Updated: 58 min 34 sec ago
Fair Trade Commission (FTC) chief Kim Sang-jo said the agency aims to complete the reformation of the nation's conglomerates, or chaebol, within five years.
Differing views over various financial policy issues such as Samsung Securities' fat finger scandal and Samsung BioLogics' alleged accounting fraud have surfaced between the nation's two largest financial authorities.
A farmer who has been hosting music concerts in his town was designated as a leader of convergence in agriculture.
The nation's major banks are looking for possible opportunities in North Korea as relations between the two Koreas are thawing following their April 27 summit.
Emerging economies can “effectively navigate” any turbulence from a tightening of U.S. monetary policy as this will not produce capital outflows. The Bank of Korea is also looking for any increased volatility in financial markets to anticipate any changes.
The country's top economic policymaker is stressing the need to slow the pace of economic cooperation with North Korea, pointing to a number of prerequisites such as lifting of the international sanctions and the summit between North Korea and the United States.
The United States' withdrawal from the Iran nuclear deal and decision to levy fresh sanctions is expected to deal a blow to the Korean economy, which depends heavily on oil imports. A further rise in oil prices will be inevitable, leading to contractions of both consumption and investment. Industries sensitive to oil prices such as airlines and petrochemicals will be hit hardest, according to analysts, Wednesday.
The government and lawmakers are moving to revise the commercial act to better represent small shareholders, but it is triggering concern among businesses that it will enable speculative funds to hurt their managerial control.
Financial Services Commission (FSC) Chairman Choi Jong-ku hailed General Motors' (GM) decision to inject $6.4 billion into its unprofitable Korea affiliate to keep it afloat.
New Financial Supervisory Services (FSS) Governor Yoon Suk-heun has stated the financial regulator “should have independence” in performing its role of hedging risks, with checks and balances in between the domestic financial industry and financial market.
Korea's top-tier financial groups are on the hunt for stakes in non-banking financial companies focusing on life insurance. The life insurance industry is lucrative and has further growth potential due to the country's aging population.
Samsung Securities' fat finger scandal was caused by the firm's lack of a monitoring system and contingency plan, said the Financial Supervisory Service (FSS). The agency also pointed out the moral laxity of its employees who immediately sold their shares after the securities firm mistakenly gave them about 2.8 billion shares instead of 2.8 billion won in dividends.
Samsung Securities has decided to file a complaint with the prosecution against a group of employees who sold company shares they were mistakenly given last Month, as part of its efforts to put the so-called fat finger scandal behind. But this and other measures announced Monday appear to have failed to satisfy investors and customers, who have been calling on CEO Koo Sung-hoon to step down and the brokerage firm to take more drastic steps
The Financial Supervisory Service (FSS) is in the hot seat for its flip-flopping stance on Samsung Biologics over the company's alleged accounting fraud.
Morgan Stanley has lowered Korea's expected GDP growth rate for 2019 to 2.7 percent, slowing from 3.0 percent expected this year. The top-tier U.S.-based investment bank cited two factors _ moderating export volume momentum and a property market slowdown _ in its forecast for Asia's fourth-largest economy. “Although the regional trade momentum has continued to hold up despite concern about trade protectionism, the momentum would slow down with the maturing cycle of the business of the developed market,” Deyi Tan, an economist with the investment bank, said in the report.
New Financial Supervisory Service Governor Yoon Suk-heun said the country's top financial regulator will consider relaxing cryptocurrency regulations.
North Korean defectors showed a higher rate of getting high-interest-rate loans in secondary financing than native South Koreans with similar credit ratings and income, according to an economic research report on North Korean defectors' credit conditions. According to the April report conducted by Jung Seung-ho of the Bank of Korea's North Korean economy research department, 15.1 percent of defectors took out high-interest loans, about four times higher than a control group of native South Koreans (3.8 percent).The report cited financial illiteracy as the main reason, noting that defectors in the first- to third-grade credit groups also showed a high proportion of taking out high-interest loans in secondary financing.
The Bank of Korea (BOK) will raise the nation's key rate when it is possible, its chief said. He also hinted the central bank is reviewing its plan to resume a currency swap deal with Japan that was suspended over diplomatic feuds.
South Korea will push to revive a currency swap deal with Japan that was suspended over diplomatic feuds, Bank of Korea (BOK) Gov. Lee Ju-yeol has said. During a news conference on the sidelines of a regional forum in Manila on Friday, Lee expressed expectations that the two sides will start negotiations in the near future.