The overseas corporations of major South Korean banking groups have been recommended to build up their pre-emptive risk management capacities, according to financial supervisors.The Financial Supervisory Service recently issued an attention-level management recommendation to Woori America Bank, the US corporation of Woori Bank, asking that it level out its loan portfolio, officials said Wednesday.As the notice is a nonbinding administrative guidance, it is up to the company to voluntarily make t

In order to acquire investment, it is crucial for startups not only to convince the potential investor, “why this specific business model will work right,” but also to display an insight as to “why similar attempts have not succeeded in the past,” advised a renowned entrepreneur-turned-investor. “Startups often tend to be so immersed in their innovative ideas and visions for the future that they may at times miss out on the history of their given sector,” Simon Seok-heun Kang, CEO and partner of

KB Financial Group on Monday separated the group chairman post and its flagship bank president role for the first time in three years, signaling its new business momentum as the nation’s top-tier banking group, officials said.The group’s shareholders’ meeting confirmed through an extraordinary meeting that incumbent Chairman and bank chief Yoon Jong-kyoo is to serve for another three-year term, this time as the group’s chairman only. The Kookmin Bank president post is to

The Pohang earthquake on Wednesday that has rekindled national anxiety over the safety of nuclear power plants -- mostly located in the southeastern part of the Korean Peninsula -- is likely to add momentum to the Moon Jae-in government’s nuclear-free energy road map.Anti-nuclear groups here anticipate the agenda may even rethink the recent decision to continue with the construction of new reactors.“Earthquakes in Korea are all the more dangerous as they may hit upon nuclear power pl

Global ratings agency Moody’s on Wednesday forecast that South Korea’s economic growth and its companies’ credit conditions will remain stable in 2018 on the back of synchronized growth throughout the globe.“For the first time since the global financial crisis, we expect growth in all major areas next year,” Christian de Guzman, vice president and senior credit officer of Moody’s sovereign risk group, said in a media briefing.The press event, held jointly by M

China has for years appeared to be an unchanging target for South Korea’s cosmetics export realm, but for market pioneers, India is the way to go, according to an entrepreneur specializing in Indian business.“For one of the fastest-growing countries in the world with a young, growing population of some 1.3 billion, India is largely underestimated in the global market,” Dale Deugcheon Han, CEO of Limese, told The Korea Herald in an interview.Limese, a combination of the Latin words for “path” and

The nation’s financial regulator on Monday gave approval to five brokerage companies on starting investment banking businesses, as part of the government’s economic blueprint to boost the global competitiveness of local financial players.The five securities firms are Mirae Asset Daewoo Securities, NH Investment & Securities, Korea Investment & Securities, KB Securities and Samsung Securities, according to the Financial Services Commission. Among them, Korea Investment & S

Financial authorities on Monday vowed full-fledged support for companies that pursue social values, under a long-term vision that co-prosperity is vital for the nation‘s economic sustainability.“In order for the social finance model to settle as an independent and sustainable economic system, it is crucial to build a related hardware,” said Choi Jong-ku, chairman of the Financial Services Commission, in a meeting with the FSC-affiliated Financial Development Council members. Ca

Woori Bank’s recruiting scandal is not only causing a major setback to its decadeslong aspiration for complete privatization, but also bringing renewed attention to alleged irregularities surrounding other major banking groups, many of whose leaders are seeking re-election.The bank‘s plan to sell out remaining government stakes has been facing setbacks, mainly due to the latest scandal that it had offered special favors to children of high-profile officials and VIP clients in last year’s open re

The Korea Herald is publishing a series of articles looking into new roles of South Korean startups en route to the “fourth industrial revolution,” as well as their challenges in securing funds, entering the market and staying in it. This is the third installment. -- Ed.Due to investment challenges and the cutthroat domestic market, South Korean startups tend to underestimate the vast potential of their innovative technology and high-quality human resources, according to Southeast Asian market e

