Most Popular
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Jung's paternity reveal exposes where Korea stands on extramarital babies
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Samsung entangled in legal risks amid calls for drastic reform
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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[Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'
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Agency says Jung Woo-sung unsure on awards attendance after lovechild revelations
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[Herald Review] 'Gangnam B-Side' combines social realism with masterful suspense, performance
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[Health and care] Getting cancer young: Why cancer isn’t just an older person’s battle
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Prosecutors seek 5-year prison term for Samsung chief in merger retrial
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UN talks on plastic pollution treaty begin with grim outlook
![[Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/26/20241126050017_0.jpg&u=20241126161719)
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Shinhan provides leverage to SMEs, low incomers
Shinhan Bank, South Korea’s third-largest bank by assets, is taking the lead in backing small and medium-sized enterprises and low-income groups.Shinhan extended loans worth 58.4 trillion won ($57 billion) to SMEs as of July, up 3.2 trillion won from last year’s 55.1 trillion won, according to the Financial Supervisory Service. The increase was the largest among local banks, and almost double that of No. 2 lender Woori Bank’s 1.6 trillion won. “Our goal for this year is to allot 90 percent of ou
Aug. 21, 2014
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Korea’s asset managers’ net profits soar 51.8% in H1
Korean asset managers saw their net profit soar 51.8 percent in the first half of the year from a year earlier due to a rise in returns from stock investment, the financial watchdog said Thursday.A total of 86 asset management companies posted a combined 212 billion won ($207.5 million) in net profit in the January-June period, compared with 139.7 billion won in the same period last year, according to the Financial Supervisory Service.The top 10 asset managers accounted for 67 percent of the tot
Aug. 21, 2014
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Mirae Asset touts high-yield funds
Mirae Asset Financial Group’s headquarters in central Seoul. (Mirae Asset Financial Group)Mirae Asset Global Investments, the No. 1 asset management company in terms of profits, has proven itself to be at the top of the game by realizing sustainable profit from its consumer funds.Its consumer funds ― funds investing in top-ranking consumer goods ― recorded an average return rate of 42.06 percent over the past three years, compared to 17.6 percent in its first year of operation, according to Mira
Aug. 21, 2014
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New tax chief vows to root out evasion
The newly appointed National Tax Service Commissioner Lim Hwan-soo pledged to rectify the tax-dodging practices of conglomerates and upper-bracket taxpayers.“We vow to chase the nation’s habitual tax delinquents to collect all overdue taxes,” Lim said in his inaugural speech on Thursday. “Only then can we operate a fair tax administration system for all.”The commissioner also revealed his plans for streamlining the central NTS organization and increasing the number of field workers in local tax
Aug. 21, 2014
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Korea’s card spending at W50tr in July
South Korea’s card spending stood at around 50 trillion won ($48 billion) last month, up by 2.4 trillion won ― or 5.1 percent ― from the same period last year, according to the Credit Finance Association of Korea on Thursday. Though the spending rose, the on-year growth rate was still below the 7.2 percent recorded in July last year. The association said this was due to the nation’s prolonged economic downturn. “In recent months, consumers’ disposable income dropped because of rising apartment r
Aug. 21, 2014
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[Graphic News] Merged Hana-KEB to rank 2nd in loan holdings
The upcoming merger between Hana and Korea Exchange Bank is expected to put them at second in the banking sector in terms of loans in Korean currency, according to figures from the Financial Supervisory Service on Tuesday.On that day, the chiefs of the two banks agreed to push for an earlier completion of the long-planned merger. The FSS figures showed that KB Kookmin Bank would stand at first place with 189.7 trillion won ($186.1 billion) in outstanding loans. Following the merger, Hana and KEB
Aug. 20, 2014
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Experts laud new economic policies
Economic experts appeared to be optimistic about the government’s latest policy initiatives, according to a survey conducted by the Federation of Korean Industries earlier this month.More than half of the 37 experts surveyed by the FKI said that they supported the economic direction taken by Finance Minister Choi Kyung-hwan. The respondents included the chiefs of state-run or leading private economic institutes, university professors and financial analysts. Another 75.7 percent of the experts pr
Aug. 20, 2014
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Stocks nearly unchanged ahead of Fed meeting
South Korean stocks closed nearly unchanged Wednesday as investors shunned risky assets ahead of the release of minutes from the U.S. Federal Reserve’s July meeting, analysts said. The local currency sharply declined against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 1.64 points, or 0.08 percent, to close at 2,072.78. Trading volume was moderate at 310.3 million shares worth 4.49 trillion won ($4.41 billion), with decliners outnumbering gainers 457 to 354.“Investors t
Aug. 20, 2014
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Korea’s short-term foreign debt up in Q2
South Korea’s short-term foreign debt rose for the third straight quarter in the April-June period as banks increased their overseas borrowing, central bank data showed Wednesday.The country’s short-term external debt totaled $131.8 billion as of end-June, up $8 billion from three months earlier, according to the preliminary data from the Bank of Korea.By volume, the end-June figure marks the highest level since September 2012 when short-term foreign debt reached $135.1 billion.Korea’s total ext
Aug. 20, 2014
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Hana, KEB heads embark on early merger of two banks
