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Finance

Economy

Thu, August 22, 2019 | 17:12

Banks seek to attract child customers

Local banks are introducing financial products targeting children to strengthen their future customer base. Woori Bank said Tuesday it has signed a memorandum of understanding (MOU) with Smart Study, a Seoul-based global entertainment company best known as the producer of Pinkfong, a popular children's cartoon.

Lee Kyung-min | 2019-05-07 18:01

Consumer protection uncompromisable for Yoon Suk-heun

Reformist scholar Yoon Suk-heun drew attention when he assumed his role as the Financial Supervisory Service (FSS)'s governor a year ago in May 2018. Yoon took the position after his two predecessors stepped down last year, over controversies involving hiring irregularities and overseas trips. Such circumstances imposed increasing pressure on the new governor to normalize the...

Kim Bo-eun | 2019-05-07 17:33

Life insurers struggling to stay afloat abroad

The nation's life insurers are struggling to make profits abroad due to fierce competition and high regulatory barriers. It has been over 30 years since they first entered overseas markets, but insurers have yet to make stable profits, and some of them are shutting down their money-losing operations.

Jhoo Dong-chan | 2019-05-07 17:17

Korean exporters hit by US sanctions on Iran

More than 2,100 companies here can no longer sell goods to Iran after two Korean banks and the Central Bank of Iran (CBI) halted won-denominated settlement services amid escalating U.S. sanctions on Tehran, according to industry analysts, Tuesday. Since dollar-based trade between Iran and other countries was blocked in 2010, Korean firms have bypassed the trade restrictions b...

Nam Hyun-woo | 2019-05-07 16:40

Seoul shares sharply down on geopolitical tensions, US-China trade dispute

South Korean stocks opened sharply lower Tuesday on concerns over increased geopolitical risks stemming from North Korea's test-firing of projectiles and the deepening trade dispute between the world's two largest economies. The benchmark Korea Composite Stock Price Index (KOSPI) nosedived 29.61 points, or 1.35 percent, to 2,166.71 in the first 15 minutes of trading.

2019-05-07 09:59

US plans to hike tariffs Friday, saying China broke promises

Regulator pursues 'negative system' for fintech

The Financial Services Commission (FSC) has vowed to shift toward a “negative regulatory system” this year in order to create an ecosystem where fintech startups are free to try new, innovative ideas. To that end, the country's financial regulator plans to come up with comprehensive reform measures aimed at spurring innovation in finance through technology by June.

Park Hyong-ki | 2019-05-06 16:52

Korean Re seeks overseas expansion for turnaround

Korean Reinsurance Company (Korean Re), which has suffered a prolonged slump in earnings for years, is seeking to make inroads into overseas markets.

Jhoo Dong-chan | 2019-05-06 16:30

Samsung buys stake in Lloyd's insurer Canopius

Samsung Fire and Marine Insurance has made an investment in Canopius, one of the top 10 insurers in Lloyd's of London, the non-life insurance unit of Samsung Group, said Monday. Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London.

Kim Bo-eun | 2019-05-06 16:11

Promoting Seoul as financial hub

Financial Supervisory Service (FSS) First Deputy Governor Yoo Kwang-yeol, fifth from left, and Seoul Mayor Park Won-soon, sixth from left, pose with City of London's Lord Mayor Peter Estlin, seventh from left, and other dignitaries at the Financial Hub Seoul Conference held by the FSS and the Seoul Metropolitan Government in London on May 3. At the event held to attract forei...

Kim Bo-eun | 2019-05-06 13:11

Samsung Electronics faces fallout from stock split

Individual investors are fretting over the unexpected fall of prices and trading value of Samsung Electronics shares after the company split its stocks in January 2018. The tech giant split its stocks to make shares more affordable for individual investors and boost their trading but the value has fallen due to a surge in the number of shares coupled with worsening earnings.

Kim Bo-eun | 2019-05-06 13:10

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