The use of drones will be permitted for nighttime broadcasting, flying performances and parcel deliveries in remote island areas, as part of the government’s deregulation plan to foster the growing drone industry.The Ministry of Land, Infrastructure and Transport said Thursday that it would introduce a special approval system, starting Friday, to permit the currently restricted drone flights during the night or over long distances, according to officials. (Yonhap)Operators who wish to obtain fli

During his two days in South Korea as part of his tour of Asia, US President Donald Trump proved to be what he has been since even before politics came along -- a profit-driven businessman to the core.Though his official message mostly pivoted on North Korea and its nuclear-ambitious leader Kim Jong-un, the billionaire entrepreneur-turned-president took a utilitarian approach toward money issues by highlighting American jobs, sales of US weapons and the bilateral free trade deal.Using the second

A project management symposium was held this week in Incheon to mark the eighth anniversary of the Incheon Bridge and appreciate the facility’s contributions to the local community.The International Project Management Association Korea held the fifth IPMA Research Conference at Gyeongwonjae Ambassador hanok hotel in Incheon’s Songdo International City on Thursday and Friday, officials said.The academic event was held to celebrate the eighth anniversary of Incheon Bridge, a 21.38-kilometer-long b

Woori Bank CEO Lee Kwang-goo resigned Thursday, amid accusations that the bank offered special favors to children of high-profile officials and VIP clients in last year’s open recruitment.“As chief executive of Woori Bank, I offer my sincere apology to the people and to our clients for causing controversies related to the 2016 open recruitment,” Lee said in an email to employees. “Bearing the responsibility, I have notified the directorate of my intention to resign and re

South Korea’s construction business is set to slow down over the next few years due to stricter loan regulations aimed at curbing real estate speculations and the reduction in social overhead capital budget, according to local economic think tanks.The Construction Business Survey Index, a sectoral benchmark for business sentiment, took a slight upturn this month but did not show actual growth in the number or amount of construction deals, according to data released Thursday by the Construction &

Underage heirs of affluent families have been earning more dividend income than the average adult shareholder in recent years, data showed Tuesday.According to data submitted by the National Tax Service to the parliamentary strategy and finance committee, 303,197 adult shareholders were reported to have received stock dividends of 20 million won ($17,800) or more from 2013 to 2015.The aggregated amount stood at 28.6 trillion won, with the average amount per person lingering around 94 million won

Korea Aerospace Industries, the nation’s sole aircraft manufacturer, said Monday that it kicked off a self-reform committee, in an apparent attempt to recover from the multibillion won corruption scandal that led to the arrest of its former chief.The management innovation task force was one of the key pledges put forward by the organization’s new chief Kim Jo-won, who took office as president and chief executive on Thursday.Scheduled to be active until December, the team will be led by Kim Ho-jo

South Korea’s China-sensitive stocks are recently showing signs of rebounding, as diplomatic tensions intensified by the installment of an advanced US anti-missile system here appears to be gradually settling.Riding on the resumption of Chinese group tours and an improved bilateral relationship signaled by the extension of a currency swap are the automobile, cosmetics, duty-free shop and travel sectors. South Korean shares are expected to test the landmark 2,500 level this week, with the m

Among Seoul’s lower-income bracket, those in their 20s and 30s residing in the southern part of Seoul paid the highest amount of monthly rent, while those aged 60 and over living downtown paid the least, data showed Wednesday. According to an analysis submitted by Seoul Metropolitan Government to the parliamentary land, infrastructure and transport committee, the younger generation in Gangnam-gu, Seocho-gu, Songpa-gu and Gangdong-gu -- all located in the southeastern part of Seoul -- paid

The South Korean government on Tuesday came up with a comprehensive scheme to curb the nation’s whopping level of household debt by tightening loan availability for multiple-home owners and categorizing borrowers’ financial capacities to encourage debt repayment.The regulations is a follow-up to the Aug. 2 real estate measures and aimed to crub the mounting household debt hovering at nearly 1,400 trillion won. “The household debt issue is one of the core risks to our economy, a