Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Ministry denies blame for Jamboree debacle
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Bithumb freezes accounts after W35b of cryptocurrencies stolen
Bithumb, South Korea’s second-largest cryptocurrency exchange in trade volume, said Wednesday it would suspend transactions in user accounts after some 35 billion won ($31.6 million) worth of assets were stolen.The financial loss stemmed from “abnormal outside access” that occurred from Tuesday night until Wednesday morning, its spokesperson said. “(Bithumb) will suspend all money deposits or withdrawals, until we secure the stability of the service,” read the
June 20, 2018
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[Herald Interview] Diversifying channels for foreign worker remittances
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 17th installment. -- Ed.Foreign workers in South Korea from Southeast Asia or South Asia have faced various hurdles when remitting their income here to a home country.There are language barriers in financial services offered by banks, hefty commission charges and differences in banking service environments, to name a few.Using schemes such as collateral cash pooling, cros
June 19, 2018
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Arrest warrants sought for 4 Samsung Securities officials in dividend error probe
Prosecutors have filed for arrest warrants for four officials at Samsung Securities Co. for knowingly selling bogus shares that were issued to them by the firm by mistake, a prosecution office said Tuesday. The four officials face charges of fraudulent trading, committing fraud using digital devices and embezzlement in violation of the Capital Market Act, the Seoul Southern District Prosecutors' Office said.They will be arraigned for a review of their writs at a district court Wednesday. Pr
June 19, 2018
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Won breaches 7-month low against dollar
South Korea’s local currency fell for four consecutive trading days and breached a seven-month low against the US dollar, amid investor risk aversion and the strengthening dollar following growing fears of a US-China trade war.The dollar-to-won exchange rate came to 1,104.8 won in closing Monday, up 7.1 won compared to the previous session’s close Friday. The higher rate equals weaker won. The Korean won was the weakest in seven months since closing on Nov. 15, 2017 at 1,112.3 won ag
June 18, 2018
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Woori Bank to seek approval for holding company structure
South Korea’s Woori Bank is set to apply for regulatory approval Tuesday to adopt a financial holding company structure.Following a regular board of directors’ meeting Tuesday, the bank will submit a plan for the restructuring to the Financial Services Commission, a financial regulator, according to the company. If the bank manages to earn a regulatory nod from the FSC by mid-November, the reform plan will be confirmed in the shareholders meeting at the end of this year. A new holdin
June 18, 2018
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Household debt crisis shows little sign of abating: data
The increasing pace of household credit in South Korea showed little sign of abating, data showed Sunday, and the lingering debt crisis is likely to affect Korean households‘ finance amid central bank pressure for a key rate hike in tandem with the US Fed hike last week.Total credit to households as a percentage of gross domestic product came to 94.8 percent as of the fourth quarter of 2017, up 2.2 percentage points from the year prior, according to data by the Bank for International Settl
June 17, 2018
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Prosecution indicts 38 bank officials for hiring misconduct
The prosecution has indicted 38 officials from South Korean commercial and provincial banks, including former and incumbent chiefs, on charges of exerting inappropriate influence on entry-level employment, in the latest development in the local financial sector’s hiring scandal.The Supreme Prosecutors’ Office on Sunday announced it had sent the officials, including KEB Hana Bank Chief Executive Ham Young-joo and ex-CEO of Woori Bank Lee Kwang-goo, to trial. While Ham and Lee were boo
June 17, 2018
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Banks set to jack up lending rates after US rate hike
South Korean banks are poised to raise their lending rates after the key interest rate in the Unites States reached the 2 percent range, market sources said Sunday.As widely expected, the US Fed raised its rate by a quarter of a percentage point to a range of between 1.75 percent and 2 percent last week, signaling that two more rate increases may be on the cards this year.According to the sources, COFIX, a benchmark lending rate for mortgage loans, was 1.82 percent for new loans as of Saturday,
June 17, 2018
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Police begin probe into Coinrail hacking attack
The South Korean police began an investigation on Monday after Korea’s seventh largest crypto exchange Coinrail lost more than 40 billion ($37 million) in altcoins in an apparent attack by hackers over the weekend. “We secured the access history of Coinrail servers and we are in the process of analyzing them,” said a police spokesperson. The police said it would figure out whether the leakage of the cryptocurrencies are caused by hacking or computer network problems. On M
June 11, 2018
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Prosecutors raid Shinhan Bank in probe into hiring irregularities
Prosecutors raided the head office of Shinhan Bank on Monday as part of an investigation into allegations that its officials gave special favors to children of the bank's ranking officials, allowing them to take jobs at the lender. Investigators from the Seoul Eastern District Prosecutors' Office were sent to search the bank's human resources and inspection departments to confiscate evidence, the prosecution said. They also searched residences of some of the officials. Prosecutors launched a pro
