Woori Financial Group said Friday it has signed a memorandum of understanding with Germany-based business-software giant SAP to boost the digital transformation of its corporate financial services. The deal was signed by Woori Financial Group Chairman Sohn Tae-seung and SAP CEO Jennifer Morgan at the SAP Executive Briefing Center in New York on Thursday, local time. The value of the deal was not released.  Though the newly formed partnership, both sides will cooperate in establishing an int

As US President Donald Trump mulls a list of countries to impose auto tariffs on, US Treasury Secretary Steven Mnuchin said Washington will take South Korea’s stance on the matter into account, Korea’s Ministry of Economy and Finance said Friday. According to the ministry, Deputy Prime Minister and Finance Minister Hong Nam-ki requested the US Treasury support the exemption of South Korea from auto import tariffs on cars that the Trump administration deems a threat to national securi

US Treasury Secretary Steven Mnuchin has said Washington will fully take into account South Korea's position on possible auto tariffs, South Korea's finance ministry said Friday.Mnuchin made the remarks in Washington on Thursday (local time) during a meeting with South Korean Finance Minister Hong Nam-ki, who called for an exemption from US tariffs on South Korean automobiles, according to the ministry.Hong is in Washington for the Group of 20 finance ministers and central bank governors' meetin

South Korean shares opened higher Friday as investors cheered a breakthrough in negotiations on Britain's exit from the European Union. The benchmark Korea Composite Stock Price Index rose 7.88 points, or 0.38 percent, to 2,085.82 in the first 15 minutes of trading. Investors welcomed a severance deal between Britain and the EU that could wrap up more than three years of uncertainty after Britain decided to leave the EU. In Seoul, large caps were mixed.Market kingpin Samsung Electronics added 0.

SEJONG -- South Korea has become the first Asian country to sign a free trade agreement with a Central American trade bloc, composed of five countries -- Honduras, Nicaragua, El Salvador, Costa Rica and Panama.The Korea-Central America FTA took effect on Oct. 1, as the initial effectuation with Honduras and Nicaragua. The deal with the other three will be implemented after ratification by their legislatures.Korea is pinning big hopes on its 16th FTA deal with the Central American countries, and

The value of daily money transfers via mobile payment apps in South Korea surpassed 200 billion won ($168.6 million) in the first half of the year, central bank data showed Thursday, as more people used smartphones for financial services. The value of daily money transfers via smartphone apps, such as Toss, Naver Pay and KakaoPay, stood at 200.5 billion won in the January-June period, up 60.7 percent from six months ago, according to the data by the Bank of Korea. Toss, Naver Pay and KakaoPay ac

President Moon Jae-in said Thursday his liberal administration is determined to maintain its expansionary fiscal policy and continue efforts to revitalize civilian investment in response to deepening woes facing Asia's fourth-biggest economy.Moon reiterated that South Korea, like many other countries, is suffering economic troubles due to such external factors as trade disputes and the sharp shrinking of the global manufacturing sector. He was apparently undaunted by attacks from political oppon

South Korea’s internet-only lender Kakao Bank has decided to raise 500 billion won ($422.4 million) in capital by issuing new shares, the firm said Wednesday. The decision was approved by its board, as the firm seeks to improve its fiscal soundness.  According to Kakao Bank, it will issue 100 million new common stocks priced at 5,000 won per share. The record date for the shares is scheduled Nov. 5 and the stocks will be listed on Nov. 22. Once the capital increase process is complete

South Korea’s central bank on Wednesday cut the country’s key interest rate to 1.25 percent, reflecting the sluggish economic growth, low inflation and declining exports.Its second rate cut in three months -- to the lowest ever level -- is in line with the global trend toward monetary easing.“We have cut the base rate considering the lower-than-expected growth outlook and low inflation,” said Bank of Korea Gov. Lee Ju-yeol in a press conference. The BOK’s rate-setti

South Korea's jobless rate hit a six-year low in September and there were more new jobs added than at any time in the past five years, government data showed Wednesday.  The unemployment rate fell 0.5 percentage point on-year to 3.1 percent last month from a year earlier, marking the lowest level for any September since 2013, Statistics Korea said in a statement.In particular, the unemployment rate for young adults -- those aged between 15 and 29 -- declined to 7.3 percent last month from 8

S. Korea’s growth pace estimation for 2019 sheds 0.6% to 2%

South Korea‘s financial regulator said Tuesday it received applications from three consortia, including one led by a fintech firm, for a license to set up a new internet-only bank. 　Fintech firm Viva Republica led one consortium, which included KEB Hana Bank, Hanwha Investment & Securities and the Korean unit of Standard Chartered bank.　The second consortium is led by an industry organization of owners of small businesses in Seoul, the Financial Services Commission (FSC) said in a stat

Rival Kiwoom-led consortium renounces bid

South Korea’s internet-only lender Kakao Bank will discuss an upcoming capital increase at its board meeting, the firm’s spokesperson said Tuesday, as it seeks to improve its fiscal soundness, while resolving issues surrounding its shareholder structure. “We will discuss an upcoming capital increase at the board meeting scheduled Wednesday,” Kakao Bank spokesperson Hwang Eun-jae told The Korea Herald. “We believe the issue of raising capital is important now conside

Government to relax loan rules for brokerages, simplify screening for chemical plants