Shinhan Bank said Sunday that its call center employees will start remote working as part of its preventive measures against the spread of the new coronavirus.  A total of 150 call center employees working regular hours of 9 a.m. to 6 p.m. will start working from home starting Monday. The list, however excludes those who deal with telecommunications fraud and sign language. The decision came amid growing concerns over mass transmission of the virus at call centers. Earlier, nearly 102

Market March 15, 2020

South Korean banks are seeing a surge in deposits, reflecting investors’ concerns amid growing uncertainties in the capital market, according to latest data Sunday. Nearly 36 trillion won ($30 billion) flowed into bank deposits last month -- the largest in five years -- Bank of Korea data showed.  According to the central bank, the combined bank deposits came to nearly 1770.1 trillion won, up 35.9 trillion won from a month earlier, the biggest monthly change since Dec. 2014

Market March 15, 2020

The Bank of Korea said Monday that it had appointed Lee Hwan-seok, the incumbent head of its research department, as its new deputy governor, a senior post within the central bank that had been vacant for nearly two months. Lee, 55, joined the BOK in 1991 and built his career in its policy departments, including research and monetary policy, the bank said. He also served as monetary policy board secretariat within the bank’s planning and coordination department and chief of staff withi

Economy March 9, 2020

Applications to register trademarks reminiscent of the deadly novel coronavirus, or COVID-19, are on a rapid rise in Korea, according to data from the Korean Intellectual Property Office. Since the government reported the first confirmed case of the acute respiratory disease on Jan. 20, a total of eight trademarks christened “corona” have been applied for at the patent office -- from both individuals and companies.  The growth in applications of such trademarks coincided wi

Market March 8, 2020

  South Korea’s financial watchdog is likely to slap sanctions on the tobacco giant KT&G over accounting fraud allegations, according to officials Wednesday.  The Financial Supervisory Service sent a preliminary notice to KT&G last month, concluding that the firm violated financial reporting standards by reporting its Indonesian affiliate Trisakti in its consolidated financial statements even though it exerts no actual influence. The notice, which recommends prosecuto

Economy March 4, 2020

  Under a 10-year drive to create a human-friendly and innovative environment in Suwon, Gyeonggi Province, the city with a population of 1.25 million has become a global green city.  In its final year that wraps up the grand policy drive, Suwon Mayor Yeom Tae-yong has vowed to focus on creating jobs and enhancing the welfare system, while seeking new growth engines for the city’s fiscal independence. “To boost employment, the city government has decided to create 34,000

Economy March 3, 2020

  Korea’s benchmark Kospi on Monday rose less than 1 percent, barely recovering past the 2,000-point mark after crashing in the previous session over expectations on an interest rate cut in the US.  The local currency closed at 1,193.70 won against the US dollar, strengthening 20 won from the previous session’s close. The benchmark bourse Kospi opened slightly high at 1,997.03 -- rising 10.02 points, or 0.5 percent, from the previous session. It dipped below 1,980 points

Market March 2, 2020

  Prosecutors raided Daishin Securities, KB Securities and Woori Bank on Thursday as part of a probe into the snowballing Lime Asset Management fiasco. Investigators from the Seoul Southern District Prosecutors’ Office executed a search and seizure operation at the headquarters of Daishin Securities and KB Securities in central Seoul and KB Securities’ office in Yeouido in the morning. Prosecutors had raided Lime Asset Management and Shinhan Investment last week, after the f

Market Feb. 27, 2020

     The number of taxpayers owning expensive homes, subject to higher property tax, surged at the fastest pace in Jamsil, southern Seoul, data showed Sunday.  The number of home owners who paid comprehensive real estate holding tax rose 36.1 percent on-year from some 15,000 to nearly 21,000 in Jamsil, said Rep. Kang Byung-won of ruling Democratic Party, quoting data from the National Tax Service. The number of taxpayers in Jamsil owning one residential unit with an appra

Economy Feb. 16, 2020

  Online credit card spending by South Korean consumers rose 44.5 percent in the fourth week of January, amid fears of the novel coronavirus outbreak, industry data showed Tuesday. According to data compiled by eight credit card issuers -- Shinhan, Samsung, KB Kookmin, Hyundai, BC, Lotte, Woori and Hana -- the combined online spending reached some 2.5 trillion won ($2.1 billion) following the Lunar New Year holiday. The total online spending in the same week last year amounted to 1.73

Economy Feb. 11, 2020

     The South Korean government will hold a large cultural event, including a K-pop concert and food exhibition in Russia to commemorate the 30th anniversary of the two countries’ diplomatic ties, according to the nation’s fiscal policy chief on Friday. "The government will host KCON as well as a trade fair in Russia this year,” said Finance Minister Hong Nam-ki during a meeting held to develop state-backed events for diplomatic ties. An official fro

Economy Feb. 7, 2020

Global private equity fund operator Kohlberg Kravis Roberts said Tuesday that it will sell a landmark logistics center to a South Korean real estate asset manager. The US-based company issued a release to confirm that Pebblestone Asset Management is to acquire BLK Pyeongtaek Logistics Center from a KKR-led consortium. The precise amount of the deal was not disclosed. “The rapid growth of e-commerce is transforming South Korea’s logistics sector, creating a growing demand for fully

Market Feb. 4, 2020

Consumer Bridge, which runs electronics comparison website Honey Review, said Wednesday it has attracted seed investment of 300 million won ($251,022) from Kakao Ventures, an investment unit of the nation’s largest mobile messenger firm Kakao. The startup was established in October last year by Shin Jae-hyun, a former developer at cryptocurrency exchange platform UPbit and travel information startup MyRealTrip, and Park Seong-hwan, who previously worked for Kakao and fashion startup S

Market Feb. 3, 2020