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Wed, June 28, 2017 | 07:27

Economy >

Kyobo on equal footing with Goldman Sachs, BOA

Kyobo Life Insurance’s financial prudence is gaining positive responses from inside and outside Korea, a good sign for its plans to draw global investors. According to the firm Tuesday, it earned an A1 from Moody’s Insurance Financial Strength Rating for 2017. This is the third consecutive year that the insurer has won the sound grade since 2015 when the house upgraded Kyobo’...

Finance | 2017-06-27 16:03

Tax agency chief nominee vows to target global tax dodgers

Han Seung-hee, the National Tax Service (NTS) commissioner nominee, has pledged to tighten monitoring on sidestepping of taxation rules by foreign companies in Korea. Expectations are that Han will synergize with the new Fair Trade Commission chief Kim Sang-jo in checking tax dodging practices of multinational enterprises such as Google, Apple, Facebook and Cisco once the nominee takes office. Kim has revealed his plans to regulate global IT giants and stop them abusing market dominance.

Policies | 2017-06-27 16:35

Korean banks on alert over cyber attack

A global hacking group is threatening to conduct cyberattacks on local banks and securities companies, putting the local finance industry on high alert. According to bank officials, a group of hackers calling themselves Armada Collective sent messages to seven banks, some brokerages and the country’s bourse operator Korea Exchange between June 20 and 23. The seven lenders are...

Finance | 2017-06-27 16:51

Who is behind Moon's economic team?

It is natural that the Moon Jae-in administration is reminiscent of the former Roh Moo-hyun administration in many ways, considering the President holds the philosophy of his long-time friend. Economic policies are no exception. Behind this deja vu is a most powerful man of the previous Roh administration, who is resurging after a decade’s hiatus. The appointment of key economic policymakers by President Moon reminded market watchers of Byeon Yang-kyoon, who served as planning and budget minister and as presidential chief secretary for national policy during the Roh administration.

Policies | 2017-06-26 10:46

Two US reports feared to cloud summit

Two U.S. reports on its trade deficit with Korea and steel imports from here due this week are expected to increase tension between President Moon Jae-in and U.S. President Donald Trump during their first summit, June 29. The first report on the U.S trade deficit with 16 countries was ordered by President Trump, March 31. Considering that the order has to be executed within 90 days, the report is likely to be released anytime this week.

Foreign Affairs | 2017-06-26 17:11

Moon to focus on building trust with Trump

Financial companies neglected on Moon's US trip

Domestic financial firms are disappointed not to be included in a delegation of CEOs and business leaders who will accompany President Moon Jae-in on his first official visit to the U.S. this week. According to the Korea Chamber of Commerce and Industry (KCCI), more than 50 CEOs and leaders of large companies will accompany Moon, who will fly to Washington on Wednesday for a ...

Finance | 2017-06-25 15:43

Debt owed by self-employed reaches W520 tril.

The government is planning to introduce a measure to control the debt owed by the self-employed, as the total amount of their liabilities soars to alarming levels. According to data from the Financial Supervisory Service (FSS) on Sunday, the outstanding amount of debt owed by self-employed people was estimated to stand at 520 trillion won ($456.74 billion) at the end of last year. The amount included not only business loans but also household loans that small shop owners sought for business purposes.

Finance | 2017-06-25 16:08

Moon should lead ASEAN diplomacy

SINGAPORE - President Moon Jae-in has pledged to pursue multiple-track diplomacy since he took office. He believes now is the time for South Korea to diversify its diplomacy because it has been too occupied with its relations with the four great powers - the United States, China, Japan and Russia. This approach has limited its diplomatic strategies at times of uncertainty dee...

Policies | 2017-06-25 17:06

Models promote “super onions” which are five to six times larger than normal at a Hyundai Department Store in Apgujeong, Seoul, Sunday. Four outlets will sell the giants until Thursday. The onions, grown in Andong, North Gyeongsang Province, weigh about one kilogram on average and measure up to 21 centimeters across. / Courtesy of Hyundai Department Store

Photo News | 2017-06-25 15:46

Park's impeachment