Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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South Korea open to Indonesian proposal to cut KF-21 payments
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Time, profit pressures work against originality
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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Arrest warrant issued for medical student for allegedly killing girlfriend after breakup
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S. Korea to let doctors with foreign licenses practice
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Kakao Bank further cements status as No. 1 internet bank
Kakao Bank, South Korea's second internet-only bank, said Monday that it swung to a net profit in the first nine months of 2019 from a year earlier, further distancing itself from its only rival, K-Bank, in terms of profitability.The bank posted a net profit of 15.4 billion won ($13 million) in the January-September period, shifting from a net loss of 15.9 billion won a year earlier, according to data posted on the website of the Korea Federation of Banks.The bank posted a net profit of 6.6 bill
Dec. 2, 2019
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FSS chief warns foreign financial firms against high-risk, short-term gains
South Korea’s financial market watchdog on Monday expressed concerns over financial firms’ tendency of seeking short-term gains, referring to the recent disputes on the mis-selling of high-risk derivatives.“The conventional business practices, which led to the derivative-linked fund controversies, inflict heavy losses on both investors and financial firms,” said Yoon Suk-heun, governor of the Financial Supervisory Service.The FSS chief was speaking during a luncheon at Co
Dec. 2, 2019
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With brokerage CEOs’ terms to end, are reshuffles on the cards?
The chief executives of around 10 major brokerages in South Korea are set to end their terms in the first quarter of 2020, data from the Financial Supervisory Service showed Monday, signaling an industrywide leadership reshuffle. But market watchers also expect many of them to extend their average two-year terms based on their performance. CEOs who led strong earnings this year are likely to retain their positions due to the lack of major issues that usually prompt a reshuffle, according to Hwan
Dec. 2, 2019
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Mirae Asset Global sells prime building in Germany
South Korea’s Mirae Asset Global Investments said Monday it has sold a premium authority building in Germany for 500 million euros ($551 million), earning a hefty profit.The asset management unit of Mirae Asset Financial Group has signed a deal to sell Cologne City Hall building -- the third-biggest building in the city, the company said in a press release.Mirae had acquired the building in February 2016 for 365 million euros through an overseas real estate blind fund. The firm’s div
Dec. 2, 2019
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Hanwha Life CEO resigns before end of 4th term
Hanwha Life Vice President and CEO Cha Nam-gyu has tendered his resignation, citing the need for a generational shift. The local insurer announced Monday via DART -- the Financial Supervisory Service’s electronic disclosure board -- that he has stepped down after nearly nine years of overseeing the management.“Cha Nam-gyu decided to step down from his position on Saturday and his resignation has been accepted,” the company said.“He hopes (Hanwha Life) will promote a new m
Dec. 2, 2019
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S. Korea to formally launch open banking service this month
Commercial banks in South Korea plan to formally launch an open banking service later this month, in a move to boost convenience and lower transaction costs for their customers, the country's financial watchdog said Sunday. The service, which enables bank customers to use virtually all banking services of any bank here with just one smartphone application, will be formally launched on Dec. 18, the Financial Services Commission said in a statement. Since launching a trial operation of the se
Dec. 1, 2019
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S. Korean shares open lower on US-China trade woes
South Korean stocks opened slightly lower Friday on fears of a delay in a US-China trade deal.The benchmark Korea Composite Stock Price Index lost 2.82 points, or 0.13 percent, to 2,115.78 in the first 15 minutes of trading.The local shares closed slightly lower Thursday, one day after US President Donald Trump signed the law on support for protesters in Hong Kong, possibly creating a last-minute hurdle in US-China trade negotiations aimed at ending their prolonged trade dispute. Hit by the leng
Nov. 29, 2019
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[Global Finance Awards] KB Insurance launches time unit insurance for delivery service
GENERAL INSURANCEKB INSURANCEKB Insurance has launched an on-demand insurance product that offers a time unit insurance coverage for those working in delivery services, the first such product to be introduced in South Korea, according to the company.The subsidiary of KB Financial Group signed a memorandum of understanding with two firms -- Woowa Brothers, operator of the country’s largest mobile food ordering and delivery service app, and Smallticket, a community-based insurance marketing
Nov. 28, 2019
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[Global Finance Award] NH Capital leads NongHyup’s foray into global markets
FINANCIER OF THE YEAR/ NH CAPITAL Under the leadership of CEO Lee Koo-chan, NH Capital, a subsidiary of South Korea’s leading banking group NH NongHyup Financial Group, is making a foray into the fast-growing financing markets in Asia, as part of its efforts to diversify its business portfolio and raise its profile as a global financial firm. With the corporate vision of becoming a global credit-specialized financial company, NH Capital plans to sign partnership agreements with agricultura
Nov. 28, 2019
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[Global Finance Awards] KEB Hana acquires major stake in Vietnam’s BIDV for W1.15tr
