Steve R. DyerJapan Tobacco International named Steve R. Dyer as the new general manager of its Korean operation, JTI Korea said Wednesday. The South African-born executive will take over the helm on Feb. 1, succeeding his Greek predecessor Anastasios Sitsas, who resigned a month ago, citing personal matters. For the past 18 years, Dyer has accumulated experience in many regions including Tanzania and East Africa, Switzerland, Russia and Hong Kong, being promoted to the Asia-Pacific regional head

Moon Kwang-chan (right), the head of KEB’s Amsterdam branch, shakes hands with Joseph Giarraputo, the publisher and cofounder of Global Finance, at an award ceremony in Amsterdam on Wednesday. (KEB)The Korea Exchange Bank won a trade financing award from U.S. magazine Global Finance, bank officials said Thursday. The New York-based monthly finance magazine named KEB Best Trade Finance Bank in Korea for the 14th time, in recognition of its superior performance in terms of transaction size, market

Woori Bank said Monday it would partially compensate individual investors’ losses on the controversial Picity trust fund, offering to buy back the product to end disputes.Under arbitration by the Financial Supervisory Service, the bank consented to compensate 40 percent of the investors’ net losses, while denying the investors’ claims that the bank failed to inform them about the risks involved. “In the settlement, we were suggested to compensate 40 percent of the investor losses, in addition to

Koreans consumed coffee more often than locally produced white rice and the traditional side dish kimchi in 2013, according to a joint study by the Ministry of Agriculture, Food and Rural Affairs and the state-run Korea Agro-Fisheries Trade Corp. on Friday.People drank coffee 12.2 times on average per week, while eating kimchi 11.9 times and Korean white rice 6.9 times a week. That is, the average Korean drank coffee twice a day, but ate locally grown white rice only about once a day, the report

Shinhan Financial Group chairman Han Dong-woo said Thursday that he wanted visible achievements in its overseas operations, declaring 2015 a year of “action.”The chairman vowed to continue pursuing last year’s six core goals: internalization of hearty finance, a profit jump through creative finance, differentiation of postretirement business, pioneering unchartered overseas markets, innovative management of business channels and strategic cost-cutting.  Shinhan Financial Group chairman Han Dong-

Korea’s emission rights trading system will launch next week at the Busan headquarters of the Korea Exchange, the state-run bourse said Tuesday. The carbon derivative market will open Jan. 12, with the trading and payment service operated by the KRX. The trading hours will be from 10 a.m. to noon. Only the 525 companies approved by the Ministry of Environment are entitled to engage in trading. During the initial stage from 2015 to 2017, companies under the emission target will receive carbon all

The size of shadow banking in Korea doubled in five years, according to data released by the Swiss-based global monitoring body Financial Stability Board on Monday.The value of the shadow banking industry, which mainly refers to nonbank financial intermediaries that provide services similar to traditional banks under less strict regulatory oversight, reached about $1.47 trillion in 2013, or 113.4 percent of the country’s GDP, the FSB said. Following the subprime meltdown in 2008 and the global f