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Wed, December 19, 2018 | 23:20

Economy > Finance >

Eximbank supports social enterprises

Officials from Export-Import Bank of Korea and Korea Central Council of Social Enterprise pose for a photo after the state lender donated 240 million won ($212,000) to the advocacy group at the bank's headquarters on Yeouido, Nov. 20. Courtesy of Export-Import Bank of KoreaBy Lee Kyung-min The Export-Import Bank of Korea (Eximbank) said Wednesday it donated 240 million won ($...

Finance | 2018-11-21 19:26

Mirae Asset to launch private equity funds in China

Mirae Asset Investment Management in Shanghai has secured a license from the China Securities Regulatory Commission (CSRC) that will enable it to launch a private equity fund in China's capital market, according to Mirae Asset Global Investments in Seoul, Wednesday. The “private fund management” license allows a wholly foreign owned enterprise (WFOE) to set up and market fund...

Finance | 2018-11-21 16:06

Expert optimistic on Korean economy amid global slowdown

Korea will be able to weather upcoming economic woes thanks to its strong fundamentals, Bank for International Settlements (BIS) General Manager Agustin Carstens said Tuesday.

Finance | 2018-11-20 20:02

Bitcoin plunges below $5,000 for first time in 13 months

The price of bitcoin plunged below $5,000, Tuesday, reflecting deteriorated investor confidence in virtual coins. It was the first time the digital coin fell below $5,000 in 13 months. The price fell below the $6,000 level last week, and has continued its downtrend by hitting the lowest level of the year.

Finance | 2018-11-20 19:14

Banks rush to form alliance with e-commerce firms

A growing number of banks in Korea are seeking strategic partnerships with e-commerce companies in a move to their diversify customer bases.

Finance | 2018-11-20 16:36

AI algorithm developed to prevent 'smishing'

The Financial Supervisory Service (FSS) has developed an algorithm using artificial intelligence technology to help prevent financial scams sent via short message services (SMS). The regulator said Tuesday that it has developed the algorithm with KB Kookmin Bank and Amazon Web Services over the past eight months in an effort to boost customer protection. It can identify whether text messages customers received on their smartphones are a threat, or smishing - a combination of SMS and phishing.

Finance | 2018-11-20 15:22

Finance minister nominee to face grilling over income growth

Nominee for finance minister Hong Nam-ki is expected to face an intense grilling from opposition lawmakers over President Moon Jae-in's key economic policies during his upcoming confirmation hearing. After documents were submitted to the National Assembly, Nov. 16, requesting the hearing, it has to take place within 20 days. This means lawmakers must complete it by the first ...

Finance | 2018-11-19 17:19

IASB's decision to delay IFRS17 relieves insurers

The recent decision by the International Accounting Standards Board (IASB) to delay the implementation of the so-called IFRS17 is expected to relieve the nation's insurers, especially small- and medium-size ones, industry officials said, Monday.

Finance | 2018-11-19 16:52

[INTERVIEW] K bank to go into 'expansion mode'

K bank may have operated conservatively since it was launched two years ago.“But that's about to change on January 17, 2019,” said Shim Sung-hoon, the chief executive of the country's first internet bank, in an interview at his office in Seoul, Nov. 14.That is when the revised banking law goes into effect, allowing K bank to issue “a lot of new shares” for KT, the country's l...

Finance | 2018-11-19 15:45

Banks frustrated at regulator's pressure to lower lending rates

Commercial banks are being frustrated by the financial regulators' moves to force them to lower their lending rates, bank officials said Sunday.

Finance | 2018-11-18 17:41

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Pictures of the year 2018