June 11, 2018
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Financial authorities to tighten anti-money laundering rules
Financial authorities plan to tighten anti-money laundering regulations ahead of next year's assessment of South Korea by an intergovernmental organization set up to combat illicit movement of funds, officials said Sunday.The Financial Action Task Force, a body established with the mission of clamping down on money laundering, will conduct its assessment on South Korean efforts in 2019. The FATF has also strengthened rules to stamp out money laundering as the liberalization of markets and popula
June 10, 2018
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Wider US-Korea rate gap expected to rekindle concerns of capital outflows
The gap between key South Korean and US interest rates will widen further if the US Federal Reserve raises its key rate again this week, a move that would rekindle worries of capital outflows, according to analysts Sunday. Currently, South Korea's base rate stands at 1.5 percent, the same as the lower end of the US policy rate. Traders have expected the Fed to raise its key rate by a quarter percentage point to a range of 1.75 percent to 2 percent this week. The current interest rate reversal is
June 10, 2018
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Kakao Bank to launch chatbot to upgrade unmanned customer service
Kakao Bank, South Korea’s largest internet-only bank, on Friday showcased a beta version of a customer service chatbot it expects to play a crucial role in enhancing its unmanned operation. The service will officially launch this month, the company said, without elaborating.The launch is expected to relieve the burden of existing customer services, for which 80 percent of customer inquiries were simple issues that could be addressed by the system, according to the bank. Veronica Lee, proje
June 8, 2018
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Seoul stocks slump ahead of G-7 summit
South Korean stocks closed lower Friday to end a five-day winning streak as investors tried to lock in profits from recent gains, amid lingering trade concerns ahead of a Group of Seven meeting, analysts said. The Korean won weakened against the US dollar.The benchmark Korea Composite Stock Price Index sank 19 points, or 0.77 percent, to close at 2,451.58. Trade volume was relatively heavy at 510.91 million shares worth 7.19 trillion won ($6.69 billion), with losers outnumbering winners 553 to 2
June 8, 2018
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[Herald Interview] Cashnote streamlines card income management for retailers
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 16th installment. - Ed.To retail shop owners occupied with day-to-day operations, managing card payments is an integral part of doing business, but at the same time, a time-consuming hassle.Vendors in South Korea, where there are a total of eight card companies in business, also face the same situation, particularly as cards have become the main means of payment.In 2017,
June 5, 2018
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Samsung SDS launches blockchain-powered financial infrastructure
Samsung SDS on Monday launched a financial platform powered by blockchain and artificial intelligence, designed to help the local banking industry to cut cost, minimize security threats and streamline financial procedures, the firm said.Dubbed “Nexfinance,” the new platform features user applications that would automate a customer’s process of tracking and integrating financial records from different financial companies, getting product recommendations, claiming insurance and m
June 4, 2018
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Korean markets to close on June 13 for election
South Korea’s financial markets will shut down on June 13 for a designated holiday for local election, according to the Korea Exchange Monday. Markets trading equities, derivatives and commodities here will be closed throughout the day, based on the internal regulations by the KRX. Also, settlement or liquidation of stocks, derivatives and interest rate swaps in Korean won and US dollar will not be conducted during the day.The KRX operates markets for stocks, exchange-traded funds or
June 4, 2018
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Govt. to tighten reporting rules on financial transactions
The government has proposed a bill to toughen the rules for reporting on certain financial transactions, the country's top financial regulator said Sunday.The move is part of Seoul's ongoing efforts to better ferret out financial crime and money laundering activities, the Financial Services Commission said.South Korea has tightened regulations on anti-money laundering and possible terrorism financing, targeting some loopholes that may be used by people to conceal their wealth. The FSC said in a
June 3, 2018
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Lowest income households' interest burden surges 33% in Q1: data
The interest payment burden on South Korea's lowest income households surged 33 percent on-year in the first quarter of 2018 amid a drop in their earnings, official data showed Sunday.According to Statistics Korea, households with two members in the bottom 20 percent earnings bracket earned 8 percent less in the January-March period while the country's interest rates moved upwards. Such developments are exacerbating the already tough debt service obligations of these households.Lower income and
June 3, 2018
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Regulator wraps up review of Samsung BioLogics' suspected accounting breach
The financial regulator has wrapped up its review of a regulatory probe into whether Samsung BioLogics Co. violated accounting rules, officials said Friday.Details of the review were not disclosed due to a confidentiality agreement, but the review apparently failed to reach a consensus as the Financial Services Commission said there were some "majority and minority opinions" about the case.The review came after financial authorities gave a preliminary notice earlier last month to Samsu
June 1, 2018