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Sun, October 22, 2017 | 08:16

Economy > Finance >

All eyes on Jackson Hole

This week, a variety of events will be taking place that could either deal a blow to or restore confidence in the local financial market. Among them, analysts say that investors would most likely be watching the Jackson Hole economic conference in Wyoming from August 24 to 26. Central bankers around the world, including from the Bank of Korea, will be gathering at this sympos...

Finance | 2017-08-22 09:48

Internet banks vulnerable to scams

Korea’s newly introduced internet-only banks, which are gaining popularity for their easy banking services, are triggering concerns over scams and other security issues. According to Kakao Bank, Monday, the internet bank has received reports of 10 cases of identity theft. Its clients claimed their ID card photos and other bank account transaction records were used without their knowledge. Some cases involved loans worth 10 million won ($8,790). Kakao Bank said it found all of those thefts were committed by family members of the clients such as their children or grandchildren, who can easily ...

Finance | 2017-08-21 16:50

Korea Investment, Mirae Asset in fierce showdown for No. 1

Rising share prices have boosted the bottom lines of domestic brokerage houses. Among them, Mirae Asset Daewoo and Korea Investment & Securities are staging a neck-and-neck race for the No. 1 spot in net profit. According to the firm’s regulatory filing Monday, Mirae Asset Daewoo posted 163.6 billion won ($144 million) in profits in the second quarter of the year, up 149.6 pe...

Finance | 2017-08-21 16:48

Hyundai Card introduces AI-based chatbot

Hyundai Card has launched an artificial intelligence-based (AI) chatbot service for members and potential clients, the credit card issuer said Friday. The chatbot, named “Buddy,” is based on IBM’s cognitive computing platform Watson, which is emerging as the world’s leading AI system. Buddy, available through the Hyundai Card smartphone app, will respond to a wide range of cu...

Finance | 2017-08-18 16:18

All about 100 million won salary

A 100 million won ($88,000) annual salary is what most salaried workers dream of. It’s a huge sum compared to the average of Korean workers who earned 33.87 million won in 2016, according to data from the Korea Economic Research Institute. The median salary was 26.23 million won. The number of those who earn 100 million won varies between 400,000 and 800,000, depending on the...

Finance | 2017-08-18 11:08

Kakao stirs up banking industry

Conventional banks are slashing their interest rates on loans to individuals and households in response to the rapid rise of mobile banks, particularly Kakao Bank. Kakao Bank is not going to make a noticeable impact on the business of commercial lenders in the short term, however, analysts say the competition between them and the internet-only bank to lower rates and fees for...

Finance | 2017-08-18 08:33

Korea Exchange chief offers to resign

Korea Exchange (KRX) Chairman Jeong Chan-woo offered to resign from his post Thursday, following the controversy over his relationship with ousted former President Park Geun-hye. In a letter to KRX employees, Jeong said: “A new administration has started and I have decided to leave the KRX in the belief that we should not put new wine into an old bottle.”

Finance | 2017-08-17 21:42

Long-term unemployment rate hits 18-year high

The number of people without jobs for more than six months almost reached the Asian financial crisis record in July, according to the state statistics agency, Wednesday. It stood at 180,000, up 8,000 from a year ago. It also accounted for 18.7 percent of 963,000 unemployed in total. This marks the highest in 18 years since September 1999 when the rate reached 19.7 percent.

Finance | 2017-08-16 15:01

Bitcoin rises; real coins fade

The number of 100 won coins circulating in Korea as of June 31 declined during the six month period starting January for the first time in 19 years, according to the central bank, Tuesday. The Bank of Korea (BOK) said there were 9.52 billion 100 won coins circulating in the country at the end of June, down 690 million coins from January. This is the first time the number has declined in a six-month period since the first half of 1998 when Korea was hit hard by the Asian financial crisis.

Finance | 2017-08-15 16:57

Banks' movie investments bring mixed results

Korea’s three major banks are seeing contrasting outcomes in their investments in movies now showing. While Woori Bank is smiling with the rising popularity of “A Taxi Driver,” Shinhan Bank and Industrial Bank of Korea (IBK) are grimacing with lower-than-expected ticket sales for “The Battleship Island.”

Finance | 2017-08-15 16:48

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Lunch with Navy sailors