Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Immigrant woman stabbed to death by Korean husband
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[Kim Seong-kon] The April 2024 election will decide our future
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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[Global Finance Awards] Korea Investment & Securities seeks to become Asia’s top investment bank
SECURITIESKOREA INVESTMENT & SECURITIESKorea Investment & Securities is quickly becoming Asia’s leading investment bank, as it increases its presence in major global markets while securing a stable profit model.The Korean securities firm has been pursuing a two-track model combining investment banking with asset management and trading, with aims to develop a stable profit model. As a result of such efforts, Korea Investment & Securities posted net profit of 410.9 billion won ($
Nov. 28, 2018
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[Global Finance Awards] Hyundai Capital leads CPO business with strict inspections, credibility
When buying a used car, customers look for the highest quality possible at the best price. Although South Korea has a wide range of dealerships for used cars, many still find it difficult to make a decision, mainly because of the issue of trust. To ease concerns over cheating, such as dealers concealing information about vehicles, Hyundai Capital, a Korean provider of consumer financial services, has been taking the lead in providing certified pre-owned programs with a strict inspection process
Nov. 28, 2018
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[Global Financial Awards] Samsung Fire & Marine Insurance packages break boundaries
Subscribing to a premium insurance program is not easy, even for a healthy person, if one has a record of treatment for a major health problem.But Samsung Fire and Marine Insurance, a major insurance company in South Korea, has introduced a new package that covers customers from a wide range of age groups as well as those who have undergone or are currently undergoing medical treatment.Anyone between the ages of 30 and 75 can apply for the Yoo-byeong-jang-soo Plus package, unless they have been
Nov. 28, 2018
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[Global Finance Awards] KB Kookmin Bank brings digital transformation to finance services
INNOVATIVE SERVICES/ BANKKB KOOKMIN BANKSouth Korea’s KB Kookmin Bank is continuing to digitally transform its diverse finance service offerings, with the aim of delivering more innovative and convenient banking services to its customers in both online and offline settings. Bringing a digital touch to traditional mobile finance apps, KB introduced a chatbot banking platform last year called “Liiv Talk Talk,” which allows customers to activate certain banking services by convers
Nov. 28, 2018
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Regulator to ease rules for banks to acquire more fintech firms
The financial regulator said Tuesday it will ease rules for banks and other financial institutions to acquire more financial technology firms, in a fresh bid to support the fintech industry. Currently, banks and other financial institutions are allowed to acquire fintech firms only in the sectors of electronic payment and software development. Critics say such a rule is outdated, given the fast-growing market for fintech firms. Since 2015, local financial firms have acquired only 3 fintech
Nov. 27, 2018
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[Advertorial] Hyundai Card spruces up Design Library
Hyundai Card Design Library wrapped up its renovation and reopened its doors to visitors in early November, aimed to improve visitor experience and better meet visitors’ needs. The facility opened in 2013 as the world’s largest design library at the time, and is now one of four libraries operated by the South Korean credit card company, alongside a travel library, music library and cooking library. Marking the sixth anniversary of its operation, Hyundai Card Design Library has b
Nov. 26, 2018
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Samsung’s Bixby to have investment management service with voice recognition
An investment management service that works through voice recognition will be added to Bixby, Samsung Electronics’ flagship artificial intelligence-based platform.Through voice commands, Bixby will not only be able to deliver company information, such as revenue and profit, from financial statements, but also invest in certain stocks or market sectors upon a user’s request.The development of the new Bixby service is set to be completed by the first half of 2019, according to financia
Nov. 23, 2018
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Chief financial regulator urges for more risk-bearing IPOs
Financial Services Commission Chairman Choi Jong-ku said Wednesday more risk-bearing initial public offerings in the Korean stock bourse are prerequisites for a breakthrough in the growth of Korean companies, calling it an “elemental role of the capital market.”“Ordinary companies draw investments through a cooperation between banks and a capital market,” Choi said in a meeting with representatives of Korean securities firms. “Startups and budding venture companies
Nov. 21, 2018
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Woori Bank vows to allocate W3tr to nurture midsized firms
Woori Bank, South Korea’s third-largest commercial lender in terms of operating profit, said Wednesday that it will allocate 3 trillion won ($2.7 billion) to supporting midsized enterprises by 2022.The bank unveiled its road map during a business summit at Seoul’s Plaza Hotel, an event hosted jointly with the Association of High Potential Enterprises of Korea.Announcing a mid-term plan named “Great Vision 2022,” Woori Bank pledged to create a financial package worth about
Nov. 21, 2018
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Korea urges financial firms to advance into Thailand
South Korea’s Financial Supervisory Service and the Korea Federation of Banks on Tuesday co-hosted a seminar to encourage South Korean financial institutions to advance into Thailand, a move in line with the Moon Jae-in administration’s New Southern Policy that aims to boost Korea-ASEAN economic ties. The Korean financial authorities invited representatives of the Bank of Thailand, the nation’s central bank and financial watchdog, to the KFB headquarters in Seoul to meet with K
