Oil-producing countries met Sunday in Qatar to discuss a possible freeze of production to counter low global prices, but Iran's last-minute decision to stay home could dilute the impact of any agreement.The attendees, including Saudi Oil Minister Ali al-Naimi, silently swept past gathered journalists at a luxury hotel in Doha ahead of the meeting. Also on hand was Russia, another of the world's top oil producers. The U.S., now a major producer because of shale oil, did not attend. At least 15 oi

The strongest earthquake to hit Ecuador in decades flattened buildings and buckled highways along its Pacific coast, sending the Andean nation into a state of emergency. As rescue workers rushed in, officials said Sunday at least 77 people were killed, over 570 injured and the damage stretched for hundreds of miles to the capital and other major cities.Rescue workers work to pull out survivors trapped in a collapsed building after a huge earthquake struck, in the city of Manta early on Sunday. (

Eleven people remained missing Sunday in southern Japan from two powerful earthquakes that killed 41 people, as the U.S military announced it was preparing to join relief efforts and Toyota said it would suspend vehicle assembly in Japan over the course of next week because of quake-related parts shortages.Police search for missing persons trapped under houses destroyed by the earthquakes in Minami-Aso, Kumamoto prefecture on Sunday. (AFP-Yonhap)Thousands of rescue workers fanned out in often mo

[코리아헤럴드=박한나 기자] 한국은행이 추진 중인 이른바 ‘동전없는 사회’ 프로젝트의 일환으로 내년부터는 편의점이나 마트 등에서 돌려받는 거스름돈을 그 자리에서 즉시 교통카드로 충전할 수 있을 것으로 보인다. 당국은 관련 시스템 개발과 테스트를 올해 중으로 완료하고 내년부터 운영에 들어간다는 방침이다. 한국은행은 지난 1월 동전으로 발생하는 불편함을 해소하고 관리 비용을 절감하기 위해 선진국의 ‘현금없는 사회’ 모델을 바탕으로 우리나라를 2020년까지 ‘동전없는 사회’를 만들겠다고 밝힌바 있다. 한국은행 관계자는 “소비자들마다 잔돈을 활용하는 방법에 대한 선호도가 다른데 우선 교통카드부터 운영할 계획”이라고 밝혔다. 예를 들어 상점에서 현금 1만원으로 9천500원짜리 상품을 구입할 때 거스름돈 500원을 받지 않고 교통카드로 충전할 수 있다.올해 편의점과 마트, 약국, 커피숍 등 주요 가맹점 대상으로 시범테스트를 거쳐 운영시스템 설계 및 구현 모델 발굴을 완성하겠다는 계획이다.이 관

Nexon Korea, a subsidiary of Tokyo-based Nexon, a major player in the Asian gaming market, has acquired U.S.-based Big Huge Games for an undisclosed fee in a move to expand its global footprint.“Combining Big Huge Games’ skilled workforce and game development capabilities with Nexon’s global publishing expertise will enable us to consistently provide DomiNations players with fresh content and engaging experiences in the long term,” the company said. Prior to the acquisition, the two companies wo

This is the third installment of a three-part series looking into Korean companies’ dividend payout policies, the reasons behind them and future prospects. -- Ed.Motivated by low interest rates and volatile markets, many more investors are flocking to dividend-paying stocks and funds as they look for stability in their portfolios. Income-oriented investors, who have been reluctant to move into dividend-paying stocks due to stingy returns, are now paying more attention as analysts expect the divi

South Korea has become the third-largest mergers and acquisitions market in Asia, as big-ticket deals by large conglomerates pushed the total volume to an all-time high in 2015, data showed Wednesday.A total of 362 deals worth $87.5 billion were signed last year, nearly a threefold increase in deal size from the figure in 2012, according to data by Mergermarket. Korea accounted for 9.4 percent of the total deal amount in Asia. China was the region’s top M&A market with $486.9 billion worth of de

From commercial banks to wealth management firms, Korean financial institutions are seeking to bolster their presence in the fast-growing Vietnam market to drive growth as the industry slows at home.  Korean lenders are rushing to expand their footing in the country as its economy has remained robust --with a growth rate of 6.68 percent in 2015 -- while their net interest margin tumbled largely due to the continued low key interest rate. Shinhan Bank Vietnam, a subsidiary of Shinhan Bank, is set

Korea’s savings banks slashed interest rates on time deposits to below 2 percent, approaching the levels offered by commercial banks, amid the central bank’s record-low key rate policy.  (123rf)The average interest rate on 90 fixed-term deposit products with a one-year maturity declined to 1.99 percent a year as of Tuesday, from the 2.67 percent recorded on Jan. 1 last year, according to data from the Korea Federation of Savings Banks on Thursday. The data showed that 2.32 percent was the highes

