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Wed, August 23, 2017 | 17:00

Economy > Finance >

Change begins in mind: entrepreneur Amyx

In the Marvel comic book universe, Thor, the god of thunder, uses his hammer as both a tool and a weapon to defeat his enemies and resolve conflicts. Korea needs this kind of hammer, although not as big, mythical or mighty as Thor’s, to fight its enemy. That enemy exists within this country and the minds of its people who are so used to the old and conventional ways that they...

Finance | 2017-08-23 13:00

Taxation on clergy members begins next year

The government will press ahead with the plan to impose taxes on clergy members beginning next year. Finance Minister Kim Dong-yeon told lawmakers that the government will implement a revision to tax code that will enable it to levy income taxes of between 6 percent and 38 percent on churches, temples and other religious organizations beginning next year. Kim said he will mee...

Finance | 2017-08-22 16:35

Central bank likely to follow finance ministry's lead

Following Yoon Myun-shik’s appointment as senior deputy governor of the Bank of Korea (BOK), the market is positioning him as a hawkish monetary policymaker. This is based on his track record of raising concerns over the rapid increase in household debt and opposing the Korean version of quantitative easing for policy banks exposed to bad debts of shipping and shipbuilding co...

Finance | 2017-08-22 09:50

All eyes on Jackson Hole

This week, a variety of events will be taking place that could either deal a blow to or restore confidence in the local financial market. Among them, analysts say that investors would most likely be watching the Jackson Hole economic conference in Wyoming from August 24 to 26. Central bankers around the world, including from the Bank of Korea, will be gathering at this sympos...

Finance | 2017-08-22 09:48

Internet banks vulnerable to scams

Korea’s newly introduced internet-only banks, which are gaining popularity for their easy banking services, are triggering concerns over scams and other security issues. According to Kakao Bank, Monday, the internet bank has received reports of 10 cases of identity theft. Its clients claimed their ID card photos and other bank account transaction records were used without their knowledge. Some cases involved loans worth 10 million won ($8,790). Kakao Bank said it found all of those thefts were committed by family members of the clients such as their children or grandchildren, who can easily ...

Finance | 2017-08-21 16:50

Korea Investment, Mirae Asset in fierce showdown for No. 1

Rising share prices have boosted the bottom lines of domestic brokerage houses. Among them, Mirae Asset Daewoo and Korea Investment & Securities are staging a neck-and-neck race for the No. 1 spot in net profit. According to the firm’s regulatory filing Monday, Mirae Asset Daewoo posted 163.6 billion won ($144 million) in profits in the second quarter of the year, up 149.6 pe...

Finance | 2017-08-21 16:48

Hyundai Card introduces AI-based chatbot

Hyundai Card has launched an artificial intelligence-based (AI) chatbot service for members and potential clients, the credit card issuer said Friday. The chatbot, named “Buddy,” is based on IBM’s cognitive computing platform Watson, which is emerging as the world’s leading AI system. Buddy, available through the Hyundai Card smartphone app, will respond to a wide range of cu...

Finance | 2017-08-18 16:18

All about 100 million won salary

A 100 million won ($88,000) annual salary is what most salaried workers dream of. It’s a huge sum compared to the average of Korean workers who earned 33.87 million won in 2016, according to data from the Korea Economic Research Institute. The median salary was 26.23 million won. The number of those who earn 100 million won varies between 400,000 and 800,000, depending on the...

Finance | 2017-08-18 11:08

Kakao stirs up banking industry

Conventional banks are slashing their interest rates on loans to individuals and households in response to the rapid rise of mobile banks, particularly Kakao Bank. Kakao Bank is not going to make a noticeable impact on the business of commercial lenders in the short term, however, analysts say the competition between them and the internet-only bank to lower rates and fees for...

Finance | 2017-08-18 08:33

Korea Exchange chief offers to resign

Korea Exchange (KRX) Chairman Jeong Chan-woo offered to resign from his post Thursday, following the controversy over his relationship with ousted former President Park Geun-hye. In a letter to KRX employees, Jeong said: “A new administration has started and I have decided to leave the KRX in the belief that we should not put new wine into an old bottle.”

Finance | 2017-08-17 21:42

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