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Sun, July 23, 2017 | 07:54

Economy > Finance >

Market expectations high for new financial regulators

Appointment of a duo at top posts of the nation’s financial regulator is leading to expectations that the government will be more active and effective in reigning in skyrocketing household debt. President Moon Jae-in appointed Financial Services Commission (FSC) Secretary-General Kim Yong-beom as its new vice chairman Thursday. The appointment does not require a parliamentary confirmation hearing. FSC Chairman Choi Jong-ku, a former deputy finance minister, took office on Wednesday.

Finance | 2017-07-21 17:43

Collapse of branch banking in 1 century

Banking has existed since ancient times and has changed its shape significantly from grain loans between merchants to today’s banking without cash. Throughout paradigm shifts, banks’ operations have changed dramatically. Many global lenders are now setting up branchless and digital operations as the way to go - a move that is in stark contrast to the strategy they took over t...

Finance | 2017-07-21 16:54

Swiss Re researchers win Kyobo Life founder's award

Kyobo Life Insurance said Tuesday Thomas Holzheu and Ginger Turner of Swiss Re received the 2017 Shin Research Excellence Awards. Holzheu, chief economist, and Turner, strategy development manager, received the much-coveted prize for their paper titled “The Natural Catastrophe Protection Gap.” The Geneva Association and International Insurance Society (IIS) reviewed the paper...

Finance | 2017-07-19 17:09

GS chief stresses innovation, investment

GS Group Chairman Huh Chang-soo has urged his executives to pursue innovation by looking ahead into the future, and stop dwelling on the past. In a regular meeting with some 150 executives at GS companies, Huh said that GS must aggressively invest and discover opportunities in times of uncertainty. He asked them not to make the same mistakes again, but learn and enhance their...

Finance | 2017-07-19 15:26

NongHyup vies to expand in Indonesia

NongHyup Financial Group has signed a memorandum of understanding (MOU) with Indonesia’s PT Bank Mandiri Tbk for business cooperation, leading a proactive expansion in the country, the Korean bank said Tuesday. At Bank Mandiri’s head office in Jakarta, NongHyup Financial Group Chairman Kim Yong-hwan and Bank Mandiri President Director Kartika Wirjoatmodjo agreed to enhance th...

Finance | 2017-07-18 17:32

Korea Aerospace Industries hammered amid scandal

Korea Aerospace Industries (KAI) shares are falling like a plane crash amid the erupting scandal at the defense manufacturer. The company, which once held the spotlight for its technological potential in the age of the Fourth Industrial Revolution, has become a symbol of corruption and disgrace after state auditors and prosecutors uncovered a series of business malpractices t...

Finance | 2017-07-18 16:26

'AI will take center stage in insurance'

Artificial intelligence (AI) is making fast inroads into the world of finance, and the first AI-based customer support agent will soon debut in the Korean life insurance industry. AIA Korea announced Monday that it has signed an agreement with SK C&C for the introduction of AI technology to its call centers. According to the Seoul-based company, its AIA ON robo-teller service...

Finance | 2017-07-17 17:20

KOSPI soars to record-high

The country’s stock market continued its bullish move Monday, closing at a record high on massive purchasing by institutional investors. The benchmark KOPSI closed at 2,425.10, up 10.47 points, or 0.43 percent, from the previous trading day. The KOSPI started trading at 2,427.76 points, and continued rising to briefly touch 2,430.34 points. Its closing price marked a record high for the third consecutive trading day.

Finance | 2017-07-17 16:57

KDB offers help to Teresa's House for girls

Korea Development Bank (KDB) has extended its helping hands to a social welfare center for girls whose parents have separated or passed away. The state-run policy bank said Monday that it has donated 10 million won to the house in Eungam-dong, Eunpyeong-gu in Seoul. The donation will be used to fix the aging house to repair its leaking roof, the center said.

Finance | 2017-07-17 15:21

Shinhan Vietnam eyes 'quantum leap' through M&As

In making advances into Southeast Asia, Shinhan Bank has built a reputation as a “pioneer,” as its local body in Vietnam is one of the first-generation foreign banks in the country. Shinhan first opened its office in Ho Chi Minh City in 1993, just 11 years after the bank’s establishment in Korea. The move seemed to be an alternative way for survival back then since the young ...

Finance | 2017-07-16 17:16

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Park's impeachment