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Wed, September 19, 2018 | 12:32

Economy > Finance >

Hyundai Card CEO becomes 'salary king' in industry

Chung Tae-young, vice chairman and chief executive of Hyundai Card and Hyundai Capital, is the highest paid CEO in the local financial industry, according to a regulatory filing. He received a paycheck worth more than 2.2 billion won ($2 million) in the first half of the year. This includes incentives of over 630 million won from the credit card and auto financing companies a...

Finance | 2018-08-20 16:13

President Moon urged to oust top policy adviser

President Moon Jae-in is facing growing criticism and calls to reshuffle his economic team at Cheong Wa Dae, especially Jang Ha-sung, the chief of staff for policy, following last week's weak job data. The opposition and minor parties are uniting to increase their pressure to have the President admit his pro-labor policy has failed, and consequently replace Jang with an econo...

Finance | 2018-08-20 15:36

Job crisis may delay BOK's rate hike

The central bank is unlikely to hike its key interest rate in the coming months due to a worsening job crisis. The Bank of Korea (BOK) had signaled that it would raise the key rate either in August or September, with the interest rate gap between Korea and the United States widening.

Finance | 2018-08-19 16:28

[Macro Today] Dollars, but no sense of innovation

It seems the government wants to be in the game to help the private sector, especially startups, create the next big thing before the big wave of the Fourth Industrial Revolution hits the country. The finance ministry will be pouring tons of money into building ecosystems surrounding hot technologies such as driverless cars, smart metropolises and farming, drones and alternat...

Finance | 2018-08-19 09:44

Global IBs rushing to cut Korea's growth

Global investment banks (IBs) are lowering Korea's economic growth rate over its sluggish exports to emerging economies such as the ASEAN and MERCOSUR.

Finance | 2018-08-17 18:41

Job crisis hits Korea

The government will rapidly execute its supplementary budget in response to the latest statistics showing a record low number of jobs created in July. Statistics Korea released data Friday that showed the number of new jobs stood at 5,000 last month, the lowest in eight-and-a-half years since the aftermath of the global financial crisis. In an emergency meeting in Seoul, Frid...

Finance | 2018-08-17 17:01

KB launches rupiah wire service

KB Kookmin Bank has launched a service enabling Indonesians working here to directly wire their money in rupiah to their respective accounts in the Southeast Asian country, the bank said Friday. Previously, they were only able to send money after exchanging Korean won to U.S. dollars. The bank only allowed them to wire dollar-denominated funds via its networks. This comes as ...

Finance | 2018-08-17 16:44

Foreign banks' profits fall on provisions

Two foreign-invested commercial banks saw their profits drop in the first half of this year, compared to the previous year. This was in stark contrast to local banks, which enjoyed high profits on increased interest incomes. Both Standard Chartered (SC) Bank Korea and Citibank Korea said the main reason was they had to boost their risk management by increasing their provision...

Finance | 2018-08-17 15:04

NTS to suspend auditing self-employed

The National Tax Service (NTS) said Thursday it will not audit the books of 5.69 million self-employed and small business owners until the end of next year. This will let them focus on running their operations without having to worry about tax investigations. The move comes as they increasingly face hardship amid a weak economy and rises in the minimum wage. NTS data showed t...

Finance | 2018-08-16 16:57

Crypto exchanges protest exclusion from venture firms list

The government's decision to exclude the nation's crypto exchanges from its classification list of venture firms is provoking an industry outcry.

Finance | 2018-08-16 01:48

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