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Wed, June 28, 2017 | 07:26

Economy > Finance >

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

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

Legislation suspension to affect chaebol's financial holding plan

Manufacturing conglomerates that own financial units are unlikely to push for a change in their governance anytime soon, according to analysts. This is because Fair Trade Commission (FTC) Chairman Kim Sang-jo recently said the antitrust regulator will not move forward on a bill encouraging the conglomerates to establish financial holding companies. Instead, he said in an inte...

Finance | 2017-06-27 13:30

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

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

No. of convenience stores surge as singles increase

Korea had 180,00 franchise stores, and 38 percent of them were convenience, fried chicken and coffee stores as of the end of 2015, according to Statistics Korea Friday. There were 30,000 convenience stores, and 25,000 fried chicken restaurants and 14,000 coffee stores. Convenience stores had sales of 430 million won, the highest. This was followed by coffeehouse chains’ sales...

Finance | 2017-06-23 16:54

Hong sibling sells BGF Retail shares

Hong Seok-hyun, former chairman of JoongAng Media Group, and his younger sister Ra-young each sold their stakes in BGF Retail, according to news citing investment banking sources. Hong unloaded his 3.97 percent share in the company, while his sister sold her 1.12 percent stake. Both sold their BGF shares at a 9 percent discount via a block sale managed by Goldman Sachs.

Finance | 2017-06-23 16:52

KB Kookmin Bank hosts job fair

KB Kookmin Bank held its 12th job fair, Thursday, in line with the new government’s efforts to create jobs for young adults. According to the bank, the two-day event named “KB Good Job Fair” will run until today at the Korea International Exhibition & Convention Center (KINTEX) in Goyang, Gyeonggi Province. More than 250 well-performing firms are participating in the fair.

Finance | 2017-06-22 17:50

Households' default risks increase

The number of households with a high risk of default on their debt topped 300,000 as of the end of March 2016, the Bank of Korea (BOK) said Thursday. The bank expressed concerns that the number of such households would surge in the event of a rise in interest rates. It said the number of households with high default risks stood at 315,000 at the end of March 2016, up 18,000 f...

Finance | 2017-06-22 16:48

Idle workforce hits record

The number of people who have been out of work for more than six months reached a record in 13 years, the state-run statistics agency said Thursday. It stood at 120,000, accounting for nearly 12 percent of over 1 million who are unemployed in total, according to Statistics Korea. In 2004, the rate stood at more than 13 percent, the highest, it noted.

Finance | 2017-06-22 15:38

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Park's impeachment