INVESTMENT BANKING/ BANKKEB HANA BANKSouth Korea’s KEB Hana Bank said Thursday it is aggressively pursuing foreign strategic investments for expansion and has become the second-largest shareholder of Bank for Investment and Development of Vietnam. The nation’s third-largest commercial bank has agreed to buy 15 percent stake, or 603,302,706 new shares, of BIDV from the State Bank of Vietnam. The deal marks the biggest acquisition in a foreign bank by a Korean lender, according to offi
Nov. 28, 2019
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[Global Finance Awards] Mirae Asset continues seeking overseas growth
ASSET MANAGEMENT MIRAE ASSET Mirae Asset Global Investments is continuing to make efforts to expand its presence in the global financial market by introducing innovation investment solutions to global investors, according to the company. It has been 15 years since the biggest Korean asset management firm started establishing its global network by launching overseas offices in many parts of the world. Still, the financier is seeking to grow further in the global market by launching various f
Nov. 28, 2019
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[Global Finance Awards] JB Financial Group grows with communication-centered management
Provincial bank-led financial institution JB Financial said Thursday that its latest robust performance was driven by efforts to center its management style and work culture on communication. The new management style was adopted by the group’s Chairman Kim Ki-hong, who was appointed earlier this year. According to his philosophy of transparent management, the company must be able to communicate well internally in order to communicate smoothly with its clients. Kim’s efforts bega
Nov. 28, 2019
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[Global Finance Awards] Woori Bank prioritizes user convenience, profits
CONSUMER FINANCE / BANKWOORI BANKFor Woori Bank, one of the top business goals this year was to reinforce trust in the market by protecting consumers’ rights and improving user convenience.The bank’s latest move was to revise its employee evaluation scheme to prioritize sustainable customer profit over short-term performance.Earlier this month Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung announced a business innovation road map for next year, which includes a plan
Nov. 28, 2019
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[Global Finance Awards] Financial ecosystem should move in line with global trend
Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding the Global Finance Awards, marking its third year in action.The award seeks to recognize individuals and companies that have blazed new trails in the global market by providing innovative, user-friendly financial services in spite of tight regulations and other challenging conditions. These successful business models and achievem
Nov. 28, 2019
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[Global Finance Awards] Kyobo Life stands tall among rivals with strong credit ratings, earnings
Despite an overall sluggish insurance industry, Kyobo Life Insurance is making headway against industry rivals with strong credit ratings, solid earnings reports and its long-standing support for education. South Korea’s third-largest life insurer earlier this month received the best ratings of any local insurance company from global rating agencies, earning an A+ from Fitch and an A1 from Moody’s.Kyobo first acquired the A1 rating from Moody’s in 2015, becoming the first local
Nov. 28, 2019
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Using coin-minting tech to curb fake apparel
South Korea’s coin and bank note manufacturer, Korea Minting and Security Printing & ID Card Operating Corp., or Komsco, has unveiled its forgery prevention technology to stop illegal apparel sales, the agency’s CEO Cho Yong-man announced Thursday.Distribution of fake goods carrying “Made in Korea” labels at cheap prices have caused damage to local businesses here, Komsco said, explaining that the latest technology comes from its’ expertise in minting coins. &ld
Nov. 28, 2019
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Banks' lending rates drop sharply in Oct.
Lending rates on fresh loans extended by banks in South Korea sharply fell from a month earlier in October, central bank data showed Thursday, an apparent outcome of two recent rate cuts.The average interest rate on all new loans extended by banks in the month came to 3.2 percent, down 0.11 percentage point from the month before, according to preliminary data from the Bank of Korea.The rate on all outstanding loans came to 3.45 percent, also down 6 basis points from 3.51 percent in September. Th
Nov. 28, 2019
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W58b worth of cryptocurrency stolen from S. Korean exchange
About 58 billion won ($49.3 million) worth of cryptocurrency was stolen on Wednesday from Upbit, a South Korean exchange, in a cyberattack, the exchange's operator said.The company, Dunamu Inc., said deposit and withdrawal services were immediately halted after the finding. "At 1:06 p.m., 342,000 Ethereum worth 58 billion won, were transferred from the Upbit Ethereum Hot Wallet to an unknown wallet," it said in a statement posted on the website of its exchange under the name of its CEO
Nov. 27, 2019
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KB Insurance teams up with Cafe24 on e-commerce insurance
KB Insurance, a unit of KB Financial Group, said Wednesday that it has signed a memorandum of understanding with global e-commerce platform Cafe24 to provide comprehensive insurance services for e-commerce merchants.The deal was signed by KB Insurance Chairman and CEO Yang Jong-hee and Cafe24 CEO Lee Jae-suk at the KB Insurance headquarters in Seoul. Through the newly formed partnership, both firms plan to roll out more insurance and financial services for e-commerce merchants, in cooperat
Nov. 27, 2019
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50,000 won bills last 3 years longer than 10,000 won bills: BOK
South Korean banknotes have different lifespans, with the most valuable bills circulating for three more years on average than smaller bills, according to data from the Bank of Korea earlier this week.The central bank said 50,000 won bills, Korea’s largest denomination, had an average lifetime of 162 months, while 10,000 won bills lasted only about 127 months. The lifespan of a banknote is the period of time between the note’s issuance by the BOK and its return to the bank due to dam
Nov. 27, 2019