Top regulator meets global investors in Hong Kong

A key South Korean financial regulator has made a pitch for the South Korean economy on a visit to Hong Kong, his office said Wednesday.Jeong Eun-bo, vice chairman of the Financial Services Commission, visited the global credit rating agency Fitch and introduced Seoul's efforts for market stability and economic policy direction earlier this week. Jeong Eun-bo, vice chairman of the Financial Services Commission, speaks at the Asian Financial Forum in Hong Kong on Jan. 16, 2017, in this photo prov

Jan. 18, 2017

[Photo News] Queueing to lend their voices

QUEUEING TO LEND THEIR VOICES -- People wait in line to participate in Standard Chartered Bank Korea’s campaign to use their voices to create educational audio content for visually impaired teenagers at the bank’s head office in Seoul, Monday. The content will mainly feature information on 100 occupations and five university majors that teenagers are most curious about, the bank said. Standard Chartered Bank Korea

Jan. 17, 2017

Korea’s ample money supply not translating into circulation

The money supply in South Korea has rapidly grown in recent months, but this has not translated into fast circulation amid weak sentiment toward investment and consumption, data from the central bank showed Tuesday.According to the Bank of Korea, the balance of currency issuance hit a record high of 97.4 trillion won ($82.7 billion) at the end of 2016, a 12.2 percent increase from 86.8 trillion won a year earlier. (123rf)The strong cash growth was attributed to a rapid increase in issuance of 50

Jan. 17, 2017

Central bank promotes clean notes instead of new cash on Lunar New Year

The Bank of Korea recently launched a public campaign to encourage people to use clean cash bills instead of brand new ones when they give out cash gifts to children during the upcoming Lunar New Year.It is part of the central bank’s efforts to reduce the rising costs of issuing new bills and started to be promoted on the radio and through posters in public places since Wednesday last week.  The Bank of Korea’s campaign poster to encourage people not to use new notes for cash gifts during the Lu

Jan. 16, 2017

Banks' foreign currency deposits fall 3.5% in December

Foreign currency deposits held by banks operating in South Korea fell 3.5 percent in December from a month earlier as exporters withdrew their US dollar deposits, central bank data showed Monday.Outstanding foreign currency deposits held by domestic and foreign banks here dropped by US$2.14 billion to $58.91 billion in December from $61.05 billion a month earlier, the Bank of Korea said in a statement. Foreign currency deposits held by domestic banks plunged 5.7 percent to $49.52 billion from $5

Jan. 16, 2017

FSC's vice chief to attend financial forum in Hong Kong

A South Korean financial regulator will attend an international forum in Hong Kong this week to discuss ways to deal with external uncertainties, his office said Sunday.Jeong Eun-bo, vice chairman of the Financial Services Commission, plans to join the 10th Asian Financial Forum to be held on Monday and Tuesday. Jeong Eun-bo, vice chairman of the Financial Services Commission, in a file photo (Yonhap)He is scheduled to deliver a speech on South Korea's financial system and efforts to effectively

Jan. 15, 2017

Korea vigilant about self-employed people's debt problem

South Korea's financial authorities are increasingly concerned about the debt risk of self-employed people, striving to address the chronic household debt problem, officials said Sunday.Household credit in the major Asian economy totaled 1,295.8 trillion won ($1,098 billion) as of end-September last year, up 11.2 percent from a year earlier. The volume has apparently exceeded 1,300 trillion won, given the trend of monthly growth. Doh Kyu-sang, head of the financial policy bureau at the Financial

Jan. 15, 2017

Loans to self-employed people jump on fewer corporate jobs

Bank loans extended to self-employed people in South Korea have grown sharply amid an economic slump and weak demand for workers in the corporate sector, data showed Sunday.Outstanding loans for self-employed people by the country's five major banks -- Shinhan, KB Kookim, Woori, KEB Hana and NH -- nearly doubled to 180.4 trillion won ($153 billion) from 96.6 trillion won in 2010, according to the banking data. Clothing is on sale at a Seoul store in this undated file photo. (Yonhap)The total gre

Jan. 15, 2017

FSS pays record cash rewards for reporting violations

South Korea's state financial watchdog said Friday it paid more than 120 million won ($100,000) last year in cash rewards for helping punish violators of capital market rules.A total of 120.7 million won was given to five informers of such irregularities as stock price manipulation, unfair trading and the use of undisclosed information, according to the Financial Supervisory Service.It marks the largest-ever amount of cash rewards since the agency introduced the public merit system in 2000.The m

