With the next parliamentary election slated for April next year, some opposition lawmakers have recently rekindled long-stalled talks on relocating the nation’s key policy financing institutions -- the Bank of Korea and the three state-run banks -- to their respective constituencies.The two regions in apparent rivalry are Busan and North Jeolla Province, the former celebrating its 10th anniversary of being designated as the country’s No. 2 financial hub and the latter hoping to be na

The strategy of incorporating environmental, social and governance-related considerations into investment portfolios has become crucial for financial institutions, not for philanthropic reasons but for the sake of risk management and higher returns in the long term, according to the head of sustainable investing at the asset management arm of Deutsche Bank.“For us, such strategy or ESG investing is an essential risk management tool, which helps us reduce possible drawdowns by measuring extra-fin

South Korea’s insurers are facing a rough year ahead as they have to deal with reinforced surveillance from financial regulators, while still struggling to find new growth drivers amid a dwindling market trend and stricter accounting requirements.Despite such mounting challenges, however, domestic insurance companies paid out higher dividends to shareholders earlier this year, rekindling controversy as to their management integrity. Financial Supervisory Service. (Yonhap)The Financial Supervisor

An Iranian business group is seeking to seize the overseas assets of Korean firms after winning a suit against the South Korean government in an investor-state dispute case, according to the financial regulator Wednesday.Enterkhab, owned by Iran’s Mohammad Reza Dayyani, recently got international court approval at Rotterdam, the Netherland, to seize assets of Samsung Electronics, LG Electronics, KEB Hana Bank and others, according to officials.The compensation dispute between the Iranian company

Citing mounting challenges in the global market, the chief of South Korea’s central bank on Tuesday urged for measures to improve the competitiveness of the manufacturing sector during a rare meeting with industry representatives.“The competitiveness of the manufacturing sector will determine the survival of our economy,” said Lee Ju-yeol, governor of the Bank of Korea, at an economic meeting with officials from industries. “We cannot guarantee sustainable growth without

Reflecting the market response to the government’s real estate regulations, the home purchase sentiment has dwindled to the lowest level in nearly six years, data showed Monday.According to the Korea Appraisal Board, Seoul’s weekly apartment supply-demand index stood at 73.2 as of Feb. 11, the lowest since March 11, 2013, when the index hit a record-low of 71.8.The index, referring to the ratio of apartments available for transactions, is measured on a scale of zero to 200. While 100

Fast-paced technological advancement and mounting challenges in the global trade environment have been pushing companies to reinforce their supply chain system and governments to innovate their customs clearance procedures.As a technology pioneer, South Korea is seeking to add momentum to its customs administration through blockchain, artificial intelligence, big data and drone technology, according to officials of the Korea Customs Service.“It is the KCS’ goal to create a safe trade

South Korea’s current account surplus extended its surplus for 21 years straight in 2018, on the back of improved service accounts and record-high exports, central bank data showed Friday.The monthly figure for December, however, hit an eight-month low amid falling prices of semiconductors and the consequent blow on exports. The country’s current account surplus for 2018 stood at $76.41 billion, up $1.18 billion from a year earlier and marking the 21st consecutive year in the black s

South Korea’s employment indexes have continued to struggle so far this year, with the jobless rate hitting a record high since the aftermath of the global financial crisis, and the number of newly employed people extending a five-month low, government data showed Wednesday.The country’s unemployment rate stood at 4.5 percent in January, up 0.8 percentage point from a year earlier, reflecting the hiring slump in the manufacturing sector, according to figures released by Statistics Ko

South Korea’s financial authorities are hastening to build a legal framework for the fast-growing peer-to-peer lending market, seeking to encourage investment by raising the ceiling while enhancing protective measures for investors, officials said Monday.The Financial Services Commission, the Financial Supervisory Service and the Korea Institute of Finance jointly held a public hearing at the Korea Federation of Banks, inviting industry officials and scholars to lay the groundwork for a P2

Amid slowing momentum in the banking industry and rising competition from fintech players, major financial groups are looking to break away from the status quo and design a new business paradigm.In an attempt to deviate from the conventional banking-focused mindset, most have chosen to fuel in-house ventures this year, encouraging the units to experiment with digital transformation in order to come up with new business ideas.The latest example is the state-run Industrial Bank of Korea, which in

Seeking to boost overseas business and expand their base of young customers, South Korea’s major banks have adopted a new marketing strategy in recent years: using K-pop groups as brand ambassadors.K-pop celebrities were for some time viewed as an unconventional choice for the banking industry, but partnerships soon rose as an effective way to overcome the conservative and rigid image of the market.The biggest beneficiary was KB Kookmin Bank, which recently renewed its advertising contract

Seeking to boost overseas business and expand their young customer bases, South Korea’s major banks have adopted a new marketing trend over recent years -- using K-pop groups as brand ambassadors.K-pop celebrities were for some time viewed as an unconventional choice for the banking industry, but partnerships soon rose as an effective way to overcome the conservative and rigid image of the market.The biggest beneficiary was KB Kookmin Bank, which recently renewed its advertising contract w

The state-run Korea Development Bank said Thursday that it had signed a conditional memorandum of understanding on Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering.While KDB is also to check the intention of Samsung Heavy Industries, the third of South Korea’s so-called “Big Three,” the latest deal was seen as putting industry frontrunner HHI in a highly favorable position to take over the cash-strapped DSME and secure market monopoly.“KDB has signed today a cond

Throughout various dynasties, Korea’s royals considered their garments not as functional daily necessities but rather as symbols of authority and expressions of courtesy, as well as the highest level of contemporary craftsmanship.“When it comes to royal and noble attire, every detail was designed to reveal the wearer’s social rank and power at a single glance,” said Choi Jeong, professor at Wonkwang University’s Department of Fashion Design and Apparel Industry.“This is why we need to refer to a

South Korea saw a decline in both production and investment, marking two consecutive months of downtrend amid slowing exports of key sectors, government data showed Thursday.The country’s industrial output fell 0.6 percent in December from a month earlier, reflecting the decreased exports of automobiles and semiconductors, according to data compiled and released by Statistics Korea. The production of semiconductors and cars -- the two primary exports for Asia’s fourth-largest economy

The South Korean government on Tuesday approved the waiving of preliminary feasibility studies for 23 nonmetropolitan infrastructure projects worth 24.1 trillion won ($21.6 billion), as part of its mid- and long-term blueprint to encourage balanced regional growth.It also unveiled a five-year, 175 trillion won development plan that focuses on increasing the number of jobs in rural areas and the population of rural areas.“The government’s strategic investments are crucial in order to

South Korea’s central bank on Thursday nudged down its forecast for the country’s economic growth this year, while keeping the policy rate steady amid lingering uncertainties in the domestic and global financial markets.The Bank of Korea, in its first Monetary Policy Board meeting of the year, decided unanimously to keep the base rate at 1.75 percent, prolonging the status quo since November, when it raised the rate by a quarter percentage point.The economic growth for this year was

The South Korean government will turn unused state-owned land equivalent to 2.4 times the size of Yeouido into sites for public houses and business space for innovative companies, the nation’s chief fiscal policymaker said Wednesday.To back the plans, the government decided to spend 65 percent of its yearly social overhead capital within the first half of the year, in a pump-priming effort to resuscitate the slowing domestic economy at all costs. “(The government) has selected 11 uni