After 60 years in operation, South Korea’s bourse has become the world’s 14th-largest stock exchange and is now eyeing to sharpen its global competitiveness by overhauling its centralized operation system. (Korea Exchange)Launched in 1955 to trade shares of just 12 listed companies, Korea Exchange, the sole securities exchange operator, now lists over 1,927 companies, including 770 on the main board KOSPI and 1,157 in the tech-laden KOSDAQ with a market cap of more than $1.23 trillion. “Korea’s

South Korea has closed the economic gap with Japan as its per capita gross domestic product has neared the level of its neighbor, mainly due to the currency exchange rate in 2015, a report showed Tuesday. Korea’s per capita GDP was estimated to stand at $27,226 in 2015, which reaches 84 percent of Japan’s $32,432, according to a report by Hyundai Research Institute.This is the first time that the gap in per capita GDP between the two countries comes below 20 percent since the International Monet

Net income of South Korean brokerage firms have surged over 91 percent in 2015 as their brokerage commissions and investment-banking fees soared, data compiled by the country’s financial authority showed Monday. According to Financial Supervisory Service, a combined net profit of 56 brokerages climbed to 3.23 trillion won ($2.6 billion) last year, up 91.7 percent from 1.54 trillion won a year earlier.The surge was attributed to brokerage commissions that jumped 32.6 percent on-year to 7.92 trill

South Korea’s household income grew at the slowest pace in six years in 2015, with spending growth hitting a new record low, government data showed Friday. Average household monthly income increased 1.6 percent to 4.37 million won ($3,538) last year from a year earlier, said Statistics Korea in a report. It was the slowest growth since 2009 when the figure was 1.2 percent in the aftermath of the global financial crisis. Household monthly spending, excluding tax and social security-related paymen

South Korea’s top financial regulator said Thursday it will push ahead with the second phase of financial reforms aimed at expanding a range of new services and sharpening the competitive edge. Financial Services Commission chairman Yim Jong-yong (Yonhap)The Financial Services Commission said it has mapped out the plan to reorganize listing procedures and the public subscription system in stock markets to facilitate better access to finance for Korean companies on the heels of last year’s reform

Doosan Infracore, South Korea’s largest construction equipment maker, plans to list its unit Doosan Bobcat on Korea’s stock exchange this year to raise money to reduce debts. Doosan Bobcat, a subsidiary of Doosan Infracore, said Tuesday that it is seeking an underwriter for an initial public offering following Monday’s board meeting where the company chose Korea as its listing venue. Acquired by Doosan Infracore in 2007 for $4.9 billion from Irish manufacturer Ingersoll-Rand, Doosan Bobcat has 3

Four South Koreans were killed and two others were critically injured in Laos Sunday when their mini-bus collided head-on with a bus, Seoul's Foreign Ministry said.The accident took place in the Kasi area north of Vientiane, leaving the Laotian driver dead as well.The mini-bus was carrying six South Koreans. Three women and one man, all in their 50s or 60s, are dead, the ministry said. A man and a woman with similar ages were injured.They were among a group of South Korean Buddhists visiting Lao

The United States and China are in a critical phase in their drawn-out talks on the level of U.N. punishment against North Korea for its nuclear and missile provocations, government sources here said Sunday."The two sides have made considerable progress in core contents" of the envisioned U.N. resolution, a source said, requesting anonymity.South Korean officials expect a draft resolution to be circulated to the other members of the U.N. Security Council within this week.But they remain cautious

Secretary of State John Kerry said Sunday that a "provisional agreement” has been reached on a cease-fire that could begin in the next few days in Syria's five-year civil war.Kerry said he spoke in the morning with Russian Foreign Minister Sergey Lavrov to discuss terms of a ceasefire and the two now must reach out to the parties in the conflict. "There is a stark choice for everybody here,” Kerry said. He declined to go into the details of the agreement because all parties need to be fully cons

South Korea’s outbound shipments are expected to fall by up to 0.5 percent in 2016 from a year ago amid tepid global demand, a report showed Sunday.  (Yonhap)“Sluggish global demand, and weaker European and Japanese currencies will drag down the nation’s exports by 0.4 to 0.5 percent in 2016 compared to 2015,” said the report compiled by the Export-Import Bank of Korea.The report underlined the increasing uncertainties of the Chinese economy and the impact of the U.S. interest rate hike as key f

Korean bank customers will soon be able to make online transactions without using security cards or one-time passwords as the government is seeking ways to make online payments easier so as to drive innovation in the sector, financial authorities said Sunday. (123rf)“As a part of financial reforms, we plan to abolish the mandatory use of password-based authentication system by revising online financial transaction regulations during the first half of this year,” said an official from the Financi