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Thu, September 21, 2017 | 05:13

Economy > Finance >

Conglomerates, financial firms to face tougher investigations

The financial regulator will reset an oversight system enabling it to comprehensively monitor and supervise financial companies affiliated with local family-run conglomerates or chaebol, according to the Financial Services Commission (FSC), Tuesday. The FSC plans to draw up the integrated system for a public hearing by the end of this year, and run it next year. This means it...

Finance | 2017-09-20 15:23

SK Innovation backs social enterprise Morethan

SK Innovation, a listed energy development company, has been supporting a rising social enterprise company, Morethan, since it was established in 2015. The support is part of SK’s vision to improve the environment and become more socially responsible, the company said Tuesday. Morethan reuses materials from car junk yards to create fashion bags. The social startup reuses leat...

Finance | 2017-09-19 16:50

ABL Life enhances marketing for new name

ABL Life Insurance is enhancing marketing strategies to promote its new name and company vision of “A Better Life” for clients. The insurance firm changed its name from Allianz Life Korea to ABL Life Aug. 1 after China’s Anbang Insurance Group purchased the former Allianz unit in Korea. Last month, the company launched TV commercials in which actor Ji Sung promotes the compan...

Finance | 2017-09-18 17:46

'Prudential Korea not prudent in managing agents'

Prudential Life Insurance Korea is being slammed for poor management of its agents, which purportedly was a factor in the death of one of its former branch heads. According to police and acquaintances of the former manager, Yang Man-seung, 57, committed suicide at the company’s headquarters in Seoul, on Sept. 5. Yang committed suicide after failing to meet the firm’s CEO Kurt...

Finance | 2017-09-18 17:37

Hallyu surplus dips on China's THAAD retaliation

South Korea’s surplus coming from exports of services related to “hallyu,” or the Korean wave, fell steeply on China’s economic retaliation over the installment of a U.S. missile defense system here. According to the Bank of Korea, Monday, the country’s trade account related with audio and video services marked a $179.9 million surplus in the first half of the year, down 23.2 percent from the second half of 2016. It is also the lowest figure since the latter half of 2015 when the country saw a $133.2 million surplus.

Finance | 2017-09-18 16:33

Korea to introduce tax guidelines for clergy members

The government is posed to release a set of guidelines on what type of items and incomes will be taxable for clergy members next month, according to the finance ministry Monday. It is expected that cash and compensation received after services, including voluntary work provided by clergy members will be recognized as part of their income. Thus, the government will impose a ta...

Finance | 2017-09-18 15:23

Is aging population crisis or opportunity?

Korea’s demographic landscape is at risk of bringing a rapid slowdown to its productivity. As the population ages, more people will be living with chronic diseases, in addition to the decreasing size of the workforce. Already, the country suffers from the highest elderly poverty rate in the Organization for Economic Cooperation and Development (OECD). The low birthrate and th...

Finance | 2017-09-18 15:22

Korea halves investments in China

Korean companies have reduced their investments in China by nearly half this year as it has become difficult to do business there amid Beijing’s growing economic retaliation against Korea’s deployment of a U.S. missile defense system.

Finance | 2017-09-17 16:32

BOK faces pressure to raise key rate

The Bank of Korea needs to consider raising its key rate later this year to block possible capital flight from the country with the U.S. Federal Reserve expected to raise rates again, analysts said Sunday. The BOK left its key rate unchanged for 14 months at 1.25 percent, while the U.S. Fed raised its rate to the 1-1.25 percent range in June. If the Fed were to raise its rate...

Finance | 2017-09-17 16:12

SC Bank introduces high-interest deposit account

SC Bank is offering a savings deposit account service with high interest rates. The service, dubbed “My Plus Account,” will be available for subscription until the end of next month, the bank said. It will offer the annual deposit rate of up to 1.5 percent. The account is especially for any customers who have extra cash to park the money in the account and gain interests abov...

Finance | 2017-09-17 11:41

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