The heads of Hana Bank and Korea Exchange Bank (KEB) agreed in a joint statement on Tuesday to speed up the merger of the two local lenders, which has faced stiff opposition from KEB's union. Hana Bank President Kim Jong-jun and KEB President Kim Han-jo signed a joint statement announcing the official beginning of the integration process to "end confusion and strengthen competitiveness," according to an emailed press release.The move is the latest in efforts by the two banks' management to drum
Aug. 19, 2014
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Mobile banking usage up 6.6 pct in Q2
Banking transactions made via mobile devices rose 6.6 percent in the second quarter from three months earlier as more people relied on their smartphones, central bank data showed Tuesday.The number of daily mobile banking transactions averaged 29.4 million in the second quarter, compared with 27.6 million in the January-March period, according to the Bank of Korea.The data, however, showed that people tend to use conventional banking channels for major transactions.Despite accounting for 45.5 pe
Aug. 19, 2014
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Debate over effect of rate cut heats up
Debate over whether a lower interest rate will help or winder for the economy is heating up, following the Bank of Korea’s first rate cut in 15 months last week. The Financial Supervisory Service, South Korea's financial regulator, said Monday that a lower base rate would reduce the burden on households and corporations trying to pay back their bank loans, contrary to growing market concerns that it could further worsen their finances.The FSS data showed that the central bank’s benchmark rate cu
Aug. 18, 2014
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Forest Service readies for new climate change system REDD+
South Korea is to make an interim check on its progress in preventing forest degradation and reducing greenhouse gas emissions ― and gauge its readiness for the new climate change system.The third annual REDD+ symposium will be held at the National Assembly Library on Thursday, under the management of the Korea Forest Service and the sponsorship of the parliamentary climate change forum, according to KFS officials.REDD+, which stands for “reducing emissions from deforestation and forest degradat
Aug. 18, 2014
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Korea pushes forestation plan in Southeast Asia
Reducing emissions from deforestation and forest degradation in developing nations, known as the REDD+ program, is a key way for the Korea Forest Service to display its support for the United Nations’ green initiative and to promote Korea’s advanced status in environmental protection.South Korea’s REDD+ action is part of the International REDD, a United Nations program launched in 2008 to reduce greenhouse gas emissions and protect forests from abuse.The UN-REDD program supports nationally led R
Aug. 18, 2014
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KEB managers support early integration with Hana Bank
High-ranking officials of Korea Exchange Bank have pledged to support the company’s push for early integration with Hana Bank, ahead of the scheduled date of 2017, KEB officials said Sunday.Management at the firm’s headquarters in Seoul posted a joint statement on the company intranet on Aug. 5, claiming that the early merger with Hana Bank was inevitable for the firm’s growth.Managers of KEB branches nationwide have also vowed to stand by the merger and asked the labor union to actively engage
Aug. 17, 2014
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Financial watchdog reviewing KB Group's takeover of LIG Insurance
South Korea's financial watchdog said Friday that it is reviewing the proposed takeover of LIG Insurance, the country's No. 5 non-life insurer, by KB Financial Group.An official from the Financial Services Commission said a final decision will likely be made before the end of next month."The Financial Supervisory Service is conducting a detailed review of the takeover at the request of the financial commission as KB Financial Group submitted a request to merge LIG Insurance into an affiliate," t
Aug. 15, 2014
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BOK cuts rate to 2.25%
In a widely expected move, South Korea’s central bank on Thursday lowered the policy interest rate to 2.25 percent in a coordinated effort to prop up flagging consumption and sentiment.The decision, which marks the first rate cut since May 2013, is in line with a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency. Twenty-one out of 23 analysts had projected the central bank would cut the rate in the face of growing pressure from the government and lawmakers, while the
Aug. 14, 2014
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Korea logs trade surplus for 30th straight month in July
South Korea logged a trade surplus for the 30th consecutive month in July on rebounding exports, customs data showed Thursday.South Korea’s exports came to $48.3 billion last month, up 5.4 percent from a year earlier, while imports rose 5.8 percent on-year to $45.9 billion, according to data from the Korea Customs Service.Earlier this month, the trade ministry estimated that exports would amount to $48.4 billion in July, up 5.7 percent from the same month last year. It correctly predicted the am
Aug. 14, 2014
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KRX frets over government’s stance on carbon trading
The Korea Exchange appeared to be in a rare fix over the Finance Ministry’s intentions to ease carbon emission duties for companies in a move that would put a damper on gas trading aimed at reducing the nation’s carbon emissions. The state-run stock operator had been gearing up to launch the Carbon Emission Reduction market to trade carbon emission credits. These credits are allotted to companies based on the amount of gas they emit. Firms emitting gas above the government-set limit would have t
Aug. 14, 2014
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Korean won extends gains after rate cut
The South Korean won extended intraday gains against the dollar on Thursday, after the Bank of Korea’s widely expected cut in interest rates and comments from its governor that were not perceived as bearish for the currency.The local currency ended up 0.8 percent on Thursday at 1,021.2 against the dollar as market participants sold dollars for the won after the governor’s comments. It was the largest intraday gain for the won since May 7 this year.Gov. Lee Ju-yeol stressed Thursday’s policy deci
Aug. 14, 2014
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