The Korea Times

Helping small businesses

A couple who runs a traditional Korean rice cake store smiles holding a pack of their products in front of their store with a newly installed store signboard in Gunpo, Gyeonggi Province, Sept. 27. The board was designed and produced with the help of Industrial Bank of Korea (IBK) as part of the state-run bank's years-long project to help small- and medium-sized enterprises replace old signboards with new ones designed by bank officials. Courtesy of IBK

Oct 23, 2018By Lee Kyung-min

Others

Loan for young workers

A model holds a placard promoting a new loan policy available from Woori Bank, at the bank's headquarters, Tuesday. The bank will offer government-funded, low-interest mortgages to young workers at small- and medium-sized companies. Courtesy of Woori Bank

Oct 23, 2018By Lee Kyung-min

Economy

KDB threatens not to back GM Korea

State lender vows legal battle against US auto giantKorea Development Bank Chairman Lee Dong-gull bows at the beginning of a National Assembly audit of state-run banks at Industrial Bank of Korea headquarters in Seoul, Monday. YonhapBy Lee Kyung-min The Korea Development Bank (KDB) may cancel its plan to give GM Korea 400 billion won ($375 million), the second portion of the $750 million government lifeline initially promised to the Korean unit of GM, KDB Chairman Lee Dong-gull said Monday. The other half has already been paid to the firm for facility construction.“We consider injecting the remaining amount is better, but the plan may be scrapped if protests continue,” he said at the National Assembly audit of state-run banks at the Industrial Bank of Korea headquarters in Seoul. However, he cast doubt on whether the move would benefit the country, saying a failure to uphold the agreement will give the carmaker cause to withdraw from Korea altogether, citing breach of contract. “Is that a desirable scenario? It would be better to have GM Korea manufacture in Ko

Oct 22, 2018By Lee Kyung-min

Economy

Shinhan vows to lead 'eco-transformation'

By Lee Kyung-min Shinhan Financial Group Chairman Cho Yong-byoungShinhan Financial Group will spend 20 trillion won ($17 billion) over the next decade to finance firms whose business models seek to promote sustainable, eco-friendly growth, it said Monday. The move is part of its efforts to take the initiative in dealing with global warming amid a growing need to move toward a low-carbon economy. The primary goal is to reduce greenhouse gas emissions by 2030 to 20 percent less than the amount produced in 2012. Under the slogan of “eco-transformation,” firms seeking to establish business models using renewable energy and electric vehicles will be offered generous financing. “The program will mostly help firms that recognize the need to clean the air and slow the pace of climate change,” an official from the group said. A group-wide effort will continue to obtain ISO 14000 environmental management standards that help organizations maintain environmentally conscious operations. The group's affiliates including Shinhan Card and Shinhan Bank are advised to develop f

Oct 22, 2018By Lee Kyung-min

Shinhan vows to lead 'eco-transformation'

Others

For deregulation

Financial Services Commission Vice Chairman Kim Yong-beom, third from left, speaks at a meeting at the Government Complex in Gwanghwamun, Seoul, Friday. Members of a special taskforce set up under the regulator discussed deregulation measures in a bid to foster financial market development. / Yonhap 

Oct 19, 2018By Lee Kyung-min

Economy

KEB Hana upgrades corporate internet banking

By Lee Kyung-min KEB Hana Bank said Friday that it has overhauled its corporate internet banking service to increase user convenience.It explained that a simplified layout design will improve readability by helping users better access frequently used functions including balance inquiry, wire transfer, foreign currency remittance and other services. A real time connection between the National Tax Service and the bank will help users view and automatically submit tax invoices online, a much more efficient system for those who frequently engage in Business-to-Business (B2B) transactions. Those seeking to take out a loan will be able to do so online without having to visit the bank in person. And relevant documents needed to prove credit scores will also be downloadable. Its immediate, customer-oriented communications service will also be strengthened. Users will be able to leave messages on each page to evaluate their online transactions experience and make recommendations.Online notifications will be made on important updates including new services at the request of the user. Services

