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On the Spot
Tue, June 18, 2019 | 05:59
Bank groups zero in on AI
Local banking groups are rushing to forge partnerships with tech companies both at home and abroad to develop new services and applications using artificial intelligence (AI). For some banks such as Woori and KB Kookmin, Naver, the country's largest search portal, has become the most attractive AI partner. Woori Bank and Naver's Line have agreed to set up an AI lab where both...
| 2019-05-07 16:08
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.
| 2019-05-06 16:52
Fuel tax cut lowered to 7%
The finance ministry said Monday it will extend a cut on fuel taxes by Aug. 31, but it will be lowered to 7 percent from 15 percent, beginning May 7. This is part of its phase-out program to normalize the prices of gasoline and diesel. The 7 percent cut is expected to raise gasoline prices by 65 won per liter, and diesel prices by 46 won. The Cabinet endorsed the cut on April...
| 2019-05-06 16:51
Hahn, JKL named bidder for Lotte's financial units
Two local private equity fund managers have been named the preferred bidders for Lotte Group's credit card and insurance companies, the group said Friday. Hahn & Co. will continue to the next step and negotiate to acquire Lotte Card, and JKL Partners will do so for Lotte Insurance, it added.
| 2019-05-03 17:11
KB boosts BIS ratio through fundraising
KB Financial Group said Friday that its BIS capital adequacy ratio is expected to rise to 15 percent from 14.83 percent after it issued 400 billion won ($350 million) in hybrid bonds to institutional investors. Last month, a source with knowledge of the situation told The Korea Times that the group was planning to issue the bonds to boost its capital base. This was to “better...
| 2019-05-03 15:43
'It' cinematographer Chung shoots 'Zombieland' sequel
Chung Chung-hoon, a cinematographer best known for his work on “Oldboy,” has been hired to shoot “Zombieland: Double Tap,” according to IMDb. The movie, whose plot has not yet been revealed, is a sequel to the 2009 sleeper-hit dark comedy “Zombieland,” starring Oscar winner Emma Stone and Oscar nominee Woody Harrelson.
| 2019-05-02 16:12
Key economic indices rebound on base effect
Korea saw a “triple rebound” in indices measuring industrial production, investment and consumption in March, according to Statistics Korea, Tuesday. But analysts said these were a “one-off rebound” on the back of a so-called base effect. This means since the numbers in February were so low due to the Lunar New Year holiday, the March indices showed “meaningless” gains. Expor...
| 2019-04-30 16:55
Regulator to inject W4 tril. for innovation
The country's financial regulator will inject 4 trillion won ($3.4 billion) into the market through a state venture fund aimed at creating “new and advanced” industries within this year. In a taskforce meeting with the heads of local financial groups in Seoul, Tuesday, Financial Services Commission (FSC) Chairman Choi Jong-ku said this was part of the 10 trillion won fund it ...
| 2019-04-30 16:55
Gov't to boost non-memory chip biz
The government will draw up measures to help Samsung Electronics, SK hynix, and small- and medium-sized enterprises (SME) boost their non-memory chip businesses, Finance Minister Hong Nam-ki said Monday. Korean companies are the top manufacturers of memory semiconductors, but their competitiveness in non-memory chips lags far behind those in the United States and Taiwan. It i...
| 2019-04-29 17:12
KB launches control tower for innovation, investment
KB Financial Group has launched an innovation committee that will serve as its “control tower” for innovation and investment, the holding company said Monday. The committee will consist of 12 executives from subsidiaries including KB Kookmin Bank, KB Securities and KB Investment. Also on the committee is KB Kookmin Bank CEO Hur Yin who is head of the group's innovation unit t...
| 2019-04-29 17:06
Taxi driver jailed for assaulting female passenger
Lottery winner who went broke in just eight months under probe for theft
USFK suspends night curfew in show of 'good order and discipline'
Korean monk pleads Dalai Lama to return to Tibet
Heroic return of 'the boyz'
69% of Seoulites living in fear of spycams
[INTERVIEW] 'Ethiopia can be starting point for Africa investment'
Subcompact car market shrinking fast in Korea
USFK lifts curfew for 90 days for morale test
Hong Kong police condemned for handling of extradition bill protests
Celebrating Korea-Czech relations
Hong Kong demands democracy
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