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Samsung says no comment on CEO’s supposed use of Galaxy Note 9
EU, Japan sign massive trade deal as US puts up barriers
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FCA Korea launches new Compass compact SUV
Hyundai, Kia‘s regional reps in Seoul for biannual meeting
Marine Corps helicopter crash in Pohang leaves 5 dead, 1 injured
[From the Scene] Can Hyundai Motor win big on Europe?
Cheong Wa Dae says it did not realize seriousness of martial law document
[Photo News] 5G pact
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Today Finance

Credit unions to adopt stricter rules for mortgage loans next week

Credit unions will adopt stricter guidelines for mortgage loans next week, officials said Tuesday, in the government's latest effort to rein in household debt.The stricter lending calculation for home mortgages, called the Debt Service Ratio, uses a new system that measures all debt principal and interest payments as a proportion of annual income.Financial authorities said the DSR system, which was already adopted at commercial banks in March, better assesses a borrower's repayment ability and r

Calls grow to deregulate market for online-only banks

Panelists from academic circles at a roundtable discussion Monday called on financial authorities to lower the regulatory bar for South Korea’s digital banks, which face difficulties in launching new financial services due to failures in raising capital.Among issues at debate were calls to ease regulation on nonfinancial firms’ maximum ownership of banking firms, with some panelists saying such a regulation is outmoded. The ban was put in place to prevent companies from using banks as private “v

Today
Finance
K bank faces impasse on capital increase failure, regulation

K bank, South Korea’s first online-only bank, has come under financial pressure over its failure in capital increase through issuing new stocks, as pledged in May. By Thursday, K bank shareholders were scheduled to buy 24 million newly issued common stocks and 6 million convertible preferred stocks without voting rights, worth a combined 150 billion won ($132.4 million). Of the total pledges with 5,000 won per share, only 30 billion won for the convertible securities purchase had been paid in by

Jul 16, 2018
Finance
Mirae Asset yields over 20% return from global ‘innovative firms’

Mirae Asset Global Investments, a South Korean asset management company, has harvested returns of over 20 percent a year in its stock funds dedicated to investing in innovative firms, the company said Sunday. (Mirae Asset)Mirae Asset G2 Innovator Fund, investing in innovative companies in the United States, China and Taiwan, has generated some 33.02 percent of yearly returns, the highest among all Korean stock funds, according to an estimate by fund evaluator KG Zeroin on Wednesday. The secret b

Jul 16, 2018
Finance
Elliott starts ISD suit against Korea, claiming $770m in damage

US-based hedge fund Elliott Associates has officially filed for an investor-state dispute settlement against the South Korean government seeking $770 million in compensation for the merger between two Samsung Group affiliates, the Justice Ministry said Friday.Elliott submitted its application for arbitration claiming it has suffered $770 million due to “unfair” mediation by the Korean government in the process of approving the merger between Samsung C&T and Cheil Industries in 2015. The arbitrat

Jul 14, 2018
Finance
Morgan Stanley, JP Morgan expect rate hike in August

US financial services firms Morgan Stanley and JP Morgan said Friday that they expect the South Korean central bank to raise the base rate next month on a modest economic recovery and low inflationary pressure.In a monetary policy committee meeting on Thursday, the Bank of Korea held the benchmark policy rate unchanged at 1.5 percent, citing signs of an economic slowdown and uncertainties over global trade disputes.The BOK has maintained the accommodative stance for eight months since the 0.25 p

Jul 13, 2018
Finance
FSC rules Samsung BioLogics’ accounting breach was ‘intentional’

South Korea’s financial regulator on Thursday imposed a top-level sanction on Samsung BioLogics over a past accounting irregularity, concluding that its omission of key governance information notices was intentional, but reserved its final opinion on accounting fraud charges.The biopharmaceutical affiliate of Samsung Group is therefore to face a prosecutorial probe over the case and have its stock transactions suspended, but has so far avoided the worst scenario of being delisted.“The commission

Jul 12, 2018
Finance
Association affirms 12 cryptocurrency exchanges’ security standards

