The role of deposit insurers has become increasingly important as the global financial markets face a shorter cyclical crisis amid low regulatory barriers on cross-border trading and transactions.Financial authorities are urging for more global coordination and collaboration among deposit insurers as their role has become bigger than the traditional task of protecting depositors from possible bank collapses or theft and preventing bank runs whenever a crisis erupts.They are further expected to m

Fair Trade Commission chairman Noh Dae-lae said Monday that the country’s antitrust agency remained steadfast in its determination to amend some of its rules and regulations governing family-run conglomerates for fairer market practices.It seeks to pass the so-called economic democratization bill at the National Assembly by the end of June to put an end to chaebol owners misusing their companies’ business plans for their own interest, the FTC chief told reporters.The measures taming chaebol incl

The central bank’s latest rate cut, which was contrary to the market forecasts, appeared to be attracting backlash from not only the industry for yielding to government pressure, but also within the organization. A senior manager at the Bank of Korea blatantly criticized the central bank for lowering its key base rate, saying that it was an illogical decision that only damaged its credibility as an independent entity.The manager wrote that its rate cut on Thursday went against what BOK Gov. Kim

Korea’s economy is expected to get back on track and improve, thanks to a surprising ― and controversial ― rate cut this week by the Bank of Korea, and the passage of the supplementary budget bill at the National Assembly.Lee Suk-joon, vice finance minister for budget affairs, said Friday during an event that “Korea’s overall confidence in the economy will grow” on the back of the central bank’s rate cut and the government’s fiscal stimulus plan. Korea will be able to achieve its initial growth

Hyundai Motor and its sister automaker Kia Motors have revved up their presence in the U.S. market since early this year, recovering from last year’s lackluster sales dwarfed by Japanese carmakers.Hyundai and Kia sold a total of 110,871 units, gaining a combined market share of 8.6 percent as of last month, up from 7.3 percent in December.Although their combine market share is still short of the 9-plus percent achieved in April last year, the Korean auto giants are gradually recovering due to in

Ever since President Park Geun-hye introduced her vision and policy for a “creative economy” after taking office in February, the public and politicians alike have paid particular attention to the slogan.She laid out a number of pointers for the development of a creative economy such as convergence of IT and science, and sustainability of small and medium enterprises, in line with goals of achieving an employment rate of 70 percent.“The main axis that will form the creative economy is science an

The government unveiled Wednesday a set of deregulatory measures aimed at boosting corporate and foreign investment to offset weak facility investment and construction activities as part of its efforts to overcome low domestic growth and boost business confidence.The Ministry of Finance said Wednesday that it would move to cut red tape and make its regulatory systems efficient so that domestic and foreign-invested companies can speed up their investment projects in the country. Such deregulatory