(123RF)The number of subscribers for South Korean mobile banking services reached 60 million in the third quarter, central bank data revealed on Monday.　According to the Bank of Korea’s July-September quarterly report on online banking, the number of smartphone banking subscriptions for 16 commercial banks operating here and the Korea Post reached a combined 60.08 million as of end-September, up 4.4 percent over the previous quarter. 　As of end-September, 62.3 percent of all 115.3 million Intern

Nov. 16, 2015

The Supreme Court ruled against Korea Deposit Insurance Corporation in a liquidation case against U.S. buyout fund Lone Star, marking a shift in the court’s attitude toward the lawsuit, worth around $35 million. 　South Korea’s top court on Sunday quashed the second appeal ruling on the liquidation of LSF-KDIC, an investment firm jointly established by Lone Star and KDIC’s subsidiary Korea Resolution & Collection Corporation, and returned the case to the high court. 　The top court said that the h

Nov. 15, 2015

Korea Development Bank chairman Hong Ky-ttak attends the state-run policy bank’s seasonal Business Leaders Forum in Yeouido, Seoul, Friday. (Korea Development Bank)Korea Development Bank chairman Hong Ky-ttak pledged stronger support for small and medium-sized enterprises, asking them to reinforce global innovation in entrepreneurship as a breakthrough from the low-growth tide. 　“With the Korean economy facing challenges with low growth, stronger support for the promising SMEs is more compelling

Nov. 15, 2015

The United States on Monday welcomed Myanmar's election as a victory for the people, and the vote appeared to raise prospects of a further lifting of U.S. sanctions - provided the military accepts the results.While highlighting encouraging signs from Sunday's poll, Washington remained cautious and said it would watch for the democratic process to move forward before lifting more sanctions, which still target more than 100 individuals and businesses and limit U.S. investment in Myanmar.The ruling

World News Nov. 10, 2015

(123RF)Banks posted a record-low combined net interest margin in the latest quarterly report largely due to the continued low key interest rate, the Financial Supervisory Service revealed Tuesday. 　In the July-September period, the 17 lenders operating in Korea reaped a record-low 1.56 percent in combined net interest margin, a gauge for profitability, from 1.58 percent in the previous quarter. 　During the same period, interest income fell for the fourth consecutive quarter to 8.4 trillion won (

Nov. 10, 2015

                                                             Hallyu actor Kim Soo-hyun models for Lemona.                                                                                         (Kyung Nam Pharm. Co., Ltd.)The stock of Kyung Nam Pharm Co., the maker of decades-old vitamin C product Lemona, crashed Monday on charges of stock manipulation. 　The pharmaceutical company’s stocks closed at 7,200 won ($6.20), down 1,170 won, or 13.98 percent, on the tech-laden KOSDAQ. 　The Financial Sup

Nov. 9, 2015

(123RF)Korea’s per capita gross domestic product is expected to catch up with Japan within the next five years, according to a growth outlook report of the International Monetary Fund.　The report forecast that Korea’s nominal per capita GDP will reach $36,750 in 2020, up 31 percent from last year’s $27,970. During the same period, Japan’s nominal per capita GDP will grow 6 percent to $38,714. 　The IMF’s latest macroeconomic estimates are presented in its World Economic Outlook, which is released

Nov. 5, 2015

(123RF)The financial regulator and the ruling party agreed Monday to lower credit card fees for small businesses from early next year to lighten their financial burden.　Financial Service Commission officials who attended a meeting to discuss the issue said the government decided to cut credit card commission rates from 1.5 percent to 0.8 percent.　The beneficiaries include family-owned or self-employed small enterprises with a maximum annual revenue of 200 million won ($175,000), according to the

Nov. 2, 2015

(123RF)Financial authorities launched an investigation over local banks to assess the solidity of their loan approvals for apartment buyers, industrial sources said Sunday. 　The Financial Supervisory Service started the solidity crackdown last Wednesday starting with two state-run banks, including Woori Bank and Nonghyup Bank. The financial watchdog will continue investigations into other major lenders and some of the large-scale regional lenders, with a focus on the soundness of the lenders’ lo

Nov. 1, 2015