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Smartphone banking subscribers top 60m

Nov 16, 2015

(123RF)The number of subscribers for South Korean mobile banking services reached 60 million in the third quarter, central bank data revealed on Monday.　According to the Bank of Korea’s July-September quarterly report on online banking, the number of smartphone banking subscriptions for 16 commercial banks operating here and the Korea Post reached a combined 60.08 million as of end-September, up 4.4 percent over the previous quarter. 　As of end-September, 62.3 percent of all 115.3 million Intern
Top court orders retrial in KDIC-Lone Star payment lawsuit

Nov 15, 2015

The Supreme Court ruled against Korea Deposit Insurance Corporation in a liquidation case against U.S. buyout fund Lone Star, marking a shift in the court’s attitude toward the lawsuit, worth around $35 million. 　South Korea’s top court on Sunday quashed the second appeal ruling on the liquidation of LSF-KDIC, an investment firm jointly established by Lone Star and KDIC’s subsidiary Korea Resolution & Collection Corporation, and returned the case to the high court. 　The top court said that the h
KDB stresses broader global horizons for SMEs

Nov 15, 2015

Korea Development Bank chairman Hong Ky-ttak attends the state-run policy bank’s seasonal Business Leaders Forum in Yeouido, Seoul, Friday. (Korea Development Bank)Korea Development Bank chairman Hong Ky-ttak pledged stronger support for small and medium-sized enterprises, asking them to reinforce global innovation in entrepreneurship as a breakthrough from the low-growth tide. 　“With the Korean economy facing challenges with low growth, stronger support for the promising SMEs is more compelling
KRX to unveil new corporate responsibility index

Nov 12, 2015

Korea’s main bourse operator announced Thursday it will release a new index for measuring a listed company’s environmental, social and governance performance later this month.　The Environmental, Social and Governance index, or ESG, is one of the United Nations’ principles of responsible investment, which encourages investors to look into corporate responsibility factors in making investment decisions. 　For the ESG index to gain investors’ support, the Korea Exchange said the market needs an enha
Japan’s national debt to exceed 1,000tr yen

World NewsNov 10, 2015

TOKYO – The Japanese government’s debt is expected to reach just over 1,167 trillion yen ($9.469 trillion) in the 2015 fiscal year, according to data released by Japan’s finance ministry on Tuesday.This translates to about 8.3 million yen per Japanese citizen. The ministry said overall public debt is likely to reach the projected amount despite a reduction of almost 3 trillion yen during the June to September period. The 2015 fiscal year in Japan lasts from April 1 this year to March 31, 2016.Th
Pope presses reform agenda amid new Vatican

World NewsNov 10, 2015

Pope Francis is insisting that the Catholic Church shun all temptations of power, prestige and money as he presses his reform agenda amid new scandal in the Vatican.Francis outlined his vision of the church on Tuesday in a lengthy speech to Italian bishops gathered in Florence. He told them he wanted a church that was humble and poor, not obsessed with doctrine or acquiring power.He said: "May God protect the Italian church from every substitute of power, image and money."He said Christians shou
Afghan spy agency frees 8 kidnap victims

World NewsNov 10, 2015

Afghanistan's spy agency says it has freed eight people who were among a large group of ethnic minority Hazaras kidnapped earlier this year.The National Directorate of Security said in a statement that five men, two women and a teenager were freed in Ghazni province on Tuesday.It was not clear if they were among 31 Hazaras abducted from a bus in Ghazni in March, all of whom were believed to be men.Senior government officials have said that the Islamic State group was behind the abductions. The N
Park cheers for college aspirants ahead of crucial college entrance exams

PoliticsNov 10, 2015

President Park Geun-hye on Tuesday cheered for those who are set to take crucial college entrance exams later this week."You are the pillars of the Republic of Korea who will lead the era of unification," Park said in a message posted on her Facebook page, referring to South Korea's official name.Park also voiced hope that "your dreams and hopes will be realized."The brief message came two days before more than 630,000 college aspirants take the one-day college entrance exams across the country.
[Newsmaker] Myanmar vote gives hopes of ending sanctions

World NewsNov 10, 2015

The United States on Monday welcomed Myanmar's election as a victory for the people, and the vote appeared to raise prospects of a further lifting of U.S. sanctions - provided the military accepts the results.While highlighting encouraging signs from Sunday's poll, Washington remained cautious and said it would watch for the democratic process to move forward before lifting more sanctions, which still target more than 100 individuals and businesses and limit U.S. investment in Myanmar.The ruling
Banks’ net interest margin tumbles

Nov 10, 2015

(123RF)Banks posted a record-low combined net interest margin in the latest quarterly report largely due to the continued low key interest rate, the Financial Supervisory Service revealed Tuesday. 　In the July-September period, the 17 lenders operating in Korea reaped a record-low 1.56 percent in combined net interest margin, a gauge for profitability, from 1.58 percent in the previous quarter. 　During the same period, interest income fell for the fourth consecutive quarter to 8.4 trillion won (
Kyung Nam Pharm’s stock tumbles on suspicion of manipulation

Nov 9, 2015

Hallyu actor Kim Soo-hyun models for Lemona. (Kyung Nam Pharm. Co., Ltd.)The stock of Kyung Nam Pharm Co., the maker of decades-old vitamin C product Lemona, crashed Monday on charges of stock manipulation. 　The pharmaceutical company’s stocks closed at 7,200 won ($6.20), down 1,170 won, or 13.98 percent, on the tech-laden KOSDAQ. 　The Financial Sup
U.N. climate fund finances Korean energy project

Nov 6, 2015

The United Nations climate change fund chose Korea’s renewable energy supply model as its first project to fund, the South Korean Finance Ministry said in a press release Friday. 　In the 11th Green Climate Fund meeting held in Zambia from Nov. 2 to 5, the climate fund board decided to adopt the Korean proposal on the integrated supply and storage system for renewable energy.　Korea’s renewable energy model, with a duration of five years, aims at replacing unsustainable energy with renewable energ
Korea’s per capita GDP to near Japan’s in 2020: IMF

Nov 5, 2015

(123RF)Korea’s per capita gross domestic product is expected to catch up with Japan within the next five years, according to a growth outlook report of the International Monetary Fund.　The report forecast that Korea’s nominal per capita GDP will reach $36,750 in 2020, up 31 percent from last year’s $27,970. During the same period, Japan’s nominal per capita GDP will grow 6 percent to $38,714. 　The IMF’s latest macroeconomic estimates are presented in its World Economic Outlook, which is released
Credit card service fees for SMEs to be slashed

Nov 2, 2015

(123RF)The financial regulator and the ruling party agreed Monday to lower credit card fees for small businesses from early next year to lighten their financial burden.　Financial Service Commission officials who attended a meeting to discuss the issue said the government decided to cut credit card commission rates from 1.5 percent to 0.8 percent.　The beneficiaries include family-owned or self-employed small enterprises with a maximum annual revenue of 200 million won ($175,000), according to the
Regulator looks into apartment-backed loans

Nov 1, 2015

(123RF)Financial authorities launched an investigation over local banks to assess the solidity of their loan approvals for apartment buyers, industrial sources said Sunday. 　The Financial Supervisory Service started the solidity crackdown last Wednesday starting with two state-run banks, including Woori Bank and Nonghyup Bank. The financial watchdog will continue investigations into other major lenders and some of the large-scale regional lenders, with a focus on the soundness of the lenders’ lo