South Korea’s financial regulator is to resume the process to select a new online-only bank here, hoping to announce the result by the year’s end, according to officials Monday.The Financial Services Commission plans to announce later this month its plan to receive applications for business approval for an internet-only bank, officials said. The feasible timeline is to receive applications starting October and grant a preliminary license to one or more successful applicants by the en

Market July 8, 2019

South Korea’s main bourse operator Korea Exchange (KRX) has designated Kolon TissueGene, original developer of the recently invalidated joint inflammation treatment Invossa, as a potential delisting target, officials said Friday.“A screening committee will be held within 15 working days (by July 26) to decide whether to delist (the company) or to grant a grace period for improvement,” KRX said in a public statement.Kolon TissueGene, the US affiliate of Kolon Life Science, went

Industry July 5, 2019

South Korea’s top fiscal policymaker said Friday he is likely to meet the top executives of Samsung Group and other ranking conglomerates to address Japan’s export restrictions.“There seems to be no reason why I shouldn’t meet (with them),” said Deputy Prime Minister and Finance Minister Hong Nam-ki.“I shall confirm (the details) after discussing (the possibility of the meeting) with Cheong Wa Dae.” The remarks came in answer to the reporters’

Economy July 5, 2019

South Korea’s government on Wednesday revised the growth rate forecast for this year to 2.4-2.5 percent, down 0.2 percentage point from its earlier estimation, amid sluggish exports and investments.It also added pressure upon the National Assembly to swiftly approve a long-pending supplementary bill of 6.7 trillion won ($5.7 billion) dedicated to economic revitalization. “The government has devoted all efforts to achieve an economic paradigm shift but uncertainties such as the global

Economy July 3, 2019

South Korea’s government on Wednesday revised the growth rate forecast for this year to 2.4-2.5 percent, down 0.2 percentage point from its earlier estimation, amid sluggish exports and investments.It also added pressure upon the National Assembly to swiftly approve a long-pending supplementary bill of 6.7 trillion won ($5.7 billion) dedicated to economic revitalization. “The government has devoted all efforts to achieve an economic paradigm shift but uncertainties such as the g

Economy July 3, 2019

South Korea’s government on Wednesday revised the growth rate forecast for this year to 2.4-2.5 percent, down 0.2 percentage point from its earlier figure, amid sluggish exports and investments.It also reiterated the call for the National Assembly to approve the pending supplementary budget bill of 6.7 trillion won ($5.7 billion), vowing to execute 70 percent of the amount within two months. “The government has devoted maximum efforts for an economic paradigm conversion but uncertain

Economy July 3, 2019

South Korea’s consumer price growth remained below the 1 percent mark in June, reflecting the slow growth in service charges and global oil price trend, government data showed Tuesday.The consumer price index stood at 104.88 last month, down 0.2 percent from the previous month and up 0.7 percent from a year earlier, according to Statistics Korea.This marked the sixth consecutive month that the on-year growth remained in the zero percent range. It was also the third-longest period that the

Economy July 2, 2019

South Korea’s financial market watchdog is set to wrap up its long-stalled arbitration over the disputed sales of currency-option contracts within the month, and is likely to suggest a compensation rate of 20-30 percent on the product by banks.The dispute arbitration committee of the Financial Supervisory Service will hold its final meeting as early as next Tuesday to confirm its recommendations on the damage compensation for the so-called KIKO case, officials said Monday.The given arbitra

Market July 1, 2019

Starting Monday, local banks and financial companies come under the 52-hour workweek rule, becoming late starters in South Korea’s initiative to reduce long working hours and improve the quality of life.Due to the one-year grace period, the financial sector is apparently off to a better start than the manufacturing sector which had undergone radical changes in the labor environment last year, simultaneously with the double-digit hike in the nation’s hourly minimum wage.Their core dil

Market June 30, 2019

The South Korean government said Wednesday it will inject 70 trillion won ($60.5 billion) into service industries over the next five years, centered on stimulating research and development and reducing the discrimination with the manufacturing sector.“The advancement of the service sector is a matter of vitality in order for our economy to take a leap forward,” said Deputy Prime Minister and Finance Minister Hong Nam-ki, citing the high potential of the service industries in terms of

Economy June 26, 2019

The chief of South Korea’s central bank on Tuesday underscored that the prolonged low inflation trend does not necessarily indicate an imminent cut of the nation’s key interest rate, while leaving the door open to “necessary measures.”The monetary policymaker’s defensive remark came amid recently mounting market speculations that the central bank is likely to soon take further easing actions to deal with aggravating external conditions, mostly caused by th

Economy June 25, 2019

Escalating housing prices and tighter loan regulations have pushed up the average age of first-time homebuyers here, government data showed Monday.The average age of householders at the time of their first home purchase stood at 43.3 as of 2018, according to data submitted by the Korea Research Institute for Human Settlements to the Ministry of Land, Infrastructure and Transport.The data was based on a survey conducted from June to December last year targeting a random sample of 61,275 household

Economy June 24, 2019

Raised aisles stretch out under the glare of the spotlight, chic models parade up and down the catwalk, top-notch designers give brusque last-minute directions, and front-row celebrities flaunt their outfits for the cameras.This is how runways are often perceived by the general public -- sophisticated yet disconnected from everyday life.But what if fashion shows broke out of the conventional frame and models posed in the streets, under natural light and at eye level with the audience? Every part

Arts & Design June 21, 2019

Ten years since issuance, South Korea’s largest-denomination banknotes have solidified the position as the nation’s most essential form of paper money, accounting for a sweeping majority in money value and the highest proportion in volume, the central bank said Wednesday.As of the end of May, the 50,000 won banknotes accounted for 98.3 trillion won ($83.5 billion) or 84.6 percent of the total value of banknotes in circulation, while accounting for 1.97 billion in sheer number or 36.9

Economy June 19, 2019