South Korea’s currency further weakened Monday ahead of the interest rate-setting meeting of the Federal Open Market Committee, slated for Sept. 16-17 in Washington, D.C.Amid the growing investor sentiment toward non-risky assets, the U.S. dollar and Japanese yen showed stronger position against the Korean won.The dollar rose by 10.8 won from a trading session before to close at 1,204.2. The won fell to its cheapest versus the greenback in more than five years. Currency dealers look at indices

Sept. 7, 2015

Financial Services Commission chairman Yim Jong-yong attends a meeting with heads of foreign banks operating here in Sogong-dong, central Seoul, on Friday. (Yonhap)Korea’s top financial regulator promised on Friday to ease regulations for foreign lenders seeking to expand their banking operations. 　In a meeting with the heads of foreign banks operating here, Financial Services Commission chairman Yim Jong-yong said he will actively engage in improving the regulatory system for foreign lenders as

Sept. 4, 2015

 South Korea’s stock market weathered the overnight plunges of equities on the European and U.S. bourses, despite the aggravated concerns about possible global deflation from China’s economic slowdown.The KOSPI gained 0.99 points or 0.05 percent from a trading session earlier to close at 1,915.22 on Wednesday, though the benchmark index started in a bearish position earlier in the day.While some analysts claimed the Korean index is considered to have hit the bottom in late August, others say the

Sept. 2, 2015

KEB Hana Bank, the result of a merger between Korea Exchange Bank and Hana Bank, was launched on Tuesday, vowing to lead the banking industry with stronger asset management services. Hana Financial Group chairman Kim Jung-tai (center, front row) and KEB Hana Bank president Ham Young-joo (fourth from right, front row) attend the launching ceremony of KEB Hana Bank in the bank’s headquarters in central Seoul on Tuesday. (KEB Hana Bank)Upon officially capping the KEB-Hana merger, the new entity ros

Sept. 1, 2015

Challenged by the expanding cashless society, South Korea’s state-run minting agency is diversifying its business domain and actively tapping more export destinations to offset a sharp drop in demand for coins and banknotes.Rapidly increasing credit card usage and the digital payment revolution are making Koreans’ wallets slim. Under its initiative in finding a prospective niche, the Korea Minting, Security Printing & ID Card Operating Corp. is strengthening its non-minting segment. Among the in

Sept. 1, 2015

Hana Financial Group chairman Kim Jung-tai (center, front row) and KEB Hana Bank president Ham Young-joo (fourth from right, front row) attend the launching ceremony of KEB Hana Bank in the bank’s headquarters in central Seoul on Tuesday. (KEB Hana Bank)KEB Hana Bank, the result of a merger between Korea Exchange Bank and Hana Bank, was launched on Tuesday, vowing to lead the banking industry with stronger asset management services.　Upon officially capping the KEB-Hana merger, the new entity ros

Sept. 1, 2015

South Korean monetary policymakers are struggling to cope with the prospects of an interest rate hike in the U.S. and further currency devaluation in China.Should the U.S. Federal Reserve raise its key rate, the Bank of Korea would have no choice but to follow suit in a bid to minimize capital outflow, as economists and analysts predict.If the People’s Bank of China chooses to devalue the yuan, following its artificial depreciation of it for three consecutive days in August, the BOK will face ag

Aug. 31, 2015

　An insurance product of the Korean unit of Allianz Life attracted insurance premiums worth 30 billion won ($25.4 million) in less than two months since its debut on July 1.　The company said Sunday that policyholders’ collective premium for its variable universal insurance product named the Allianz Team Challenge Variable Universal came to 30.21 billion won as of Aug. 21.The print ad to promote the Allianz Team Challenge Variable Universal product (Allianz Life Korea)　A policyholder of the produ

Aug. 30, 2015

A group of high-profile financial officials from Korea flied to the Middle East on Sunday to check foreign demand for a stake in Woori Bank, a state-run lender that has been put up for sale. The delegate, led by Financial Services Commission vice chairman Jeong Chan-woo, left the country two days after Woori Bank received a letter of intent from the Abu Dhabi Investment Council.  ADIC, launched in 2007, is one of several sovereign wealth funds managed by the United Arab Emirates with assets of a

Aug. 30, 2015

In the early 2000s, Korean tourists to Turkey saw a foreign exchange rate of 1 million won to about 1.3 billion lira.When it comes to South Korea’s economic scale, its won-denominated gross domestic product is estimated at about 1.6 quadrillion won last year, or 1,600,000,000,000,000 won. Its outstanding household debt, fully written out in the local currency, is 1,100,000,000,000,000 won.Inbound tourists can sometimes get confused by the multiple-unit conversions such as thousands of dollars to

Aug. 28, 2015

Hwan-denominated notes, issued in 1953. (Bank of Korea)King Sejong, whose portrait is printed on South Korea’s 10,000 won banknote, was a key figure of the 15th century in the Joseon era (1392-1910).　Other historical figures on the three other denominated bills (50,000 won, 5,000 won and 1,000 won) and the 100 won coin lived during the 16th century.　While the figures lived in the Joseon era’s earlier half, during which historians say currency usage was rare, their counterparts in the latter half

Aug. 28, 2015

A virtual currency is shifting the idea of a centralized, corporeal currency while debates -- with their pros and cons -- on its safety and efficacy matters are underway.Bitcoin is a digital currency that was created in 2009 by an individual or group called Satoshi Nakamoto, whose identity is still unknown.One of bitcoin’s biggest features is that it is decentralized -- not managed by typical monetary policymakers including central banks and finance ministries.Instead, it is managed by groups or

Aug. 28, 2015