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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Will Bitcoin continue its rallies?

Experts split over future course of popular virtual coinBy Jhoo Dong-chanBitcoin, the most widely used virtual coin, rose above the 9.8 million won ($8,240) mark, Thursday. The price jumped over 1.3 million won in a week. However, outlooks are divided as to whether bitcoin will continue its upward momentum throughout the year.According to online cryptocurrency information service provider coinmarketcap.com, Thursday, bitcoin's price hovered over 9.8 million won per coin, up 2.96 percent from the day before.The virtual coin price has yet to recover to its all-time high of over 20 million won when the bitcoin frenzy struck the country in early 2018, but managed to double in its value since the start of the year.The comeback is attributed to two major developments ― one from Microsoft and the other from Bakkt. Bakkt is a futures exchange for bitcoin, operated by Intercontinental Exchange (ICE). ICE operates 12 regulated exchanges including the New York Stock Exchange equity options exchanges.On Tuesday, Microsoft announced its plan to introduce its decentralized Project Ion on the bitco

May 16, 2019By Jhoo Dong-chan
Will Bitcoin continue its rallies?

Meritz enjoys growth while major non-life insurers falter

The Meritz Fire & Marine Insurance head office at the Meritz Tower in Gangnam-gu, Seoul / YonhapBy Jhoo Dong-chanMeritz Fire & Marine Insurance enjoyed solid growth in its earnings during the first three months this year. This is in stark contrast to the industry trend in the same period where other non-life insurers posted disappointing earnings.Domestic non-life insurers managed to post growth in sales, but operating and net profits failed to reflect their external growth. Of them, Meritz Fire was the only insurer to demonstrate growth in sales as well as earnings.Meritz's sales grew 12.1 percent year-on-year to 1.9 trillion won ($1.59 billion) in the first quarter of the year. It also posted a 90.3 billion won operating profit, up 3.5 percent from a year ago.Meritz's net profit grew 4.3 percent year-on-year to 65.8 billion won in the period.“Unlike other non-life insurers, Meritz's dependence on car insurance wasn't really high,” a Meritz general agency planner said.“Other insurers have sustained mounting loss ratios in the sector while Meritz has focused

May 16, 2019By Jhoo Dong-chan
Meritz enjoys growth while major non-life insurers falter

Shinhan Card introduces digital credit rating system overseas

gettyimagesbankBy Kim Bo-eunShinhan Card will introduce its in-house developed digital credit rating system in emerging markets such as Kazakhstan and Vietnam, the card firm said Wednesday. These markets are swiftly adopting digital technology, but have a poor credit infrastructure, which is necessary for financial institutions to rate potential customers' credit history. Shinhan Card plans to introduce the mobile credit rating system through its subsidiary Shinhan Finance in Kazakhstan in late June.The mobile system will enable financial companies to look at customers' data, including financial transactions, on their smartphones. Shinhan's team plans to further develop its digital credit rating model in cooperation with fintech startups. It also has another credit model, which it plans to introduce overseas soon.This model was jointly developed with the Korea Credit Bureau (KCB) and Seoul National University's psychology department.It estimates credit levels based on a survey that looks into customers' financial behavior and attitudes. Shinhan signed an agreement with the KCB earlie

May 15, 2019By Kim Bo-eun
Shinhan Card introduces digital credit rating system overseas

KDB chief needs to pursue new mission

KDB Chairman Lee Dong-gullBy Park Hyong-kiThere is a memorable line said by Mafia leader Michael Corleone played by Al Pacino in “The Godfather Part III.”He says, “Just when I thought I was out, they pull me back in.”Corleone wanted to get out of the "traditional Mafia business" and start something that was legitimate and socially responsible for his family. But given his power and influence in the underworld, some gangsters wouldn't let him go.Lee Dong-gull, chairman of the state-run Korea Development Bank (KDB), must have felt the same way as Pacino's Corleone.Just when Lee thought he was out after handing over Daewoo Shipbuilding & Marine Engineering to Hyundai Heavy Industries, Asiana Airlines pulls him back in to bail out another conglomerate mismanaged by its owner. In late January following the Hyundai-Daewoo deal, Lee said this would be his “last mission” to help restructure a debt-laden conglomerate. KDB's new mission will be financially supporting startups and conducting investment banking to boost innovation for the economy, he said.

