motor opposes the unilateral transaction fee hike initiated by some card companies. And with this, we
March 4, 2019
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Securities firms’ offline branches drop below 1,000
South Korean securities firms saw their local branch network fall below 1,000 in late 2018, with the rise of mobile trading infrastructure here, data showed Monday.According to the Korea Financial Investment Association, the number of brick-and-mortar branches of 55 securities firms with at least one business unit here came to 979 at the end of last year. This is 46 branches less than the previous year. Along with the shrinking branch network, the number of employees at the firms declined
March 4, 2019
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S. Korea keeps close tabs on financial markets after N. Korea-US summit
South Korea said Monday it is maintaining round-the-clock tabs of financial markets and set to take necessary steps in case of volatility.The move came four days after the leaders of North Korea and the United States ended their high-stakes nuclear summit in Hanoi with no agreements being reached. Still, the breakdown is unlikely to have any big direct impact on South Korea's financial markets, the Ministry of Economy and Finance said after Lee Ho-seung, the first vice minister of economy and fi
March 4, 2019
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Korea approves 3 new real estate trust operators
South Korea’s financial regulators tentatively approved three new real estate trust operators on Sunday, enabling new players to join the business segment for the first time in 10 years. The Financial Services Commission granted preliminary licenses to three new companies in the works: Shinyoung Asset Trust, Korea Investment and Securities Real Estate Trust and Daishin Asset Trust. Shinyoung Asset Trust is a company being formed by Shinyoung Securities in partnership with Eugene Investment
March 3, 2019
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Analysts recommend new industries, technology stocks for 2019
Analysts recommend stocks related to new industries and technologies for investors mulling to expand their investment portfolios this year, with the latest rally in the Seoul bourses boosted by a foreign buying spree clouding judgments. The main keywords are electric vehicle, 5G, and content streaming services, they say. Among them, the EV battery market is projected to expand 30 percent annually for a decade, according to Han Byung-hwa, an analyst at Eugene Investment & Securities.Ana
March 1, 2019
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Bank-regulator tension thaws upon KEB Hana Bank’s CEO replacement
KEB Hana Bank, the core affiliate of the banking group, said Thursday that it has appointed Ji Sung-kyoo, vice president of global business, as its new CEO, replacing Ham Young-joo, who had served two consecutive terms.The move indicated a thaw in tension between the bank and the financial watchdog over the reappointment of its embattled chief.The commercial bank had stood at odds with the Financial Supervisory Service concerning the reappointment of Ham for the third time. While the FSS had exp
March 1, 2019