Nov. 20, 2018
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Korea's finance minister meets senior Chinese politician
SEJONG (Yonhap) -- Finance Minister Kim Dong-yeon held a meeting with a senior Chinese politician Monday during which they discussed ways to promote economic ties between the two nations, Kim‘s ministry said. Kim met Chinese State Councilor Wang Yong, who is on a visit to Seoul to attend an economic forum. China unofficially imposed retaliatory measures against South Korean firms after Seoul agreed to install the U.S. Terminal High Altitude Area Defense System. Tension thawed after
Nov. 19, 2018
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Large-scale executive reshuffles loom in Korea’s banking sector
South Korea’s financial groups are facing potentially massive reshuffles of their executive teams as a majority of the incumbents at commercial lenders and their holding companies approach the end of their tenure at year-end. According to disclosures from the respective financial holding companies -- KB, Shinhan, KEB Hana, Woori and NH -- sweeping changes may be ahead for the new year. KB Financial Group will see 12 out of 16 executives, excluding auditors, end their terms in December. At
Nov. 19, 2018
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[News Focus] State-sponsored ‘Zero-Pay’ scheme brings sustainability into question
South Korea’s capital city is poised to set up a state-sponsored financial infrastructure project aimed at lowering card payment-processing costs for small merchants. But there are already doubts about the plan’s sustainability due to the lack of a revenue model.The operation of what is called “Zero-Pay,” referring to near-zero payment-processing fees, will start in December, but the date of the launch has yet to be confirmed, according to state sponsors the Ministry of S
Nov. 18, 2018
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Citibank Korea pays out W827.5b dividend for ‘capital optimization’
Citibank Korea said Wednesday it plans to pay out an interim dividend worth some 827.5 billion won ($731.3 million) in cash to its Delaware-based US parent company Citibank Overseas Investment Corporation. The payout to COIC, an indirect subsidiary of New York-based Citigroup, will be executed by end-2018, according to the US investment banking giant‘s Korean banking unit. The decision came after a board of directors’ meeting Wednesday attended by four outside directors. T
Nov. 15, 2018
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Korean banks' foreign-currency deposits drop in Oct.
Foreign currency deposits at South Korean lenders fell for the first time in four months in October due to decreased dollar holdings amid the strengthening US greenback, central bank data showed Thursday, ending a three-month gaining streak that started in July.South Korean banks held foreign currency deposits totaling $68.11 billion at the end of last month, down $5.52 billion from a month earlier, the Bank of Korea said. Foreign currency deposits include those held by foreigners who have staye
Nov. 15, 2018
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Nonprofit organization to provide W345b to stimulate startups, create 11,000 jobs
South Korean nonprofit organization Banks Foundation for Young Entrepreneurs unveiled Wednesday plans to provide 345 billion won ($304.7 million) over three years to local startups to support their growth and job creation. Of the total, 320 billion won will go to a new fund of venture capital funds managed by Korea Growth Investment Corp. The volume of subordinate funds will amount to a combined 1.6 trillion won asset for budding Korean startups. According to KGI’s plan in October, m
Nov. 14, 2018
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BOK chief Lee Ju-yeol elected to BIS board
Bank of Korea Gov. Lee Ju-yeol has been elected to the board of the Bank of International Settlements, the central bank in South Korea said Tuesday.At the BIS board of directors meeting in Basel, Switzerland, on Sunday, Lee became the 11th member of the 18-person panel, according to the BOK.He will start his three-year term in January next year."This appointment recognizes the importance of Asia in the global financial system and in the BIS's activities and governance.Moreover, it reflects
Nov. 13, 2018
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Global ‘investment war’ looms: Kofia chairman
The chief of South Korea’s capital investment business association on Tuesday urged the nation to prepare for a looming global “investment war,” which he views as a global phenomenon that will soon supersede the ongoing trade war in importance. Kwon Yong-won, chairman of the Korea Financial Investment Association, stressed the need for investment firms to keep pace with global “innovative growth” and to lay the groundwork for tech entrepreneurship with substantial c
Nov. 13, 2018
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Banks urged to support firms undergoing restructuring
South Korea's top financial regulator on Tuesday called on banks and other financial institutions to support companies currently undergoing restructuring and struggling with a liquidity shortage. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks as he visited an auto parts firm in Hwaseong, south of Seoul, earlier in the day. Choi said South Korea's main industrial sectors, including the auto industry, are facing "difficulties because their competitiv
Nov. 13, 2018
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Foreign investors sell net W4.6tr of Korean stocks in Oct.
Offshore investors sold a net 4.6 trillion won ($4.08 billion) worth of South Korean stocks in October, data showed Monday, as they were rattled by a deepening trade spat between Washington and Beijing and rising borrowing costs in developed economies.It was the first time since June this year that foreign investors were net sellers of local stocks, the Financial Supervisory Service said in a statement. Investors from Britain, the Netherlands and the United States were among net sellers of
Nov. 12, 2018