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Tue, October 24, 2017 | 03:36

Economy > Finance >

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

KIC eyes 'alternative assets' in Southeast Asia

SINGAPORE - The Korea Investment Corp. (KIC) will expand its investment in “alternative assets” in Southeast Asia to diversify its portfolio and improve long-term returns, KIC Chief Investment Officer Kang Shin-woo said Friday.

Finance | 2017-09-15 18:21

Bitcoin: game changer or just bubbles?

A sharp increase of cryptocurrency bitcoin’s price is drawing mixed responses in financial markets worldwide. While many investors are betting on its scarcity value, some finance experts argue it is just a bubble that will soon blow up. JPMorgan CEO Jamie Dimon fueled the confrontation of perspectives on bitcoin by recently slamming it as a fraud.

Finance | 2017-09-15 17:45

Bitcoin trades top tech-heavy on KOSDAQ

Along with the worldwide pros and cons over bitcoin and other cyber currencies, debate over the “new gold” is also heating up in Korea with its trading volume continuing to soar. According to Bithumb, the largest cryptocurrency exchange in Korea, its trading volume of bitcoin and other digital money reached 2.6 trillion won ($2.3 billion), Aug. 19. The amount topped the trading volume on Korea’s secondary KOSDAQ bourse, which stood at 2.44 trillion won the same day.

Finance | 2017-09-15 16:44

Private equity begins exiting Pan Ocean

Poseidon 2014, Pan Ocean’s second largest shareholder, has recently evaluated investor demand for its 5.08 percent stake in the listed bulk carrier company, according to investment banking sources. Poseidon 2014 is a special purpose investment vehicle set up by JKL Partners, a local private equity, in partnership with Jeil Holdings, Harim Group’s holdings company with busines...

Finance | 2017-09-14 15:59

Eximbank union continues protest against new chief

By Park Hyong-ki Workers of the state-run Export-Import Bank of Korea (Eximbank) are continuing to block their newly appointed Chairman Eun Sung-soo from coming inside the headquarters and into his office. They are refusing to recognize Eun as their chief, demanding him not to take the job given by the government. “It is currently in talks with the union to settle the d...

Finance | 2017-09-14 15:52

Korea mulls raising minimum wage to 10,000 won

The government said Wednesday it is considering raising the minimum hourly wage to 10,000 won ($8.86), but did not specify when. “We will conduct cautious and careful reviews of the plan,” Deputy Prime Minister and Finance Minister Kim Dong-yeon said during an interpellation session at the National Assembly, declining to elaborate on its specific timeframe.

Finance | 2017-09-13 17:13

NPS struggles to prop up investment arm

The National Pension Service (NPS) is struggling to bolster its sagging investment arm, hit hard by the corruption scandal involving former President Park Geun-hye and her confidant Choi Soon-sil. NPS Investment Management’ s relocation from Seoul to Jeonju, North Jeolla Province, has led to a massive worker exodus and made it difficult to recruit qualified fund managers. According to government officials Sunday, the Ministry of Health and Welfare, which oversees NPS operations, is considering turning the pension management committee into a standing committee so it can review agendas more th...

Finance | 2017-09-13 17:02

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