Financial authorities said Wednesday it has punished the chiefs of the nation’s three largest local credit raters over illegally allowing employees to engage in both sales and running credit assessments.The sanctioned chiefs include Yoon In-sub of Korea Rating, Cho Wang-ha of Korea Investors Service Inc., and Lee Sang-kwon of NICE Investors Service Co.The three were banned from engaging in the financial sector for three years, said officials from the Financial Supervisory Service.The officials s

South Korea was ranked 29th in the world in terms of well-being, according to an index published by global accounting group Deloitte. Norway was ranked No. 1.Social Progress Imperative, a U.S.-based nonprofit research organization affiliated with Deloitte Global, said in its yearly report that Korea got 77.7 points in the Social Progressive Index. It was ranked 29th among 133 countries, a one-notch fall from last year.In its detailed assessment, Korea was the highest in nutrition and medical car

Japan Tobacco International Korea rolled out Mevius LSS Option Evo1, the latest brand from its flagship Mevius lineup, on Tuesday in a bid to increase its presence in the local market for super-slim cigarettes. JTI said the Mevius LSS Option Evo1 had the same distinctive flavor as the rest of the products in the LSS special series. The product also includes a purple capsule inserted into each cigarette to reduce the amount of smoke and smell it gives off, according to the tobacco maker. The Mevi

The Financial Supervisory Service is carrying out a regular inspection on Shinhan Financial Group and its flagship Shinhan Bank, but said that it will not look into the group’s alleged connection with the disputed Keangnam Enterprises.The regulator started a three-week inspection on the nation’s largest banking group this week, to revise its management situation and financial soundness, according to officials.It is the first comprehensive audit since governor Zhin Woong-seob took office in Novem

A private financial think tank has recommended banks to adopt a personality test in evaluating the credit rating of loan borrowers and their repayment capacity.The KB Financial Group Research Institute said in a report on Monday that by using psychological analytic techniques and big data, one can measure how consistently loan borrowers pay back their debts.Under this system, loan applicants should first answer a questionnaire by computer or smartphone, which can then calculates a credit rating.

South Korea’s stock operator Korea Exchange is determined to give a boost to its long-stalled derivatives market by reaching out to potential investors overseas.This is also part of the KRX’s long-term plan to expand its overseas business after it was reprivatized in February after six years of government control.“We may no longer sit back and blame (the government’s excessive) regulations for holding back our derivatives market,” said Kang Ki-won, director of the KRX derivatives market division

Japanese capital has increasingly penetrated Korea’s private money lending business despite its high interest rate, reaching over 40 percent of the market, data showed Sunday.The assets of Japan’s top four private money lenders ― Apro Financial Group, Sanwa Money, Miz Sarang and KJI Capital ― totaled 4.3 trillion won ($3.9 billion) as of the end of June last year, according to a report submitted by the Financial Supervisory Service to the National Assembly.This accounted for 42.2 percent of Sout

South Korea's financial watchdog said Sunday that it will do its best to root out all kinds of financial scams, including voice phishing, as part of its efforts to beef up consumer protection and restore public trust in the financial industry.  The Financial Supervisory Service said it will suspend transactions of unused and borrowed-name bank accounts, or bogus accounts that are widely used for financial frauds, from the latter half of this year.   It will also introduce a reward system of up t

South Korea's benchmark stock index is expected to reach an all-time high this year, propelled by ample liquidity around the globe and other favorable conditions, securities companies said Sunday.   The local stock market could undergo a temporary correction during the first half of this year, but will likely stage an overall bull run in the second half, they said.   According to a survey of industry leader Samsung Securities Co. and nine other brokerages, the Korea Composite Stock Price Index i

South Korea has been accepted as a founding member of the China-led Asian Infrastructure Investment Bank, China's finance ministry said Saturday.    The approval was made by existing members, including China, Britain and France, the Chinese ministry said in a statement posted on its website.    Austria and Spain were also accepted as founding members of the AIIB on Saturday, according to the statement, bringing the number of founding members to 41 nations.    On March 27, South Korea applied to

South Korea does not intervene in the foreign exchange market to artificially keep its currency weak, a finance ministry official said Friday, stressing that Seoul only engages in smoothing operations to counter volatility.The official, who did not wish to identified, said the government does not have a set goal when it comes to exchange rates, responding to yet another U.S. request for cutbacks in South Korea's currency interventions."Foreign exchange is determined by the market, with the gover