Oct 19, 2018By Lee Kyung-min

Economy

Korea's corporate tax rate 7th highest in OCED

By Lee Kyung-min Korea's corporate tax rate was the seventh-highest among 36 economically advanced countries, data showed Thursday. According to data provided by Rep. Shim Jae-chul of the main opposition Liberty Korea Party at the 2018 National Assembly audit of the Ministry of Economy and Finance, Korea's 25 percent corporate tax rate was the seventh-highest among members of the Organization of Economic Cooperation and Development (OECD).France imposed the highest rate at 33.3 percent, followed by Australia, Mexico, Belgium, Greece and New Zealand (28 percent).Among the highly advanced G7 countries ― Canada, France, Germany, Italy, Japan, the United Kingdom, and the U.S. ― France was the only nation that had a higher tax rate than Korea. The opposition lawmaker said the global trend is leaning towards cutting corporate taxes, a measure to help foster corporate competitiveness. “The average corporate tax rate imposed among countries with export-reliant economies stood at 20.3 percent, much lower than Korea. Global competitiveness of companies in such nations is feared to be und

Oct 18, 2018By Lee Kyung-min

Economy

BOK cuts 2018 growth outlook to 2.7%

Governor Lee signals rate hike in NovemberBy Lee Kyung-min The Bank of Korea (BOK) lowered its economic growth forecast for 2018 and 2019 to 2.7 percent, Thursday, due to sluggish investment amid lingering domestic and overseas uncertainties. The bleak outlook came after the central bank decided to keep its key interest rate at 1.5 percent at the seven-member monetary policy committee meeting headed by BOK Governor Lee Ju-yeol.In its 5-2 decision, the central bank blamed low inflationary pressure and worsening economic data for the freeze, but Lee did signal a rate hike in November.The BOK revised down the country's growth rate for 2018 by 0.2 percentage point from its earlier estimate of 2.9 percent, and cut its forecast for 2019 from 2.8 percent.The latest revision comes just three months after a 2.9 percent growth estimate was made in July. The 2.7 percent expansion is the lowest since 2012 when the economy was hit hard following a sharp drop sparked by an economic crisis in Europe.The gloomy outlook resulted chiefly from reduced investment in facilities over the past six months,

Oct 18, 2018By Lee Kyung-min

Economy

Korea should brace for China crisis

Debt-ridden economy becomes more vulnerable to shocksBy Lee Kyung-minVoices are growing that Korea should brace for China's economic crisis as the world's second-largest economy has become more vulnerable due to a myriad of challenges both at home and abroad. Snowballing debt has been weakening China's economic fundamentals, while the deepening U.S.-China trade feud coupled with the rising U.S. interest rate-triggered foreign capital flight are destabilizing the financial market.Market experts say that China could be the epicenter of the next financial crisis because external shocks could deal a fatal blow to the debt-ridden economy.They warned that if the Chinese economy crumbles, it could spread rapidly and topple emerging markets, inevitably and irreversibly hurting the export-reliant fourth-largest economy in Asia. “From the debt perspective, China is now on worse footing than the U.S. during the 2008-2009 global financial crisis,” said a senior consultant at a global consulting firm, asking not to be named.“Given its debt level, it is probable that China will f

Oct 17, 2018By Lee Kyung-min

Economy

Woori to set up corporate entity in Europe

Woori Bank CEO Sohn Tae-seungBy Lee Kyung-min Woori Bank has received the green light from German financial authorities and the European Central Bank to set up a corporate body in Europe, the bank said, Tuesday. This will pave the way for Woori to provide better services to Korean companies there and expand its presence.The bank said it will set up its first European corporate entity in Frankfurt this month, which will be used as a strategic base to expand its business across Europe.It also plans to increase the number of its branches in Eastern Europe where a large number of Korean manufacturers are based. The bank said that it will get easier access to other European countries under the “single passport rule,” under which a financial firm with a license within the European Union (EU) member states can conduct business through much simplified compliance procedures. Woori's corporate body in Frankfurt will be allowed to handle a variety of businesses, including corporate, investment (IB), export and import, and retail banking, and foreign currency remittance for locals an

Oct 17, 2018By Lee Kyung-min

Lee Kyung-min

Read more

Helping small businesses

Loan for young workers

KDB threatens not to back GM Korea

Shinhan vows to lead 'eco-transformation'

For deregulation

KEB Hana upgrades corporate internet banking

Korea's corporate tax rate 7th highest in OCED

BOK cuts 2018 growth outlook to 2.7%

Korea should brace for China crisis

Woori to set up corporate entity in Europe

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