Woori Financial Group on Tuesday announced the appointment of the new head of its flagship commercial banking unit, in a move that is projected to further escalate its tension with the financial authorities here. The financial giant’s chairman and executive recommendation committee tapped Kwon Kwang-seok, head of the Korea Federation of Community Credit Cooperative’s credit business, to replace current Woori Bank CEO Sohn Tae-seung. Sohn, who has been reappointed as the financia

South Korea is poised to employ a Silicon Valley-style venture capital instrument starting from July, to let startups raise funds with fewer strings attached. The Ministry of SMEs and Startups promulgated on Tuesday a separate set of laws that center on venture investment schemes here, which have been recognized under two different laws: the Act on Special Measures for the Promotion of Venture Business and the Support for Small and Medium Enterprise Establishment Act. The new rule gives legal

Regulator to review watchdog’s sanctions decision on chief of banking group

South Korea said Tuesday it is making efforts to minimize the economic fallout of the new coronavirus as local manufacturers' production lines have been partially disrupted due to shortages of Chinese parts. "South Korea will continue to look closely at the global supply chain and help local industries better cope with external risks," Industry Minister Sung Yun-mo said in a meeting with local businesses. Production lines at China-based suppliers have been partially or fully shut do

South Korea’s state pension fund National Pension Service said on Tuesday that it posted the highest return on investment in 10 years in 2019 largely due to the bullish stock markets here and abroad. The state-run pension fund marked an estimated rate of return of 11 percent last year, raking up a whopping 70 trillion won ($59 billion), according the NPS. The yield is the largest since 2010 when the fund operator marked 10.37 percent. In 2018, the NPS posted a negative yield of 0.

The household debt extended by banks in South Korea slowed sharply in January from a month earlier due to a seasonal factor, central bank data showed Tuesday. Fresh bank loans extended by banks to local households came to 3.7 trillion won ($3.1 billion) in the month, compared with a 7.2 trillion won increase the previous month, according to the data from the Bank of Korea. The amount marks a sharp rise from a 1.1 trillion won increase in the same month last year, however. "The rate of i

SEJONG -- South Korea's exports jumped 69.4 percent in the first 10 days of February, mainly due to rising shipments of cars and semiconductors, customs data showed Tuesday. The country's exports stood at $10.7 billion in the Feb. 1-10 period, compared with $4.38 billion in the same period last year, according to the Korea Customs Service. By product, exports of cars and semiconductors soared 114.5 percent and 37.8 percent, respectively. However, the average daily exports -- which reflect

Hana Financial is the latest to enter IB market amid concerns over brokerages focusing on real estate, not startups

South Korea’s logistics startup Mesh Korea -- operator of algorithm-powered micro delivery service Vroong -- denied rumors Monday that it is selling the stakes of its executives, amid a growing conflict between its CEO and other major stakeholders. The deal manager Samjong KPMG is reportedly looking for potential investors in Mesh Korea’s newly issued stocks and shares of existing investors. The exact stake a new investor will control remains unknown, while 

South Korea's institutional investor Military Mutual Aid Association said Monday its Chief Executive Kim Do-ho held a closed-door meeting with a batch of top officials at US-based private equity house Rhone Group, including former US national security adviser John Bolton, in its headquarters in Seoul. Bolton, a former adviser to US President Donald Trump, attended the meeting as the senior adviser to the US private equity firm. He served the same position before joining the White House and

The conflict between Woori Financial Group and South Korea’s financial watchdog has escalated over the disputed leadership of its top executive in light of the alleged extensive financial product misselling. While the group is gearing up to prolong the term of incumbent Chairman Sohn Tae-seung at all costs, the Financial Supervisory Service is set to corner it with a new information-theft case. The FSS on Monday decided to summon its sanctions committee over allegations that Woori Bank

Giving the thumbs-up to South Korea’s capital market which is undergoing continuous reforms, the nation’s top financial regulator said Monday that foreign investors can discover fresh opportunities here. “Expanding cooperation with startups such as fintech firms, invigorating the asset management market by converting capital flow to corporates and keeping the growth of the pension funds will benefit investors immensely,” Financial Services Commission Chairman Eun Sung-s

A senior South Korean trade official left for India on Monday as part of the country's drive to forge deeper ties with emerging countries, the trade ministry said. Yeo Han-koo, deputy minister for trade negotiations, is set to meet with India's Commerce Secretary Anup Wadhawan in Delhi on Tuesday to discuss ways to bolster economic ties of the two countries, according to the Ministry of Trade, Industry and Energy. "As India is the key partner of the country's New Southern policy, we need

SEJONG -- South Korea posted a budget surplus for the fifth year in a row in the 2019 fiscal year, despite a slight decline in tax revenue, the finance ministry said Monday. The gross revenue the government brought in last year came to 402 trillion won ($337.3 billion), while its expenditures totaled 397.3 trillion won, according to the Ministry of Economy and Finance after closing its books for fiscal year 2019. With 2.6 trillion won worth of the balance carried forward to this year, the su

South Korea on Monday held the fifth round of free trade talks with a group of South American countries, including Brazil, with a goal of striking the deal this year. The two parties kicked off the five-day talks in Montevideo, Uruguay, to exchange ideas on ways to achieve a mutually beneficial bilateral pact, according to the Ministry of Trade, Industry and Energy. The previous meeting was held in South Korea's southern port city of Busan in October last year. South Korea agreed with the f