The Korea Blockchain Association on Wednesday gave a nod to the cybersecurity standards of 12 cryptocurrency exchanges in Korea, including major players such as Bithumb, Coinone, Korbit and Gopax. This came over two months after the association launched a self-regulatory inspection in May of 14 member exchanges among the total 23, upon agreement by the exchanges.Exchanges that gained self-regulatory affirmation were 12 out of 14: Dexko, Hanbitco, OKCoin Korea, Huobi Korea, Bithumb, Upbit, Neofra

Jul 12, 2018
Finance
BOK likely to freeze key rate for July

The South Korean central bank is expected to hold the country's key rate at the current 1.5 percent in its upcoming monetary policy meeting amid rising uncertainties at home and abroad, market insiders said Wednesday.The Korea Financial Investment Association said that in its latest poll, 89 percent of 100 local bond traders forecast a rate freeze at the BOK meeting scheduled for Thursday.Global investment banks and credit appraisers, such as HSBC and Moody's, also expected the BOK to not move t

Jul 11, 2018
Finance
[Herald Interview] Crowdfunding platform Tumblbug calls for eased barriers to inbound payments

The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 18th installment. -- Ed.　An online crowdfunding platform is a marketplace of ideas. And equipping that marketplace with a convenient payment tool is obviously key for the involved parties -- fundraisers with an idea and backers buying into the idea.For sponsors on Tumblbug, a startup operating an online rewards-based crowdfunding platform for content creators since 2011,

Jul 11, 2018
Finance
IIS honors co-authors of paper on digital insurance with Shin Award

The International Insurance Society has selected co-authors of “Digital Agendas in the Insurance Industry: The Importance of Comprehensive Approaches” as the winners of Shin Research Excellence Award this year, according to Kyobo Life Insurance Tuesday. Recipients of the annual award in 2018 are Alexander Bohnert and Albrecht Frizche, both professors at Friedrich-Alexander University in Germany, and Shirley Gregor, a professor at Australian National University. Kyobo Life Insurance Chief Execut

Jul 11, 2018
Finance
Tax revenue tallied at W31tr in May

South Korea's tax revenue was tallied at 31 trillion won ($27.9 billion) in May, up a sharp 12.4 trillion won from a year earlier, due to carried-over corporate tax earnings, data showed Tuesday.But if corporate taxes had been collected on schedule, the country would have collected an estimated 21.4 trillion won in dues in May, up 2.9 trillion won over the cited period, the data compiled by the finance ministry showed.Income tax revenue amounted to 11.5 trillion won in May, up 1.6 trillion won f

Jul 10, 2018
Finance
Woori Bank invests W5b in 1st impact investment fund in Korea

Woori Bank has become South Korea’s first commercial bank dedicated to impact investing to create a quantifiable social and environmental impact along with financial gains. (Herald DB)Woori Bank will invest 5 billion won ($4.5 million) into the private investment fund co-managed by Crevisse Partners and Lime Asset Management for 10 years, according to an announcement Monday. The 20 billion won impact equity fund will become Korea’s first impact investment fund, if launched in July as planned. Of

Jul 10, 2018
Finance
[Kosdaq Star] ‘YooHoo & Friends’ developer Aurora to climb on expanded global platform

This is the 58th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. Aurora World Corporation, the South Korean plush toy manufacturer and supplier most-known for its global toy line “YooHoo & Friends,” is anticipating a leap forward in the second half of this year.A three-dimensional version of YooHoo & Friends computer-animated television adaption targeting 4 to 8-year-olds is set to be streamed through Netflix in the second half. Analysts here said

Jul 9, 2018
Finance
Kofia moves to prop up investment in India

Representatives from South Korean financial investment companies have discussed ways to boost ties with Indian capital market officials and to explore Korean investment opportunities in India during their four-day trip to the country.The team of representatives, composed of chief executives of three securities firms -- Daishin, IBK and Hanwha -- four asset management firms -- Samsung, Shinhan BNP Paribas, Kiwoom and Mirae Asset -- as well as Kwon Yong-won, head of the Korea Financial Investment

Jul 7, 2018
Finance

The Korea Herald by Herald Corporation

Address : Huam-ro 4-gil 10, Yongsan-gu,Seoul, Korea
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Date of registration : 2015.04.28
Publisher. Editor : Kwon Chung-won
Juvenile Protection Manager : Shin Chang Hoon
Tel : 02.727.0114