May 15, 2019
KDB chief needs to pursue new mission

Woori supports heroes

Woori Bank Customer Brand Group head Cho Soo-hyung, center, holds a promotional banner with National Fire Agency policy division director Choi Byeong-il, left, at the commercial bank's head branch in Jung-gu, central Seoul, Monday. Woori said it will hold various events to support the nation's firefighters and their families. / Courtesy of Woori Financial Group

May 14, 2019By Jhoo Dong-chan
Woori supports heroes

Mirae Asset posts record overseas earnings in Q1

By Jhoo Dong-chanMirae Asset Daewoo posted record high earnings from overseas markets for the first three months this year. Thanks to its solid businesses abroad, the securities firm managed to bounce back from the previous quarter's disappointing earnings.Mirae Asset Daewoo announced Monday it posted a 142 billion won ($119.6 million) operating profit in the first quarter of the year. The brokerage's net profit stood at 168.2 billion won in the period. The figure is down 16.2 percent from a year ago, but is up 507 percent from the previous quarter's figure of 27.7 billion won. “Mirae Asset Daewoo's strong overseas businesses led its earnings to rebound in the first quarter,” said a Mirae Asset Daewoo official.“The brokerage has displayed a solid earnings streak overseas over the past year since it started concentrating on its foreign operations to overcome the nation's saturated financial market.”According to the official, Mirae Asset posted a 42.8 billion won pretax net profit in its overseas markets during the first three months this year. Up 13.8 percent y

May 14, 2019By Jhoo Dong-chan
Mirae Asset posts record overseas earnings in Q1

KDIC offers training for foreign officials

Korea Deposit Insurance Corp. (KDIC) CEO Wi Seong-bak, seventh from left in the back row, smiles with officials from eight countries at the KDIC headquarters in Seoul, May 14. The officials are attending a three-day training program organized by the KDIC. Courtesy of the KDICBy Lee Kyung-min The Korea Deposit Insurance Corp. (KDIC) is running a special training program for foreign officials to share its knowledge and knowhow about deposit insurance and risk management, the state-run organization said, Tuesday.The three-day program, attended by 16 officials from eight countries, was launched in Chungju, North Chungcheong Province.Participating countries include India, Indonesia, Mongolia, Kenya, Uganda, Zimbabwe, Thailand and Albania. The KDIC shared years of experience following the Asian financial crisis in 1997 when 787 financial services firms went bankrupt. Lessons from a savings banks fiasco in 2011, when 31 major savings banks shut down due to financially unsound management, will also be shared. “The training was launched in June 2017 at the request of 17 developing count

May 14, 2019By Lee Kyung-min
KDIC offers training for foreign officials

KEB Hana CEO Ji eyeing North Africa

KEB Hana Bank CEO Ji Sung-kyooBy Park Hyong-kiHana Bank CEO Ji Sung-kyoo is moving to draw a roadmap to enter the North African region, the lender said Tuesday. It is eyeing the energy and infrastructure sectors in North African countries such as Morocco and Algeria. There, the bank could seek to provide project financing through its branch in France or through partnerships with European and African financial companies and manufacturers.It could also enter the region as a financial investor in energy and infrastructure via a consortium. “CEO Ji has a potential idea for the bank's business in North Africa. He has not yet drawn a concrete plan,” said a KEB Hana Bank spokesman.This comes as the chief executive was considering the next phase in the bank's globalization.The bank has so far entered the United States, China, Europe and Southeast Asian countries, including Indonesia and Vietnam. No local banks have yet entered or done any business in the North African region.“The chief executive was contemplating where KEB Hana could aim for after entering China, Indonesia

May 14, 2019
KEB Hana CEO Ji eyeing North Africa

Hahn & Co.'s bid to buy Lotte Card hits snag

 By Jhoo Dong-chanHahn & Company, which was selected as a preferred bidder for Lotte Card, hit an unexpected snag as the CEO of the nation's second-largest private equity firm (PEF) is facing a complaint.Union workers of mobile carrier KT and civic group Vampire Capital Hunter jointly accused KT Chairman Hwang Chang-gyu and the company executives of breach of trust at the Seoul Central District Prosecutor's Office in March.In October 2016, CEO Hwang and company executives allegedly allowed the mobile carrier to acquire then N Search Marketing for 60 billion won ($50.6 million). N Search Marketing was Hahn & Company's business portfolio unit.Hahn & Company immediately denied the allegation."The complaints KT's labor union has filed against one of our fund companies are completely groundless and without merit. They contend that an inheritance tax should have been used which is not the case under any tax or commercial laws as inheritance tax is only for those who are related parties," a company official said.“Hahn & Company is not in any way a related party of

May 13, 2019By Jhoo Dong-chan

Credit cards' delinquency rate jumps on economic slowdown

Firms brush off concerns over loan portfolioBy Park Hyong-kiThe country's seven credit card companies saw their delinquency rates rise in the first quarter of this year, according to the Financial Supervisory Service (FSS), Monday.This came as they increased their lending to the self-employed and households.The companies' rates, in general, increased by less than 1 percentage point year-on-year. Samsung Card's rate rose the highest by 0.35 percentage points, followed by KEB Hana Card's 0.32 and Hyundai Card's 0.24. Given the economic slowdown, the borrowers faced difficulties in paying back their loans.When they miss their repayment deadlines, the borrowers face the risk of their personal credit ratings being lowered.If this happens, they will not be able to borrow from other financial companies, and end up going to private moneylenders for loans. Those who have borrowed money from card companies have mostly been rejected from commercial banks.Therefore, the rise in their delinquency rates could pose a greater risk to the financial market. As for the credit card companies, their net

May 13, 2019
Credit cards' delinquency rate jumps on economic slowdown
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