Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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[Grace Kao, Meera Choi] Has money displaced romance on dates?
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Will China's self-sufficient dream in HBM come true?
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Man stabs woman and her son amid financial dispute, killing 1
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Nonghyup Financial logs record-high profit in 2018
Nonghyup Financial Group Inc. said Thursday its net profit reached an all-time high last year, surpassing the 1 trillion won ($888.9 million) mark for the first time.Net profit of the financial group reached 1.22 trillion won in 2018, up 41.8 percent from a year earlier, the group said in a statement.The best-ever performance since the group's establishment in 2012 is attributable to the growth in interest income and commission fees and lower loan-loss provisions. Its interest income rose 9.9 pe
Feb. 14, 2019
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Foreign investors turn attention to Kosdaq
South Korea’s tech-heavy secondary bourse Kosdaq has been buoyed in recent weeks by foreign investors’ increased interest in the nation’s biotech and pharmaceutical sectors. According to the nation’s sole stock exchange operator Korea Exchange on Wednesday, overseas investors’ net buying of local shares on the Kosdaq, from Jan. 23 to Monday, amounted to 490.5 billion won ($437.6 million), a stark contrast to their decision to net sell stocks worth 606.1 billion won
Feb. 13, 2019
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Visa to open innovation center in Korea as part of global fintech push
Global credit card giant Visa is planning to open a new innovation center in South Korea as it seeks to expand partnerships with local financial technology startups to develop the next generation of payment solutions.“Korea is considered an epicenter of fintech innovation. To pursue a more meaningful fintech-big tech collaborative business model, we are planning to establish an innovation center here,” said Patrick Yoon, country manager for Visa International Asia Pacific Korea, duri
Feb. 13, 2019
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Korea's 4 major banking groups log record net profit in 2018
South Korea’s four major banking groups logged record net profits in 2018 on the back of robust interest income, with Shinhan Financial Group retaking its position as the country’s No. 1 banking group with the best earnings performance.Shinhan Financial posted a net profit of 3.16 trillion won ($2.89 billion) in 2018, up 8.2 percent from the previous year. It is the highest net profit recorded by the group to date, led by big gains from Shinhan Bank.According to Shinhan Financial, it
Feb. 12, 2019
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NPS pressure to expand dividends draws mixed reactions
With the National Pension Service apparently determined to pressure companies with “stingy” dividend policies to change their ways, investors are viewing it as an opportunity to seek out new targets with the potential for high payouts, while businesses are concerned on excessive management intervention. Signs of change were spotted as the NPS began exerting its shareholder rights through the stewardship code over Hanjin KAL on Feb. 1, followed by its demand for Namyang Dairy to incre
Feb. 12, 2019
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S. Korea seeks to build legal frame for fast-growing P2P lending market
South Korea’s financial authorities are hastening to build a legal framework for the fast-growing peer-to-peer lending market, seeking to encourage investment by raising the ceiling while enhancing protective measures for investors, officials said Monday.The Financial Services Commission, the Financial Supervisory Service and the Korea Institute of Finance jointly held a public hearing at the Korea Federation of Banks, inviting industry officials and scholars to lay the groundwork for a P2
Feb. 11, 2019
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Shinhan Group partners with Toss for internet-only bank foray
Shinhan Financial Group has decided to form a consortium with Viva Republica, the operator of the popular mobile payment app Toss, to enter South Korea’s internet-only bank business, the financial holding firm said Monday. The consortium will place a bid for a preliminary license to clinch the right to operate the nation’s third internet-only bank, it said. The Financial Supervisory Service is slated to accept applications March 26-27. Shinhan said its decision to team up with T
Feb. 11, 2019
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Woori Bank’s net profit surges 33% in 2018
Woori Bank, a major South Korean commercial lender, said Monday its net profit for 2018 soared 33.34 percent from a year earlier on the back of growth in interest income. Net profit came to 2.04 trillion won ($1.81 billion) in 2018 on a consolidated basis, up from 1.51 trillion won a year earlier, the lender said in a regulatory filing. Its operating profit jumped 27.22 percent on-year to 2.74 trillion won, a record high, the bank said, while noting that its yearly sales fell 16.05 percent to 19
Feb. 11, 2019
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Lotte Capital to start preliminary bidding process Tuesday
The preliminary bidding for Lotte Capital, the loan services unit of Korean-Japanese conglomerate Lotte Group, takes place Tuesday, with the country’s major banking groups and private equity funds expected to participate. Lotte Capital is one of the three Lotte companies currently on the market. The two remaining firms on sale -- Lotte Card and Lotte Non-Life Insurance -- already held the preliminary bidding on Jan. 30, with a number of conglomerates and PEFs showing interest. Among the th
Feb. 11, 2019
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IMF, World Bank to visit S. Korea for financial system assessment
Officials from the International Monetary Fund and the World Bank will visit South Korea this week for a regular assessment of the nation's financial system, officials said Monday.The IMF and World Bank conduct evaluations of the financial architecture of 25 selected countries every five years under the Financial Sector Assessment Program. South Korea was last reviewed in 2013. A delegation of IMF and World Bank officials will arrive in South Korea on Tuesday to discuss details of the assessment
