[Weekender] China’s rising clout in Korea

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[Weekender] Seoul, Beijing set for further economic integration

Once foes and now friends, South Korea and China have become closer than ever, with bilateral trade increasing rapidly.Korea’s shopping districts and tourist sites ― notably Myeong-dong in Seoul and...

Updated : 2014.08.01 21:40

BNP Paribas Seoul office names new COO

Hugues AntierBNP Paribas’ Seoul branch on Friday said it appointed Hugues Antier as its new chief operating officer.Antier will have various duties overseeing information technology, general manageme...

Updated : 2014.08.01 19:40

IBK flourishes on new growth plans

The new corporate paradigm of focusing on qualitative over quantitative growth seems to have fueled the latest success of the state-run Industrial Bank of Korea.“This year, IBK has been all about imp...

Updated : 2014.07.31 21:03

Korea to spend exchange rate profits on stabilization

The government plans to spend the money that public organizations gained from foreign exchange rates to better stabilize the livelihood of the people and strengthen public safety, the finance minister said Thursday.The won’s ascent against the U.S. dollar has helped public organizations s...

Updated : 2014.07.31 21:02

BOK expects stronger inflation pressure in H2

South Korea’s consumer prices are expected to face stronger upside pressure in the latter half of this year, although the rise will be limited by the pace of economic recovery over the long term, the Bank of Korea said Thursday.Consumer price growth in Asia’s fourth-largest economy remai...

Updated : 2014.07.31 21:00

Banks’ net more than doubles in Q2

South Korean banks’ combined earnings more than doubled in the second quarter of this year from a year earlier on reduced bad debt losses, the financial watchdog said Thursday.The combined net income of 18 local banks registered at 2.4 trillion won ($2.33 billion) in the April-June period...

Updated : 2014.07.31 21:00

Woori Bank to introduce digital bankbooks

Woori Bank said Wednesday it would introduce a digital bankbook application next month to phase out conventional bankbooks. The digital bankbook smart application will be available for Android-based devices as of Aug. 1, while iOS users can download it from Aug. 11, according to Woori offi...

Updated : 2014.07.30 21:22

Seoul considers easing limit on stock price movement

The government is considering easing or lifting the current daily limit imposed on the movement of stock prices in a bid to help stimulate the country’s stock market, according to news reports on Wednesday.According to the daily JoongAng Ilbo, Seoul is pushing to phase out the 15 percent ...

Updated : 2014.07.30 21:22

Choi to sell record debt to fund stimulus

South Korea is forecast to sell an unprecedented amount of debt to fund stimulus as policymakers liken the economy’s current situation to that faced by neighboring Japan at the start of a two-decade slump.Finance Minister Choi Kyung-hwan unveiled a plan last week to boost spending by 11.7...

Updated : 2014.07.29 20:48

Credit card firms brace for debit card campaign

The government’s recent decision to temporarily expand the scope of tax deductions for users of check cash cards is expected to hit the local credit card industry, according to sources close to the m...

Updated : 2014.07.28 20:51

BOK report warns of ‘Japan-like aged society’

South Korea’s aging population will become a significant financial burden to the country’s younger generation, a study showed on Monday.People in their 20s and 30s will pay an average 100 million won ($97,400) more than the actual public benefits they will receive as a result of the gove...

Updated : 2014.07.28 20:50

Government, central bank on same page on economy: Choi

The government and the Bank of Korea have “no difference” in their assessment of the latest economic situation, the finance minister said Monday, adding that he expects both to seek “expansionary” measures aimed at bolstering the economic recovery.The remarks by Choi Kyung-hwan came in...

Updated : 2014.07.28 20:50

Lax supervision behind massive leak of data of cardholders

The financial watchdog's lax supervision led to a massive leak of customer information from the nation's three major financial institutions that came to light early this year, the state auditor said Monday. In January, an employee of the Korea Credit Bureau (KCB), a credit reference agency...

Updated : 2014.07.28 17:10

[Herald Interview] ‘Hana should gain KEB’s trust before merger’

Hana Financial Group executives should first gain the trust of Korea Exchange Bank employees before taking steps to merge KEB with Hana Bank, KEB union spokesman Kim Bo-heon said.“The 2012 agreement ...

Updated : 2014.07.27 19:44

Conglomerates increase cashable assets amid economic slump

South Korea’s top conglomerates have expanded their holdings of cashable assets over the past five years, data showed Sunday, due mainly to their reluctance to increase investment amid a prolonged economic slump.The combined amount of cashable assets held by 76 listed companies owned by t...

Updated : 2014.07.27 19:37