Jan. 13, 2017

Korean shares climb high on foreign buying

South Korean shares continued to advance on large cap gains and foreign buying to reach a new high in over 18 months Thursday. The local currency also significantly gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index added 11.97 points, or 0.58 percent, to 2,087.14, breaching the 2,080 mark for the first time since July 21, 2015, when the index stood at 2,083.62. (132rf)Trading volume was high at 546.5 million shares worth 4.65 trillion won ($3.92 billion), with

Jan. 12, 2017

Korea to issue 10-yr FX stabilization bond

South Korea has been working on floating 10-year foreign exchange stabilization bonds worth up to $1 billion, the finance ministry here said Thursday.The Ministry of Strategy and Finance said it has made a deal announcement in the United States on Wednesday (US time) to issue the bonds as part of its efforts to stabilize the market."Detailed rates and amount will be decided later in accordance with the market situations," said the ministry in a release.The ministry said it picked seven companies

Jan. 12, 2017

Foreign exchange fluctuations widen this year: BOK

Jitters in the financial markets, sparked by the US presidential election in November, have recently abated but foreign exchange fluctuations have more than doubled since the beginning of the New Year, a central bank report said Thursday.According to the report by the Bank of Korea on the latest international financial and foreign exchange markets, daily fluctuations in the won-dollar exchange rate widened by as much as 9.1 won per dollar on average during the first 10 days of January by 4 won o

Jan. 12, 2017

Korea's overseas funds to hit W100tr won soon

The net asset of South Korea's overseas investment fund is forecast to reach 100 trillion won ($84.5 billion) soon, as investors are seeking higher returns amid declining rates, market watchers said Thursday.The figure hit a record high of 91.7 trillion won on Friday after surpassing the 90 trillion mark for the first time on Dec. 22, 2016, they said.Real estate-based funds came to 12.7 trillion won to account for most of the total overseas investment funds, followed by equity funds with 7.5 tri

Jan. 12, 2017

Deutsche Bank gives new Korean dads 120-day parental leave

Deutsche Bank Group Korea said Thursday it will give up to 120 days of parental leave to its male employees as part of the European bank’s family-friendly corporate policy.While most companies offer legally-fixed 90-day parental leave, Deutsche Bank used to give 120-day leave to female employees to take care of a newborn. (123rf)Under the new policy, a male employee as a primary caregiver, taking care of his child during work hours, can use the maximum 120-day parental leave. A non-primary careg

Jan. 12, 2017

Two financial regulators vow close ties for risk management

South Korea's two state financial regulatory agencies sought to dispel public worries Thursday about possible conflicts over overlapping work and a lack of synergy, holding a joint meeting of top officials."At a time when uncertainties run high like this year, risk management is more important than any other time," said Yim Jong-yong, chairman of the Financial Services Commission. Yim Jong-yong, chairman of the Financial Services Commission (Yonhap)"For that, the FSC and the Financial Supervisor

Jan. 12, 2017

Financial regulator to accelerate reform drive

South Korea said Thursday it will focus on reforming the nation's financial sector this year, especially in promoting the trust business and enhancing the competitiveness of local insurers and financial holding firms.The Financial Services Commission will also continue efforts to reinforce the fintech industry and raise the transparency of accounting practices. Kim Yong-beom, secretary general of the Financial Services Commission, holds a press briefing in a file photo. (Yonhap)The state regulat

Jan. 12, 2017

Korean finance minister vows to control household debt

South Korea's finance minister on Wednesday pledged to put the country's mounting household debt under control and prevent it from spreading to systemic risks."Household debt has been on the rise, but we can definitely slow down the pace," Finance Minister Yoo Il-ho said in a conference on the South Korean economy held at a hotel in New York. South Korea's Finance Minister Yoo Il-ho speaks at a conference in New York on Jan. 11, 2017. (Ministry of Strategy and Finance)"The government has impleme

Jan. 12, 2017

Trade ministry to revamp poor-performing invested firms

The trade ministry will get rid of 10 percent of its invested firms within this year that repeatedly underperform and reinforce its monitoring of others, officials said Thursday.There will be a sweeping review starting in April of all companies invested in by public entities under the Ministry of Trade, Industry and Energy, and the decision on which ones will be ousted will be made around June, ministry officials said after a meeting in Seoul among the head of the public firms. The ministry has

Jan. 12, 2017