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[Graphic News] World wine output rises 13% after disastrous year
‘Produce 101’ star Jeon Somi to debut solo under YG subsidiary
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Parties agree to normalize parliament, probe state organizations’ hiring
Over 400 teachers, staff disciplined for DUI in last 3 years in Gyeonggi Pr...
Chief financial regulator urges for more risk-bearing IPOs

Today Finance

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 are bearing risks, and the cap

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 3 trillion won, which i

Today
Finance
Korea urges financial firms to advance into Thailand

FSS, KFB invite officials of Bank of Thailand for seminar with Korean banks, credit card companies

Today
Finance
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. Finance Minister Kim Dong-yeon (Yonhap)　China unofficially imposed retaliatory measures against South Korean firms after Seoul agreed to install the U.S. Terminal High Altitude Area Defense

Nov 19, 2018
Finance
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. (Yonhap)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. A

Nov 20, 2018
Finance
[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 SMEs and Startups and the

Nov 19, 2018
Finance
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. (Citi)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. The dividend payo

Nov 16, 2018
Finance
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. (Yonhap)Foreign currency deposits include those held by foreigners who ha

Nov 15, 2018
Finance
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. (Herald DB)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 15, 2018
Finance
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.BOK Gov. Lee Ju-yeol (Yonhap)"This appointment recognizes the importance of Asia in the global financial system and in the BIS's activities and governanc

Nov 14, 2018
Finance
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 capital investments. This, he s

Nov 14, 2018
Finance
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 Jong-ku, chairman of the Financial Services Commission (Yonhap)Choi said South Korea's main industrial sectors, including the auto indust

Nov 13, 2018
Finance
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. (Yonhap)Investors from Britain, the Netherlands and the United States were among net sellers

Nov 12, 2018
Finance
Woori Bank’s M&A capability in question despite new holding company structure

While South Korean commercial bank Woori Bank and its subsidiaries are inching closer to a holding company structure, possibilities of aggressive mergers and acquisitions to expand the banking group remain low for the time being.Such skepticism comes amid a possible fall in the capital adequacy ratio of the nation’s fourth-largest commercial lender, despite the banking group’s higher capacity to leverage private investment after the holding company is reintroduced in 2019. Under Korean law, a ba

Nov 12, 2018
Finance
BOK likely to raise key rate to 1.75% in Nov.: Nomura

The South Korean central bank is expected to raise the country's key rate this month to curb the overheated property market, a global research firm said Sunday."We believe the Bank of Korea will hike the policy rate by 25 basis points (0.25 percentage point) to a terminal rate of 1.75 percent in November 2018 in response to financial imbalances associated with higher house prices," Nomura Financial Investment Co. said in its latest report. (Yonhap)Citing low inflation pressure and weak signs of

Nov 11, 2018
Finance

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