Banking transactions made via mobile devices rose 6.6 percent in the second quarter from three months earlier as more people relied on their smartphones, central bank data showed Tuesday.The number of daily mobile banking transactions averaged 29.4 million in the second quarter, compared with 27.6 million in the January-March period, according to the Bank of Korea.The data, however, showed that people tend to use conventional banking channels for major transactions.Despite accounting for 45.5 pe

Reducing emissions from deforestation and forest degradation in developing nations, known as the REDD+ program, is a key way for the Korea Forest Service to display its support for the United Nations’ green initiative and to promote Korea’s advanced status in environmental protection.South Korea’s REDD+ action is part of the International REDD, a United Nations program launched in 2008 to reduce greenhouse gas emissions and protect forests from abuse.The UN-REDD program supports nationally led R

High-ranking officials of Korea Exchange Bank have pledged to support the company’s push for early integration with Hana Bank, ahead of the scheduled date of 2017, KEB officials said Sunday.Management at the firm’s headquarters in Seoul posted a joint statement on the company intranet on Aug. 5, claiming that the early merger with Hana Bank was inevitable for the firm’s growth.Managers of KEB branches nationwide have also vowed to stand by the merger and asked the labor union to actively engage

South Korea's financial watchdog said Friday that it is reviewing the proposed takeover of LIG Insurance, the country's No. 5 non-life insurer, by KB Financial Group.An official from the Financial Services Commission said a final decision will likely be made before the end of next month."The Financial Supervisory Service is conducting a detailed review of the takeover at the request of the financial commission as KB Financial Group submitted a request to merge LIG Insurance into an affiliate," t

South Korea logged a trade surplus for the 30th consecutive month in July on rebounding exports, customs data showed Thursday.South Korea’s exports came to $48.3 billion last month, up 5.4 percent from a year earlier, while imports rose 5.8 percent on-year to $45.9 billion, according to data from the Korea Customs Service.Earlier this month, the trade ministry estimated that exports would amount to $48.4 billion in July, up 5.7 percent from the same month last year. It correctly predicted the am

The South Korean won extended intraday gains against the dollar on Thursday, after the Bank of Korea’s widely expected cut in interest rates and comments from its governor that were not perceived as bearish for the currency.The local currency ended up 0.8 percent on Thursday at 1,021.2 against the dollar as market participants sold dollars for the won after the governor’s comments. It was the largest intraday gain for the won since May 7 this year.Gov. Lee Ju-yeol stressed Thursday’s policy deci

The local savings bank industry appears to be getting back on its feet after suffering from a chain of bankruptcies in 2011, according to industry sources. According to the Financial Supervisory Service, the 87 savings banks operating in Korea recorded total net profits of 23.8 billion won ($23 million) in the second quarter. It was their first collective profit since 2008.Also, 18 of the banks managed to stay in the black for six consecutive years despite most of them being small banks with ass