Ministry adds fuel to private investment plans to revitalize domestic economy

The Export-Import Bank of Korea held a meeting of its advisory committee on inter-Korean exchanges on Wednesday, the agency said, to discuss the outcome of the recent US-North Korea summit in Hanoi. A panel of eight experts gathered to discuss how the summit last month -- which ended without an agreement -- would affect inter-Korean economic cooperation as well as other matters surrounding the Korean Peninsula. Wednesday’s meeting was the 10th of its kind. Eximbank Chairman Eun Sung-s

Hit by the snowballing sex scandal surrounding an ex-member of boy band Big Bang, shares of major K-pop management agencies in South Korea have been wavering this week. Share prices of the Kosdaq-listed YG Entertainment -- home to former Big Bang member Seungri -- ended 5.2 percent higher from the previous day at 37,750 won ($33.32) Wednesday. They had opened 0.7 percent higher and steadily rose throughout the day.  The figure was a noteworthy rebound from the firm’s performance Tuesd

The number of employees in South Korea’s banking-finance industry declined 4 percent over a recent two-year period, in part due to the latest expansion of internet-based banking services, according to new industry tracking data released Wednesday. According to local corporate tracking firm CEO Score, the number of employees working at Korea’s top 56 finance companies ranked by net capital stood at 153,195 as of the third quarter of last year.This marks a 4 percent decline from 159,57

Hyundai Motor’s card transaction fee negotiations with Shinhan Card, Samsung Card and Lotte Card are nearing a conclusion, as the three card providers have agreed to accept a fee increase rate proposed by the carmaker, the involved companies said Wednesday.The three South Korean credit and debit card companies on Tuesday notified Hyundai that they each would accept the auto giant’s proposed rate hike. Hyundai is now said to be reviewing the terms of the respective deals.If Hyundai ac

South Korea's jobless rate rose to 4.7 percent in February despite the increased pace of hiring, government data showed Wednesday, in the latest sign of an economic slowdown in Asia's fourth-largest economy.The unemployment rate marked the highest level for any February since 2017, when the corresponding figure stood at 4.9 percent, according to Statistics Korea.The South Korean economy added 263,000 jobs in February from a year earlier, the biggest since January 2018, when employers added 334,0

The European Union confirmed its decision to exclude South Korea from its tax haven blacklist, acknowledging the country’s efforts throughout last year to improve transparency in foreign investment, Seoul’s Ministry of Economy and Finance said Tuesday.The Economic and Financial Affairs Council, consisting of economic and finance ministers of EU member states, made its final decision to rule Korea out of the EU List of noncooperative jurisdictions for tax purposes.In December 2017, th

The South Korean economy should be able to grow 2.6-2.7 percent this year if the government maintains expansionary fiscal policies, the International Monetary Fund said Tuesday."The government's growth target of 2.6-2.7 pct is feasible this year, provided that there is a large supplementary budget," Tarhan Feyzioglu, the head of the IMF delegation, said at a press conference held in Seoul.The IMF mission visited Seoul to hold annual discussions with South Korean policymakers. The Seoul

‘As a financial holding group, we may now compete with other financial groups on equal terms’

Woori Financial Group, which began operating under a holding company structure from January, is stepping up its push to expand its nonbanking business by actively pursuing mergers and acquisitions.　Woori Bank officially adopted a holding company structure on Jan. 14, with Chairman Sohn Tae-seung pledging initial focus on acquiring small asset management firms, real estate investment trusts and savings banks.　The banking group plans to pursue larger M&A opportunities -- of securities and life

South Korea’s financial districts Yeouido and Jung-gu have experienced the country’s ups and downs throughout modern history, with few businesses surviving the political and financial upheavals.And only a few are as steeped in the nation’s financial history as Woori Bank, one of South Korea’s four major lenders, established 119 years ago. The bank’s roots are embedded in Daehan Cheon-il Bank, which was established by Emperor Gojong in January 1899 with funds from th

From happiness-preaching SK chief to Hyundai head making video debut, chaebol owners seek open communication with young workforce to break from rigid work culture

The financial regulator said Tuesday it will offer some leeway to firms when they are subject to external audits, citing concerns that excessively tight probes could hamper business activities.Kim Yong-beom, vice chairman of the Financial Services Commission, told a meeting with corporate executives that the FSC understands the difficulties they face carrying out external audits. "There are voices that corporate vitality could be undermined due to audits," Kim told the meeting. Th

SEJONG -- A team from the International Monetary Fund on Monday expressed concerns over the pace of minimum wage hikes in South Korea, the Ministry of Economy and Finance said.The delegation led by Tarhan Feyzioglu, Korea mission chief at the IMF, shared the concerns in a meeting with Finance Minister Hong Nam-ki as part of its annual meeting with South Korean policymakers.In 2017, the minimum wage spiked 16.4 percent on-year to 7,530 won ($6.60) per hour in the biggest hike in nearly two decade

Citibank aims to achieve 25 percent growth in revenue from client work in intra-Asia trade corridors this year by boosting its corporate financing business in the region, the firm said Monday.A key strategy in achieving the goal is to help businesses based in Asian nations to enter other Asian markets, it said. The bank’s key corridors are South Korea to ASEAN, Korea to China, Korea to India, Japan to ASEAN, Japan to China and China to ASEAN.　 To solidify its presence in the Asian mar