South Korea announced Sunday that it will supply disaster relief funds to low-income households amid the economic fallout from the coronavirus pandemic. The government will send emergency aid in the form of one-time cash payments to 10 million households earning less than the median income, according to the Ministry of Finance and Economy.  The median income is the middle of the income distribution, where half the households earn more and half earn less. The median income of a four-membe

Economy March 29, 2020

  It’s not a fancy car or a Louis Vuitton bag that Joung Hye-dan, a 27-year-old former nurse in Seoul, is interested in.  Once called a big spender by college friends, she transferred nearly 80 percent of her monthly income from her former job into 10 separate bank and investment accounts. She has now diversified her personal financial portfolio from regular deposits to peer-to-peer investing, profiting by 1.2 million won ($980) so far.  “I started my nursing career

Market March 26, 2020

   Local credit card issuer KB Kookmin Card said Thursday it will launch a new leasing service of Apple devices -- from iPhones to iPads -- starting April. The company will purchase products on behalf of customers and charge them regular payments for an agreed upon period, according to the officials. The company has signed a contract with six Apple premium resellers to start the service.  “In response to the latest consumer trend of using different smart devices rather th

Market March 26, 2020

The Bank of Korea said Wednesday that it will release its first batch of US dollar reserves in the financial market next week in accordance with a currency swap deal with the US Federal Reserve. “Negotiations on the swap contract are still underway and we plan to start supplying US dollars next week,” BOK Deputy Gov. Ryoo Sang-dai told reporters. The US dollars will be made available in different installments, but the exact amount has yet to be confirmed, he said.  Earlier,

Market March 25, 2020

The plunging crude oil prices may increase pressure on South Korea’s financial market with rising volatility forcing investors to secure cash, not to mention its negative impact on the economy. The sharp drop in oil prices in recent weeks has rattled the stock market, already reeling from the deepening coronavirus pandemic. Oil refining and chemical industries are bearing the brunt, not only from plummeting demand but also lackluster investor sentiment.  According to data of the

Economy March 24, 2020

Concerns about the fast-spreading novel coronavirus are fueling growing demand for “untact banking,” but foreign residents in South Korea still cannot subscribe to online banking services, due to the lack of a verification system. Untact banking refers to online or mobile banking services without physical contact between bank staff and customers.  Online-only banks, which have been in Korea since 2015, allow a totally contactless service, but regulatory issues meant that the

Market March 19, 2020

  The price gap between apartments in areas south and north of the Han River has increasingly widened last month, data showed Wednesday.  In February, the average price per pyeong (3.31 square meters) for apartments in 11 areas of Gangnam-gu, southern Seoul surpassed 40 million won ($32,372) while apartments in 14 areas in Gangbuk-gu, northern Seoul, recorded 27 million won ($21,851), according to data released by real estate information provider 10000-lab.  The apartment pric

Market March 18, 2020

NongHyup Financial Group’s committee for nominating executive members announced Tuesday that it has recommended incumbent Vice President Son Byung-hwan as the sole candidate for the new CEO post of its bank subsidiary.  The announcement came after the bank’s former CEO Lee Dae-hoon offered to resign earlier this month.  Son, 58, joined the National Agricultural Cooperative Federation in 1990 and has led the bank’s digital transformation by implementing an open ap

Market March 17, 2020

The state-run Export-Import Bank of Korea has donated 250 million won ($201,000) to nonprofit groups to support small business owners and senior residents living in Daegu, the southeastern city hit hardest by the novel coronavirus outbreak. Korea Eximbank has donated 100 million won to the comprehensive welfare center for the elderly staying at home alone, outsourced by the Ministry of Health and Welfare. The center will purchase food from traditional markets in Daegu and deliver them to the

Market March 17, 2020

Shinhan Bank said Sunday that its call center employees will start remote working as part of its preventive measures against the spread of the new coronavirus.  A total of 150 call center employees working regular hours of 9 a.m. to 6 p.m. will start working from home starting Monday. The list, however excludes those who deal with telecommunications fraud and sign language. The decision came amid growing concerns over mass transmission of the virus at call centers. Earlier, nearly 102

Market March 15, 2020

South Korean banks are seeing a surge in deposits, reflecting investors’ concerns amid growing uncertainties in the capital market, according to latest data Sunday. Nearly 36 trillion won ($30 billion) flowed into bank deposits last month -- the largest in five years -- Bank of Korea data showed.  According to the central bank, the combined bank deposits came to nearly 1770.1 trillion won, up 35.9 trillion won from a month earlier, the biggest monthly change since Dec. 2014

Market March 15, 2020

The Bank of Korea said Monday that it had appointed Lee Hwan-seok, the incumbent head of its research department, as its new deputy governor, a senior post within the central bank that had been vacant for nearly two months. Lee, 55, joined the BOK in 1991 and built his career in its policy departments, including research and monetary policy, the bank said. He also served as monetary policy board secretariat within the bank’s planning and coordination department and chief of staff withi

Economy March 9, 2020

Applications to register trademarks reminiscent of the deadly novel coronavirus, or COVID-19, are on a rapid rise in Korea, according to data from the Korean Intellectual Property Office. Since the government reported the first confirmed case of the acute respiratory disease on Jan. 20, a total of eight trademarks christened “corona” have been applied for at the patent office -- from both individuals and companies.  The growth in applications of such trademarks coincided wi

Market March 8, 2020

  South Korea’s financial watchdog is likely to slap sanctions on the tobacco giant KT&G over accounting fraud allegations, according to officials Wednesday.  The Financial Supervisory Service sent a preliminary notice to KT&G last month, concluding that the firm violated financial reporting standards by reporting its Indonesian affiliate Trisakti in its consolidated financial statements even though it exerts no actual influence. The notice, which recommends prosecuto

Economy March 4, 2020

  Under a 10-year drive to create a human-friendly and innovative environment in Suwon, Gyeonggi Province, the city with a population of 1.25 million has become a global green city.  In its final year that wraps up the grand policy drive, Suwon Mayor Yeom Tae-yong has vowed to focus on creating jobs and enhancing the welfare system, while seeking new growth engines for the city’s fiscal independence. “To boost employment, the city government has decided to create 34,000

Economy March 3, 2020