Feb. 11, 2019
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Banks turn to employees to break the mold
Amid slowing momentum in the banking industry and rising competition from fintech players, major financial groups are looking to break away from the status quo and design a new business paradigm.In an attempt to deviate from the conventional banking-focused mindset, most have chosen to fuel in-house ventures this year, encouraging the units to experiment with digital transformation in order to come up with new business ideas.The latest example is the state-run Industrial Bank of Korea, which in
Feb. 10, 2019
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[News Focus] Anticipation grows for Korea’s 3rd internet bank
Anticipation is growing to see who will gain the right to operate South Korea’s third and possibly its fourth internet-only bank, as financial regulators prepare to welcome new players to the web-only banking business following the easing of bank ownership regulations.Right now Korea has just two internet banks: Kakao Bank, operated by mobile messaging giant Kakao; and K bank, run by telecommunications firm KT.But last month, a new regulatory change allowing nonfinancial institutions to ow
Feb. 10, 2019
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Brokerage firms suffer negative earnings surprise in Q4
Major brokerage firms reported worse-than-expected earnings in the fourth quarter of last year, with analysts citing increased market volatility coupled with a slump in the nation’s equity-linked securities market, data released in recent days showed. Mirae Asset Daewoo’s fourth-quarter net profit dropped 72 percent on-year to 26.9 billion won ($23.9 million), noticeably below the average range of 40 billion-50 billion won projected by analysts. The firm had been reporting lackluster
Feb. 10, 2019
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KB Financial’s net profit falls 7.3% in 2018
KB Financial Group, a major South Korean banking group, said Friday its net profit declined 7.3 percent on year in 2018, hit by outlays related to job cuts. Net profit stood at 3.06 trillion won (US$2.72 billion) last year, KB Financial said in a regulatory filing. The profit fell below the market expectation of 3.31 trillion won. KB Financial said it spent 286 billion won in severance payments and 185 billion won in compensation as it carried out a voluntary retirement program late last
Feb. 8, 2019
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Woori partners with Grab Cambodia for low-interest loans to drivers
South Korea’s Woori Bank has partnered with Southeast Asian ride-hailing giant Grab’s Cambodia office to offer low-interest loans and other specialized financial products to Grab drivers in the country, the bank said Thursday.WB Finance, the Cambodian business unit of Woori Bank, signed a memorandum of understanding with Grab Cambodia, to launch a series of financial services specifically designed for Cambodia’s Grab drivers, including low-interest loans. “Grab Cambodia w
Feb. 7, 2019
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Mobile payment recharging limit to be raised
South Korea’s financial regulator plans to raise the limit of recharging credit on mobile payment platforms from the current 2 million won ($1,782), as part of its plans to ease rules on quick payment services, an official said Thursday.The new plan addresses the growing ire among mobile platform operators and users on the 2 million won recharge cap, which makes it impossible for users to purchase goods that cost more than the stated limit through payment systems such as Kakao Pay or Naver
Feb. 7, 2019
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Korean seeks compensation for war bonds, insurance forcibly purchased during Japanese occupation
A South Korean man has reportedly filed a damage suit seeking compensation for war bonds and insurance products his father was forced to purchase from Japanese financial companies in 1943 during the Japanese colonial rule of Korea. According to a report by local broadcaster YTN on Thursday, Ahn Chul-woo, an 80-year-old man living in Busan, is pursuing a lawsuit in Korea against Japan Post Group, a major financial company and postal service operator in the neighboring country. Ahn directed his su
Feb. 7, 2019
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K-pop stars rise as marketing bonanza for banking industry
Seeking to boost overseas business and expand their base of young customers, South Korea’s major banks have adopted a new marketing strategy in recent years: using K-pop groups as brand ambassadors.K-pop celebrities were for some time viewed as an unconventional choice for the banking industry, but partnerships soon rose as an effective way to overcome the conservative and rigid image of the market.The biggest beneficiary was KB Kookmin Bank, which recently renewed its advertising contract
Feb. 6, 2019
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Korea's Hanwha Group, Hana Financial compete for Lotte Card
Anticipation is building up over who will become the new owner of Lotte Card, a credit card business owned by Korean-Japanese retail conglomerate Lotte Group that has been put up for sale. Lotte Group has set out to sell three of its financial units -- Lotte Card, Lotte Non-Life Insurance and Lotte Capital – as part of steps toward adopting a holding company structure. Under South Korean law mandating a separation of financial and industrial capital, a holding corporation cannot possess fi
Feb. 6, 2019
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[Newsmaker] K-pop stars rise as marketing bonanza for banking industry
Seeking to boost overseas business and expand their young customer bases, South Korea’s major banks have adopted a new marketing trend over recent years -- using K-pop groups as brand ambassadors.K-pop celebrities were for some time viewed as an unconventional choice for the banking industry, but partnerships soon rose as an effective way to overcome the conservative and rigid image of the market.The biggest beneficiary was KB Kookmin Bank, which recently renewed its advertising contract w
Feb. 3, 2019